VOLTAS

9th May, 2019

BSE Limited cc: National Stock Exchange of India Limited

Department of Corporate Services Listing Department
Phiroze Jeejeebhoy Towers Exchange Plaza
Dalai Street Bandra-Kurla Complex
Mumbai 400 001 Bandra (East), Mumbai 400 051

Dear Sir,

Sub: Board Meeting for consideration of Annual Accounts

and recommendation of Dividend for the year 2018-19

We take reference to our letter dated 24 th April, 2019 on the above subject and wish to
inform that the Board of Directors of the Company at its Meeting held today, approved
the audited Accounts (stand-alone and consolidated) for the year 2018-19. SRBC & Co.
LLP, the Statutory Auditors of the Company have issued their Audit Reports with
unmodified opinion on the financial results (stand-alone and consolidated).

2. The Directors have recommended Dividend of Rs.4 per share on face value of
Re.1 per share (400%) for the year 2018-19 which shall be paid by fifth day from the
conclusion of the 65 th Annual General Meeting, subject to approval by the shareholders.
The Meeting of the Board of Directors commenced at 11.00 a.m. and concluded at
4.00 p.m.

3. Pursuant to Regulation 33 of the Listing Regulations, we send enclosed the following:

(i) Audited Standalone Financial Results of the Company, as per the Indian
Accounting Standard (IND AS) for the quarter and year ended 31 st March, 2019
along with Auditors Report thereon.

(ii) Audited Consolidated Financial Results of the Company, as per the IND AS for
the quarter and year ended 31 5t March, 2019 along with Auditors Report thereon.

(iii) Press Release on Consolidated Financial Results for the quarter/year ended
31 5t March, 2019.

VOLTAS LIMITED
Corporate Management Office
Registered Office Voltas House 'A' Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033
Tel 91 22 66656251 66656258 Fax 91 22 66656311 e-mail vpmalhotra@voltas.com website www.voltas.com
Corporate Identity Number L29308MH1954PLC009371

A TATA Enterprise
 VOLTAS

4. The aforesaid Financial Results including Segment Reporting and Statement of

Assets and Liabilities (Stand-alone and Consolidated) would be uploaded on Company's
website www.voltas.com .

Thanking you,

Yours faithfully,
VOLTAS LIMITED

(V. P. MALHOTRA)
Vice President Taxation,
-

Legal & Company Secretary

Encl:

2
A TATA Enterprise
Voltas achieves a Total income of Rs. 7310 crores & Profit after tax of Rs. 514 crores

9th May, 2019 Mumbai: The Board of Directors of Voltas Limited, the market leader in air conditioning
and engineering services provider from the Tata Group, today announced the Consolidated Financial
Results (including the Consolidated Segment Report) for the quarter and full year ended 31st March,
2019.

Consolidated Results for the year ended 31st March, 2019:

The Consolidated Total income for the year ended March 31, 2019 was higher by 11%, at Rs. 7310
crores as compared to Rs. 6602 crores in the corresponding period last year. Profit before share of
profit / (loss) of joint ventures and associates and exceptional items was at Rs. 741 crores as compared
to Rs. 801 crores last year. Profit after tax was at Rs. 514 crores as compared to Rs. 578 crores last
year.

Consolidated Results for the quarter ended 31st March, 2019:

The Consolidated Total income for the quarter ended 31st March, 2019 was at Rs. 2120 crores as
compared to Rs. 2092 crores in the corresponding quarter last year. Profit before share of profit / (loss)
of joint ventures and associates and exceptional items was at Rs.185 crores as compared to Rs.287
crores last year. Profit after tax was at Rs. 142 crores as compared to Rs. 194 crores last year.

Snapshot of our Performance:

Q4 Q4 YTD YTD
Rs. Crores
FY19 FY18 FY19 FY18

Total Income 2120 2092 7310 6602

Profit before share of profit / (loss)

of joint ventures and associates, 185 287 741 801
exceptional items and tax

Profit before Tax 166 284 677 805

Profit after Tax 142 194 514 578

1
Consolidated Segment Results for the quarter and full year ended 31st March, 2019:

Segment A – Unitary Cooling Products Business Group (UPBG)

This fiscal year has been very challenging for the industry with market showing a de-growth of approx.
3%. Segment Revenue was Rs. 3156 crores as compared to Rs. 3226 crores last year. Segment Results
was at Rs. 325 crores as compared to Rs. 475 crores last year.

