OREANDA-NEWS. The board of directors of Voltas, the global air conditioning and engineering services provider of the Tata group, announced the unaudited consolidated financial results (including the consolidated segment report) for the quarter/nine months period ended December 31, 2012.

Consolidated results

The consolidated sales/income from operations for the quarter ended December 31, 2012 was at Rsl,150 crore as compared to Rsl,154 crore in the corresponding quarter last year. The operating profit (profit before exceptional items and tax) was at Rs34 crore as compared to Rs89 crore in the corresponding quarter last year. Profit before tax was at Rs94 crore as compared to loss of Rsl70 crore last year and net profit after tax and minority interest was at Rs77 crore as compared to loss of Rs115 crore in the corresponding quarter last year.

Earnings per share (not annualised) were at Rs2.32 as compared to Rs3.49 in the corresponding quarter last year (face value per share of Re1). The profits of last year were adversely impacted due to cost overruns accounted for in a complex project under execution in Qatar.

Consolidated segments

Electro-mechanical projects and services: Segment revenue was at Rs797 crore as compared to Rs824 crore in the corresponding quarter last year. Segment result was at Rs6 crore as compared to Rs60 crore in the corresponding quarter last year.

Engineering products and services: Segment revenue and result were at Rsl07 crore and Rs26 crore respectively, as compared to Rs88 crore and Rsl7 crore respectively, in the corresponding quarter last year.

Unitary cooling products for comfort and commercial use: Segment revenue was higher at Rs239 crore as compared to Rs234 crore in the corresponding quarter last year. Segment result was also higher at Rs15 crore as compared to Rsl4 crore in the corresponding quarter last year.

Nine months ended December 31, 2012

The consolidated sales/income from operations for the nine months period ended December 31, 2012, was higher by 9 percent at Rs3,922 crore as compared to Rs3,602 crore in the corresponding period last year. Operating profit was however lower by 18 percent at Rs190 crore as compared to Rs231 crore in the corresponding period last year. The company had last year accounted for cost overruns of Rs277 crore on an onerous contract in Qatar. Due to this, the profit before tax and net profit after tax and minority interest were at Rs78 crore and Rs58 crore respectively last year, as compared to Rs265 crore and Rs199 crore respectively in the current nine months period. The EPS (not annualised) stood at Rs6.01 as at December 31, 2012, as compared to Rs1.76 as at December 31, 2011, (face value per share of Re1). The company continues to retain its market leadership in room air conditioners.