Voltas completes ₹61.84 crore transfer of 92% stake in Saudi Ensas to Singapore subsidiary

Air conditioning maker and engineering services provider Voltas Ltd on Friday (February 28) said it has completed the transfer of its 92% stake in Saudi Ensas Company for Engineering Services W.L.L., Kingdom of Saudi Arabia, to Universal MEP Projects Pte Ltd (UMPPL), Singapore, for a consideration of ₹61.84 crore.The transaction was finalised on February 28, 2025, following the satisfaction of Conditions Precedent and receipt of necessary approvals. Despite the transfer, Voltas’ economic interest in Saudi Ensas remains unchanged, as UMPPL is a step-down, wholly owned subsidiary of the company.

“As UMPPL is a step-down wholly owned subsidiary of the company, the economic interest of the company in Saudi Ensas Company for Engineering Services W.L.L. remains intact, and it continues to be a wholly owned subsidiary of the company,” Voltas said.

Also Read: Voltas shares drop over 3% as Qatar court orders ₹402 crore payout in legal battleVoltas reported a net profit of ₹130.8 crore, which was below a CNBC-TV18 poll of ₹155 crore. The company had reported a net loss of ₹28 crore during the base quarter. Revenue from operations increased by 18.3% to ₹3,105.1 crore against ₹2,625 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted revenue of ₹3,015 crore for the quarter under review.

Voltas’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹197.4 crore, also below the poll expectations of ₹213 crore. The base quarter EBITDA stood at ₹28 crore. The EBITDA margin stood at 6.4% in the reporting quarter compared to 1.1% in the same period last year. The CNBC-TV18 poll had predicted a margin of 7.1% for the quarter under review.

Shares of Voltas Ltd ended at ₹1,324.15, up by ₹13.20, or 1.01%, on the BSE.

Also Read: Byu RaveenDran Alleges Colullsion to ‘Destroy’s, Demands Probe