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ICICI Securities Report
Voltas Ltd. reported strong revenue growth of 55.1% in Q1 FY23 YoY, led by strong volume growth of 111% YoY in unitary cooling segment. However, lower price hikes than increase in input prices resulted in gross margin decline of 732 bps YoY, but the impact on Ebitda margin was arrested to 121 bps only.
Voltas commands 24.1% market share in the room air conditioner segment and 21.8% market share in inverter ACs (source: company data).
Strong growth in unitary cooling segment leads to higher return on capital employed and economic value added) generation. We believe the company has established strong moats to gain market share in the Voltas Beko brand too.
We model Voltas to report revenue and PAT CAGR of 17.1% and 25.8% over FY22-24E, driven by market share gains across portfolio.
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