BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Voltas Ltd.'s Q2 FY23 revenue was broadly in line, however Ebitda margin was lower than our estimate.
Unitary cooling product segment exhibited mere 4% YoY growth mainly due to dip in consumer demand given high inflation, in a generally lean quarter.
UCP margins have been declining for the sixth consecutive quarter (YoY basis) to 7.3% in Q2 FY23 from average ~12%, on account of high cost inventory, and insufficient price pass on due to competitive intensity.
Voltas has guided for high single digit margin in 12-15 months.
Market share in room air conditioner stood at 22.8% (year-to-date August 2022), a ~120 basis points dip versus ~24% in June 2022. However, it was ~750 bps higher than the second player.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.