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Expect RAC segment’s market share at 21-22% in FY24/25 * Leadership to sustain in RAC: Voltas (VOLT) is a market leader in the room air conditioners (RAC) segment. Its share had gradually risen to 25.2% in FY21 (from 20.8% in FY15) before declining to 23.4%/21.6% in FY22/FY23. We estimate VOLT to lead the RAC segment with a market share of 21-22% in FY24/25. * Voltbek’s losses continue but strong revenue traction visible: Voltbek (Voltas Beko) posted volume growth of 45%/15-...
Buy Voltas Ltd For Target Rs. 1000 - Motilal Oswal Financial Services
Mixed results; outlook positive Voltas is India’s leading air conditioning and engineering services company. In Q1FY24, it derived ~75% of its revenue from the unitary cooling products (UCP) segment and 33% from electro-mechanical projects and services (EMPS). • Revenue surged 21.7% YoY to Rs. 3,335cr in Q1FY24, driven by growth in the UCP and EMPS segments. • EBITDA increased, while margin shrank 90bps YoY to 5.6% due to higher operating expenses. Adjusted PAT grew 1...
Buy Voltas Ltd For Target Rs. 991 - Geojit Financial Services
Voltas is currently trading at Rs. 832.00, up by 5.80 points or 0.70% from its previous closing of Rs. 826.20 on the BSE. The scrip opened at Rs. 820.10 and has touched a high and low of Rs. 832.00 and Rs. 820.10 respectively. So far 1956 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1050.55 on 19-Aug-2022 and a 52 week low of Rs. 737.60 on 27-Jan-2023. Last one week high and low of the scrip stood at Rs. 847....
Voltas gains on introducing diverse range of attractive offers
Subdued quarter; impacted by aggressive competition and unseasonal rains Subdued revenue growth: It was a subdued quarter for Voltas wherein revenue grew by 21.4% YoY/13.6% QoQ to Rs 3,360 Cr, largely impacted by aggressive pricing strategy implemented by peers while unseasonal rains in the northern parts of the country which is its key market impacted the overall growth. Amongst segments, Unitary Cooling Products (UCP) contributed 74.8% to the overall topline at Rs 2,514 Cr, up by 15.2% Y...
Buy Voltas Ltd For Target Rs. 1,010 - Religare Broking
Escorts (ESCORT) Ltd Buy Escorts Ltd @2152-2156; Target 2185; Stop Loss 2140 Voltas Ltd Sell Voltas Ltd @753-755; Target 745; Stop Loss 758.60 To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631 Above views are of the author and ...
Stock Picks : Escorts Ltd and Voltas Ltd By ICICI Direct
About the stock: Started in 1954, Voltas Ltd is part of the Tata Group and the largest air conditioning company in India. The company operates mainly in three business segments, viz. unitary cooling products (UCP), electro mechanical projects and services (EMPS) and engineering products & services (EPS) with topline contribution of 68%, 25%, 7%, respectively, in FY23. It has one of the largest distribution networks in India with more than 24,000 touch points in FY22. It was a leader in th...
Hold Voltas Ltd For Target Rs. 870 - ICICI Direct
Robust sequential growth: Voltas’ revenue from operations came in at Rs 2,957 Cr, up by 10.9% YoY and 47.4% QoQ. The growth in revenue was driven by robust demand scenario on the back of record heat level in earlier part of the quarter while onset of summer season also aided the growth. Amongst segments, its Unitary Cooling Products segment grew by 12.7% YoY and 68.5% QoQ followed by Electro Mechanical Products And Services (EMPS) which was up by 7.8% YoY and 15% QoQ while its Enginee...
Buy Voltas Ltd For Target Rs. 1,010 - Religare Broking
Result Synopsis Voltas has delivered lowerthan expected revenue growth withUCP growing by 12.7% and EMPS segment growing 7.8%. Voltas continues to lose market with YTD February market share at 21.9%, while market share for month of February stood at 18.1%. Voltas has not taken any price increase in Q4, and future price increase will depend on market conditions and competition. Volt?Bek has 26% volume growth in Q4 and FY23 growth for Volt?bek is in range of 15?18%. The projects business con...
