External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)</li><li>However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikes</li><li>While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikesWhile Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onVoltas Voltas (VOLT) stock has appreciated by 50%+ in the last six months and has performed well since the reinitiation of coverage in Sep’23. Interactions with dealers in a few regions indicate that there has been an increase in demand for cooling products in Mar &amp; Apr’24. Industry estimates indicate that the demand for RAC has increased by over 30% during the period.</li><li>VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the declines seen in the last 1.5 years.</li><li>As per our estimate, market share of the company should be at ~22% in FY24.We believe that RAC is a long-term structural story, given the low penetration level in India, rising income levels, and thus, aspiration of middle-income group people and rising heatwaves across the globe.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onVoltas Voltas (VOLT) stock has appreciated by 50%+ in the last six months and has performed well since the reinitiation of coverage in Sep’23. Interactions with dealers in a few regions indicate that there has been an increase in demand for cooling products in Mar &amp; Apr’24. Industry estimates indicate that the demand for RAC has increased by over 30% during the period.VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the declines seen in the last 1.5 years.As per our estimate, market share of the company should be at ~22% in FY24.We believe that RAC is a long-term structural story, given the low penetration level in India, rising income levels, and thus, aspiration of middle-income group people and rising heatwaves across the globe.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Strong Volume Growth; Market Share to Increase

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Thematic (Sector/Industry)

<ul><li>India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030</li><li>This will be a result of inherent demographic advantages along with consistent policy support</li><li>We observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectors</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030This will be a result of inherent demographic advantages along with consistent policy supportWe observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Long Term Compounders: Decadal Economic Trends Present Opportunities

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)

HDFC Securities

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)

HDFC Securities

Voltas - Strong Volume Growth; Market Share to Increase

VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the...

Motilal Oswal

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...