Credit Suisse has cut target to Rs 975 from Rs 1,255 per share while CLSA has cut target to Rs 1,000
Voltas, Voltas stock
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Voltas share price was trading four percent lower in the morning session on May 10, a day after the company came out with its earnings.
The company reported a weak set of numbers for the March quarter with 24 percent year on year (YoY) decline in consolidated net profit at Rs 183 crore due to losses from joint ventures (JVs).
Voltas reported revenue growth of one percent to Rs 2,667 crore as unitary cooling products were up 13 percent and electro-mechanical projects and services recorded a sharp fall. EBITDA margin dipped 268 basis points to 9.8 percent on account of higher raw material cost and delay in price hikes.
The company said an extended winter coupled with the third wave affected trade resulting in lower primary offtake of cooling products by channel partners. However, the hot weather turned the market outlook in March 2022 resulting in partial sales recovery.
At 10:54 hours, the stock was trading at Rs 1,000.45, down Rs 43.60 or 4.18 percent on NSE. It has touched an intraday high of Rs 1,033.70 and an intraday low of Rs 993.30.
Global research firm Credit Suisse has downgraded the stock to underperform from neutral and has cut target to Rs 975 from Rs 1,255. It has also cut 2023/24E by 10/13% to Rs 21.7/26.6 respectively, according to a CNBC-TV18 report.
CLSA has maintained a sell call on the stock and has cut target to Rs 1,000. It is of the view that summer demand was strong but margin outlook was muted. It has cut EBITDA estimates by 2-6% on lower-than-expected results.
Citi has retained a buy call but has cut target price to Rs 1,225 from Rs 1,378 per share. It is of the view that some market share loss was there but the firm will recover soon. “Voltas continues to maintain its leadership position in air-conditioning business. Voltbek’s market share also continues to inch up,” it added.
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