Voltas, a Tata Group-owned consumer appliance firm, recorded a consolidated net loss of Rs 27.60 crore in the third quarter (Q3) ended December 2023, compared to a net loss of Rs 110.49 crore in the same time the previous fiscal year, according to a BSE filing.
However, the company’s overall income increased by 31.8 per cent to Rs 2,683.61 crore in Q4 FY23, compared to Rs 2,036.27 crore in the same quarter last year.
According to the regulatory filing, the company’s total costs increased to Rs 2,623.67 crore in Q3 FY24 from Rs 1,946.72 crore in Q3 FY23.
According to a media statement, its unitary cooling products business has continued to outperform the industry and retain its growth momentum despite a somewhat slow quarter. While overall volumes increased by 22 per cent, year-on-year growth in room air conditioners was 27 per cent.
Voltas stated it remains the world leader in split and window air conditioners, with a year-to-date market share of 19 per cent as of December 2023.
The overall segment revenue rose by 21 per cent to Rs 1,476 crore as compared to Rs 1,216 crore in the corresponding quarter of the previous financial year.
Segment earnings increased by 37 per cent to Rs 123 crore during the quarter, compared to Rs 89 crore in the same quarter last year, owing to an improved product mix and a focused margin expansion strategy.
