Voltas' 2010-11 (April-March) consolidated net profit declined 6% year-on-year to Rs 357.24 crore due to a sharp drop in earnings at its electro-mechanical projects segment and losses at arm Rohini Industrial Electricals, a Mumbai-based electrical and instrumentation projects company.
"The drop in profitability is primarily due to loss reported by Rohini Industrial Electricals," Voltas said in a statement.
The air-conditioning and engineering services provider reported net sales of Rs 5,176.83 crore, up 9% in the last fiscal year.
Revenues at Voltas’ electro-mechanical projects and services segment were down 2.3% to Rs 3,041 crore due to drop in revenues from international projects and at Rohini Industrial. This led to a 22.7% drop in profits in the segment, Voltas said.
Despite a sharp drop in profits in the electro-mechanical segment, strong growth in engineering products and services, and unitary cooling products segment helped limit overall losses.
Engineering products segment profit rose 34% to Rs 103 crore in the fiscal year, while revenue was up 21% to Rs 564 crore.
Profit at Voltas' unitary cooling products business were up 33% from a year ago to Rs 160 crore, while revenue was up 37% to Rs 1,561 crore, it said.
Source: www.moneycontrol.com.
Thanks & Regards,
Priyanka Kothari,
Client Service Associate.
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