Voltas denies report on sale plans for home appliances business; stock gains 1%

Voltas said that news of the impending sale was “totally incorrect and blatantly false, with no factual basis whatsoever.”

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At open on November 8, shares of Voltas gained 1.01 percent to Rs 821.60, a day after the air conditioner-manufacturer clarified that it was not planning to sell its home appliance business. At close on November 7, the stock was trading at Rs 813.80, nearly 2 percent down.

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In a statement sent to both the exchanges, Voltas said that news of the impending sale was “totally incorrect and blatantly false, with no factual basis whatsoever.” The company added that they were committed to the growth and development of the home appliances business.

On November 7, Bloomberg had reported that parent company Tata Group is considering selling the home appliance operation of Voltas Ltd. due to challenges in scaling up the business in a competitive market.

Also read: Voltas denies reports of Tata considering sale of home appliance business

Voltas reported a net profit of Rs 35.6 crore in Q2FY24, up from a net loss of Rs 6 crore in Q2FY23.  Total revenue also grew 29.7 percent year-on-year to Rs 2,292.8 crore in the quarter ending September 2023. For the same period, the earnings before interest, taxes, depreciation and amortisation (EBITDA) margin was 3.1 percent against 5.7 percent in the previous fiscal.

With a global presence across India, the Middle East, Southeast Asia, and Africa, Tata Group’s Voltas manufacturers cooling products such as air conditioners, water coolers, HVACs, and commercial refrigeration units.

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