VOLTAS · Consumer Durables
Voltas Ltd. reported revenue of ₹4,921 cr for April to June 2024, +46.5% on the year and +17.1% on the quarter.
Operating profit (EBITDA) was ₹394 cr, a margin of 8.0%, +342 bps on the year and +439 bps on the quarter. Operating costs grew +41.2% against revenue growth of +46.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹335 cr, +159.7% on the year and +201.8% on the quarter, with earnings per share of ₹10.10. Profit before other income, one-offs and tax grew faster, at +179.7%; other income, one-offs or tax held the headline back.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹13.81 over the last four quarters, the stock at ₹1,031.40 trades at 74.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,626 cr | ₹4,203 cr | ₹4,921 cr | ₹2,619 cr | ₹3,105 cr | ₹4,768 cr | ₹3,939 cr | ₹2,347 cr | ₹3,071 cr | ₹4,888 cr | ₹4,674 cr | ₹2,707 cr |
| YoY | — | — | +46% | +14% | +18% | +13% | −20% | −10% | −1% | +3% | +19% | +15% |
| EBITDA margin | −0.3% | 3.6% | 8.0% | 5.0% | 5.3% | 6.3% | 3.9% | 3.0% | 4.7% | 3.8% | 5.7% | 4.7% |
| Other income, % of PBT | 242% | 31% | 18% | 51% | 31% | 23% | 40% | 119% | 19% | 23% | 32% | 48% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 36% | 26% | 35% | 31% | 31% | 31% | 42% | 27% | 39% | 25% | 42% |
| Net profit | −₹28.0 cr | ₹111 cr | ₹335 cr | ₹133 cr | ₹131 cr | ₹236 cr | ₹141 cr | ₹31.5 cr | ₹84.0 cr | ₹113 cr | ₹213 cr | ₹47.7 cr |
| YoY | — | — | +160% | +269% | — | +113% | −58% | −76% | −36% | −52% | +51% | +51% |
| Core profit YoY | — | — | +180% | +614% | — | +119% | −67% | −110% | −29% | −46% | +61% | — |
| EPS | −₹0.92 | ₹3.52 | ₹10.10 | ₹4.05 | ₹3.99 | ₹7.28 | ₹4.24 | ₹1.03 | ₹2.57 | ₹3.51 | ₹6.46 | ₹1.59 |
| Flags | 1 | 2 | 1 | 1 | ✓ | ✓ | 2 | 2 | 1 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Voltas Ltd. reported revenue of ₹4,921 cr (+46.5% on the year) and net profit of ₹335 cr (+159.7% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +179.7% on the year, against +159.7% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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