OREANDA-NEWS. The board of directors of Voltas, the global air conditioning and engineering services provider of the Tata group, today announced the consolidated unaudited financial results (including the consolidated segment report) for the quarter and six months ended September 30, 2013.

Consolidated results

The consolidated sales / income from operations for the quarter ended September 30, 2013, was at Rs1,077 crore as compared to Rs1,160 crore in the corresponding quarter last year. However, due to better margin realisations, the operating profit (profit before exceptional items and tax) was higher at Rs62 crore as compared to Rs46 crore in the corresponding quarter last year. In the absence of any exceptional income during the current quarter, net profit after tax and minority interest was at Rs42 crore as compared to Rs43 crore in the corresponding quarter last year. Earnings per share (not annualised) was at Rs1.28 as compared to Rs1.30 in the corresponding quarter last year (face value per share of Rs1).

Consolidated segments

Electro-mechanical projects and services: Segment revenue was at Rs671 crore as compared to Rs778 crore in the corresponding quarter last year. Segment result was lower at Rs5 crore largely on account of international projects.

The order book of the segment stood at Rs4,349 crore as compared to Rs4,137 crore in the corresponding quarter last year. As reported in the previous quarter, the company has, based on negotiations held, received letters of award for MEP works aggregating to Rs604 crore, pertaining to projects in Qatar and Oman. The company is cautiously building up its order book for international projects.

Engineering products and services: Segment revenue and result was higher at Rs126 crore and Rs28 crore as compared to Rs114 crore and Rs21 crore, respectively, in the corresponding quarter last year.

Unitary cooling products for comfort and commercial use: Segment revenue was higher at Rs264 crore as compared to Rs257 crore in the corresponding quarter last year. Segment result was also higher at Rs30 crore as compared to Rs20 crore in the corresponding quarter last year. Despite intense competition, the company has sustained its market leadership in room air conditioners and is No1 at multi-brand outlets, based on GFK Nielsen Retail Audit findings.

Six months ended September 30, 2013

The consolidated sales / income from operations for the six-month period ended September 30, 2013, was at Rs2,678 crore as compared to Rs2,772 crore in the corresponding period last year. Operating profit (profit before exceptional items and tax) was Rs122 crore as compared to Rs156 crore in the corresponding period last year. The company had last year transferred its shareholding of a subsidiary company, resulting in a one-time exceptional income of Rs14 crore. Due to this, the profit before tax and net profit was higher at Rs171 crore and Rs122 crore, respectively, last year, as compared to Rs121 crore and Rs83 crore during the six-month period ended September 30, 2013. Consequently, the earnings per share (not annualised) stood at Rs2.51 as at September 30, 2013, as compared to Rs3.69 as at September 30, 2012 (face value per share of Rs1).