Voltas, an engineering, air conditioning and refrigeration company based in Mumbai, India reported a 47% rise in consolidated net profit to Rs 1,290 million for the quarter ended December 2020.

The company had posted a net profit of Rs 880 million in the corresponding quarter last year.

Profit before Tax was also higher by 39%, at Rs. 1,660 million as compared to Rs. 1,190 million in the corresponding quarter last year.

Total Income of the company grew 32.26% to Rs 20,460 million in December 2020 from Rs. 15,470 million in December 2019.

Voltas EPS increased to Rs 3.87 in December 2020 from Rs 2.63 in December 2019.

The company said, the cooling products business made good recovery, post easing of the lockdown situation and achieved a record overall volume growth of 40%, contributed by 43% increase in the sales volume of Room Air conditioners (ACs), 100% in Commercial Refrigeration Products and 11% in Air Coolers. Voltas continues to be the market leader and is at No.1 position in ACs with a YTD market share of 26% in December 2020. Segment Revenue increased by 40% and was at Rs. 8,400 million as compared to Rs. 6010 million in the corresponding quarter last year.

Voltas' electro-mechanical projects and services segment revenue for the quarter was higher by 26% at Rs. 10,170 million as compared to Rs. 80,80 million in the corresponding quarter last year.

Shares of the company declined Rs 21.95, or 1.99%, to settle  at  Rs 1,079.10.  The total volume of shares traded  was  276,569 at  the BSE (Friday).