Voltas' net profit surges by 50%
Chirag Gothi / 17 May 2016
Voltas has surged around 6 per cent on the BSE in last five minutes of closing bell after posting a consolidated net profit after minority interest that has jumped by 49.47 per cent at Rs 176.4 crore for the quarter ended March 31, 2016 as against Rs 118 crore in the corresponding quarter of the previous year.
Voltas has surged around 6 per cent on the BSE in last five minutes of closing bell after posting a consolidated net profit after minority interest that has jumped by 49.47 per cent at Rs 176.4 crore for the quarter ended March 31, 2016 as against Rs 118 crore in the corresponding quarter of the previous year. The company has also posted a exceptional income of Rs 27.93 crore on account of profit from sale of properties.
The company’s consolidated revenue has grown by 266.7 per cent at Rs 1,888.76 crore in Q4FY16 due to some improvement in order execution by Projects businesses, both domestic and international. Its consolidated operating profit (EBITDA) has grown by 29 per cent at Rs 185 crore; however operating profit margin has contracted by 79 bps for the current quarter, i.e. at 8.81 per cent.
Segment-wise, Electro-Mechanical Projects and Services segment have reported growth of 26.7 per cent, i.e. Rs 818.6 crore in Q4FY16. Order Book of the Segment stands higher at Rs 3,914 crore as compared to Rs 3,893 crore in last year. Orders booked during the quarter, include Rs 381 crore for MEP works of a commercial office building in Dubai; and Rs 100 crore for MEP works of a Hotel in Oman. EBIT level has reported a more than six fold jump to Rs 27.84 crore.
Unitary Cooling Products for Comfort and Commercial use segment have reported 10 per cent growth in revenue at Rs 859 crore, driven by better sales traction in the second half of the year. Voltas has retained its No.1 market position in the Unitary Cooling Products business.
For the entire period of FY16, it has reported flat consolidated net profit of Rs 386 crore, while its revenue has grown by 13 per cent at Rs 5,832 crore, with increase in sales across all business segments. Its consolidated operating profit (EBITDA) has grown by 6.56 per cent at Rs 436.9 crore along with operating profit margin contracting by 45 bps for the current quarter at 7.46 per cent.
Today, stock price closed higher by Rs 9.75 or 3 per cent at Rs 335 per share.
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