Voltas to hold its 70th AGM on 10th July 2024

Voltas to Hold its 70th AGM on 10th July 2024

Voltas Limited has announced that its 70th Annual General Meeting (AGM) will be held on Wednesday, 10th July 2024 at 3:00 p.m. (IST). The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM), allowing shareholders to participate remotely.

Key details of the AGM include:

1. Approval of Financial Statements:
   • The Audited Stand-alone Financial Statements for the year ended 31st March 2024.
   • The Audited Consolidated Financial Statements for the year ended 31st March 2024.
2. Dividend Declaration:
   • A dividend of ₹5.50 per equity share (550%) for the financial year ending 31st March 2024 will be considered.
3. Director Re-appointments:
   • Mr. Pradeep Kumar Bakshi (DIN: 02940277) and Mr. Vinayak Deshpande (DIN: 00036827) will be considered for re-appointment as Directors.
4. Special Business:
   • Revision of the remuneration for Mr. Pradeep Kumar Bakshi, Managing Director & CEO.
   • Ratification of the Cost Auditor’s remuneration.

The Register of Members and Share Transfer Books will be closed from Wednesday, 26th June 2024 to Wednesday, 10th July 2024. The dividend, if approved, will be paid on or after 15th July 2024.

Shareholders are encouraged to update their bank account details and other necessary information with the Company’s Registrar & Transfer Agent to facilitate the timely payment of dividends.

This meeting marks another significant milestone for Voltas Limited as it continues to engage with its shareholders and address key business matters through a virtual platform. 

Full details of the meeting are in the given link: Annual General Meeting Notice

Voltas Annual Report 2023-24

The Voltas released their annual reports for 2023-24 on the same notice and the firm is celebrating 70 years of the journey with key highlights for the firm. 

Key Highlights of Annual Report for 2023-24

Voltas Limited, known for its top-tier air conditioning and engineering solutions, has established itself as a leader in project management and innovation. With a strong legacy and partnership between Tata Sons and Volkart Brothers, Voltas continues to shape the industry with its advanced products and services.

Key Statistics:

• Market Capitalisation: ₹36,500 crores
• Total Income: ₹12,734 crores
• Profit Before Tax: ₹486 crores
• Profit After Tax: ₹248 crores
• Debt to Equity Ratio: 0.12:1
• CSR Spends: ₹14.32 crores
• Renewable Energy Generated: 4,397 GJ
• Employees: 10,600+
• Years of Operations: 70
• Touch Points: 30,000+
• Exclusive Brand Outlets (EBOs): 320+
• Average Work Experience of Senior Management: 23 years

Operational Achievements:

• AC Sales Milestone: Voltas became the first brand in India to sell over 2 million AC units in a year, achieving a 35% annual growth.
• Market Share: Voltas maintained an 18.7% market share in the RAC market.
• New Products: The SmartAir AC series was launched, contributing to the inverter AC category making up over 80% of sales.
• Air Coolers: The air cooler segment saw significant growth due to new product acceptance and strategic expansions.
• Commercial AC: Growth in the commercial AC sector was noted despite margin pressures.
• New Facilities: A new facility in Chennai and expanded capacity at the Waghodia Plant support growing demand and the ‘Make in India’ initiative.
• Voltas Beko: Voltas Beko, a fast-growing consumer durables brand, sold over 5 million appliances and saw significant gains in market share for refrigerators and washing machines.

Key Projects and Initiatives:

• International Operations: Secured projects in district cooling and MEP segments in the UAE and Saudi Arabia.
• Infrastructure Solutions: Executed significant projects such as the New Parliament House and various rural water supply initiatives.
• Electrical and Solar Segment: Completed large-scale solar projects and entered the rooftop solar market through the PM Surya Ghar scheme.
• Textile Machinery: Achieved record revenue levels and a 65% market share in spinning machinery.
• Mining and Construction: Secured major orders and contracts, aiming to secure new orders and leverage financial strength for future growth.
• Landmark Projects: Notable projects include the cooling system for India’s first high-speed train, the Rajdhani Express, cooling the Royal Palace of the Sultan of Muscat, and the New Parliament House.

Financial and Operational Highlights for 2023-24

Financial Performance:

• Total Income: Voltas recorded a total income of ₹12,734 crores, a 32% increase from ₹9,667 crores the previous year.
• Profit Before Tax: The profit before tax increased by 58% to ₹486 crores from ₹307 crores last year.
• Net Profit: Net profit after tax rose to ₹248 crores from ₹136 crores.
• Earnings Per Share: Earnings per share increased to ₹7.62 from ₹4.08.

Customer-Centric Innovations:

• R&D Investments: Focus on IoT and AI technologies to stay ahead of market trends and meet evolving consumer needs.
• Product Features: New products with advanced features like IoT-enabled operations and multi-adjustable modes.
• Collaboration with Arçelik: Continuous innovation in home appliances under the ‘Make in India’ initiative.

Corporate Social Responsibility (CSR):

• CSR Initiatives: Focus on community welfare through projects aimed at marginalized communities, including SC, ST, women, and Persons with Disabilities.
• Sustainability Efforts: Initiatives like renewable energy use at the Waghodia factory and solar energy for the corporate office.

Sustainability:

• Environmental Commitment: Efforts to reduce environmental impact through renewable energy, eco-friendly product design, and e-waste management.
• Green Innovations: Products with low Ozone Depleting Potential (ODP) and Global Warming Potential (GWP), and a washing machine made from recycled plastic.

Read the full annual report here Annual Report 2023 - 24