VOLTAS LIMITED - First quarter results - Q1 FY 2013 - NET SALES (CONSOL) : UP YoY; BUT NET PROFIT (CONSOL) DOWN YoY SEVERELY; STANDALONE NET PROFIT DOWN 49% YoY

VOLTAS LIMITED

First quarter results

Q1 FY 2013

VOLTAS LIMITED has declared below Par results for the first quarter ending June,2012.

HIGH LIGHTS (NON-CONSOLIDATED)

Net Sales for Q1 FY 13stands at Rs.1674.42 Cr; up by 3.36 % from Q4 FY 12 (Rs.1620.05 Cr); and up by  21.34% from Q1 FY 12 (Rs.1379.92 Cr). Sales Growth is Healthy.

Total Expenditure for Q1 FY 13stands at Rs.1613.60 Cr; up by   7.76% from Q4 FY 12 (Rs.1497.42 Cr); and up by  23.85% from Q1 FY 12 (Rs.1302.87 Cr). The Expenditure has grown more than proportionately compared to the Total Income.

Profit  before Interest, Dep. & Taxes for Q1 FY 13stands at Rs.60.82 Cr; down  by -50.4% from Q4 FY 12 (Rs.122.63 Cr); and down by  -21.06% from Q1 FY 12 (Rs.77.05 Cr).

Net Profit for Q1 FY 13stands at Rs.64.01 Cr; down by   -37.07% from Q4 FY 12 (Rs.101.72 Cr); and down by  -49.08% from Q1 FY 12 (Rs.125.70 Cr). Profit has fallen drastically, due to increase in expenditure – especially Raw Materials and Other Expenses.

Diluted EPS , on A Face Value of Rs.1, for Q1 FY 13stands at Rs.1.93; compared to Rs.3.07 in Q4 FY 12; and Rs.3.8 in Q1 FY 12.

52 week high/low price : Rs.140.05/71.65; CURRENT MP : Rs.105.05;

RESULTS TABLE

VOLTAS LTD	30-Jun-12	QoQ % dif	31-Mar-12	YoY % dif	30-Jun-11
Net Sales	167442	3.36	162005	21.34	137992
Total Expenditure	161360	7.76	149742	23.85	130287
Profit  before Interest, Dep. & Taxes	6082	-50.4	12263	-21.06	7705
Net Profit	6401	-37.07	10172	-49.08	12570
Diluted EPS	1.93	-37.13	3.07	-49.21	3.8
Net Sales	167442	3.36	162005	21.34	137992
Cost of materials	69429	-5.3	73318	33.88	51858
Purchases of SIT	57175	-4.66	59968	0.97	56623
Employee benefits	15233	16.46	13080	12.65	13523
Depreciation	598	21.05	494	-34.36	911
Other expenses	14433	27.21	11346	26.89	11374
Total expenses	161360	7.76	149742	23.85	130287
Profit before tax1	9209	-32.36	13614	-49.86	18365
Tax Expenses	2808	-18.42	3442	-51.54	5795
Net Profit	6401	-37.07	10172	-49.08	12570
Face Value of Share (Rs )	1	0	1	0	1
Paid-up Equity	3307	0	3307	0	3307
Diluted EPS	1.93	-37.13	3.07	-49.21	3.8
Public Shareholding (%)	69.85	0	69.85	0.58	69.45

NOTES : During the previous year there had been a significant upward revision in the estimated costs of a major project and the Company had accounted  for the same in accordance with the requirements of Accounting Standard (AS7). However, uncertainties exist due to the complex nature of the  ‘design and build’ project, changes in design being made by the client and delay in completion of the project. The Company is closely monitoring  the project and is of the view that adequate provision has been made after considering the further upward revision in costs during the quarter and variations and claims being negotiated.

CONSOLIDATED RESULTS

Income from Operations

Ø  Net Sales / Income from Operations (Net of excise duty) : Rs.1611.57 Cr (Q1 FY 13); Rs. 1573.46 Cr (Q4 FY 12); Rs. 1345.75 Cr (Q1 FY 12)

Ø  Total income from operations (Net) Rs. 1616.82 Cr (Q1 FY13); Rs. 1574.43 Cr(Q4 FY 12); Rs. 1348.42 Cr (Q1 FY12).

Ø  Total Expenses : Rs. 1530.21 Cr (Q1 FY 13); Rs. 1444.23Cr (Q4 FY 12; Rs. 1247.97 Cr (Q1 FY 12).

