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ICICI Securities Report
The competitive intensity in air conditioners has increased considerably over past two years. It has resulted in loss of market share as well as margins for incumbents.
Voltas Ltd. reported consolidated Ebitda margin of 6% in FY23, lowest in past nine years and its market share has declined to 21.9% in February 2023 (year-to-date) versus 25.2% in FY21.
We model the competitive intensity to remain at elevated level in coming quarters. However, with correction in raw material prices, we model the Ebitda margins to recover in FY24-25.
We cut FY24-25 earnings to factor in slowdown in consumer offtake and losses of electro mechanical projects and services.
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