Voltas (VOLTAS) AGM 2024 summary

Opening remarks and agenda

• The AGM was conducted via video conferencing, with detailed instructions for participation and voting provided to shareholders.

• The meeting was called to order with the requisite quorum, and board members introduced themselves.

• Shareholders were informed about the e-voting process and the sequence of the meeting.

Financial performance review

• Achieved record consolidated revenue of INR 12,734 crore and sold over 2.5 million ACs, securing an 18.7% market share as of March 2024.

• Voltas Beko JV crossed INR 1,500 crore in revenue, with over 5 million appliances sold in five years.

• Textile machinery and mining/construction equipment divisions posted all-time high profits, each exceeding INR 100 crore.

• Provision of INR 400 crore for bad debts in Middle East projects impacted overall profitability.

• Domestic projects business reported turnover of INR 2,865 crore and PBT of INR 288 crore, with a strong order book over INR 5,000 crore.

• International projects business saw 29% turnover growth but faced profitability challenges due to contractor issues in Qatar.

• Standalone net profit was INR 604 crore; consolidated net profit was INR 248 crore for FY 2024.

Board and executive committee updates

• New directors joined the board, including Mr. Mukundan Menon and Mr. Jayesh Merchant.

• Company Secretary Varun Malhotra was recognized for his service as he approaches retirement.