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Voltas net vaults to Rs 1.77 cr

MUMBAI: Voltas Ltd has reported a 145 per cent increase in its net profit at Rs 1.77 crore for the quarter ended June 30, 2001 as compared to Rs 0.72 crore in the year-ago period.

According to a company official, improved business performance, a reduction in interest costs and efforts at cost reduction contributed to the substantial rise in net profit.

Interest cost declined to Rs 2.59 crore from Rs 4.53 crore.

Net sales increased to Rs 255.22 crore from Rs 226.05 crore in the year-ago period.

``Although the current market scenario is not very favourable, the company's main businesses including air-conditioning, refrigeration, unitary products and electro-mechanical projects have improved their performance,'' Voltas said in a press release.

The company's air-conditioning and refrigeration business grew in order-booking value by 44 per cent with packaged air-conditioners growing 19 per cent, reciprocating chillers by 42 per cent, screw chillers by 60 per cent and vapour absorption machines b y 101 per cent. -- Our Bureau