BENGALURU, Feb 9 (Reuters) - Indian consumer electronics and home appliances maker Voltas Ltd (VOLT.NS) on Thursday swung to a quarterly loss, hurt by a one-time expense from contract termination.
The company, best known for its air conditioners and refrigerators, said its consolidated net loss stood at 1.10 billion rupees ($13.33 million) for the third quarter, while a year ago it reported a net profit of 959.8 million rupees.
In the December-quarter, the company had a one-time expense of 1.37 billion rupees arising out of provisions made for cancellation of contract and encashment of bank guarantee.
While revenue from operations rose about 12% to 20.06 billion rupees, total expenses surged 18%, fuelled by higher materials' costs, further weighing on the company's profit.
Voltas said sales at its unitary cooling products unit, its largest segment, rose 11.2%, despite "muted festival sale amidst inflation woes and subdued consumer sentiments."
Consumer goods companies have been grappling with high costs of raw materials, as well as muted demand because of lower consumer spending amid high inflation.
Voltas' rivals Crompton Greaves (CROP.NS) and Havells (HVEL.NS) had reported a fall in their December-quarter profits on subdued consumer demand.
($1 = 82.5460 Indian rupees)
