BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Buoyed by festive led spurt in demand, Voltas Ltd. expects room AC industry to clock a double digit volume growth over FY21.
With industry finalising vendor orders for upcoming summer season and given unabated commodity inflation, Voltas expects industry to take more price hikes (13-15% year-to-date; 3-5% in October).
We continue to like Voltas for the longer term given:
Leadership position in high potential room AC segment;
Balance sheet comfort (Rs 9.6 billion net cash)
Restructuring in B2B business to focus on B2C.
We estimate 25.8% earnings per share CAGR over FY21-24. We assign 'Hold' rating with sum of the parts based target price of Rs 1,200.
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