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Shares of Voltas Ltd fell by nearly 3 per cent on Thursday morning trade after the air conditioning maker reported a decline of 21.6 per cent in its consolidated net profit in the March 2023 quarter.

The stock fell by 2.85 per cent to Rs 830.60 on the BSE.

At the NSE, it declined 2.82 per cent to Rs 830.50.

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Voltas Ltd on Wednesday reported a decline of 21.6 per cent in its consolidated net profit at Rs 143.23 crore in the March 2023 quarter, due to provisions made on delayed collection in the international project business.

The Tata group firm had posted a consolidated net profit of Rs 182.71 crore in the year-ago period, the company said in a regulatory filing.

Revenue from operations of Voltas was up 11.5 per cent to Rs 2,936.76 crore during the period under review, as against Rs 2,633.72 crore a year ago.

“Profit before and after taxes were impacted during the current quarter due to provisions made on delayed collection in the international project business,” Voltas said in its earnings statement.