Shares in Voltas, a Tata group company plunged as much as 10% post its quarterly numbers. The stock dived 10% to Rs 1045, which was a drop of 10% post its numbers, though there was some recovery seen in the stock after that.
The shares of Voltas were last seen trading at Rs 1079, as against a 52-week high price of Rs 1389. Investors have been hammering the shares of companies where the quarterly results do not match expectations. In fact, the market trend right now is very bearish and even a slight under performance in terms of financials are leaving such stocks badly battered.
Voltas posted a consolidated net profit of Rs 238.72 crore in the January-March quarter last fiscal, Voltas said in a regulatory filing. Total income stood at Rs 2,703.78 crore during the period under review, marginally up 0.76 per cent against Rs 2,683.24 crore in the corresponding period of the preceding fiscal.
Volltas is India's No. 1 Room Air Conditioner brand with a market share of over 24%. Voltas offers a comprehensive range of cooling solutions including air conditioners, air coolers, water coolers, water dispensers and commercial refrigeration products. Recently, the Company also forayed into the air purifiers market. Through its 50:50 Joint Venture with a Turkish-based company Arcelik, Voltas entered the home appliances industry under the brand, Voltas Beko in 2018. The brand's product portfolio comprises refrigerators, washing machines, microwave ovens, and dishwashers. The company is also recognized for its engineering prowess, the company's Projects business provides MEP (Mechanical, Electrical and Plumbing) and HVAC (Heat, Ventilation, and Air Conditioning) solutions and has successfully implemented several landmark projects in India and overseas. The Company also closely works with the Government of India for various rural electrification and water management projects. The Engineering Products and Services business represents leading equipment manufacturers in Textile Machinery and Mining & Construction Equipment for sale, distribution and after sales service.
The Directors have recommended Dividend of Rs. 5.50 per share on face value of Re.1 per share (550%) for the year 2021-22.