Neutral Voltas Ltd For Target Rs. 840 - Yes Securities
Despite 20% y/y growth in FY23 revenue, higher material costs weighed on EBITDA margins. One-offs led to its FY23 net income dropping to a nadir. The falling market share in room A/Cs amid stiff and mounting competition is still a major concern. However, the 52% y/y higher projects OB is a positive. Earnings are expected to normalise in FY24 after reaching a nadir in FY23. We upgrade the stock to a Buy. Q4FY23 revenue growth supported by all categories. Q4FY23 revenue at Rs29.6bn was up 11...
Buy Voltas Ltd For Target Rs. 973 - Anand Rathi Share and Stock Brokers
Voltas is currently trading at Rs. 811.75, down by 43.30 points or 5.06% from its previous closing of Rs. 855.05 on the BSE. The scrip opened at Rs. 830.60 and has touched a high and low of Rs. 847.00 and Rs. 807.85 respectively. So far 173357 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1302.00 on 29-Apr-2022 and a 52 week low of Rs. 737.60 on 27-Jan-2023. Last one week high and low of the scrip stood at Rs....
Voltas declines on reporting 22% fall in Q4 consolidated net profit
Mumbai: Voltas, India’s undisputed leader in Cooling Products, and the No. 1 AC brand, from the house of Tata’s, announced the launch of an extensive range of all new Voltas FreshAir Coolers. This latest offering of Voltas FreshAir Coolers offers a wide range of features including the unique smart humidity controller for optimizing the humidity, 4-sided honeycomb padding for the ultimate cooling experience, mosquito repellent for protecting from mosquitos, 7 Ho...
Voltas launches its extensive range of FreshAir Coolers for 2023. Showcases its new 4-side cooling technology in Air Coolers.
Voltas is currently trading at Rs. 889.55, up by 8.70 points or 0.99% from its previous closing of Rs. 880.85 on the BSE. The scrip opened at Rs. 900.00 and has touched a high and low of Rs. 905.00 and Rs. 886.00 respectively. So far 10772 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1347.75 on 07-Apr-2022 and a 52 week low of Rs. 737.60 on 27-Jan-2023. Last one week high and low of the scrip stood at Rs. 905...
Voltas gains as its arm bags multiple orders worth around Rs 1770 crore
EMP segment a drag; no further share loss in room ACs Voltas’ 3QFY23 results saw a sharp miss. Net sales grew by 11.8%YoY to INR20.1bn (7% above JMFe), while EBITDA was 39% below estimates (INR 764mn; -51% YoY). UCP segment recorded 11.2% growth, a tad lower vs domestic peers Lloyds (+30%) and Blue Star (+15%), but materially better than MNC brands – Hitachi (-10%), Whirlpool (-18%) and IFB (-20%). EMP segment grew 17.1% YoY, while Engineering Products segment witnessed decline...
Buy Voltas Ltd For Target Rs.1,100 - JM Financial Institutional Securities
Cost pressure continues to weigh on margins; reiterate Neutral Result Synopsi Voltas has delivered in line revenue performance with UCP growing by 11.2% and EMPS segment growing 17.1%. Voltas has managed to stem its market share loss with YTD December market share stood at 22.5. Voltas has not taken any price increase in Q3 and does not intend to take any price increase in Q4 which will lead to lower margin then its historical average. Volt?Bek has seen subdued demand on poor consumer s...
Neutral Voltas Ltd For The Target Rs. 885 - Yes Securities
Regaining momentum Largest Air Conditioning company in India: Incorporated in 1954, Voltas Ltd. (Voltas), a part of multinational conglomerate, the Tata group, is India’s leading air conditioning company with strong presence in unitary cooling products, engineering projects, and engineering product and services. It is the market leader in the room air conditioner category with a market share of 24.1% as on June-22. The company entered the home appliance segment through a 50:50 joint ...
High Conviction Idea : Buy Voltas Ltd For Target Rs.895 1,149 - Religare Broking
A tight rope walk between margins and market share Voltas 2QFY23 revenues came in line with our and consensus numbers, however EBITDA/PAT came in lower vs our estimates. Net sales grew by 4.7%YoY to INR17.7bn, while EBITDA was down 22% YoY (INR1bn; 12% below JMFe). Lower sales growth was on account of moderate growth in UCP segment (c.10% lower vs JMFe, +4% YoY), due to weak consumer demand and incessant rains. After series of subdued quarters, EMP segment recorded sales growth of 3% YoY (...
