Voltas shares tank 9% after Q4 earnings

Voltas shares dip: Shares of Voltas Ltd, a leading provider of air conditioning and engineering services, plummeted over 9 per cent following the company's report of a 22.75 per cent decline in consolidated net profit for the fourth quarter ending March 31, 2024.

The stock experienced a sharp decline of 9.13 per cent to reach Rs 1,261.65 on the BSE. Similarly, at the NSE, it dropped 9.15 per cent to Rs 1,262 apiece.

Voltas Ltd disclosed a consolidated net profit of Rs 110.64 crore for the March quarter, marking a significant decrease from Rs 143.23 crore reported in the same period of the previous fiscal year. The decline was attributed to increased expenses.

Consolidated revenue from operations during the quarter amounted to Rs 4,202.88 crore, up from Rs 2,956.8 crore recorded in the corresponding period last year.

However, total expenses in the fourth quarter surged to Rs 4,044.90 crore compared to Rs 2,761.45 crore in the same period a year ago.

The broader market is trading at red with BSE 30-share index Sensex is down by 151 points at 73,360.39 while NSE's Nifty 50 is trading at 22,269.10, down by 0.15 per cent or 33.20 points. 

Dr Reddy, Asian Paints, Hindustan Unilever, HCL Tech, and HDFC Bank were some of the major losers in the stock market as of 11:47 am.  BPCL, Coal India, Power Grid, NTPC, and Tata Consumers were top gainers at the NSE. 

As of 11:47 am shares of the air conditioner manufacturer were trading 5.54 per cent or 76.95 points lower at Rs Rs 1,311 apiece at BSE. 

(With PTI inputs)