Capitaline

Other income rose 10.25% to Rs 70.98 crore. PBIDT fell 14.51% to Rs 141.25 crore. Provision for interest rose 69.88% to Rs 11.45 crore. PBDT fell 18.10% to Rs 129.8 crore. Provision for depreciation rose 20.41% to Rs 11.68 crore. Profit before tax down 20.61% to Rs 118.12 crore.

Share of profit/loss was 14.70% lower at Rs -33.16 crore. Thus PBT before EO was down 29.12% to Rs 84.96 crore. EO was nil compared to a loss of Rs 106.43 crore. Thus on deflated base, the PBT after EO jumped up by 532.14% to Rs 84.96 crore.

Provision for tax was expense of Rs 49.31 crore, compared to Rs 19.48 crore. Effective tax rate was 58.04% compared to 144.94%. PAT was a profit of Rs 35.65 crore against a loss of Rs 6.04 crore. Minority interest was a share of loss of Rs 1.03 crore against a share of profit of Rs 1.37 crore. Thus the net profit after MI was Rs 36.68 crore against a loss of Rs 7.41 crore.

Sales of Electro Mechanical Projects segment has gone up 66.81% to Rs 924.19 crore (accounting for 40.76% of total sales). Sales of Engineering Products segment has gone down 2.13% to Rs 134.44 crore (accounting for 5.93% of total sales). Sales of Unitary Cooling Products segment rose 15.38% to Rs 1,208.80 crore (accounting for 53.31% of total sales) driven by 20% growth in volume.
Profit before interest, tax and other unallocable items (PBIT) has slumped 29.60% to Rs 97.73 crore. PBIT of Electro Mechanical Projects reported loss of Rs 48.97 crore (compared to profit of Rs 14.34 crore) hit by a provision of Rs. 86 crares made on account of delayed collection in overseas projects. PBIT of Engineering Products segment rose 12.29% to Rs 53.92 crore (accounting for 55.17% of total PBIT). PBIT of Unitary Cooling Products segment rose 21.33% to Rs 92.78 crore (accounting for 94.94% of total PBIT).
PBIT margin of Electro Mechanical Projects segment fell from 2.59% to 5.30%. PBIT margin of Engineering Products segment rose from 34.96% to 40.11%. PBIT margin of Unitary Cooling Products segment rose from 7.30% to 7.68%. Overall PBIT margin fell from 7.98% to 4.31%.

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Voltas for the half year ended Sep 2023 has increased 24.61% to Rs 5652.61 crore. Operating profit margin has declined from 6.12% to 4.52%, leading to 7.99% decline in operating profit to Rs 255.62 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.82% to 52.85%. Purchase of finished goods cost rose from 25.46% to 25.57%. Employee cost decreased from 7.72% to 6.36%. Other expenses rose from 9.41% to 10.88%. Other income rose 54.67% to Rs 140.95 crore. PBIDT rose 7.48% to Rs 396.57 crore. Provision for interest rose 101.12% to Rs 21.56 crore. PBDT rose 4.68% to Rs 375.01 crore. Provision for depreciation rose 26.11% to Rs 22.94 crore. Profit before tax grew 3.53% to Rs 352.07 crore. Share of profit/loss was 7.25% lower at Rs -64.2 crore. Provision for tax was expense of Rs 122.8 crore, compared to Rs 70.28 crore. Effective tax rate was 42.66% compared to 40.45%. Net profit attributable to owners of the company increased 63.57% to Rs 165.97 crore.

Sales of Electro - Mechanical Projects and services segment has gone up 58.94% to Rs 1,603.25 crore (accounting for 28.62% of total sales). Sales of Engineering Products and services segment has gone up 5.75% to Rs 276.75 crore (accounting for 4.94% of total sales). Sales of Unitary Cooling Products for comfort and commercial use segment rose 15.98% to Rs 3,722.77 crore (accounting for 66.45% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has slumped 10.52% to Rs 307.32 crore. PBIT of Electro - Mechanical Projects and services reported loss of Rs 100.84 crore compared to profit of Rs 1.87 crore. PBIT of Engineering Products and services segment rose 9.27% to Rs 108.04 crore (accounting for 35.16% of total PBIT). PBIT of Unitary Cooling Products for comfort and commercial use segment rose 23.65% to Rs 300.12 crore (accounting for 97.66% of total PBIT).
PBIT margin of Electro - Mechanical Projects and services segment fell from 0.19% to 6.29%. PBIT margin of Engineering Products and services segment rose from 37.78% to 39.04%. PBIT margin of Unitary Cooling Products for comfort and commercial use segment rose from 7.56% to 8.06%. Overall PBIT margin fell from 7.67% to 5.49%.

EMP order book

Carry forward order book of EMP Segment as end of Sep 2023 was higher at Rs 8677 crores as compared to Rs 5496 crores in the corresponding quarter last year. Domestic protects booked orders worth RS.673 crores during the quarter as compared to RS.475 crores in the corresponding quarter last year.

Others

Equity capital stood at Rs 33.08 crore as of 30 September 2023 to Rs 33.08 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 30.30% as of 30 September 2023 ,compared to 30.30% as of 30 September 2022 .

Loan funds rose to Rs 555.27 crore as of 30 September 2023 from Rs 392.94 crore as of 30 September 2022. Inventories rose to Rs 1,600.18 crore as of 30 September 2023 from Rs 1,561.04 crore as of 30 September 2022. Sundry debtors were lower at Rs 1,512.56 crore as of 30 September 2023 compared to Rs 1,799.47 crore as of 30 September 2022. Cash and bank balance rose to Rs 679.84 crore as of 30 September 2023 from Rs 553.46 crore as of 30 September 2022. Investments rose to Rs 3,182.18 crore as of 30 September 2023 from Rs 3,089.99 crore as of 30 September 2022 . Fixed assets increased to Rs 605.01 crore as of 30 September 2023 from Rs 470.63 crore as of 30 September 2022. Intangible assets declined from Rs 78.97 crore to Rs 72.31 crore.

Cash flow from operating activities has turned positive Rs 225.40 crore for YTD ended September 2023 from negative Rs 340.06 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 104.51 crore, compared to Rs 184.74 crore during the YTD ended September 2022.