Voltas Ltd, a company from the Tata Group, has reported a big drop in
its profit for the second quarter that ended on September 30.
The company’s net profit fell by 74%, reaching ₹34.3 crore, compared
to ₹134 crore in the same quarter last year.
According to the company, its total revenue also went down by 10%,
falling to ₹2,347 crore in Q2 this year from ₹2,619 crore in the same
period last year.
The company’s earnings before interest, taxes, depreciation, and
amortisation (EBITDA) also saw a sharp decline of 57%, dropping to
₹70.4 crore from ₹162 crore last year.
Voltas said that the fall in profit and revenue was mainly due to
lower sales and rising costs. The company added that it is working on
improving efficiency and expects performance to recover in the coming
quarters.