The Board of Directors of Voltas Limited today announced the Consolidated Audited Financial Results and Segment Report for FY 2015.
The consolidated Sales/Income from operations for the quarter was Rs 1,484 crore as compared to Rs 1450 crore in the corresponding quarter last year. Operating Profit for the quarter was higher by 30 per cent at Rs 159 crore as compared to Rs 123 crore in the corresponding quarter last year.
Profit before tax (after exceptional items) was Rs 161 crore for the current quarter as compared to Rs 140 crore in the corresponding quarter last year. Net Profit after tax and Minority interest for the current quarter was at Rs 118 crore as compared to Rs 100 crore in the corresponding quarter last year.
The consolidated Sales/Income from operations for the year 2014-15 was lower by 2 per cent at Rs 5,144 crore as compared to Rs 5,244 crore in the previous year primarily due to the project businesses. However, due to impressive performance of the products business, Operating Profit was significantly higher by 47 per cent at Rs 467 crores for the year under review as compared to Rs 318 crore last year. Profit before tax (PBT) was also higher by 51 per cent at Rs 514 crore and Net Profit (after Minority Interest) was higher by 57 per cent at Rs 384 crore as compared to Rs 340 crore and Rs 245 crore, respectively in the previous year.
PBT at Rs 514 crore was after considering charge of Rs 190 crore towards the Onerous contract and also an exceptional income of Rs 236 crores.
The Board has recommended dividend of Rs 2.25 per share of Re 1 each (225 per cent) for the year.
Electro-Mechanical Projects and Services segment's revenue was lower at Rs 2,209 crore as compared to Rs 2,692 crore last year. Moreover, result of this segment (Rs 23 crore), was impacted primarily due to performance of overseas projects business.
The Domestic projects business also had its share of challenges primarily on account of external factors which has impacted its turnover. The Order Book of the Electro-Mechanical Projects and Services Segment stood at Rs 3,893 crore as compared to Rs 3,612 crore as at the end of the previous year.
Textile Machinery business performed better than last year due to new offerings and a renewed customer-centric approach. However, as mining activities are banned in many states followed by cancellation of coal blocks by Supreme Court, the performance of Mining & Construction business in India remains impacted. However, the overseas operations in Mozambique (Africa) continue to remain strong, with additional orders and healthy contribution to the bottom line. Revenues and Results of this segment were at Rs 360 crore and Rs 108 crore as compared to Rs 448 crore and Rs 125 crore, respectively, last year.
In the Unitary Cooling Products business segment, the revenue increased by 22 per cent and was Rs 2,510 crore as compared to Rs 2,052 crore last year. Profit was also significantly higher by 39 per cent at Rs 349 crore as compared to Rs 252 crore last year, due to improving margin realisation, better product mix and savings in costs.