Voltas has continued to remain the undisputed Market leader with an improved Market share of 23.9%
(Feb end YTD) from 22.1% in the same period last year.

Segment B – Electro-Mechanical Projects

Segment Revenue for the year was higher at Rs. 3619 crores as compared to Rs. 2845 crores in the
corresponding period last year. Segment Results was significantly higher at Rs. 277 crores as compared
to Rs. 185 crores last year mainly due to better quality of Orders and efficient execution, in both
Domestic and International business.

Carry forward order book of the Segment stood at Rs. 4976 crores as compared to Rs. 5062 crores last
year. New orders booked during the current quarter were Rs. 392 crores (Domestic) and Rs. 626 crores
(International) business.

Segment C – Engineering Products and Services – Textile Machinery Division (TMD) and
Mining & Construction Equipment Division (M&CE)

Segment Revenue and Results for the year were Rs. 312 crores and Rs. 105 crores as compared to Rs.
310 crores and Rs. 99 crores, respectively last year.

Issued by:
Ms. Asawari Sathaye Ms. Richa Seth
Senior Manager – Corporate Communications & Account Director, Adfactors PR
Investor Relations, Voltas Limited Mobile: 9930143531
Tel: 022-66656280/1

2
 SRBC&COLLP 12th Floor, The Ruby
29 Senapati Bapat Mary
Dadar (West)
Chartered Accountants
Mumbai - 400 028, India
Tel : +91 22 6819 8000

Auditor's Report On Quarterly Financial Results and Year to Date Results of the Company
Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended)

To
Board of Directors of
Voltas Limited,

1. We have audited the accompanying statement of quarterly standalone Ind AS financial results
of Voltas Limited ('the Company') for the quarter ended March 31, 2019 and for the year ended
March 31, 2019 ('the Statement'), attached herewith, being submitted by the Company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ('the Regulation'), read with SEBI Circular No.
CIR/CFD/FAC/62/2016 dated July 5, 2016 ('the Circular'). The standalone Ind AS financial
results for the quarter ended March 31, 2019 and year ended March 31, 2019 have been
prepared on the basis of the standalone Ind AS financial results for the nine-month period
ended December 31, 2018, the audited annual standalone Ind AS financial statements as at
and for the year ended March 31, 2019, and the relevant requirements of the Regulation and
the Circular, which are the responsibility of the Company's management and have been
approved by the Board of Directors of the Company. Our responsibility is to express an opinion
on these standalone financial results based on our review of the standalone Ind AS financial
results for the nine-month period ended December 31, 2018 which was prepared in
accordance with the recognition and measurement principles laid down in Indian Accounting
Standard (Ind AS) 34 Interim Financial Reporting, specified under Section 133 of the
Companies Act 2013 read with relevant rules issued thereunder and other accounting
principles generally accepted in India; our audit of the annual standalone Ind AS financial
statements as at and for the year ended March 31, 2019; and the relevant requirements of
the Regulation and the Circular.

2. We conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial results are free of material misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts disclosed as financial results. An
audit also includes assessing the accounting principles used and significant estimates made
by management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to
us, these quarterly standalone Ind AS financial results as well as the year to date results:

i. are presented in accordance with the requirements of the Regulation read with the
Circular, in this regard; and
ii. give a true and fair view of the net profit including other comprehensive income and
other financial information for the quarter ended March 31, 2019 and for the year
ended March 31, 2019.

C")

MUMBAI

SRBC8 CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318
Regd. Otfice : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016
SRBC&COLLP
Chartered Accountants

4. Further, read with paragraph 1 above, we report that the figures for the quarter ended
March 31, 2019 represent the derived figures between the audited figures in respect of the
financial year ended March 31, 2019 and the published year-to-date figures up to
December 31, 2018, being the date of the end of the third quarter of the current financial
year, which were subjected to a limited review as stated in paragraph 1 above, as required
under the Regulation and the Circular.

For SR BC& CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Dolphy D'Souza

Partner
Membership No.: 38730

Place: Mumbai
Date: May 09, 2019

2
 VOLTAS

VOLTAS LIMITED
Registered Office Voltas House 'A', Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033.

