Voltas (VOLTAS) AGM 2024 summary

Opening remarks and agenda

• The AGM was conducted via video conferencing, with procedures explained for shareholder participation and voting.

• Board members and key executives were introduced, and the meeting was called to order with the requisite quorum present.

• 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, selling over 5 million appliances in five years.

• Textile machinery and mining/construction equipment divisions posted record 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 healthy order book over INR 5,000 crore.

• International projects business saw 29% turnover growth but faced profitability challenges due to provisions.

• 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 Mukundan Menon and Jayesh Merchant.

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