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Voltas Q2 net down 42.8 per cent
Mumbai, Oct 27: Voltas Ltd today reported a 42.8 per cent drop in its net profit for the quarter ended September 30, 2003 at Rs 4.3 crore as against Rs 7.52 crore posted in the corresponding period of the previous fiscal on account of a huge extraordinary income in the comparable quarter.
Mumbai, Oct 27: Voltas Ltd today reported a 42.8 per
cent drop in its net profit for the quarter ended September
30, 2003 at Rs 4.3 crore as against Rs 7.52 crore posted in
the corresponding period of the previous fiscal on account of
a huge extraordinary income in the comparable quarter.
The second quarter of 2002-03 included an extraordinary
income of Rs 8.87 crore due to which the current net profit,
as against the comparable quarter, was lower, Voltas Executive
Vice President (Finance) M M Miyajiwala told reporters here.
The net sales for the reporting quarter were higher at Rs 288.69 crore as against Rs 283.40 crore in the same period of the earlier fiscal, he said.
The company had during the quarter ended September 2002 reversed the amortisation of VRS charge of Rs 8.87 crore resulting in the higher extraordinary income for that quarter.
Excluding the one time credit, the extraordinary income for the quarter ended September 30, 2002-03 would be Rs 1.55 crore and would reflect an increase of 81 per cent in the profit before tax during the quarter under review, he said.
The net profit for six months ended September 30, 2003 rose 40.8 per cent to Rs 14.49 crore as against Rs 10.29 crore posted in the previous fiscal.
The net sales during the first half of the current fiscal rose to Rs 668.7 crore as against Rs 587.87 crore during the corresponding period in the earlier fiscal.
Bureau Report
The net sales for the reporting quarter were higher at Rs 288.69 crore as against Rs 283.40 crore in the same period of the earlier fiscal, he said.
The company had during the quarter ended September 2002 reversed the amortisation of VRS charge of Rs 8.87 crore resulting in the higher extraordinary income for that quarter.
Excluding the one time credit, the extraordinary income for the quarter ended September 30, 2002-03 would be Rs 1.55 crore and would reflect an increase of 81 per cent in the profit before tax during the quarter under review, he said.
The net profit for six months ended September 30, 2003 rose 40.8 per cent to Rs 14.49 crore as against Rs 10.29 crore posted in the previous fiscal.
The net sales during the first half of the current fiscal rose to Rs 668.7 crore as against Rs 587.87 crore during the corresponding period in the earlier fiscal.
Bureau Report