Shares of Voltas Ltd fell 5.15 percent in intraday trade on Thursday as investors showed their disappointment following the company’s earnings for the quarter that ended on March 31, 2023.

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The air conditioner manufacturing company’s fourth-quarter profit and revenue missed the Street’s estimates.

Voltas posted a 21.7 percent decline in its consolidated net profit on a year-on-year basis at Rs 143.2 crore in the March quarter compared to Rs 183 crore in the same quarter last year. The net profit was below the CNBC-TV18 Poll estimates of Rs 191 crore for Q4FY23.

The company’s total revenue too missed the estimate of CNBC-TV18 Poll of Rs 2,988 crore for the quarter under review. The revenue grew 10.9 percent to Rs 2,956.8 crore during the period from Rs 2,667 crore in the corresponding quarter of the previous fiscal.

The Tata Group company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 218.2 crore for the March quarter was 16.4 percent lower from Rs 261 crore in the same period last year.

Its EBITDA margin dropped sharply to 7.4 percent in the reporting quarter, compared to 9.8 percent in the year-ago period.

The company’s profit before tax was impacted in the March quarter, due to the provisions made on delayed collection in the international project business, Voltas said while releasing the earnings result for the March quarter.

On Wednesday, Voltas terminated an agreement to put in place a joint venture pact with Highly International (Hong Kong) Ltd for the manufacture of compressors in India. The deal was scrapped as the company could not get necessary approvals from the government.

Shares of Voltas were trading 5.07 percent lower at Rs 811.7 apiece on BSE at 2.30 pm.