Voltas shares decline nearly 6 pc after March qtr earnings announcement

New Delhi: Shares of Voltas Ltd fell by nearly 6 per cent on Thursday after the air conditioner maker reported a decline of 21.6 per cent in its consolidated net profit in the March 2023 quarter.

The stock fell by 5.41 per cent to settle at Rs 808.80 apiece on the BSE. During the day, it tumbled 5.88 per cent to Rs 804.70.

On the NSE, it declined 5.64 per cent to end at Rs 806.40 per share.

In volume terms, 2.20 lakh shares of the firm were traded on the BSE and over 40.67 lakh shares on the NSE during the day.

Voltas Ltd on Wednesday reported a decline of 21.6 per cent in its consolidated net profit at Rs 143.23 crore in the March 2023 quarter, due to provisions made on delayed collection in the international project business.

The Tata group firm had posted a consolidated net profit of Rs 182.71 crore in the year-ago period, the company said in a regulatory filing.

Revenue from operations of Voltas was up 11.5 per cent to Rs 2,936.76 crore during the period under review, as against Rs 2,633.72 crore a year ago.

"Profit before and after taxes were impacted during the current quarter due to provisions made on delayed collection in the international project business," Voltas said in its earnings statement.