Buy Voltas; target of Rs 1170: ICICI Direct

ICICI Direct's research report on Voltas

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%)

Outlook

We maintain our BUY rating on the stock We value Voltas at Rs 1170 using SOTP i.e. 7x P/E for EMPS, 7x P/E for EPS and 56x P/E for UCP on FY23E EPS for each.

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