Tag: Voltas

Voltas Q4 Results | Air conditioner major declares dividend of ₹5.50 as revenue tops forecast

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Leading residential air conditioner maker Voltas Ltd on Tuesday (May 7) reported a 22.8% year-on-year (YoY) drop in net profit at ₹110.6 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Voltas posted a net profit of ₹143.2 crore, the company said in a regulatory filing.

The company’s revenue from operations jumped 42.1% to ₹4,202.9 crore against ₹2,957 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹3,827 crore for the quarter under review.

At the operating level, EBITDA fell 12.6% to ₹190.6 crore in the fourth quarter of this fiscal over ₹218 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹287 crore for the quarter under review.

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The EBITDA margin stood at 4.5% in the reporting quarter compared to 7.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 7.5% for the quarter under review.

In the fourth quarter the unitary cooling products business segment revenue grew by 44% to ₹2,955 crore as compared to ₹2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said.

The engineering products and services division clocked revenue of ₹156 crore as compared to ₹142 crore in the year-ago period, it added. Similarly, the electro-mechanical projects and services segment comprising both domestic and international projects businesses grew by 38% year-on-year due to a healthy carry forward order book position, it added.

Voltas said for the fiscal ended March 31, 2024, consolidated net profit was higher at ₹248.11 crore as compared to ₹136.22 crore in the previous year. Total expenses in the fourth quarter were higher at ₹4,044.90 crore compared to ₹2,761.45 crore in the corresponding period a year ago.

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Consolidated revenue from operations in FY24 was at ₹12,481.21 crore as against ₹9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh AC sales in 2023-24.

The directors have recommended a dividend of ₹5.50 per share on a face value of ₹1 per share (550%) for the year 2023-24 which will be paid on or after the fifth day from the AGM if passed.

The results came after the close of the market hours. Shares of Voltas Ltd ended at ₹1,388.45, down by ₹58.75, or 4.06%, on the BSE.

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Voltas’ shares achieve record-breaking April performance since 1997 listing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid expectations of above-normal maximum temperatures across most parts of India this summer, driving a surge in demand for air conditioners (ACs), one company stands out for its exceptional performance — Voltas.

With the India Meteorological Department (IMD) predicting heightened AC demand, Voltas, a leading AC manufacturer, has demonstrated remarkable resilience and growth.

Notably, the leading AC manufacturer has recorded its best April since the time of its listing, gaining more than 33%. Back in April 2009, the stock yielded returns of more than 28% — the second-highest since its listing in 1997.

On a Calendar-Year-To-Date (CYTD) basis for 2024, the stock has fetched returns of more than 85% — the most since 2018. The stock delivered returns of more than 89% in 2018.

Best CYTD Performance since 2018

Source: Bloomberg

What’s Really Working In Its Favour?

In an industry-first event, Voltas sold over 2 million AC units during FY24, marking a growth of 35%, with an even stronger 72% year-on-year growth in the exit quarter of the previous fiscal. A consistent demand for cooling products during the year, coupled with the company’s strong offline and online distribution network, robust brand equity, and innovative new launches, mainly led to an impressive set of primary volume numbers in a seasonally large and important Q4 quarter, significantly exceeding the most optimistic expectations.

Furthermore, foreign brokerage firm Nomura expects a sharp improvement in margin for the company, unlike in previous years. Strong growth in 2024 should be accompanied by margin expansion for the valuation driver UCP segment, given reduced input costs and strong volume growth expectations.

Voltas’s counterpart, Blue Star, mentioned in a recent interview that it expects room AC volume growth of 25% and 30% in FY24 and FY25, respectively, driven by a harsh summer and market share gains. It remains noteworthy that Voltas appointed industry veteran Mukundan CP Menon (formerly of Blue Star) last July as an additional executive director and head of the room AC business, reporting a 27% volume growth in room ACs in Q3.