CIN : L293081,4111954PLC009371 Tel: 91-22.66656 666 Fax: 91-22-66656 231

Website www.voltas.com e-mail : shareservices©voltas.com

Statement of Audited Standalone Financial Results for the quarter and year ended 31st March, 2019

in crores)
Sr. Quarter ended Quarter ended Quarter ended Year ended Year ended
No. 31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(Refer note 5) (Refer note 5)
1. Income
a. Gross Sales / Income from Operations (Refer note 3) 2029.79 1377.03 1844.61 6658.28 5796.17
b. Other operating income 10.95 7.23 18.38 34.91 36.09
c. Revenue from operations (a + b) 2040.74 1384.26 1862.99 6693.19 5832.26

d. Other income 59.15 56.46 49.45 262.55 237.10

e. Total income (c + d) 2099.89 1440.72 1912.44 6955.74 6069.36
2. Expenses

a. Consumption of materials, cost of jobs and services 733.28 630.74 428.77 2830.60 1764.35
b. Purchase of stock-in-trade 994.76 313.45 1146.11 2682.54 2532.54
c. Changes in inventories of finished goods, work-in-progress and stock-in- (143.47) (273.36) 99.76
(78.90) 124.90
trade
d. Excise duty on sale of goods - - - - 23.49
e. Employee benefits expense 129.35 127.12 105.64 488.75 422.30

f. Finance costs 7.80 10.34 3.40 22.93 7.50

g. Depreciation and amortisation expenses 4.96 5.03 4.78 19.71 19.23

h. Other expenses 172.37 138.09 132.12 579.34 513.45

Total expenses [ 2(a) to 2(h) ] 1963.62 1349.67 1677.35 6350.51 5382.62

3. Profit before exceptional items and tax (1 - 2) 136.27 91.05 235.09 605.23 686.74

4. Exceptional items (Refer note 4) 31.92 (6.35) 9.80 25.57 (3.98)

5. Profit before tax (3 + 4) 168.19 84.70 244.89 630.80 682.76

6. Tax expense
a. Current Tax 47.41 26.56 67.47 181.43 174.99
b. Deferred Tax (4.73) (4.27) 0.21 (15.10) 6.54

Total tax expenses 42.68 22.29 67.68 166.33 181.53

7 Net profit for the period (5 - 6) 125.51 62.41 177.21 464.47 501.23

8. Other comprehensive income

(i) Items that not to be reclassified to profit and loss 32.95 (32.54) 61.37 (32.98) 159.12

(ii) Income tax on items that not to be reclassified to profit and loss (5.00) 5.01 (1.11) (2.46) (1.67)

Total Other comprehensive income (Net of tax) (i + ii) 27.95 (27.53) 60.26 (35.44) 157.45

9. Total comprehensive income for the period (7 + 8) 153.46 34.88 237.47 429.03 658.68

10. Paid-up equity share capital 33.08

33.08 33.08 33.08 33.08
(Face value Z1/- each)
11. Other equity 3710.07 3480.88

12. Basic and Diluted Earnings per share (f) ("not annualised) *3.79 *1.89 *5.36 14.04 15.15
1

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VOLTAS LIMITED
Corporate Communications Department
Voltas House A 4th Floor Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033
Tel 91 22 66656280 66656281 Fax 91 22 66656288 website www.voltas.com
Corporate Identity Number L29308MH1954PLC009371

A TATA Enterprise
 VOLTA S

VOLTAS LIMITED

Standalone Segmentwise Revenue, Results, Assets and Liabilities

( Z in crores )
Quarter Quarter Quarter Year Year
ended ended ended ended ended
31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(Refer note 5) (Refer note 5)

1. Segment Revenue
1073.58 515.79 1054.13 3208.70 3307.06
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

878.15 778.54 707.21 3139.63 2180.13

b) Segment - B ( Electro - Mechanical Projects and Services )

78.47 83.16 83.44 311.65 309.93

c) Segment - C ( Engineering Products and Services )

0.41 0.46 0.17 1.70 0.95

Less : Inter segment revenue

2029.79 1377.03 1844.61 6658.28 5796.17

Gross Sales / Income from Operations (Refer note 3)

2. Segment Results before Exceptional Items

88.49 30.71 149.30 256.42 363.54
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

3.76 24.00 45.37 120.53 109.23

b) Segment - B ( Electro - Mechanical Projects and Services )

27.41 21.92 24.90 105.08 99.22

c ) Segment - C ( Engineering Products and Services )

119.66 76.63 219.57 482.03 571.99

Total

7.80 10.34 3.40 22.93 7.50

Less : i. Finance cost
(24.41) (24.76) (18.92) (146.13) (122.25)
ii. Other unallocable expenditure net of unallocable income

136.27 91.05 235.09 605.23 686.74

Profit before Exceptional Items and Tax
31.92 (6.35) 9.80 25.57 (3.98)
Exceptional Items - Unallocated (Refer note 4)

