Shares of Tata Group company Voltas experienced a significant surge, climbing as much as 5.93 percent in Wednesday’s session to achieve a new 52-week high of Rs 1,075 apiece on the BSE following the release of its Q3 results.
Despite a 58 percent decline in consolidated profit before exceptional items and tax at Rs 23.85 crore compared to the previous year, the electrical appliances maker witnessed a notable uptick in its stock. The drop in profit was primarily attributed to higher costs.
The revenue from operations, however, showed a contrasting positive trend, rising by 31 percent to Rs 2,626 crore in Q3. The surge in revenue was attributed to warmer-than-usual weather, which boosted the demand for air conditioners.
As of 1:29 pm, Voltas shares continued their upward trajectory, trading 6.66 percent higher at ₹1,084.60. Investors are evidently responding positively to the strong revenue performance, emphasizing the market’s confidence in Voltas’ resilience and adaptability in the face of challenges.
