Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 33783.33 Crore) operating in Consumer Durables sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1860.17 Crore, down -30.67 % from last quarter Total Income of Rs 2683.24 Crore and up 36.34 % from last year same quarter Total Income of Rs 1364.34 Crore. Company reported net profit after tax of Rs 153.01 Crore in latest quarter.
Investment Rationale
The brokerage cuts FY22/FY23/FY24 EPS estimate by 8%/3%/4%. Its new TP stands at INR1,065 as it rolls forward to Sep’23 EPS (target multiple of 45x to the UCP segment v/s 50x earlier – to account for segmental reclassification). At CMP, the UCP business is trading at an FY23E/FY24E PE multiple of 46x/40x.
Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of June 30, 2021, while FIIs held 17.2 per cent, DIIs 34.1 per cent and public and others 18.3 per cent.
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