168.19 84.70 244.89 630.80 682.76

Profit before tax

3. Segment Assets
1390.96 1293.85 1275.07 1390.96 1275.07
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

2095.67 2146.32 1761.95 2095.67 1761.95

b) Segment - B ( Electro - Mechanical Projects and Services )

119.38 121.25 130.78 119.38 130.78

c) Segment - C ( Engineering Products and Services )

3214.23 3006.75 3307.81 3214.23 3307.81

d) Unallocated

6820.24 6568.17 6475.61 6820.24 6475.61

Total Segment Assets

4. Segment Liabilities
1090.34 766.19 1296.25 1090.34 1296.25
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

1641.73 1700.45 1414.42 1641.73 1414.42

b) Segment - B ( Electro - Mechanical Projects and Services )

53.96 66.27 62.93 53.96 62.93

c) Segment - C ( Engineering Products and Services )

291.06 445.37 188.05 291.06 188.05

d) Unallocated

3077.09 2978.28 2961.65 3077.09 2961.65

Total Segment Liabilities

Note :
Segment 'A' is seasonal in nature with sales generally being highest in the first quarter.

tri LLP

A TATA Enterprise
 VOLTA S
VOLTAS LIMITED
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
( in crores )

As at 31st As at 31st
March, 2019 March, 2018

(Audited) (Audited)
ASSETS
Non-current assets
(a) Property, plant and equipment 197.38 152.28

(b) Capital work-in-progress 15.20 3.34

(c) Investment property 46.27 44.71

(d) Other intangible assets 8.31 8.61

(e) Financial assets

(i) Investments 1,389.97 2,383.93

(ii) Loans 0.31 0.50

(iii) Other financial assets 66.60 23.45

(f) Income tax assets (net) 50.46 3.02

(g) Deferred tax assets (net) 55.85 13.87

(h) Other non-current assets 85.31 79.02

Total non-current assets 1,915.66 2,712.73

Current assets
(a) Inventories 1,002.99 742.30

(b) Contract assets (Refer note 2) 676.35 -

(c) Financial assets

(i) Investments 1,235.69 510.37

(ii) Trade receivables 1,394.84 1,277.05

(iii) Cash and cash equivalents 226.85 174.30

(iv) Other balances with banks 10.02 25.66

(v) Loans 10.86 3.39

(vi) Other financial assets 120.73 81.49

(d) Other current assets 226.25 948.32

Total current assets 4,904.58 3,762.88

Total assets 6,820.24 6,475.61

II EQUITY AND LIABILITIES

Equity
(a) Equity share capital 33.08 33.08

(b) Other equity 3,710.07 3,480.88

Total Equity 3,743.15 3,513.96

Liabilities
Non-current liabilities
(a) Contract liabilities (Refer note 2) 0.70 -

(b) Provisions 73.26 73.32

(c) Other non-current liabilities - 0.97

Total non-current liabilities 73.96 74.29

Current liabilities
(a) Contract liabilities (Refer note 2) 288.99 -

(b) Financial liabilities

(i) Borrowings 113.64 27.82

(ii) Trade payables

- Total outstanding dues of micro and small 266.24 35.22
- Total outstanding dues of creditors other than
2,107.72 2,079.28
micro and small enterprises

(iii) Other financial liabilities 82.18 84.55

(c) Provisions 118.56 176.76

(d) Income tax liabilities (net) 4.56 4.77

0 pj (e) Other current liabilities 21.24 478.96

SiGNED Total current liabilities 3,003.13 2,887.36
. BY Total liabilities 3,077.09 2,961.65

Total equity and liabilities 6,820.24 6,475.61

3
S R CIr C L P A TATA Enterprise
r`; 1":,'L 3 I
 VOLTA S

NOTES : --
1) These results have been reviewed by the Board Audit Committee at its Meeting held on 8th May, 2019 and approved by the Board of Directors at its Meeting held on 9th
May, 2019.

2) The Company has aligned its policy of revenue recognition with Ind AS 115 "Revenue from Contracts with Customers" which is effective from 1st April, 2018. The
application of Ind AS 115 has impacted the Company's accounting of expected credit losses on contract assets and identification of performance obligation on certain
transactions. As permitted under the standard, the Company has adopted modified retrospective approach and debited the retained earnings at 1st April, 2018 by
Rs.54.63 crores, net of tax effect. As the Company has adopted modified retrospective approach, no reclassification have been made for contract assets and contract
liabilities as at 31st March, 2018. The application of Ind AS 115 did not have any significant impact on the financial results and EPS for the quarter ended 31st December,
2018, 31st March, 2019 and year ended 31st March, 2019.

