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Motilal Oswal Report
Voltas Ltd. reported a weak set of earnings, with revenue/Ebitda miss of 9%/27%.
The strong show in the electromechanical projects segment failed to offset the weakness in the unitary cooling products segment.
Voltas' ordering intake/outlook for the projects business remained subdued with clients delaying their capex spends.
Air conditioner sales volumes may fall short of FY20 levels, with no sign of pent-up demand this time around during a lean summer.
However, this would still mean some growth in YoY terms.
On a positive note, unlike last time, channel inventory is not high, although brands have higher inventory this time around.
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