Buy Voltas; target of Rs 700: Motilal Oswal

Motilal Oswal is bullish on Voltas has recommended buy rating on the stock with a target price of Rs 700 in its research report dated August 08, 2019.

Broker Research

August 12, 2019 / 15:10 IST

Motilal Oswal's research report on Voltas

Consol. revenue increased 24% YoY in 1QFY20, exceeding our estimate by 11%, led by strong 47% growth in UCP segment. As a result of a higher effective tax rate (32% v/s our estimate of 27%) and higher losses in JVs, net profit increased at relatively low rate of 6% YoY to INR1.9b (in-line).

Outlook

Our TP now stands at INR700. At CMP, the stock trades at multiple of 28x for core UCP business. We upgrade the stock to Buy.

For all recommendations report, click here

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Broker Research

first published: Aug 12, 2019 03:10 pm

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