3) Sales for the year ended 31st March, 2019 is net of Goods and Service Tax (GST). However, sales for the comparative year of previous year is gross of Excise Duty.
Sales, net of GST I Excise Duty for the year ended 31st March, 2019 has increased by 15.34%, in comparison to the corresponding period of the previous year.

4) Exceptional Items :
( in crores)
Quarter ended Quarter ended Quarter ended Year ended Year ended
Exceptional income / (expenses) 31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Profit on sale of properties / Surrender of tenancy rights - - 2.00

Reversal of provision I (provision) for diminution in value of investments 31.92 (6.35) 9.80 25.57 (5.98)

31.92 (6.35) 9.80 25.57 (3.98)

Total exceptional items

5) Figures of the quarter ended 31st March, 2019 and 31st March, 2018 are the balancing figures between audited figures in respect of the full financial year and the year to
date figures upto the third quarter of the relevant financial year which were subjected to limited review by Auditors.

6) The Board of Directors have recommended a dividend of Rs.4.00 per share of Re. 1/- each ( 400%) for the year 2018-19.

7) Figures for previous period have been regrouped, wherever necessary.

For and on behalf the Bo. d of Directors

a
Prade - . B- hi
Maria! i • Director & CEO

Mumbai, 9th May, 2019

4

r
IDN T !FICATION
r

I aRBC&CO LLP
RUMBA!

A TATA Enterprise
 12th Floor, The Ruby
SRBC&COLLP 29 Senapati Bapat Marg
Dadar (West)
Chartered Accountants
Mumbai - 400 028, India
Tel : +91 22 6819 8000

Auditor's Report On Quarterly Consolidated Financial Results and Year to Date Results of the
Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended)

To
Board of Directors of
Voltas Limited,

1. We have audited the accompanying statement of quarterly consolidated Ind AS financial

results of Voltas Limited ('the Company') comprising its subsidiaries (together, 'the Group'),
its associates and joint ventures for the quarter ended March 31, 2019 and the consolidated
Ind AS financial results for the year ended March 31, 2019 ('the Statement'), attached
herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
('the Regulation'), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 ('the
Circular'). The consolidated Ind AS financial results for the quarter ended March 31, 2019 and
year ended March 31, 2019 have been prepared on the basis of the consolidated Ind AS
financial results for the nine-month period ended December 31, 2018, the audited annual
consolidated Ind AS financial statements as at and for the year ended March 31, 2019, and
the relevant requirements of the Regulation and the Circular, which are the responsibility of
the Company's management and have been approved by the Board of Directors of the
Company. Our responsibility is to express an opinion on these consolidated Ind AS financial
results based on our review of the consolidated Ind AS financial results for the nine-month
period ended December 31, 2018 which was prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard (Ind AS) 34 Interim Financial
Reporting, specified under Section 133 of the Companies Act 2013 read with relevant rules
issued thereunder and other accounting principles generally accepted in India; our audit of the
annual consolidated Ind AS financial statements as at and for the year ended March 31, 2019;
and the relevant requirements of the Regulation and the Circular.

2. We conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial results are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts disclosed as financial
results. An audit also includes assessing the accounting principles used and significant
estimates made by management. We believe that our audit provides a reasonable basis for our
opinion.

3. In our opinion and to the best of our information and according to the explanations given to
us, these quarterly consolidated Ind AS financial results as well as the year to date results:

i. includes the results of the following entities;

r Subsidiary
Universal Comfort Products
Joint Venture
Voltbek Home Appliances
Associate
Naba Diganta Water
Limited Private Limited Management Ltd.
Rohini Industrial Electricals
Limited Universal Voltas LLC Terrot Gmbh, Germany
Olayan Voltas Contracting
Auto Aircon (India) Limited Company LLC
Voltas Netherlands B.V.
Weathermaker Limited
Saudi Ensas Company for
Engineering Services WLL

I
SRBC8 CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318
Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata - 700 016
SRBC&CO LLP
Chartered Accountants

Subsidiary Joint Venture Associate

Lalbuksh Voltas Engineering
Services and Trading LLC
Voltas Oman LLC
Voltas Qatar WLL

ii. are presented in accordance with the requirements of the Regulation read with the
Circular, in this regard; and
iii. give a true and fair view of the consolidated net profit including other comprehensive
income and other financial information for the quarter ended March 31, 2019 and for
the year ended March 31, 2019.

