Voltas is among the top five losers on the BSE since the opening bell. The stock opened 6% lower at Rs.1090 and went down to an intraday low at Rs.1045.
The market is very disappointed with the earnings of the company for Q4FY22. It posted a 23% (YoY) drop in net profit at Rs.183 crore due to muted sales at Rs.2666 crore in the first two months of the quarter; it was only the month of March where the heat wave across the country improved sales a bit.
The increase in raw material prices and the delay in passing on the costs to the consumer, hurt the EBITDA, which came in 26% lower at Rs.192 crore.
The company ended the fscal FY22 with a 5% increase in consolidated net sales at Rs.7934 crore and 4% drop in net profit.