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Voltas Ltd, global air-conditioning and engineering services provider of the Tata Group, reported a sharp drop in net profits for the last fiscal.
Profits dropped 53 per cent to Rs 162 crore for 2011-12 against a profit of Rs 352 crore in the previous fiscal. This came on the back of a flat sales at Rs 5,175 crore (Rs 5,177 crore) for the period.
The company said in a statement that high interest rates, rising prices of commodities, raw materials and components had an adverse impact on operating profits.
The board of directors has recommended dividend of Rs 1.60 a share on face value of Re 1 a share (160 per cent) for the year 2011-12.
The Voltas stock ended the day at Rs 90.60, down by Rs 0.85 or 0.93 per cent.
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