4. Further, read with paragraph 1 above, we report that the figures for the quarter ended
March 31, 2019 represent the derived figures between the audited figures in respect of the
financial year ended March 31, 2019 and the published year-to-date figures up to
December 31, 2018, being the date of the end of the third quarter of the current financial
year, which were subjected to a limited review as stated in paragraph 1 above, as required
under the Regulation and the Circular.

For SR BC& CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Dolphy D'Souza

Partner
Membership No.:38730
Place: Mumbai
Date: May 09, 2019
 VOLTAS
VOLTAS LIMITED
Registered Office : Voltas House 'A', Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033.
CIN : L29308MH1954PLC009371 Tel: 91.22-66656 666 Fax: 91-22-66656 231
Website : www.voltas.com e-mail : shareservices@voltas.com

Statement of Audited Consolidated Financial Results for the quarter and year ended 31st March, 2019
(Z in crores)
Quarter ended Quarter ended Quarter ended Year ended Year ended
Sr.
31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
No.
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(Refer note 6) (Refer note 6)
Income
Gross Sales / Income from Operations (Refer note 3) 2051.63 1,483.85 2021.30 7084.59 6380.28
a.
Other operating income 11.21 7.93 27.08 39.48 47.59
b.
Revenue from operations (a + b) 2062.84 1491.78 2048.38 7124.07 6427.87
c.
57.18 54.78 43.79 186.25 174.13
d. Other income
2120.02 1546.56 2092.17 7310.32 6602.00
e. Total income (c + d)

2 Expenses
Consumption of materials, cost of jobs and services 904.82 800.08 737.01 3556.79 2820.22
a.
718.19 193.45 855.47 1984.99 1641.89
b. Purchase of stock-in-trade
Changes in inventories of finished goods, work-in-progress and stock-in- (44.00) 97.07 (91.34) (279.55) 105.41
c.
trade
. - - 23.49
d. Excise duty on sale of goods
166.37 160.11 143.42 641.86 586.73
e. Employee benefits expense
10.63 13.23 4.34 32.98 11.92
f. Finance costs
5.93 6.16 6.07 23.98 24.35
g. Depreciation and amortisation expenses
173.15 125.40 150.66 608.27 587.49
h. Other expenses
1935.09 1395.50 1805.63 6569.32 5801.50
Total expenses [ 2(a) to 2(h) I
Profit before share of profit / (loss) of joint ventures and associates, 184.93 151.06 286.54 741.00 800.50
3.
exceptional items and tax (1 - 2)
(19.33) (30.78) (0.99) (51.82) 3.80
4. Share of profit! (loss) of joint ventures and associates

165.60 120.28 285.55 689.18 804.30

5. Profit before exceptional items and tax (3 + 4)

- (11.77) (1.39) (11.77) 0.61

6. Exceptional items (Refer note 4)

165.60 108.51 284.16 677.41 804.91

7. Profit before tax (5 + 6)

8. Tax expense
57.68 34.32 85.83 219.96 217.23
a. Current Tax
(33.82) (3.89) 4.14 (56.43) 9.78
b. Deferred Tax
23.86 30.43 89.97 163.53 227.01
Total tax expenses (Refer note 5)
141.74 78.08 194.19 513.88 577.90
9. Net profit for the period (7 - 8)

10. Other comprehensive income

32.88 (32.57) 61.39 (33.08) 159.14
(A) (i) Items that not to be reclassified to profit and loss

(ii) Income tax on items that not to be reclassified to profit and loss (5.01) 5.02 (1.11) (2.46) (1.67)

(0.38) (8.70) 2.16 11.26 5.98

(B) (1) Items that will be reclassified to profit and loss
27.49 (36.25) 62.44 (24.28) 163.45
Total Other comprehensive income (Net of tax)
169.23 41.83 256.63 489.60 741.35
11. Total comprehensive income for the period (9 + 10)
.12. Net Profit for the period attributable to :
139.61 80.92 192.65 507.91 572.40
- Owners of the Company

2.13 (2.84) 1.54 5.97 5.50

- Non controlling interest
.13. Total comprehensive income for the period attributable to :
167.35 46.12 253.42 481.53 735.51
- Owners of the Company
1.88 (4.29) 3.21 8.07 5.64
- Non controlling interest
14. Paid-up equity share capital 33.08 33.08 33.08 33.08 33.08
(Face value Z 1/- each)
4076.91 3872.13
15. Other equity

