On November 8, Voltas witnessed a 1.01 percent increase in its shares, reaching Rs 821.60 at the opening, following the company’s clear statement denying any plans to sell its home appliance business.
This declaration came in response to earlier reports, notably from Bloomberg, suggesting that Tata Group, Voltas’ parent company, was contemplating the sale of its home appliance division due to challenges in a competitive market. Voltas firmly dismissed these claims, labeling them as “totally incorrect and blatantly false, with no factual basis whatsoever.” The company emphasized its commitment to the growth and development of the home appliances sector.
In Q2FY24, Voltas demonstrated a noteworthy financial performance, reporting a net profit of Rs 35.6 crore, a substantial improvement from the net loss of Rs 6 crore recorded in Q2FY23. The company’s total revenue also experienced robust growth, surging by 29.7 percent year-on-year to Rs 2,292.8 crore for the quarter ending in September 2023. However, the earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for the same period contracted to 3.1 percent, compared to the 5.7 percent recorded in the previous fiscal year.
With a global presence spanning India, the Middle East, Southeast Asia, and Africa, Voltas, under Tata Group, manufactures a wide range of cooling products, including air conditioners, water coolers, HVAC systems, and commercial refrigeration units. As of 1:15 pm, Voltas’ shares were trading at ₹819.45, reflecting a slight increase of 0.74 percent.
