Voltas (Tata-owned entity) recorded its highest-ever sales of air conditioners in the fiscal year 2023-24. The company sold over 2 million AC units, which is the highest number of sales achieved by any brand. The firm also witnessed a volume growth of 35 per cent.
Voltas' performance was largely attributed to sustained demand for cooling products throughout the year. This was further bolstered by the company's robust offline and online distribution channels, strong brand reputation, and introduction of innovative new products.
At 12:40 pm, the shares of the company were trading at Rs 1,330 price level, up by almost 8 per cent.
Pradeep Bakshi, MD & CEO, Voltas Ltd., said, “We are delighted to achieve this extraordinary milestone of achieving 2 million ACs in FY24, which is an industry first. We would like to reiterate that none of our competitors within the category are anywhere close to where we stand today. Almost 70 years ago, Tata Sons and Volkart Brothers came together to start Voltas in India.”
Voltas witnessed a strong growth in AC sales volume, boasting a 72 per cent surge in the fourth quarter of FY24. The company is planning to further expand its retail and distribution network to accommodate its expanding range of products, and gain an edge over competitors.
The company reported strong volume growth in its other cooling products as well, including air coolers and commercial refrigeration items. Voltas Beko, the Home Appliances brand, saw a substantial 52 per cent volume increase in Q4FY24 and achieved a milestone of nearly 2 million home appliances (refrigerators and washing machines) sold in FY24.