16. Basic and Diluted Earnings per share (Z) (* not annualised) *4.22 *2.45 *5.82 15.35 17.30

w.1NED r;CIP
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-

li

SRE3CE4 LLP
MUMBA!
VOLTAS LIMITED
Corporate Communications Department
Voltas House A 4th Floor Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033
Tel 91 22 66656280 66656281 Fax 91 22 66656288 website www.voltas.com
Corporate Identity Number L29308MH1954PLC009371

A TATA Enterprise
 VOLTAS
VOLTAS LIMITED
Consolidated Segmentwise Revenue, Results, Assets and Liabilities
( in crores )
Quarter Quarter Quarter Year Year
ended ended ended ended ended
31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(Refer note 6) (Refer note 6)

1. Segment Revenue
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) 997.57 525.92 1064.49 3156.56 3226.09

976.00 875.23 873.54 3619.08 2845.21

b) Segment - B ( Electro - Mechanical Projects and Services )

78.47 83.16 83.44 311.65 309.93

c) Segment - C ( Engineering Products and Services )

0.41 0.46 0.17 1.70 0.95

Less : Inter segment revenue

2051.63 1483.85 2021.30 7084.59 6380.28

Gross Sales / Income from Operations (Refer note 3)

2. Segment Results before Exceptional Items

103.68 44.68 183.04 325.36 474.87
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

44.07 69.18 66.48 277.25 185.38

b) Segment - B ( Electro - Mechanical Projects and Services )

27.41 21.92 24.90 105.08 99.22

c) Segment - C ( Engineering Products and Services )

175.16 135.78 274.42 707.69 759.47

Total
10.63 13.23 4.34 32.98 11.92
Less : i. Finance cost
(1.07) 2.27 (15.47) (14.47) (56.75)
ii. Other unallocable expenditure net of unallocable income

165.60 120.28 285.55 689.18 804.30

Profit before Exceptional Items and Tax
(11.77) (1.39) (11 77) 0.61
Exceptional Items - Unallocated (Refer note 4)

165.60 108.51 284.16 677.41 804.91

Profit before tax

3. Segment Assets
1500.10 1417.59 1367.14 1500.10 1367.14
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

2805.89 2890.94 2570.41 2805.89 2570.41

b ) Segment - B ( Electro - Mechanical Projects and Services )

119.38 121.25 130.78 119.38 130.78

c) Segment - C ( Engineering Products and Services )

3096.61 2918.91 3241.32 3096.61 3241.32

d ) Unallocated

7521.98 7348.69 7309.65 7521.98 7309.65

Total Segment Assets

4. Segment Liabilities
944.52 642.54 1117.21 944.52 1117.21
a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )

1875.61 1972.72 1872.76 1875.61 1872.76

b) Segment - B ( Electro - Mechanical Projects and Services )

53.96 66.27 62.93 53.96 62.93

c) Segment - C ( Engineering Products and Services )

503.15 697.87 319.80 503.15 319.80

d ( Unallocated

3377.24 3379A0 3372.70 3377.24 3372.70

Total Segment Liabilities

Note :
Segment 'A' is seasonal in nature with sales generally being highest in the first quarter.

2
7777,--- 74:77- 7.7-
-7-
SHAVED tri-al IDENTIFICATION1
; EY
.

I
SRBC 8, CO
11,1t MBAI
LLP

A TATA Enterprise
 VOLTA S
VOLTAS LIMITED
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
( in crores )

As at 31st March, As at 31st March,

2019 2018

(Audited) (Audited)
I ASSETS
Non-current assets
(a) Property, plant and equipment 215.53 170.49
(b) Capital work-in-progress 15.66 4.08
(c) Investment property 46.27 44.71
(d) Goodwill 72.31 72.31
(e) Other intangible assets 8.93 9.64
(f) Investments in joint ventures and associates 210.22 155.84
(f) Financial assets
(i) Investments 939.95 2,110.11
(ii) Trade receivables 29.84 -
(iii) Loans 0.31 0.50
(iv) Other financial assets 74.11 34.92
(g) Income tax assets (net) 56.68 3.34