Buy Voltas Ltd For Target Rs.1,150 - JM Financial Institutional Securities
Margin pressure to stay elevated amid fierce competition Voltas’ (VOLT) consolidated sales grew 5% YoY to Rs17.7bn, broadly in?line with our/consensus estimates. UCP sales grew only 4% YoY to Rs10.5bn due to low consumer demand in a non?seasonal quarter. VOLT’s...
Reduce Voltas Ltd For Target Rs.895 - Centrum Broking
Voltas is currently trading at Rs. 918.00, up by 9.05 points or 1.00% from its previous closing of Rs. 908.95 on the BSE. The scrip opened at Rs. 892.10 and has touched a high and low of Rs. 927.50 and Rs. 888.15 respectively. So far 100384 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1347.75 on 07-Apr-2022 and a 52 week low of Rs. 857.90 on 17-Oct-2022. Last one week high and low of the scrip stood at Rs. 92...
Voltas gains despite reporting consolidated net loss of Rs 6 crore in Q2
Market share gains in RAC; margins under pressure About the stock: Voltas is a home appliances company specialising in air conditioning and air cooling technology in the B2B and B2C space. * The company is a market leader with ~26% market share in RAC * Healthy b/s reflected by strong return ratios (RoE: ~11%, RoCE: ~15%) Q1FY23 Results: Strong growth in the UCP segment led by market share gains; EBITDA margin under pressure. * Revenue increased 55% YoY to ~ | 2768 crore l...
Hold Voltas Ltd For Target Rs. 1075- ICICI Direct
Sumitomo Chemical India Limited • On the daily time frame, the stock has observed “cup & handle” breakout around 518 levels along with huge volumes • The stock is well placed above its 20,50,100 and 200 Day SMA’s which reconfirm bullish sentiments • The daily “band Bollinger” buy signal 16 September,2022indicate increased momentum • The daily and weekly strength indicator RSI is in positive terrain and sustaining above 9EMA mar...
Weekly Tech Picks -Sumitomo Chemical India Ltd, Cipla Ltd, Bharat Dynamics Ltd,Voltas Limited(Future) By Axis Securities
Voltas is currently trading at Rs. 961.10, up by 5.75 points or 0.60% from its previous closing of Rs. 955.35 on the BSE. The scrip opened at Rs. 964.00 and has touched a high and low of Rs. 967.25 and Rs. 958.00 respectively. So far 12161 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1356.90 on 19-Oct-2021 and a 52 week low of Rs. 923.50 on 16-May-2022. Last one week high and low of the scrip stood at Rs. 984...
Voltas rises on selling close to 1.4 million AC units in January to August period
Gains market share in an inflationary context; maintaining a Buy Voltas reported strong Q1 FY23 revenue growth (on the lower base) as rising mercury aided recovery in UCPs, leading to market-share gains. However, margins were hit and passing inflationary pressures are critical for the summer of CY23. We lower our FY23e/FY24e EBITDA/net income 12% and 17% on average to factor in the inflationary scenario. Strong growth on lower base. Q1 FY23 consolidated revenue rose 55% y/y on the lower...
Buy Voltas Ltd For Target Rs. .1,318 -Anand Rathi Share and Stock Brokers Ltd
Voltas is currently trading at Rs. 1035.30, up by 7.15 points or 0.70% from its previous closing of Rs. 1028.15 on the BSE. The scrip opened at Rs. 1020.90 and has touched a high and low of Rs. 1042.65 and Rs. 1020.90 respectively. So far 28876 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1356.90 on 19-Oct-2021 and a 52 week low of Rs. 923.50 on 16-May-2022. Last one week high and low of the scrip stood at Rs...
