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Voltas: Provisioning mars profits

Feb 29, 2012

Voltas has announced the third quarter results of financial year 2011-2012 (3QFY12). The company has reported 11% YoY growth in sales with a net loss of Rs 1,154.1 m during the quarter. Here is our analysis of the results.

Performance summary
  • Net sales increase 11% YoY in 3QFY12. Strong performances from Electro-Mechanical Projects & Services (EMPS) and Unitary Cooling Products (UCP) propelled top-line growth.
  • Operating profits increased 10.2% YoY due to increase in other operating income (part of total income).
  • The company reported a net loss of Rs 1,154.1 m during the quarter. This was mainly due to provisioning resulting from cost overruns on a slow moving Sidra Project. The company took a hit of Rs 2.76 bn in the current quarter due to upward revision in the estimated cost of completing the said project. Nonetheless, the company also registered an additional gain arising from sale of property (Rs 171.9 m) during the quarter.
  • Order book for the EMPS segment stood at Rs 50.9 bn at the end of the quarter.
  • The D/E ratio of the company increased to 0.21x during the quarter due to increase in borrowings for overseas operations. The company's cash position is comfortable at Rs 2.9 bn.
Consolidated financial snapshot

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