This mid-cap firm in the Tata group conglomerate approved fundraising through NCDs up to Rs 500 crore and reported Q2 results with a profit of Rs 36 crore year on year.
At 12:15 p.m., On Friday, Voltas Ltd shares were trading at Rs 823.85 per share, up Rs 15.20 or 1.81 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 27,170 crore.
According to Voltas Exchange filing, The company’s board of directors has considered and approved the proposal of raising funds through the issuance of Rated, Listed, Unsecured, Redeemable Non-Convertible Debentures (NCDs) on a Private Placement basis for an amount up to Rs.500 crores. For the company’s capital expenditures for its new manufacturing plants in Chennai and Waghodia, Gujarat.
The Voltas reported a 29 percent increase in revenue year on year, from Rs 1,832 crore in Q2FY24 to Rs 2,363 crore in the corresponding quarter of the previous year, Q2FY23. During the same period, net profit increased from a loss of Rs 6 crore to a profit of Rs 35.65 crore.
In comparison to the previous quarter, operational revenue decreased by 31 percent from Rs 3,429 crore in Q1FY24 to Rs 2,363 crore in Q2FY24, Further net profit declined by 72 percent from Rs 129.42 crore to Rs 35 crore. According to the company’s exchange filing.
The Company’s return on equity has decreased from 9.16 percent in FY22 to 2.47 percent in FY23, while the return on capital employed declined from 14.64 percent to 12.38 percent during the same period.
Voltas has engaged in the manufacturing of air conditioning, refrigeration, and electro-mechanical business.
According to the recent shareholding pattern, the company promoters hold 30.3 percent of the company, Foreign Institutional Investors hold 17.83 percent and Foreign Institutional Investors 36.03 percent stake in the company.
Written by Omkar Chitnis
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