Voltas Q1 Results: Co reports two-fold rise in profit on higher demand for air conditioners

India's Voltas posted a more than two-fold jump in its first-quarter profit on Monday as consumers bought more of its air conditioners and coolers amid unprecedented heatwaves across the country.

The company's consolidated net profit jumped to 3.34 billion rupees (nearly $40 million) from 1.29 billion rupees a year earlier.

Revenue from operations for the company, which also makes AC stabilizers, rose 47% to 49.04 billion rupees, led by a 51% growth in its cooling products segment.


KEY CONTEXT

The summer season increases demand for appliances such as air conditioners and coolers as well as products like voltage stabilizers to protect against power surges that are frequent during this period.

Last week, rival Blue Star beat its quarterly profit estimates, driven by demand for its newly launched air conditioners, while Crompton Greaves also topped June-quarter profit estimates, led by higher demand for its fans and coolers.