>VOLTAS LTD. (ANAGRAM)

# Voltas reported Q3FY09 revenues growth of 29.8% YoY at Rs 862.54 crores primarily on back of robust growth in Projects business. Project business growth was driven by strong execution with a order backlog of rs 5300 crores. However, Engineering Products and Services (EPS) and Unitary Cooling Products (UCP) segment showed YoY decline in revenue by 31.3% and 5% respectively.

# Margins fell sharply in all three segments by 280 bps to 5,5% Project division margins fell on account on Forex loss and liability towards staff cost. Margins in this segment were at 6.8% compared to 7.4% during Q3FY08.

# EPS divison witnessed sharp fall in margin as well. The key reason being the shift from commission based business to own manufacturing which impacts overall margin in segment. Moreover, high material costs coupled with sluggish outlook have adverse impact. Margins stood at 9.7% against 21.4% during Q3FY08.

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