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AC companies: Long-term thesis fully intact after a dull Q1

The overall valuations in the sector appear quite stretched and seem to factor in the long-term positives

August 17, 2021 / 12:12 PM IST
AC companies: Long-term thesis fully intact after a dull Q1

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The June quarter results of air conditioner (AC) companies were impacted by a drop in demand during the peak summer season. On a yearly basis, however, the performance saw an improvement as the impact of the second Covid wave on the business was less severe than the national lockdown last year. Quarterly result highlights For Voltas, the second wave of the pandemic dented the business momentum seen in Q4 FY21. However, sales in the unitary cooling products (UCP) segment were largely...

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