India’s Voltas posts rise in Q1 profit on surge in AC sales

(Reuters) – Tata Group company Voltas reported nearly a 19% rise in first-quarter profit on Friday, boosted by the performance of its arm that makes air conditioners and air coolers.

Consolidated net profit rose to 1.29 billion Indian rupees ($15.58 million) for the quarter ending June 30 from 1.09 billion rupees a year earlier.

Income from operations rose nearly 22% to 33.35 billion rupees.

Its mainstay unitary cooling products segment, which makes goods such as air conditioners, coolers and purifiers, reported a 16% rise in revenue and a 15% increase in volume growth.

Earlier, rivals Blue Star and Havells India also posted a rise in their quarterly earnings.

Voltas shares closed down 0.98% at 828.55 rupees ahead of the results.

($1 = 82.8070 Indian rupees)

(Reporting by Ashna Teresa Britto and Ashish Chandra; Editing by Varun H K and Sohini Goswami)