Voltas soared 9.83% to Rs 527.20 after consolidated net profit rose 12.5% to Rs 159.50 crore on a 1.3% rise in net sales to Rs 2078.39 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax stood at Rs 216.74 crore in Q4 March 2020, rising by 30.9% from Rs 165.60 crore in Q4 March 2019. Total tax expenses surged 140% to Rs 57.24 crore in Q4 March 2020 from Rs 23.86 in Q4 March 2019.Voltas said it continues to be the market leader and sustained its No.1 position in room air conditioner business with market share of 24.2%, an increase of 50 bps, at multi-brand outlets in Feb 2020 (YTD), as per the last data available. Voltas has also achieved a leadership position in inverter ACs for the months of January 2020 and February 2020, respectively. Due to lockdown, substantial business was lost in March 2020, which is the beginning of the peak season (summer) and year end billings were adversely impacted. Segment result was significantly higher by 68% at Rs 175 crore as compared to Rs. 104 crore in the corresponding quarter last year
Electro-mechanical projects and services segment revenue for the quarter was Rs 805 crore as compared to Rs 976 crore in the corresponding quarter last year primarily due to slow pace of execution of projects. Engineering products and services segment revenue and result for the quarter were at Rs 95 crore and Rs 27 crore as compared to Rs 78 crore and Rs 27 crore, respectively in the corresponding quarter last year.
Meanwhile, the board recommended a dividend of Rs 4 per share for the year 2019-20.
Voltas is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists.
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