Voltas Shares Plummet as Monsoon Clouds Net Profit

Shares of Voltas Ltd, a leading air-conditioning and engineering services provider, fell sharply on Monday, plummeting nearly 9% after the company disclosed a significant slump of 58% in its consolidated net profit for the June quarter.

The firm's stock experienced a 7.78% drop to Rs 1,202.20 on the BSE, while at the NSE, it decreased by 8.65% to Rs 1,192. This decline follows the company's recent earnings report, citing a net profit of Rs 140.61 crore, attributed to unseasonal rains and an early monsoon impacting its cooling business.

Compared to the previous year, Voltas Ltd's revenue decreased by 20.22% to Rs 3,912.29 crore. According to the company's earnings statement, mild temperatures and an early monsoon caused a sharp decline in demand for cooling products, especially air conditioners, affecting the overall financial performance.

(With inputs from agencies.)