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Nirmal Bang Report
Voltas Ltd. posted healthy Q4 FY21 consolidated sales of Rs 26.5 billion, up 27% YoY and in-line with our/consensus estimate.
Unitary cooling product sales grew 20% YoY to Rs 14.4 billion (55% of total sales) aided by 18% volume growth.
Commercial refrigeration and air coolers segment reported healthy volume growth of 17%/37%, respectively.
Electromechanical projects and services revenue grew 37% YoY to Rs 11 billion (42% of total sales), while engineering products revenue grew 3% YoY to Rs 977 million.
Gross margin was down 300 basis points YoY to 25.6% due to commodity cost headwinds, but up 100 basis points QoQ.
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