Voltas' Q1 net profit up by 268%; turnover up by 25%

Mumbai, 31st July, 2003: Voltas Limited, the air conditioning and engineering services company of the Tata Group, has posted a significant growth in net profit and turnover in Q1 ended June 2003.

The Company's net profit rose by record 268% to Rs.10.19 crores as against Rs.2.77 crores in corresponding quarter last year.

The Company has posted a turnover of Rs.380.01 crores as against Rs.304.47crores, a 25% increase over the corresponding quarter last year. The growth in the Electro-Mechanical Projects and Services segment by 65% has been the major contributor to the increase in the turnover.

Most of the Company's businesses have performed well during the Quarter and the Company posted an Operating Profit (Profit before Tax & Extraordinary Items) of Rs.10.85 crores as against Rs.8.50 crores, an 28% increase over last year. The net finance cost has reduced further from Rs.1.71 crores to Rs.0.69 crore.

The Company continues to reflect EVA positive.

Financial Results