Voltas Q2 profit falls 26 pc at Rs 80 cr

The company had posted a net profit of Rs 107.28 crore for the same quarter last fiscal. Total income during the period under review stood at Rs 1,650.80 crore, up 10.45 per cent as against Rs 1,494.56 crore in the year-ago quarter, Voltas said in a regulatory filing.

Tata Group consumer electronics firm Voltas on Friday reported 25.74 per cent decline in consolidated net profit at Rs 79.66 crore for September quarter 2020-21. The company had posted a net profit of Rs 107.28 crore for the same quarter last fiscal.

Total income during the period under review stood at Rs 1,650.80 crore, up 10.45 per cent as against Rs 1,494.56 crore in the year-ago quarter, Voltas said in a regulatory filing. In a separate filing, Voltas said in order to facilitate better focus on business-to-consumer (B2C) segment of the company, the directors have agreed 'in-principle' to a proposal for restructuring of B2B businesses by transferring them to a 100 per cent wholly-owned subsidiary company -- Rohini Industrial Electricals Ltd (RIEL).

Voltas' business-to-business (B2B) segment includes domestic projects business relating to MEP (mechanical, electrical and plumbing) HVAC (heating, ventilation, air conditioning), water projects and contracts. Besides, mining and construction equipment business and textile machinery are part of its B2B business.

Voltas said the name of RIEL would also be appropriately changed to suitably represent and reflect these businesses. "While the transfer of the aforesaid businesses would be on a slump sale basis as a going concern, the mode of transfer and other requirements are being looked into and necessary action and requisite approvals, as may be required would be taken," the company added. Shares of the company settled 1.73 per cent higher at Rs 753.35 apiece on the BSE.