Voltas India has reported a net profit of Rs. 130 m for the year ended 1998-99 as against a loss of Rs. 90 m last year. But if the company had not sold off its non-profitable businesses (chemicals and white goods), it would have reported a loss. Voltas earned an extraordinary income of Rs. 20 m by selling its equity in Merind Ltd. and non-profitable divisions. Extraordinary income also received a boost from the excise claims of air-conditioning business (pending since 1995) and the provision for diminution in values of shares of Premium Granite, Vesterwork Engineers and Laxmi Automatic Looms. But analysts say that Voltas cannot be termed as a turnaround case since revenues from its core businesses were lower.
Voltas has announced the third quarter (3QFY16) results for FY16. The company has reported a 38.6% YoY growth in sales while net profits fell by 49.5% YoY during the quarter. Here is our analysis of the results.
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