Leading residential air conditioner maker Laps Ltd on Wednesday (January 29) reported a net profit of ₹130.8 crore for the third quarter that ended on December 31, 2024, emerging from a net loss of ₹28 crore in the year-ago quarter. The CNBC-TV18 poll had predicted a profit of ₹155 crore for the quarter under review.
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The company’s revenue from operations increased 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.
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At the operating level, EBITDA zoomed 595.07% to ₹197.4 crore in the third quarter of this fiscal over ₹28.4 crore in Q3 FY24. The CNBC-TV18 poll had predicted an EBITDA of ₹213 crore for the quarter under review.
The EBITDA margin stood at 6.4% in the reporting quarter compared to 1.1% in the same period last year. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 7.1% for the quarter under review.
Unitary Cooling Products
For the nine months ending December 2024, the unitary cooling products segment saw 42% volume growth, with a market share of 20.5% in both split and window air-conditioners. Segment revenue for the period grew by 38%, reaching ₹7,155 crore, while the segment result saw a 30% increase, amounting to ₹548 crore.
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For Q3 FY25, the segment revenue grew by 20% to ₹1,771 crore, though segment results decreased to ₹104 crore, compared to ₹123 crore in the same quarter last year.
Voltbek Home Appliances
Voltbek Home Appliances, Voltas’ joint venture, also showed robust performance with a 56% volume growth in the nine months (9M) ending December 2024, and a notable increase in market share, especially in the refrigerator and washing machine categories.
Electro-mechanical projects and services
The electro-mechanical projects and services segment, encompassing both domestic and international projects businesses, grew 17% during the quarter, with revenue at ₹1,190 crore and a positive segment result of ₹57 crore, reversing a loss of ₹120 crore in Q3 FY24.
The engineering products and services segment faced some challenges, with revenue increasing marginally to ₹437 crore but a decline in the segment resulted in ₹121 crore, compared to ₹158 crore in Q3 FY24. For the quarter, revenue was at ₹130 crore, with a segment result of ₹37 crore, lower than ₹50 crore in the same quarter last year.
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In a leadership update, Pradeep Bakshi, Voltas Managing Director and CEO, announced his decision not to seek reappointment upon the completion of his term in August 2025, a request that was accepted by the board during its meeting on January 29, 2025.
The results came after the close of the market hours. Shares of Voltas Ltd ended at ₹1,476.30, up by ₹44.60, or 3.12%, on the BSE.