Voltas surges on unveiling range of exciting offers
Delay in price hike hits UCP segment profitability… About the stock: Voltas is a home appliances company specialising in air conditioning and air cooling technology in the B2B and B2C space. * The company is a market leader with ~26% market share in RAC * Healthy b/s reflected by strong return ratios (RoE: ~11%, RoCE: ~15%) Q4FY22 Results: The company’s Q4 performance was hit by lower EMPS revenues and sharp decline in the profitability of UCP segment....
Hold Voltas Ltd For Target Rs. 1,120- ICICI Direct
RAC delivers strong volume growth while recouping some of its lost market share; upgrade to Neutral Result Synops Voltas, after losing market share in Q4FY22, has recouped part of its lost market share; The company has regained its market share by strong performance from north region which was reeling under severe heat wave. South has seen better performance as compared to Q4. Margins in cooling products have taken a hit as competitive pressures and quest to re?gain its lost market shar...
Neutral Voltas Ltd For The Target Rs. 1,064 - Yes Securities
The company reported standalone net profit of Rs 146.58 crore for the quarter ended June 30, 2022 as compared to Rs 135.33 crore in the same period last year, registering a year-on-year growth of 8.31 per cent. Net revenue of the company rose substantially by 75.28 per cent at Rs 2,562.32 crore in April-June quarter of this fiscal as against Rs 1,461.81 crore in the corresponding period last year. During April-June quarter, operating expenses increased by 81.82 per cent to Rs 2,411.42 cror...
Voltas Q1 net profit up 8.31% at Rs 146.58 cr
Observation * Voltamp has been moving in a strong uptrend since March 2021 as it maintains the higher highs and higher lows formation. * The stock sustained well after giving multi year breakout and has started to rally sharply. The Stock has shown significant rise in the volumes post its breakout from the consolidated parallel channel. * On the indicator front the RSI indicator plotted on weekly has sustained above 60. Where as prices confirming the prior trend. * The stock has...
Stock of the week - Buy Voltamp Transformers Ltd For Target Rs. 2, 883 By GEPL Capital
Annual report analysis: Negative EVA generation and decline in market share Voltas struggled to generate positive economic value during FY22 due to a decade-low RoE. We note its EVA creation was impacted for first time in past decade. It also lost market share by 180bps in FY22 after gaining for a decade. Voltas Beko customer acceptance has increased and it reported 45% volume growth in FY22, to claim ~3% market share in home appliances segment. We model Voltas to report revenue and PAT CA...
Hold Voltas Ltd For Target Rs.1033 - ICICI Securities
Derivative Ideas VOLTAS shed 1.27% and closed at 999.55 on 7th Jun. The stock has been witnessing huge selling pressure after finding resistance at 1350 levels. The down move was supported by good volumes and huge addition of Shorts in the FUTS. After some Dead Cat Bounce, the stock has resumed its correction with marginal rise in OI implying more comfort in Shorts. We expect VOLTAS to test 920 levels in the immediate short term and thus suggest initiating Shorts with the PE option. Str...
Buy Voltas Ltd 980 PE For Target Rs.50 - Religare Broking
RAC market share and margins to recoup gradually; reiterate REDUCE Result Synopsis Voltas, after consistently gaining market share since FY16 has seen its market share decline in FY22; decline in share in the Southern region has dented overall market share for the company as South has seen early summers. The company has already initiated corrective actions and expects to re‐gain its lost market share in South. Margins in cooling products have taken a hit as competitive pressures and que...
Reduce Voltas Ltd For Target Rs.1,081- Yes Securities
Voltas Technical Observations Buy Voltas Ltd @ 1270.00-1284.00 TGT 1350.00 SL 1222.00 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of the author and not of the website kindly read disclaimer
Stock Picks - Buy Voltas Ltd For Target Rs. 1222 - ICICI Direct
Tata Consultancy Services Buy Tata Consultancy Services Ltd @ 3792.00-3798.00 CMP 3790.50 Stop Loss 3761.30 Target 3855.00 Voltas Buy Voltas @ 1278.00-1282.00 CMP 1279.95 Stop Loss 1268.30 Target 1302.00 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by...
