Voltas Q4 Review - Robust Margin Despite Cost Headwinds: Nirmal Bang
Inside an air conditioner manufacturing facility in Haryana, India (Photographer: Udit Kulshrestha/Bloomberg)

Voltas Q4 Review - Robust Margin Despite Cost Headwinds: Nirmal Bang

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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.

Click on the attachment to read the full report:

Nirmal Bang Voltas-Q4FY21 Result Update-15 May 2021.pdf


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