Voltas shares upbeat as Nomura retains ‘buy’ call, sees 27% upside despite Q3 loss

Its revenue from operations was up 11.82 percent to Rs 2,005.61 crore during the quarter under review as against Rs 1,793.59 crore in the year-ago period. Voltas had a profit before exceptional items and tax of Rs 56.93 crore in the third quarter of FY23. Its expenses on exceptional items were at Rs 137.39 crore.

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Voltas shares were in focus in the early hours of trade on February 13 after Nomura and Jefferies saw further upside in the stock based on its December quarter earnings.

The air-conditioning and engineering services provider on February 9 reported a consolidated net loss of Rs 110.49 crore for the third quarter ended December 2022 on account of provisioning made on overseas projects.

The Tata group firm had posted a consolidated net profit of Rs 96.56 crore in the October-December quarter last fiscal, Voltas said in a regulatory filing.

Its revenue from operations was up 11.82 percent to Rs 2,005.61 crore during the quarter under review as against Rs 1,793.59 crore in the year-ago period. Voltas had a profit before exceptional items and tax of Rs 56.93 crore in the third quarter of FY23. Its expenses on exceptional items were at Rs 137.39 crore.