Key Risks

Morgan Stanley, in its April report, stated that competitive intensity remains elevated since the industry has announced strong capacity additions and brands are looking to increase market share. Secondly, while Voltas has maintained a stable share in the last few quarters, it is still down by approximately 350 basis points year-on-year. There exists a strong correlation between market share and the stock’s price-to-earnings ratio; this may pose an additional risk, as stated in the report.

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UBS doubles price target on Voltas banking on room AC market share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage firm UBS has upgraded Tata Group’s Voltas Ltd. to “buy” and also raised its price target by over 100% in its latest note. The brokerage earlier had a “neutral” rating on the stock.

UBS has raised its price target on Voltas to ₹1,800 from ₹885 earlier, which is also the highest target on the street for Voltas. The revised price target implies a potential upside of 38% from current levels.

The revised price target factors in potential market share gains and values the cooling segment at 55x 12-month forward earnings, compared to the earlier multiple of 35x and the five-year average of 45x.

Voltas is likely to spring a surprise on the market share in the room air conditioner (RAC) segment, reaching 23% in the financial year 2026, compared to consensus estimates of 19.5%, according to UBS. The brokerage is betting on Voltas’ RAC segment as it believes that the company has successfully reworked its supply chain in this segment and bettered its cost structure.

It also anticipates the VoltBek Joint Venture to gain market share, break even by the financial year 2026, and thereby boost profitability. “We expect incremental revenue of ₹10,000 crore, which is 60% of the projected revenue for the financial year 2027 in the consumer electronics segment,” the note from UBS said.

Voltas’ market share and margins in the Unitary Cooling Products (UCP) segment have bottomed, according to UBS, who also added that the company will be able to maintain its position as the most cost-effective room AC manufacturer due to its robust supply chain.

Shares of Voltas may have already risen on a year-to-date basis but UBS expects further re-rating potential as market share gains start to materialise. Voltas’ valuations are “undemanding” when compared to Bluestar, according to UBS. At current prices, Voltas is trading at a 12-month forward price-to-earnings multiple of 56x, compared to Bluestar’s 53x.

Voltas shares have gained 34% so far in 2024. The stock is up 53% in the last 12 months, compared to Bluestar, which has surged nearly 90%.

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This supplier of Voltas ACs has gained 28% in just seven sessions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Rising temperatures across the country have caused the shares of EPACK Durable, a leading supplier of air conditioners and its components, to soar by 28% in just the last seven trading sessions.

The Noida-based original design manufacturer (ODM) is a manufacturer of ACs for numerous consumer durables companies such as Voltas, Blue Star, Daikin, Havells India, Haier, Infiniti Retail, among others.

With the Indian Meteorological Department (IMD) expecting heatwave conditions to prevail for at least 2-3 months, the demand for room air-conditioners (RACs) is set to spike, benefiting EPACK, which earns 80% of its revenue from the RAC segment.

“Voltas is one of our largest clients. The growth they have shown for the whole last financial year is remarkable. It is around 30-40% of our wallet share,” Ajay DD Singhania, MD and CEO, of EPACK Durable said in an interview with CNBC-TV18.

According to Singhania, there is some excess capacity in the industry, but the market is estimated to grow by 15%.

There could be a shortfall in industry capacity from the next year (FY26) onwards, he said.

According to a recent note by Prabhudas Lilladher, the room AC inventory levels are currently high and are poised to meet the anticipated surge in summer demand post Holi.

Despite fierce competition, brands have been able to raise product prices.

Voltas has raised prices by2-3%, while Havells’ Lloyd has raised prices for room ACs by 2-3% across different regions.

For the third quarter ended December 2023, EPACK Durable reported ₹4.83 crore consolidated net profit.

The company is also looking to start manufacturing of washing machines by mid-September.

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The current market capitalisation of the EPACK Durable is ₹1,853.70 crore.

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Voltas shares fire up to a fresh high led by record sale of cooling products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Voltas gained as much as 11% on Monday to ₹1,392, marking its best single-day performance since June 2020 after the company sold two million air-conditioners in the financial year 2024.

For the March quarter, the Tata Group company reported a 72% volume growth in AC sales compared to the same quarter last year.

