Voltas reports 7 percent rise in Q2 consolidated net profit, shares tank 9 per cent

Tata Group firm Voltas on Wednesday reported 7.21 per cent increase in consolidated net profit at Rs 72.11 crore for the quarter ended on September 30, 2016.

Voltas shares plummeted over 9 per cent after the company's September quarter earnings failed to enthuse investors.

The stock plunged 9.29 per cent to Rs 297.75 on BSE. On NSE, shares of the company tumbled 9.4 per cent to Rs 297.50.

The company had a net profit of Rs 67.26 crore in the July-September quarter a year ago, Voltas said in a BSE filing.

However, Voltas' total income on consolidated basis was down 6.23 per cent to Rs 981.46 crore during the quarter under the review as against Rs 1,046.68 crore in the corresponding quarter last fiscal due to lower revenues in international projects.

Its total expenses were down 7.02 per cent to Rs 919.11 crore as against Rs 988.57 crore in the year-ago period.

Revenue from its electro-mechanical projects and services stood at Rs 543.24 crore during the quarter, down 14.52 per cent as against Rs 635.52 crore, owing to slower than expected progress on certain projects.