The board of directors of Voltas, a global air conditioning and engineering services provider of the Tata group, today announced the consolidated financial results (including the consolidated segment report) for the quarter ended June 30, 2016.
Consolidated results for the quarter ended June 30, 2016
Led by higher sales in both products and projects business segments, the consolidated sales/income from operations for the quarter ended June 30, 2016 was higher by 18 percent, at Rs1,845 crore as compared to Rs1,561 crore in the corresponding quarter last year. Profit before tax was higher by 53 percent, at Rs225 crore as compared to Rs147 crore last year. Earnings per share (face value per share of Rs1) (not annualised) as of June 30, 2016 improved to Rs4.76 as compared to Rs3.10 last year.
The company adopted Indian Accounting Standards (Ind-AS) from April 1, 2016 and accordingly the financial results have been prepared in accordance with the recognition and measurement principle laid down in the Ind AS 34 – interim financial reporting. Other comprehensive income recognised as per Ind-AS also includes notional mark to market revaluation gains / losses on various longer term investments. Accordingly, the total comprehensive income of Rs184 crore for the current quarter includes gain of Rs21 crore on revaluation of longer term equity investments. The figures for previous period have been regrouped / restated wherever necessary in line with Ind-AS requirements.
Consolidated segments results for the quarter ended June 30, 2016
- Electro-mechanical projects and services: Segment revenue for the quarter was higher at Rs580 crore as compared to Rs563 crore in the corresponding quarter last year. Segment result was Rs11 crore as compared to Rs9 crore, last year. Order book of the segment stood higher at Rs4,417 crore as compared to Rs4,181 crore in the same quarter last year. Orders booked during the quarter, includes Rs530 crore for MEP works of a mall in Qatar and Rs201 crore for MEP works of a commercial building in Qatar.
- Engineering products and services: Segment revenue for the quarter was marginally lower at Rs69 crore as compared to Rs70 crore in the corresponding quarter last year. Segment result was Rs19 crore as compared to Rs24 crore, last year. The lower performance is reflective of the muted environment in India coupled with impact of depreciation in currency of Mozambique where the company is executing service contracts.
- Unitary cooling products for comfort and commercial use: Led by sustained hot weather and increase in consumer demand across the country, segment revenue was higher at Rs1,196 crore as compared to Rs928 crore in the corresponding quarter last year. Segment result was also higher at Rs178 crore as compared to Rs114 crore in the corresponding quarter last year. Voltas continues to be the market leader, at No.1 market position in the unitary cooling products business.
