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

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

<ul><li>Most consumer durable categories (excl Wires &amp; Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand and margin</li><li>However, notwithstanding near-term pressures and with most headwinds now seemingly behind, we expect consumer durables demand to revive and remain constructive on the sector over the medium-long term, given (1) the long runway for growth (GDP multiplier benefits and under penetration), (2) resilient housing/home improvement theme, (3) rising consumer aspiration backed premiumization trend, and (4) product basket diversification opportunities</li><li>Moreover, the government’s thrust on “Atmabirbhar Bharat” and “Make in India for the World” is likely to open up avenues to the largely untapped global opportunities for certain categories (W&amp;C, RAC, EMS, etc.).</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.

Most consumer durable categories (excl Wires &amp; Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand and marginHowever, notwithstanding near-term pressures and with most headwinds now seemingly behind, we expect consumer durables demand to revive and remain constructive on the sector over the medium-long term, given (1) the long runway for growth (GDP multiplier benefits and under penetration), (2) resilient housing/home improvement theme, (3) rising consumer aspiration backed premiumization trend, and (4) product basket diversification opportunitiesMoreover, the government’s thrust on “Atmabirbhar Bharat” and “Make in India for the World” is likely to open up avenues to the largely untapped global opportunities for certain categories (W&amp;C, RAC, EMS, etc.).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

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

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

Consumer Durables: Revival on the Cards?

Most consumer durable categories (excl Wires & Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand...

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

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

Consumer Durables: Revival on the Cards?

Most consumer durable categories (excl Wires & Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand...

HDFC Securities