Voltas reported a 35% volume growth in AC sales for the full financial year. This is the highest-ever sale of ACs by any brand in a financial year in India, according to a Voltas statement.

The company attributed the record to a strong offline and online distribution network, strong brand equity and innovative launches.

Shares of Voltas are trading well above their key moving averages after Monday’s surge.

On the charts, Voltas’ Relative Strength Index has surged into “overbought” territory at 82. A reading above 70 on the RSI indicates that the stock is in “overbought” territory.

Shares of Voltas are now up 22% so far in April. The stock was flat in both March and February, after having gained 11% in January.

Of the 43 analysts that track Voltas, 19 maintained their “buy” rating on the stock, 15 said “hold,” while nine had a “sell” recommendation.

Shares of Voltas are trading at a record high. The stock has surged 40% so far in 2024.

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Voltas posts highest-ever AC sale of two million units in FY24 aided by consistent demand for cooling products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Voltas on Sunday, April 7, announced that it has achieved the highest-ever sales of air conditioners (ACs) in the fiscal year 2023-24. With over 2 million AC units sold during this period, Voltas’ sales numbers are also industry-first. The Tata Group company said in an exchange filing, “The company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%.”

According to Voltas, the performance was aided by consistent demand for cooling products during the year, a strong offline and online distribution network, strong brand equity, and innovative new launches.

Commenting on the landmark achievement, Pradeep Bakshi, Managing Director & CEO of Voltas Limited, said, “Our extensive presence, focus on emerging retail channels, excellent distribution network, strong brand equity, and attractive consumer offers have propelled us to this significant achievement. We extend our gratitude to all our business partners and customers for their unwavering support, making us the undisputed leader.”

Voltas has maintained its position as the market leader in the air conditioner category for over a decade. The brand is now poised to further expand its retail and distribution network to accommodate its expanding product portfolio.

Brokerage HSBC is bullish on Voltas. It has maintained a ‘buy’ rating on the stock expecting that the company’s unitary cooling products (UCP) division will witness a significant increase in profitability.

In addition to ACs, Voltas witnessed notable volume growth in other cooling products, including air coolers and commercial refrigeration products. Voltas Beko, the home appliances brand, also experienced a significant volume growth of 52% in the fourth quarter and achieved close to 2 million sales of refrigerators and washing machines in FY24. Overall, Voltas sold 5 million consumer products across the country in FY24.

The company reported a net loss of ₹27.6 crore for the third quarter ending December 31, 2023, up from a net loss of ₹110 crore reported in the year-ago period. The company’s revenue from operations rose by 30.9% year-on-year to ₹2,625.7 crore in the three months ended December 2023, from ₹2,005 crore in the year-ago period. The overall volumes, in the third quarter, increased by 22%, with room air-conditioners experiencing an even higher year-on-year growth of 27%.

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Voltas shares rise after HSBC expects a ‘positive surprise’ for investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of air conditioner maker Voltas gained in morning trade on Friday, April 5, after brokerage HSBC turned bullish on the stock. It has maintained a ‘buy’ rating on the stock expecting that the company’s unitary cooling products (UCP) division will witness a significant increase in profitability.

The brokerage has increased target price to ₹1,350 per share from the previous target of ₹1,250. This a potential upside of 11% from the previous closing levels of ₹1,217 apiece on the BSE.

In its note, HSBC sai the UCP segment of the Tata Group firm will experience a significant increase in profitability due to both, robust demand for the company’s products and a decrease in the costs of materials needed for production. The brokerage added that margin improvement for the UCP segment is likely to be a positive surprise for investors.

Additionally, stable prices in the market are predicted to further enhance the company’s profit margin.

Overall, HSBC considers these factors will lead to better-than-expected financial results for Voltas.

Voltas Ltd reported a net loss of ₹27.6 crore for the third quarter ending December 31, 2023, an improvement from the net loss of ₹110 crore reported in the same quarter in the prior fiscal..

