Consolidated Total Income for the quarter ended 31st December, 2023 was higher by 32% at Rs.2684 crores as compared to Rs. 2036 crores in the corresponding quarter last year.

The Unitary Cooling Products business continued to outperform the market and maintain its growth momentum in a relatively lean quarter. While the overall volumes grew by 22%, the year-on-year (YoY) growth for room air-conditioners was even higher at 27%.

Voltas continues to be a market leader both in split and window air-conditioners with YTD market share of 19% as of December 2023. The overall segment revenue grew by 21% to Rs 1,476 crores as compared to Rs 1,216 crores in the corresponding quarter of the previous financial year.

The Electro-Mechanical Projects and Services segment comprises of domestic and international projects businesses. The domestic projects business with a presence in MEP, Water and Electrical infrastructure has grown by 83% year on year on the back of a healthy order pad.

On the other hand, the international project business continues to face headwinds. A few projects (especially in Qatar), are under stress due to unreasonable delays in release of due receivables, and prolongation of execution timelines.

The segment had recorded revenue of Rs 982 in Q3 FY24, which is higher by 52% as compared with Rs 648 crore posted in Q3 FY23.

The engineering products and services segment continued to show improved performance on the back of a strong order backlog and disciplined execution efforts. The revenue for the quarter was at Rs 155 crore compared to Rs 118 crore in the previous year, up 31% YoY.

Profit before tax (PBT) in Q3 FY24 stood at Rs 24 crore as compared to pre-tax loss of Rs 80 crore in Q3 FY23.

Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.