India's Voltas posts quarterly profit rise on strong air conditioner demand
India's Voltas posts quarterly profit rise on strong air conditioner demand Aug 14 (Reuters) - Tata Group's Voltas VOLT.NS reported a sharp rise in the first quarter profit on Friday, helped by strong demand for room air conditioners.
Here are some key details:
Consolidated net profit rose 52.2% to 2.14 billion rupees ($22.4 million) for the quarter ended June 30
Consolidated revenue rose 18.2% to 46.23 billion rupees, while expenses rose 17.1%
Margins in its mainstay cooling products segment improved significantly year on year despite commodity inflation and currency depreciation, which were partially mitigated by progressive price increases and cost optimisation, the company said
Home air conditioner volumes rose 45%
($1 = 95.4250 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Mrigank Dhaniwala)
((mridula.kumar@thomsonreuters.com))
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India's Voltas posts quarterly profit rise on strong air conditioner demand