Voltas names Noel Tata chairman emeritus; Q2 profit rises 53.5%

Tata Group company Voltas, on Friday, appointed Noel Tata as chairman emeritus with effect from November 12. Tata will step down as chairman on November 11, while Sunil Alaric D’Souza, managing director and CEO of Tata Consumer Products, will take over as the company's new chairman.

The company also named Jayant Balan as its managing director for a five-year term beginning May 25, 2027.

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The appointments come alongside an improvement in the company's financial performance. Voltas reported a 53.5% year-on-year increase in quarterly profit to Rs 526.4 million, while revenue rose 10.9% to Rs 25.68 billion.

The growth was supported by strong demand for room air conditioners. Revenue from the company's unitary cooling products business increased 29%, reflecting continued demand for cooling solutions.

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Noel Tata's exit from the Voltas chairmanship follows another leadership change within the Tata Group. On Thursday, he retired as vice chairman and director of jewellery maker Titan Company.