The company’s revenue from operations rose by 30.9% year-on-year to ₹2,625.7 crore in the three months ended December 2023, from ₹2,005 crore in the year-ago period.

In a relatively subdued quarter, Voltas’ UCP  segment sustained its market outperformance and growth trajectory. Overall volumes increased by 22%, with room air-conditioners experiencing an even higher year-on-year growth of 27%. Voltas remains a dominant player in both split and window air-conditioners, boasting a year-to-date market share of 19% as of December 2023.

Shares of Voltas were trading 0.97% higher at ₹1,223.8 apiece on the BSE at 10:21 am.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chilling In The Heat: Symphony shares jump 10%; Blue Star, Voltas also gain post IMD warning

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Symphony Ltd. gained as much as 10.4% on Tuesday after the Indian Meteorological Department (IMD) issued a warning of higher than normal temperatures in central and western peninsular India between April to June this year.

The IMD also guided for 10-20 days of heat wave in parts of Gujarat, Maharashtra and North Karnataka.

Along with Symphony, shares of other cooling and fan-related companies like Voltas, Blue Star, Crompton and Orient Electric gained between 2.5% to 3% on Tuesday.

In an interaction with CNBC-TV18 on March 20, Symphony’s Nrupesh Shah had said that demand trends in the Southern and Eastern parts of the country are “decent” and that inventory with dealers is at regular levels as demand is stable.

Shah also said that the company has not given any discounts on their products starting February but they do not see any further price hikes either.

In an analyst meet held last week, Crompton also told analysts that summers have started early and that they anticipate good demand for fans going forward.

Over the medium-term, Crompton expects Fans to be a double-digit growth category in the medium-term.

Symphony’s 10% jump is the biggest that the stock has seen in a single day since May 2020.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Close to ₹750 crore stuck in Qatar projects: Voltas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Group firm Voltas is facing a major headwind in Qatar as around ₹750 crore has been stuck due to delays in the realisation of overdue receivables and execution timelines, said its MD and CEO Pradeep Bakshi. In some projects, bank guarantees were “unethically” encashed by some contractors, which was an “uncalled” action to make quick money, derailing the international project business of Tata Group firm in the December quarter, he added.

“Unprecedented things are happening in that area, especially in Qatar, wherein, unfortunately, our dues are not being paid to us timely, and inordinate delays are happening. We have completed the project and handed it over, and despite that, payments are not made,” Bakshi told PTI.

Voltas has already approached the Indian government for help on the issue and also approached the Embassy in Qatar. MEP (mechanical, electrical, and plumbing) contractor Voltas has completed the projects in Qatar and handed them over as per the contract. However, its bills are not getting certified and paid.

“There has to be some basic ethics when you do business with your partners… Unfortunately, our payments are not coming. “The total gross outstanding is close to ₹750 crore. There is an additional exposure of 375 core in bank guarantees,” Bakshi said.

Most of the projects are getting over in the last six to seven quarters, and Voltas is incurring huge losses because of this, which is uncalled for, he noted. In the December quarter, Voltas reported a net loss of ₹27.60 crore, which was on account of the Electro-Mechanical Projects and Service segment, which reported a loss of ₹120 crore.

In FY23, Voltas had to make a provisioning of ₹106.43 crore over the cancellation of the contract and encashment of bank guarantee. “Voltas is having this with multiple customers, including Sidra Medical and Research Centre, North Gate Mall, Commercial Boulevard Development etc,” said Bakshi.

Voltas has a long history of more than four decades in project business, and this is the first time in the last few quarters (around 1.5 years) that it is facing such headwinds, mainly on account of Qatar, he added.

“As a remedial action, we are becoming very choosy while selecting the project. We are very selective. And wherever we think it is backed up with proper funding, it is through renowned contractors and the client, those who are good paymasters. We are going to them only. Now, we are not taking any chance whatsoever,” he said.

The company has project business in GCC countries, including UAE, Saudi Arabia, Qatar, Bahrain and Oman, and was part of several iconic projects of the region like Burj Khalifa, Mall of Emirates, Bahrain City Center, and Palassio Mall in Qatar, among others.

