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Voltas shares drop 4% after Q1 net profit falls. Should you buy, sell or hold the stock?

The revenue from operations rose 55 percent to Rs 2,768 crore against Rs 1,785.20 crore, YoY

August 03, 2022 / 09:23 AM IST
Voltas

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Voltas share price declined 4 percent in early trade on August 3, a day after the company announced its June quarter results.

Voltas on Tuesday reported a 10.52 percent fall in its Q1FY23 consolidated net profit at Rs 109.62 crore as against Rs 122.4 crore it recorded a year back.

The revenue from operations rose 55 percent to Rs 2,768 crore against Rs 1,785.20 crore on-year.

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Here is what brokerages have to say about stock and the company post June quarter earnings

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The broking house has kept the 'sell' rating on the stock with a target at Rs 930 per share.

The Q1 earnings were below estimates on weak margin, while sharp margin fall reflecting heightened competitive intensity and cost pressure.

The MEP segment also reported weak results on a lower carry forward order book, reported CNBC-TV18.

Morgan Stanley

Brokerage house Morgan Stanley has kept the 'overweight' rating on the stock with a target at Rs 1,160 per share.

The AC margin and project business has disappointed with AC market share in June at 24.1 percent versus March exit market share of 19.5 percent, reported CNBC-TV18.

At 9:16am, Voltas was quoting at Rs 966, down Rs 33.60, or 3.36 percent on the BSE.

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first published: Aug 3, 2022 09:23 am
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