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Nirmal Bang Report
We hosted the management of Amber Enterprises Ltd. and Voltas Ltd. as part of our virtual investor conference to gain insights into the current macro-economic environment, demand trends, commodity cost headwinds and AC industry outlook going ahead.
Managements of both the companies were optimistic about the demand scenario going ahead.
We remain optimistic about the demand scenario for room ACs over the medium to long term given the lower penetration levels (~7%) and China plus one theme playing out.
Receding commodity cost headwinds and higher operating leverage (post commencement of commercial operations in new plants) are likely to aid margin expansion over the medium term.
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