Axis Direct's research report on Voltas
Unitary cooling segment (45% of revenue) was hit by demonetization (short-term impact); however, we remain hopeful of it recovering given under-penetration in room air conditioners and higher disposable income. We expect AC business to maintain 13% EBIT margin given rational marketing spend and cost controls.
Outlook
Maintain HOLDwith TP of Rs 320 (20x FY18E EPS). Our FY17 and FY18 EPS stand at Rs 12 and Rs 15.
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