Shares of Voltas rose nearly 4 per cent today after the Tata group firm said it sold close to 1.2 million units of residential ACs in the first half of 2022, clocking a 60 per cent growth led by an intense summer and expansion of sales network.
Voltas stock gained 3.85 per cent to Rs 1021.20 against the previous close of Rs 983.30 on BSE.
Voltas is trading higher than the 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.
The large cap stock has lost 2.88 per cent in a year and fallen 16.26 per cent in 2022.
Total 0.37 lakh shares of the firm changed hands amounting to a turnover of Rs 3.73 crore on BSE. The market cap of the firm rose to Rs 33,750 crore on BSE.
The stock hit a 52-week high of Rs 1,356.90 on October 19, 2021 and a 52-week low of Rs 923.50 on May 16, 2022.
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"The company sold close to 1.2 million AC units in H1 CY 22, ever highest by any player in the industry," the firm said. The company logged over 60 per cent volume growth in AC sales during the period H1 CY22, and a "triple digit volume growth" in Q1 FY23, it added.
"The performance was attributed to an increase in demand for cooling products given the intense summer experienced across the country coupled with the company's strong online and offline distribution network, strongest brand equity, and innovative range of products," it said.
This is the seventh year in a row that Voltas is witnessing over one million AC milestone, the company added.
In the fourth quarter of previous fiscal, the air conditioning and engineering services company reported a 23.46 per cent fall in its net profit at Rs 182.71 crore against a net profit of Rs 238.72 crore in the January-March quarter last fiscal.
Total income came at Rs 2,703.78 crore in Q4, marginally up 0.76 per cent against Rs 2,683.24 crore in the corresponding period of the preceding fiscal. Total expenses rose 3.73 per cent at Rs 2,427.53 crore in the fourth quarter of FY'22 against Rs 2,340.22 crore in the year-ago period.