Shares of Voltas fell to 3 month lows

Voltas Ltd., an industrial infrastructure company, fell to 3 month lows after quarterly earnings disappointed on the back of lower sales.

Voltas said its first quarter net profit held flat to 109.9 crore rupees compared with 110 crore rupees in the same quarter a year ago. Sales during April-June fell 9 percent to 1,598.3 crores versus 1,757 crores. Both numbers fell substantially below estimates held by analysts.

Profit included an extraordinary gain of 10.6 crore rupees.

All three business divisions -- Electro mechanical projects and services, Engineering Products and Unitary Cooling -- recorded lower quarterly sales during April-June compared with the same quarter a year ago.

As a consequence, Voltas dropped 18.40 rupees, or 6.1 percent, to 287.4 rupees, its lowest since May 29 on the National Stock Exchange.

Voltas market capitalisation has jumped 47 percent in one year to 10,000 crore rupees.

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