(h) Deferred tax assets (net) 105.89 17.84

(j) Other non-current assets 99.11 88.33

Total non-current assets 1,874.81 2,712.11

Current assets
(a) Inventories 1,090.66 812,99

(b) Contract assets (Refer note 2) 785.00 -

(c) Financial assets
(i) Investments 1,235.69 487.64
(ii) Trade receivables 1,803.17 1,570.28
(iii) Cash and cash equivalents 310.99 257.93
(iv) Other balances with banks 10.12 25.76
(v) Loans 11.33 4.32
(vi) Other financial assets 85.81 82.09
(d) Other current assets 314.40 1,356.53
Total current assets 5,647.17 4,597.54

Total assets 7,521.98 7,309.65

II EQUITY AND LIABILITIES

Equity
(a) Equity share capital 33.08 33.08

(b) Other equity 4,076.91 3,872.13

Equity attributable to owners of the Company 4,109.99 3,905.21

Non-controlling Interests 34.75 31.74

Total Equity 4,144.74 3,936.95

Liabilities
Non-current liabilities
(a) Contract liabilities (Refer note 2) 0.70
(b) Provisions 84.66 87.32

(c) Deferred tax liabilities (net) 6.59 13.24

(d) Other non-current liabilities - 0.97

Total non-current liabilities 91.95 101.53

Current liabilities
(a) Contract liabilities (Refer note 2) 331.49 -

(b) Financial liabilities

(i) Borrowings 314.65 142.29

(ii) Trade payables

- Total outstanding dues of micro and small enterprises 49.45 22.28
- Total outstanding dues of creditors other than micro and
small enterprises 2,325.04 2,154.13

(iii) Other financial liabilities 84.47 84.65

(c) Provisions 129.89 185.54

(d) Income tax liabilities (net) 11.76 9.53

IDENTIFI::: (e) Other current liabilities 38.54 672.75

3,285.29 3,271.17
BY Total current liabilities
3,377.24 3,372.70
Total liabilities
Total equity and liabilities 7,521.98 7,309.65

SRBC 8, CO LLP 3

MUMBAI A TATA Enterprise

 VOLTAS
Notes :
1) These results have been reviewed by the Board Audit Committee at its Meeting held on 8th May, 2019 and approved by the Board of Directors at its Meeting held on 9th May,
2019.

2) The Group has aligned its policy of revenue recognition with Ind AS 115 "Revenue from Contracts with Customers" which is effective from 1st April, 2018. The application of Ind
AS 115 has impacted the group's accounting of expected credit losses on contract assets and identification of performance obligation on certain transactions. As permitted
under the standard, the Group has adopted modified retrospective approach and debited the retained earnings at 1st April, 2018 by Rs.124.15 crores, net of tax effect. As the
Group has adopted modified retrospective approach, no reclassification have been made for contract assets and contract liabilities as at 31st March, 2018. The application of
Ind AS 115 did not have any significant impact on the financial results and EPS for the quarter ended 31st December, 2018, 31st March, 2019 and year ended 31st March,
2019

3) Sales for the year ended 31st March, 2019 is net of Goods and Service Tax (GST). However, sales for the comparative year of previous year is gross of Excise Duty. Sales, net
of GST / Excise Duty for the year ended 31st March, 2019 has increased by 11.45%, in comparison to the corresponding period of the previous year.

4) Exceptional Items : ( in crores)

Quarter ended Quarter ended Quarter ended Year ended - Year ended
Exceptional income / (expenses) 31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Profit on sale of properties I Surrender of tenancy rights - - 2.00

Provision for contract assets (delays in certification - arising out of

liquidation filing by a joint venture partner of main contractor) - (13.09) - (13.09)
Reversal of provision / (provision) for diminution in value of investments - 1.32 (1.39) 1.32 (1.39)

Total exceptional items (11.77) (1.39) (11.77) 0.61

-

5) Tax expenses for the quarter and year ended 31st March, 2019 are not comparable on account of recognition of deferred tax assets of Rs.33.51 crores on unutilised brought
forward losses and unabsorbed depreciation in one of its subsidiaries.
6) Figures of the quarter ended 31st March, 2019 and 31st March, 2018 are the balancing figures between audited figures in respect of the full financial year and the year to date
figures upto the third quarter of the relevant financial year which were subjected to limited review by Auditors.

7) The Board of Directors have recommended a dividend of Rs.4.00 per share of Re. 1/- each ( 400%) for the year 2018-19.

8) Figures for previous period have been regrouped, wherever necessary.

For and on behalf of the Board of Directors

Pracklep Wshi
Managing birector & CEO

Mumbai, 9th May, 2019

4

rSiGNED FOR IDENTIFICATION

SRBC&COLLP
MUMBAI

A TATA Enterprise