Voltas Q2 turnover up 26%, profit before tax at Rs 1,549 lakh
By Voltas managing director | 30 Oct 2002
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Mumbai: The board of directors of Voltas has announced results for the first six months of the current financial year ending 30 September 2002.
Voltas managing director A Soni says despite the difficult economic conditions in India, the company has performed well during the half year ended 30 September 2002 with its turnover increasing by 26 per cent. The profit before tax (with extraordinary items) for the half year is Rs 1,049 lakh (previous year: Rs 1,409 lakh) and the profit before tax is Rs 1,549 lakh (previous year: Rs 627 lakh).
Voltas general manager (corporate communications) B N Garudachar says while comparing these figures with the previous year, apart from the notes mentioned in the results, following need to be reckoned:
- Consumption of raw materials, the cost of traded goods sold, and the cost of jobs, manufacture and services have risen over the same period last year due to a substantial increase in international contracts, which involve substantial subcontracting and bought-out materials and also due to the purchase of air-conditioners from the joint venture company instead of own manufacture as in last year.
- Profits for the half-year ended 30 September 2001 were boosted by the realisation of an amount of Rs 966 lakh towards prolongation claims pertaining to a Hong Kong project.
- In compliance with the Accounting Standard 22, the current half-year bears a charge of Rs 355 lakh towards a deferred tax, a book adjustment, and against a credit of Rs 81 lakh in the corresponding period of the previous year.
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