JV with Ardutch and Q4 results drives up Voltas by 10 per cent
DSIJ Intelligence / 24 May 2017
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Tata Group company Voltas posted an increase of 22.06 per cent increase in its consolidated net profit to Rs 200.47 crore as the company announced its fourth quarter results on May 24, 2017.
Tata Group company, Voltas posted an increase of 22.06 per cent increase in its consolidated net profit to Rs 200.47 crore as the company announced its fourth quarter results on May 24, 2017.
Voltas posted a hike of 10.20 per cent in its total income from Rs 1,902.62 crore to Rs 2,096.86 crore for the corresponding period. The annual profit of the company also rose by 30.09 per cent from Rs 393.11 crore in FY16 to Rs 511.42 crore in FY17. Whereas, the revenue from operations stood at Rs 6,294.84 crore, up by 6.99 per cent.
Moreover, Voltas also announced a joint venture worth USD 100 million with Turkey’s Ardutch BV of Koc Group, marking the its foray into consumer durables market. The JV is likely to capitalise over the brand name, sales and distribution network of Voltas in India.
Voltas surged 10 per cent in trade on the bourses on May 24, 2017. At 15:00 hrs IST, the stock stood at Rs 445.25, up by 8.64 per cent on the BSE on the same day.
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