Stock Picks - Tata Consultancy Services Ltd And Voltas Ltd By ICICI Direct
Voltas is currently trading at Rs. 1250.55, up by 6.05 points or 0.49% from its previous closing of Rs. 1244.50 on the BSE. The scrip opened at Rs. 1247.00 and has touched a high and low of Rs. 1257.45 and Rs. 1244.65 respectively. So far 3790 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1356.90 on 19-Oct-2021 and a 52 week low of Rs. 918.00 on 19-Apr-2021. Last one week high and low of the scrip stood at Rs....
Voltas inches up on launching India's First AC with HEPA Filter technology
Derivative Ideas VOLTAS gained 2.05% and closed at 1202.85 on 11th Mar. The stock after taking the support at 1150-1165 zone has shown good up move quite a few times earlier. Broadly it has been consolidating in a range of 1150-1280. Holding 1150, the counter is likely to test its resistance at around 1250. We recommend to go Long in VOLTAS. Strategy:- BUY VOLTAS @ 1184-1190, SLOSS AT 1150, TRGT 1240. To Read Complete Report & Disclaimer Click Here Ple...
Buy Voltas Ltd For Target Rs. 1240 - Religare Broking
Expansion projects on track * Q4CY21 EBITDA declined 21-22% YoY and QoQ to Rs5.6bn owing to higher input cost inflation. Blended EBITDA/ton fell 20% YoY/32% QoQ to Rs724 (Emkay est. - Rs899). * Management mentioned that the ongoing expansion projects are on track. The expansion will increase ACC’s grinding capacity to 40mt (from ~35mt currently) by early Q2CY23, and the company aims to increase it further to 45-50mt by CY25E. * In CY21, FCF generation increased by 12% YoY to Rs...
Netural Voltas Ltd For Target Rs.1,090 - Motilal Oswal
VOLTAS LTD * The price has moved above previous swing high on the daily chart which suggests rising bullishness. * Prior to the recent rally the price took support at 200DMA, considered as long term inflection point indicating significance of reversal. * Moreover, a positive divergence in RSI can be observed on the daily chart which again signifies a positive reversal in the price. Buy Voltas Ltd @ 1255-1265 TGT 1370 Stop Loss Below Rs. 1212 CB Du...
LKP Spade, Weekly Pick - Buy Voltas Ltd For Target Rs. 1370 - LKP Securities
Complete recovery few quarters away, valuations remain rich; maintain REDUCE Result Synopsis Voltas hasmanaged to protectitsmarket share in a difficult environment with RAC volume registering a 4% decline with industry volume declining 5% in 3Q; however, commodity headwinds continue to exert pressure on margins. While the company sustained its market leadership in RAC, air coolers saw substantial decline as channel is saddled with high inventory. Volt‐Bek also registered subdued perform...
Reduce Voltas Ltd For Target Rs.1,190 - Yes Securities
Weak demand, competitive intensity delaying price hikes in RACs * Voltas’ Q3 performance was a mixed bag, with UCP segment’s revenue outperformance being offset by a big miss in projects segment. UCP margins contracted by a higher-thanestimated 298bps yoy. The projects segment’s margins rose 494bps/444bps yoy/qoq. * While the RAC industry’s volumes fell 5% in Oct-Nov, volumes of Voltas dipped 4%. The company’s RAC value growth was 9% in Q3. Its market ...
Hold Voltas Ltd For Target Rs.1,150 - Emkay Global
Strong Growth Under Cooling Products Voltas has reported a muted 5% YoY revenue growth in Q2FY22 to Rs16.9bn due to 28% YoY decline in EMP segment. However, UCP segment delivered strong YoY revenue growth of 34% led by pick-up in RAC sales. With 24% volume growth in RAC category, the company’s market leadership remained intact at 25.9%. Despite the headwinds, overall EBITDA margin has improved by 150bps YoY on the back of gradual price increases taken by the company in UCP segment co...
Buy Voltas Ltd For Target Rs.1,434 - ICICI Securities
PORTFOLIO ALLOCATION Voltas Limited VOLTAS: CMP :- 1246.60 Weekly ROC (7.07%) Observation * Voltas entered into a corrective phase after testing the high of 1356 in the month of October 2021 and corrected by almost 16% off the highs. * On the weekly chart we can see that the prices moved higher after finding support near the 20 week SMA (1161) and the 50% retracement level of the rise from 955-1356. * On the Daily chart we can see a double bottom forma...
