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Results
16-Aug-23
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Analysis
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Voltas
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Sales up 21%, net up 19%
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Consolidated net sales (including other operating income) of Voltas for the quarter ended Jun 2023 has increased 21.38% to Rs 3359.86 crore. Operating profit margin has declined from 6.39% to 5.52%, leading to 4.72% rise in operating profit to Rs 185.35 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.36% to 46.51%. Purchase of finished goods cost rose from 30.81% to 32.06%. Employee cost decreased from 6.04% to 5.45%. Other expenses rose from 9.68% to 10.38%. Other income rose 161.57% to Rs 69.97 crore. PBIDT rose 25.32% to Rs 255.32 crore. Provision for interest rose 154.02% to Rs 10.11 crore. PBDT rose 22.75% to Rs 245.21 crore. Provision for depreciation rose 32.63% to Rs 11.26 crore. Profit before tax grew 22.31% to Rs 233.95 crore. Share of profit/loss was 0.29% lower at Rs -31.04 crore. Provision for tax was expense of Rs 73.49 crore, compared to Rs 50.8 crore. Effective tax rate was 36.22% compared to 31.69%. Minority interest decreased 79.69% to Rs 0.13 crore. Net profit attributable to owners of the company increased 18.75% to Rs 129.29 crore.
Sales of Electro Mechanical Projects segment has gone up 49.35% to Rs 679.06 crore (accounting for 20.36% of total sales). Sales of Engineering Products segment has gone up 14.46% to Rs 142.31 crore (accounting for 4.27% of total sales). Sales of Unitary Cooling Products segment rose 16.27% to Rs 2,513.97 crore (accounting for 75.37% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 2.43% to Rs 209.59 crore. PBIT of Electro Mechanical Projects segment fell 315.96% to Rs -51.87 crore (accounting for -24.75% of total PBIT). PBIT of Engineering Products segment rose 6.43% to Rs 54.12 crore (accounting for 25.82% of total PBIT). PBIT of Unitary Cooling Products segment rose 24.72% to Rs 207.34 crore (accounting for 98.93% of total PBIT). PBIT margin of Electro Mechanical Projects segment fell from negative 2.74% to negative 7.64%. PBIT margin of Engineering Products segment fell from 40.90% to 38.03%. PBIT margin of Unitary Cooling Products segment rose from 7.69% to 8.25%. Overall PBIT margin fell from 7.46% to 6.28%. Promoters’ stake was 30.30% as of 30 June 2023 ,compared to 30.30% as of 30 June 2022 .
| Voltas : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 3,359.86 | 2,768.00 | 21.38 | 9,498.77 | 7,934.45 | 19.72 | | OPM (%) | 5.52 | 6.39 | -88 bps | 6.03 | 8.59 | -256 bps | | OP | 185.35 | 176.99 | 4.72 | 572.37 | 681.55 | -16.02 | | Other Inc. | 69.97 | 26.75 | 161.57 | 168.45 | 189.19 | -10.96 | | PBIDT | 255.32 | 203.74 | 25.32 | 740.82 | 870.74 | -14.92 | | Interest | 10.11 | 3.98 | 154.02 | 29.59 | 25.87 | 14.38 | | PBDT | 245.21 | 199.76 | 22.75 | 711.23 | 844.87 | -15.82 | | Depreciation | 11.26 | 8.49 | 32.63 | 39.62 | 37.26 | 6.33 | | PBT | 233.95 | 191.27 | 22.31 | 671.61 | 807.61 | -16.84 | | Share of Profit/(Loss) from Associates | -31.04 | -30.95 | -0.29 | -120.65 | -110.31 | -9.37 | | PBT before EO | 202.91 | 160.32 | 26.57 | 550.96 | 697.3 | -20.99 | | EO Income | 0 | 0 | - | -243.82 | 0 | - | | PBT after EO | 202.91 | 160.32 | 26.57 | 307.14 | 697.3 | -55.95 | | Taxation | 73.49 | 50.8 | 44.67 | 170.92 | 191.3 | -10.65 | | PAT | 129.42 | 109.52 | 18.17 | 136.22 | 506 | -73.08 | | Minority Interest (MI) | 0.13 | 0.64 | -79.69 | 1.21 | 1.91 | -36.65 | | Net profit | 129.29 | 108.88 | 18.75 | 135.01 | 504.09 | -73.22 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 129.29 | 108.88 | 18.75 | 135.01 | 504.09 | -73.22 | | EPS (Rs)* | 3.91 | 3.29 | 18.75 | 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 |
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| Voltas : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Electro Mechanical Projects | 20.36 | 679.06 | 454.69 | 49.35 | 25.56 | 2,402.91 | 2,470.49 | -2.74 | | Engineering Products | 4.27 | 142.31 | 124.33 | 14.46 | 5.55 | 521.96 | 488.66 | 6.81 | | Unitary Cooling Products | 75.37 | 2,513.97 | 2,162.20 | 16.27 | 68.88 | 6,474.50 | 4,881.92 | 32.62 | | Total Reported Sales | 100.00 | 3,335.34 | 2,741.22 | 21.67 | 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 | 3,335.34 | 2,741.22 | 21.67 | 100.00 | 9,399.37 | 7,841.07 | 19.87 | | PBIT | | Electro Mechanical Projects | -24.75 | -51.87 | -12.47 | -315.96 | -8.56 | -58.23 | 125.77 | PL | | Engineering Products | 25.82 | 54.12 | 50.85 | 6.43 | 29.50 | 200.72 | 157.90 | 27.12 | | Unitary Cooling Products | 98.93 | 207.34 | 166.24 | 24.72 | 79.06 | 537.83 | 513.40 | 4.76 | | Total PBIT | 100.00 | 209.59 | 204.62 | 2.43 | 100.00 | 680.32 | 797.07 | -14.65 | | Less : Interest | | 10.11 | 3.98 | 154.02 | | 29.59 | 25.87 | 14.38 | | Add: Other un-allcoable | | 3.43 | -40.32 | LP | | -99.77 | -73.90 | -35.01 | | PBIT Margin(%) | | Electro Mechanical Projects | | -7.64 | -2.74 | -489.60 | | -2.42 | 5.09 | -751.42 | | Engineering Products | | 38.03 | 40.90 | -286.96 | | 38.46 | 32.31 | 614.22 | | Unitary Cooling Products | | 8.25 | 7.69 | 55.90 | | 8.31 | 10.52 | -220.95 | | PBT | 100.00 | 202.91 | 160.32 | 26.57 | 100.00 | 550.96 | 697.30 | -20.99 |
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