Voltas (VOLTAS) Q3 24/25 earnings summary

Executive summary

• Consolidated total income for the quarter grew 18% year-over-year to INR 3,164 crores, with profit before tax up 699% to INR 191 crores and net profit after tax at INR 131 crores, reversing a loss last year.

• Nine-month consolidated income rose 28% to INR 10,890 crores, with net profit after tax at INR 599 crores, the highest-ever for the period.

• Board approved a leadership transition: Mr. Pradeep Bakshi to step down as MD & CEO in August 2025, with Mr. Mukundan Menon appointed as MD Designate from April 2025.

• Market leadership maintained in split and window air conditioners with a 20.5% exit market share as of December 2024.

Financial highlights

• Earnings per share for the quarter was INR 3.99, up from negative INR 0.92 last year; nine-month EPS at INR 18.14 versus INR 4.10.

• UCPBG segment revenue for nine months grew 38% to INR 7,155 crores; segment result up 30% to INR 548 crores.

• Electro-Mechanical Projects and Services segment revenue for the quarter was INR 1,190 crores, with a segment result turnaround to INR 57 crores from a loss of INR 120 crores last year.

• Engineering Products and Services segment revenue for the quarter was INR 130 crores, with segment result at INR 37 crores.

• Standalone Q3 FY25 revenue was INR 2,035 crores, with net profit of INR 108 crores; nine-month standalone net profit was INR 556 crores.

Outlook and guidance

• Anticipates robust demand for all product categories with the upcoming summer and positive consumer sentiment.

• UCP segment margins expected to remain in the high single digits for the year.

• Commercial refrigeration margin pressures expected to normalize as new factory ramps up.

• Voltas Beko JV targeting EBITDA breakeven by March, with improved gross margins and continued market share gains.

• Domestic and international projects businesses maintain a positive outlook with continued order book expansion.