Short Term Portfolio December 2021 By GEPL Capital
Religare Super Idea To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.religareonline.com/disclaimer SEBI Registration number is INZ000174330 Above views are of the author and not of the website kindly read disclaime
Buy Voltas Ltd 1180PE For Target Rs.18 - Religare Broking
Strong performance by the UCP segment led to earnings beat Margin pressure to persist as price hikes inadequate * VOLT’s 2QFY22 revenue stood in line with our estimates, with strong performance by the UCP segment, offsetting the weak performance in the EMPS segment. Adjusted PAT came in 23% ahead of our estimate. * Despite a 24% volume growth in the UCP segment (RAC: +19% YoY), it witnessed a 130bp decline in PBIT margin. As VOLT had the advantage of low cost inventory as well ...
Neutral Voltas Ltd For Target Rs.1,185 - Motilal Oswal
Positives factored in; downgrade to REDUCE on margin, competition and valuation headwinds Our view Voltas has seen growth returning to the cooling products after a difficult summer; however, commodity headwinds continue to put pressure on margins. While the company sustained its market leadership in RAC, commercial refrigeration air coolers delivered strong growth. Volt‐Bek is gaining decent acceptance in the refrigerator and washing machine segment. Moreover, project business is seeing...
Buy Voltas Ltd For Target Rs.1,248 - Yes Securities
Voltas is currently trading at Rs. 1209.60, up by 5.10 points or 0.42% from its previous closing of Rs. 1204.50 on the BSE. The scrip opened at Rs. 1192.60 and has touched a high and low of Rs. 1220.65 and Rs. 1192.60 respectively. So far 18822 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1356.90 on 19-Oct-2021 and a 52 week low of Rs. 696.20 on 02-Nov-2020. Last one week high and low of the scrip stood at Rs...
Voltas inches up on reporting 32% rise in Q2 consolidated net profit
Below is quote on Voltas Q2FY22 Result Update - First cut By Mr. Himanshu Nayyar, Lead Analyst – Institutional Equities, Yes Securities Voltas 2QFY22 Results First cut – UCP continues to perform in difficult environment Result summary – Consolidated revenue grew 4.7%; UCP and Engineering products and services business delivered growth of 34% each. EMPS business revenue saw decline of 28% yoy. Margins – Gross margin expanded 51bps yoy to 26.6% while o...
Quote on Voltas Q2FY22 Result Update - First cut By Mr. Himanshu Nayyar, Yes Securities
Technical Observations * The consumer discretionary space has witnessed renewed buying demand in recent weeks ahead of the festive season. Voltas is our preferred pick among the consumption stocks, which is resolving out of two week range * The stock has undergone shallow retracement as over past two weeks it retraced merely 23.6% of preceding three weeks sharp up move (|981-1265), and also higher base formation above 20 day EMA highlighting robust price structure * We expect th...
Stock Picks - Buy Voltas Ltd For Target Rs. 1305 - ICICI Direct
Strong recovery despite disruption in peak season… About the stock: Voltas is a home appliances company specialising in air conditioning and air cooling technology in the B2B and B2C space. * The company is a market leader with ~26% market share in the RAC * Healthy b/s reflected by strong return ratios (RoE: ~11%, RoCE: ~15%) Q1FY22 Results: Healthy performance with revenue, PAT beating our estimates. * Voltas’ consolidated topline grew ~38% YoY to ~ | 1...
Buy Voltas Ltd For Target Rs.1170 - ICICI Direct
Healthy growth and margins Voltas has reported 37.6% YoY growth in Q1FY22 to Rs17.8bn (Isec: Rs15.6bn) led by 67% YoY growth in EMP and 19% YoY growth in UCP segment. Despite the headwinds, gross margin has improved 300bps QoQ, while higher other expenditure, due to increase in discounts and marketing-related expenses limited EBIDTA margin growth to 7.6% (Isec: 5.8%). Factoring in the beat in revenue and margins, we raise earnings by 4.8% and 7.6% for FY22E and FY23E, respectively. The ...
Buy Voltas Ltd For Target Rs.1,217 - ICICI Securities
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