Consolidated net sales
(including other operating income) of Voltas for the quarter ended Mar 2023 has
increased 10.88% to Rs 2956.8 crore. Operating profit margin has
declined from 9.79% to 7.38%, leading to 16.41% decline in operating profit to
Rs 218.17 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 50.36% to 51.14%. Purchase of
finished goods cost rose from 26.12% to 27.82%. Employee cost decreased
from 6.19% to 5.53%. Other expenses rose from 7.23% to 8.32%. Other
income rose 25.43% to Rs 46.66 crore. PBIDT fell 11.19% to Rs 264.83
crore. Provision for interest fell 0.56% to Rs 12.44
crore. PBDT fell 11.66% to Rs 252.39 crore. Provision for
depreciation rose 9.84% to Rs 10.38 crore. Profit before tax down
12.39% to Rs 242.01 crore. Share of profit/loss was 2.36% higher at
Rs -28.17 crore. Provision for tax was expense of Rs 70.61 crore,
compared to Rs 64.69 crore. Effective tax rate was 33.02% compared
to 26.15%. Net profit attributable to owners of the company decreased 21.23% to
Rs 143.92 crore. Profit before and after tax was impacted during the current quarter ended Mar
2023 due to provisions made on delayed collection in the international project
business.
- Sales of Electro
Mechanical Projects segment has gone up 7.80% to Rs 745.79 crore (accounting
for 25.39% of total sales). Sales of Engineering Products and services
segment has gone up 15.26% to Rs 142.35 crore (accounting for 4.85% of total
sales). Sales of Unitary Cooling Products segment rose 12.66% to Rs
2,048.62 crore (accounting for 69.76% of total sales).
- Profit before interest, tax and other unallocable items (PBIT) has
slumped 11.68% to Rs 247.54 crore. PBIT of Electro Mechanical
Projects reported loss of Rs 14.01 crore compared to profit of Rs 47.57
crore. PBIT of Engineering Products and services segment rose 36.99%
to Rs 55.88 crore (accounting for 22.57% of total PBIT). PBIT of
Unitary Cooling Products segment rose 7.16% to Rs 205.67 crore (accounting for
83.09% of total PBIT).
- PBIT margin of Electro Mechanical Projects segment fell from 6.88%
to 1.88%. PBIT margin of Engineering Products and services segment
rose from 33.03% to 39.26%. PBIT margin of Unitary Cooling Products
segment fell from 10.55% to 10.04%. Overall PBIT margin fell from
10.64% to 8.43%.
Full year results analysis
Net sales (including other operating income) has increased 19.72%
to Rs 9498.77 crore. Operating profit margin has declined from 8.59%
to 6.03%, leading to 16.02% decline in operating profit to Rs 572.37
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 49.70% to 52.12%. Purchase of finished
goods cost fell from 25.18% to 24.89%. Employee cost decreased from
7.61% to 7.23%. Other expenses rose from 9.10% to 9.55%.
Other income fell 10.96% to Rs 168.45 crore. PBIDT fell
14.92% to Rs 740.82 crore. Provision for interest rose 14.38% to Rs
29.59 crore PBDT fell 15.82% to Rs 711.23 crore. Provision for
depreciation rose 6.33% to Rs 39.62 crore. Profit before tax down
16.84% to Rs 671.61 crore. Share of profit/loss was 9.37% lower at
Rs -120.65 crore. EO Expense were Rs 243.82 crore against nil. The
exceptional item (Rs. 243.82 crore) pertains to provisions made due to termination
of contract and encashment of bank guarantees for two overseas projects in Dubai
and Qatar, respectively. The company has initiated legal proceedings against
the main contractors for recovery of the proceeds of bank guarantees and
amounts due from them. Thus the PBT after EO
was down 56% to Rs 307.14 crore. Provision for tax was expense of Rs 170.92 crore, compared to Rs
191.3 crore. Effective tax rate was 55.65% compared to 27.43%. Minority
interest decreased 36.65% to Rs 1.21 crore. Net profit attributable
to owners of the company decreased 73.22% to Rs 135.01 crore.
- Sales of Electro Mechanical Projects segment has gone down 2.74%
to Rs 2,402.91 crore (accounting for 25.56% of total sales). Sales
of Engineering Products and services segment has gone up 6.81% to Rs 521.96
crore (accounting for 5.55% of total sales). Sales of Unitary
Cooling Products segment rose 32.62% to Rs 6,474.50 crore (accounting for
68.88% of total sales).
- Profit before interest, tax and other unallocable items (PBIT) has
slumped 14.65% to Rs 680.32 crore. PBIT of Electro Mechanical
Projects reported loss of Rs 58.23 crore compared to profit of Rs 125.77
crore. PBIT of Engineering Products and services segment rose 27.12%
to Rs 200.72 crore (accounting for 29.50% of total PBIT). PBIT of
Unitary Cooling Products segment rose 4.76% to Rs 537.83 crore (accounting for
79.06% of total PBIT).
- PBIT margin of Electro Mechanical Projects segment fell from 5.09%
to 2.42%. PBIT margin of Engineering Products and services segment
rose from 32.31% to 38.46%. PBIT margin of Unitary Cooling Products
segment fell from 10.52% to 8.31%. Overall PBIT margin fell from
10.17% to 7.24%.
Other developments
Carryforward order book of the Electro
Mechanical Projects & Services segment was higher at Rs.8154 crores as
compared to Rs. 5360 crorea in the corresponding quarter last year. Domestic
projects booked orders worth Rs.1910 crore during the quarter as compared to Rs
848 crore in the corresponding quarter of last year. To pay a dividend of Rs 4.25 per share of Rs 1 face value each for the year 2022·23.
Equity capital stood at Rs 33.08 crore as of 31 March 2023 to Rs
33.08 crore as of 31 March 2022. Per share face Value remained same
at Rs 1.00.
Promoters’ stake was 30.30% as of 31 March 2023 ,compared to
30.30% as of 31 March 2022 .
Loan funds rose to Rs 650.58 crore as of 31 March 2023 from Rs
360.83 crore as of 31 March 2022. Inventories declined from Rs
1,661.39 crore as of 31 March 2022 to Rs 1,591.97 crore as of 31 March
2023. Sundry debtors were higher at Rs 2,191.85 crore as of 31 March
2023 compared to Rs 2,109.67 crore as of 31 March 2022. Cash and
bank balance rose to Rs 708.38 crore as of 31 March 2023 from Rs 571.67 crore
as of 31 March 2022. Investments declined from Rs 3,615.39 crore as
of 31 March 2022 to Rs 3,108.64 crore as of 31 March 2023. Fixed
assets increased to Rs 550.61 crore as of 31 March 2023 from Rs 370.66 crore as
of 31 March 2022. Intangible assets stood at Rs 72.31
crore.
Cash flow from operating activities decreased to Rs 159.38 crore
for year ended March 2023 from Rs 584.23 crore for year ended March
2022. Cash flow used in acquiring fixed assets during the year ended
March 2023 stood at Rs 179.93 crore, compared to Rs 48.16 crore during the year
ended March 2022.
| Voltas : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,956.80 | 2,666.58 | 10.88 | 9,498.77 | 7,934.45 | 19.72 | | OPM (%) | 7.38 | 9.79 | -241 bps | 6.03 | 8.59 | -256 bps | | OP | 218.17 | 261.01 | -16.41 | 572.37 | 681.55 | -16.02 | | Other Inc. | 46.66 | 37.20 | 25.43 | 168.45 | 189.19 | -10.96 | | PBIDT | 264.83 | 298.21 | -11.19 | 740.82 | 870.74 | -14.92 | | Interest | 12.44 | 12.51 | -0.56 | 29.59 | 25.87 | 14.38 | | PBDT | 252.39 | 285.70 | -11.66 | 711.23 | 844.87 | -15.82 | | Depreciation | 10.38 | 9.45 | 9.84 | 39.62 | 37.26 | 6.33 | | PBT | 242.01 | 276.25 | -12.39 | 671.61 | 807.61 | -16.84 | | Share of Profit/(Loss) from Associates | -28.17 | -28.85 | 2.36 | -120.65 | -110.31 | -9.37 | | PBT before EO | 213.84 | 247.4 | -13.57 | 550.96 | 697.3 | -20.99 | | EO Income | 0 | 0 | - | -243.82 | 0 | - | | PBT after EO | 213.84 | 247.4 | -13.57 | 307.14 | 697.3 | -55.95 | | Taxation | 70.61 | 64.69 | 9.15 | 170.92 | 191.3 | -10.65 | | PAT | 143.23 | 182.71 | -21.61 | 136.22 | 506 | -73.08 | | Minority Interest (MI) | -0.69 | 0.01 | LP | 1.21 | 1.91 | -36.65 | | Net profit | 143.92 | 182.7 | -21.23 | 135.01 | 504.09 | -73.22 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 143.92 | 182.7 | -21.23 | 135.01 | 504.09 | -73.22 | | EPS (Rs)* | 4.35 | 5.52 | -21.23 | 8.48 | 15.23 | -44.31 | | | * EPS is on current equity of Rs 33.09 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Voltas : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Electro Mechanical Projects | 25.39 | 745.79 | 691.81 | 7.80 | 25.56 | 2,402.91 | 2,470.49 | -2.74 | | Engineering Products and services | 4.85 | 142.35 | 123.50 | 15.26 | 5.55 | 521.96 | 488.66 | 6.81 | | Unitary Cooling Products | 69.76 | 2,048.62 | 1,818.41 | 12.66 | 68.88 | 6,474.50 | 4,881.92 | 32.62 | | Total Reported Sales | 100.00 | 2,936.76 | 2,633.72 | 11.51 | 100.00 | 9,399.37 | 7,841.07 | 19.87 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,936.76 | 2,633.72 | 11.51 | 100.00 | 9,399.37 | 7,841.07 | 19.87 | | PBIT | | Electro Mechanical Projects | -5.66 | -14.01 | 47.57 | PL | -8.56 | -58.23 | 125.77 | PL | | Engineering Products and services | 22.57 | 55.88 | 40.79 | 36.99 | 29.50 | 200.72 | 157.90 | 27.12 | | Unitary Cooling Products | 83.09 | 205.67 | 191.93 | 7.16 | 79.06 | 537.83 | 513.40 | 4.76 | | Total PBIT | 100.00 | 247.54 | 280.29 | -11.68 | 100.00 | 680.32 | 797.07 | -14.65 | | Less : Interest | | 12.44 | 12.51 | -0.56 | | 29.59 | 25.87 | 14.38 | | Add: Other un-allcoable | | -21.26 | -20.38 | -4.32 | | -99.77 | -73.90 | -35.01 | | PBIT Margin(%) | | Electro Mechanical Projects | | -1.88 | 6.88 | -875.47 | | -2.42 | 5.09 | -751.42 | | Engineering Products and services | | 39.26 | 33.03 | 622.70 | | 38.46 | 32.31 | 614.22 | | Unitary Cooling Products | | 10.04 | 10.55 | -51.54 | | 8.31 | 10.52 | -220.95 | | PBT | 100.00 | 213.84 | 247.40 | -13.57 | 100.00 | 550.96 | 697.30 | -20.99 |
|
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