Over the outlook, the company said it is consolidating its presence further in the room air conditioner sector, as its penetration level is still very low. Moreover, people are upgrading from window to split AC as their disposable income is increasing.

“If you look at our penetration levels in India, which used to be about 3%, nowadays, it has moved to around 5-6%,” he said, adding that “now our consumption base is at par with China. Our population is this sort of blessing in disguise for us as the number of youth is growing”.

According to Bakshi, demand for room AC from smaller towns is also increasing substantially.

Voltas is investing around 1,000 crore in the segment, of which ₹500 crore is for setting up a compressor plant, and the rest is for capacity expansion in the next five years.

About funding, Bakshi said: “We are a cash-rich company, but if needed, we will borrow also”.

Voltas is also operating a JV with the Turkish multinational household appliances manufacturer Arcelik—Voltas Beko, which is one of the fastest-growing brands in the appliances business.

“We have retained our leadership position in the AC category. Even in categories like semi-automatic washing machines and refrigerators, we have registered good growth and gained market shares,” Bakshi said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Voltas Q3 Results | Net loss shrinks to ₹28 crore but wide off profit forecast; revenue up 31%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Leading domestic air-conditioner maker Voltas Ltd on Tuesday (January 30) reported a net loss of ₹27.6 crore for the third quarter that ended December 31, 2023.

In the corresponding quarter last year, Voltas posted a net loss of ₹110 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹69 crore for the quarter under review.

The company’s revenue from operations increased 30.9% to ₹2,625.7 crore as against ₹2,005 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,436 crore for the quarter under review.

At the operating level, EBITDA fell 63% to ₹28.3 crore in the third quarter of this fiscal over ₹76.4 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹99 crore for the quarter under review.

The EBITDA margin stood at 1.1% in the reporting quarter compared to 3.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 4.1% for the quarter under review.

The consolidated total income for the nine months ended December 31, 2023, was higher by 27% at ₹8,477 crore as compared to ₹6,664 crore in the corresponding period last year. Profit before tax was at ₹312 crore as compared to ₹93 crore last year.

Unitary Cooling Products: The segment continued to outperform the market and maintain its growth momentum in a relatively lean quarter. While the overall volumes grew by 22%, the year-on-year growth for room air-conditioners was even higher at 27%. Voltas continues to be a market leader both in split and window air-conditioners with a YTD (Year to Date) market share of 19% as of December 2023.

The overall segment revenue grew by 21% to ₹1,476 crore as compared to ₹1,216 crore in the corresponding quarter of the previous financial year. On account of a better product mix and a focused margin enhancement approach, segment results during the quarter grew by 37% to ₹123 crore as compared to ₹89 crore in the same quarter the previous year.

Electro-Mechanical Projects and Services: This segment comprises both Domestic and international projects businesses. The domestic projects business with a presence in MEP, water and electrical infrastructure has grown by 83% year-on-year on the back of a healthy order pad.

Timely execution, focus on certification and other related project management initiatives have resulted in a robust bottom-line growth over the previous year. The domestic projects continue to grow their order pad and retain a positive outlook, given the increased infrastructure spending in the country.

On the other hand, the international project business continues to face headwinds. A few projects (especially in Qatar), are under stress due to unreasonable delays in the release of due receivables, and the prolongation of execution timelines. These delays have resulted in cost overruns, which have impacted the overall performance of the international project business, resulting in a loss of ₹143 crore in the current quarter.

Engineering Products and Services: This segment continued to show improved performance on the back of a strong order backlog and disciplined execution efforts. The revenue for the quarter was at ₹155 crore compared to ₹118 crore in the previous year, while results were higher at ₹50 crore as compared to ₹46 crore in the corresponding quarter of the previous fiscal.

The results came after the close of the market hours. Shares of Voltas Ltd ended at ₹1,020, down by ₹20.80, or 2%, on the BSE.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow