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Motilal Oswal Report
Voltas Ltd.'s Q2 FY25 earnings were above our estimates, led by higher than-estimated revenue/Ebit growth in the unitary cooling product segment and higher margin in the electro-mechanical projects and services segment.
Revenue grew 14% YoY to Rs 26.2 billion (5% beat), while Ebitda jumped 131% YoY to Rs 1.6 billion (11% beat).
Operating profit margin surged 3.1% YoY to ~6% (+30 bp versus our estimate). Adjusted profit after tax jumped 265% YoY to Rs 1.3 billion (estimate: Rs 1.2 billion).
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