Voltas shares drop 9% as margins disappoint across segments
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Shares of Tata Group company Voltas on Wednesday fell up to 9% to the day's low at Rs 1,262 on BSE after the home appliances manufacturer recorded a 340 basis point sequential drop in its EBITDA margin. Voltas reported a 22.75% year-on-year (YoY) decline in consolidated net profit to Rs 110.64 crore in the March quarter while revenue rose about 42% YoY to Rs 4,202.88 crore. The company's Unitary Cooling Products (UCP) business continued to outperform the market and maintained its growth momentum. While the overall volumes grew by 27%, the YoY growth for air-conditioners was even higher at 35%. Voltas continues to be a market leader both in Split and Window Air-conditioners with a YTD market share of 18.7% as at March 2024. The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period. Similarly, the electro-mechanical projects and services segment comprising both ...