Voltas Limited, a Tata group company, has posted a 3.37 percent growth in the consolidated net profit for the year ended on March 31, which stood at of Rs 208.37 crore, as against the corresponding period of the last year.

The company’s total income reached Rs 3,247.23 crore for FY'08, as against Rs 2,588.69 crore during the previous fiscal.

The board has also recommended a dividend of 135 percent for 2007-08 fiscal on shares of face value of Rs one each.

For the year ended March 31, the company announced a standalone net profit of Rs 208.37 crore, a growth of 12 per cent over the year-ago period.

The standalone total revenue for the year ended 31 March 2008 has increased to Rs 3,087.55 crore from Rs 2,458.60 crore.

M M Miyajiwala, Tata Group Executive Vice-President stated that the company’s order book stands at Rs 4,631 crore, up 112% over the last year.

He said the company has significant acquisition plans for future.

“All the cash we are conserving is meant for acquisition,” he added.

The company plans to purchase companies overseas in order to swell its electro-mechanical projects business to new areas that will help it win new contracts.

Voltas has Rs 300 crore net cash available on its balance sheet.

Voltas is cautious about accepting new orders in the wake of fluctuations in dollar-rupee prices and manpower requirement, said Miyajiwala.

The performance of the company also got a fillip from electro-mechanical projects and services segment, which grew 21% during the year, engineering products segment registered 33 per cent growth while unitary cooling products grew 37 per cent.

The company's international business is currently concentrated in the Middle East and the company wants to reach to countries including South Africa, Vietnam and Singapore to diversify risks.