Anand Rathi's research report on Voltas
Hit by an erratic summer, Voltas’ UCP fell 25% y/y in Q1, its market share down to 17.8% (June-end 19.3%). Under-absorption and higher promotions squeezed margins, while inventory was high. Voltas Beko gained share but is still in investment mode, while Projects posted a stronger order book.
Outlook
Management expects Q2 weakness but sees recovery from Q3, with a longterm focus on market leadership, selective growth, and innovation. We retain a Buy, with a 12-mth TP of Rs1,568 (earlier Rs1,544).
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