Voltas Reports 21.7% Decline in Q4 Profit, Cancels Joint Venture

Voltas

Air conditioning manufacturer Voltas reported a 21.7% YoY decline in consolidated net profit at Rs 143.2 crore for Q4 that ended on March 31, 2023. This was a setback for the company, which had hoped for better results in the quarter. In addition, Voltas had to terminate a joint venture agreement with Highly International (Hong Kong) Ltd to manufacture compressors in India, as it was unable to obtain the necessary government approvals. This cancellation has likely impacted Voltas’ plans for expanding its manufacturing capabilities in India. The company has not yet released a statement on how it plans to address this setback.