Ø  Profit  from operations : Rs. 86.61 Cr(Q1 FY 13); Rs. 130.20 Cr (Q4 FY 12); Rs. 100.45 Cr (Q1 FY 12);

Ø  Profit  before tax  :Rs. 110.57 Cr (Q1 FY 13); Rs. 140.68 Cr (Q4 FY 12); Rs. 190.30 Cr (Q1 FY 12)

Ø  Tax expenses : Rs.31.60 Cr (Q1 FY 13); Rs.35.95 Cr (Q4 FY 12); Rs. 58.05 Cr(Q1 FY 12);

Ø  Net Profit : Rs. 79.12 Cr (Q1 FY 13); ; Rs.103.81 Cr(Q4 FY 12) ; Rs. 131.79 Cr(Q1 FY 12) ;

Ø  Paid-up equity share capital : Rs.(Face value 1/- each)Rs. 33.07 Cr.

Ø  Reserves excluding Revaluation Reserves (as per balance sheet of previous accounting year) : Rs.1444.77 Cr.

Ø  Diluted Earnings per share : (not annualised) Rs.2.39 (Q1 FY 13); Rs.3.14 (Q4 FY12); Rs.3.98 (Q1 FY12).

NOTES :

Exceptional Items - Net :

(a)  For the quarter ended 30th June, 2012  (quarter ended 30th June, 2011) comprises :

Profit on sale of properties – Rs.116 lakhs  (Rs. 212 lakhs), Profit on transfer of Materials Handling business - Nil (Rs. 7935 lakhs) and Charge of  Voluntary Retirement Scheme / Early Separation Scheme – Rs. 5 lakhs (Nil).

(b) For the quarter ended 31st March, 2012 comprises :

Profit on sale of properties – Rs.72 lakhs, Provision for diminution in value of investments written back – Rs.141 lakhs and Charge of Voluntary Retirement Scheme / Early Separation Scheme – Rs.8 lakhs

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VOLTAS LIMITED = RESULTS = FOR Q3 FY 2011 = QTR ENDING DECEMBER 2010 = CONSOLIDATED NET PROFIT LOWER BY 6.79%

Voltas Limited

 NSE Symbol   VOLTAS

VOLTAS  has declared slightly lower third quarter results compared to Q2 FY 2011 and Q3 FY 2010.

NET SALES is Rs.1039 cr – down by 2.28% from Q2 FY 2011 and up by 4.93% from Q3 FY 2010.

Total Expenditure is Rs.968 cr – up by 0.56% from Q2 FY 2011 and by 6.59% from Q3 FY 2010.

Profit from operations is Rs.74 cr – down by 27.71% from Q2 FY 2011 and down by 12.38% from Q3 FY 2010.

Consolidated Net Profit is Rs.71 cr – down by 23.66% from Q2 FY 2011 and down by 6.79% from Q3 FY 2010.

Consequently, on a Face Value of Rs.1, the Basic EPS is slightly down to Rs.2.13 compared to Rs.2.79 in Q2 FY 2011 and Rs.2.29 in Q3 FY 2010.

Current Market Price is Rs.172. Annual EPS is likely to be around Rs.9. Hence, PE Ratio is around 19.

RESULTS TABLE :

VOLTAS-CONSOL	Q3 FY 2011	Q2 FY 2011	Q3 FY 2010
Net Sales	103928	106358	99048
DIF %1	1039	-2.28	4.93
Other Optng Income	293	154	230
Incre./Decr. in SIT/WIP	-9324	-83	-8515
Raw Materials	63409	60753	58163
Traded goods	16442	12117	17366
Employees Cost	14438	12679	13150
Depreciation	539	534	549
Other Expenditure	11329	10292	10133
Total Expenditure	96833	96292	90846
DIF %2	968	0.56	6.59
Profit from Operations	7388	10220	8432
DIF %3	74	-27.71	-12.38
Other Income	1314	1933	1518
Profit B I & EI	8702	12153	9950
Interest	340	373	122
Profit after I B B E I	8362	11780	9828
Exceptional items	-1545	-1776	-935
Profit before tax	9907	13556	10763
Tax Expense	3024	4534	3117
Net Profit after tax	6883	9022	7646
Net Profit	6883	9022	7646
Minority Interest	-172	-219	77
Consolidated Net Profit	7055	9241	7569
DIF %4	71	-23.66	-6.79
Face Value (in Rs.)	1	]	1
Paid-up Equity	3307	3307	3307
Basic EPS	2.13	2.79	2.29
Public holding (%)	69.42	69.47	72.29

ANNOUNCEMENTS

TO THE EXCHANGE

02-02-2011      Voltas Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 99042 lacs for quarter ending on 31-DEC-2010 against Rs. 91233 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 6701 lacs for the quarter ending on 31-DEC-2010 against Rs. 6879 lacs for the quarter ending on 31-DEC-2009.         -

02-02-2011      Voltas Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 103928 lacs for quarter ending on 31-DEC-2010 against Rs. 99048 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 7055 lacs for the quarter ending on 31-DEC-2010 against Rs. 7569 lacs for the quarter ending on 31-DEC-2009.

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