Voltas, a supplier of air conditioning and engineering services, declared a consolidated net loss of Rs 110.49 crore for the third quarter ended December 2022, owing to provisioning on international projects.
Voltas reported a consolidated net profit of Rs 96.56 crore in the October-December quarter of the previous fiscal year in a regulatory filing.
Its income from operations increased 11.82 percent to Rs 2,005.61 crore in the current quarter, compared to Rs 1,793.59 crore the previous year.
Voltas earned Rs 56.93 crore in profit before unusual items and taxes in the third quarter of FY23. It spent Rs 137.39 crore on extraordinary products.
“The profit was impacted due to provision of Rs 137 crore (exceptional item) made on overseas projects,” Voltas said in its earning statement.
Its overall costs were Rs 1,946.72 crore, up 17.89 per cent from Rs 1,651.27 crore the previous year.
Voltas’ sales from “unitary cooling goods for comfort and commercial usage” was Rs 1,215.97 crore, up 11.18 per cent from Rs 1,093.60 crore the previous year.
“The revenue of Unitary Cooling Products business was better despite muted festival sales amidst inflation woes and subdued consumer sentiments,” it said.
Revenue from “electro-mechanical projects and services” increased 17.08 per cent to Rs 648.39 crore from Rs 553.78 crore.
While its income from “engineering products and services” was Rs 117,91 crore, it was down 5.42 percent from Rs 124.68 crore the previous year.
Voltas shares closed 3.75 per cent higher at Rs 908.95 on the BSE on Thursday.