Voltas is India’s largest exporter of turnkey electro-mechanical projects for built environment, having executed projects in 30 countries, including the new Hong Kong Airport, Mall of Emirates in Dubai, Emirates Palace Hotel in Abu Dhabi amongst many more. It is also the largest air conditioning company of India and has provided the air conditioning for the new Hyderabad and Mumbai airport. It is a trusted name in mining and construction equipment, having executed the world’s single largest order of Rs.1,000 crore from Coal India.
And all this has amply reflected in the financial performance of the company for the first quarter ended 30th June 2008. YoY, net sales of the company rose 22% at Rs.1006.73 crore and despite a 205 rise in operating expenses, EBIDTA was up 58%. The over three times rise in other income also helped the operating margins. PBT was up 61% at Rs.126.18 crore and tax outgo was up 53%. PAT was up 63% at Rs.85.13 crore. The OPM was up at 12.88% from 9.94% and NPM at 8.46% from 6.32%.
The Electro-mechanical projects & services division contributed Rs.463.16 crore, cooling products Rs.400.77 crore and the engineering products and services division contributed Rs.136.42 crore. The overall high sales for Q1FY09 was mainly on account of the cooling division which is seasonal and almost always, is the highest in first quarter.
The company had an exceptional gain of Rs.23.21 crore which also boosted the profits and this was due to assignment of leasehold rights at Rs.23.24 crore, of which Rs.30 lakhs was deducted on account of VRS expenses.
Voltas has acquired a 51% stake in Rohini Industrial Electricals for a consideration of Rs.62 crore. Prior to this, on June 17, 2008 the company purchased a subsidiary of Fedders Corporation, which is now a subsidiary of Voltas.
A trait of Tata group, the promoter’s shareholding remains low at 27.57% and institutions hold 44.03%. LIC holds a 7.74% stake.
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