{"id":10541,"date":"2017-01-13T17:08:30","date_gmt":"2017-01-13T11:38:30","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=10541"},"modified":"2017-01-13T17:08:30","modified_gmt":"2017-01-13T11:38:30","slug":"voltas-ltd-2","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/voltas-ltd-2\/10541","title":{"rendered":"Voltas Ltd."},"content":{"rendered":"<p><strong>Near term hiccups but structural growth drivers intact\u2026<\/strong><\/p>\n<p style=\"text-align: justify;\">Voltas, a Tata Group company, is India\u2019s leading air conditioning and engineering services company. In FY16, Voltas derived 47% &amp; 44% of its turnover from Electro-mechanical Projects (EMP) &amp; Unitary Cooling Products (UCP) segment respectively.<\/p>\n<p style=\"text-align: justify;\"><strong>View &amp; Valuvation<\/strong><\/p>\n<p style=\"text-align: justify;\">Given Voltas\u2019 dominant position in AC segment coupled with a gradual recovery in its EMP segment, we expect revenue\/PAT to grow at a CAGR of 5.6\/16.4% over FY16-18E. Further, EBITDA margin is expected to improve by 80bps to 8.3%. Further, the recent ~20% correction in stock captures the demonetisation impact &amp; risk-reward equation appears to be favourable. We recommend Voltas with BUY rating with a TP of Rs368 at 26x FY18E EPS.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2017\/01\/Research-Report-Voltas-Ltd..pdf\">Research Report Voltas Ltd.<\/a><\/p>\n<p><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n<p><i>\u00a0<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Near term hiccups but structural growth drivers intact\u2026 Voltas, a Tata Group company, is India\u2019s leading air conditioning and engineering services company. In FY16, Voltas derived 47% &amp; 44% of its turnover from Electro-mechanical Projects (EMP) &amp; Unitary Cooling Products (UCP) segment respectively. View &amp; Valuvation Given Voltas\u2019 dominant position in AC segment coupled with [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Voltas Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on voltas Ltd. On FundsIndia Marketplace\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/voltas-ltd-2\/10541\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voltas Ltd.\" \/>\n<meta property=\"og:description\" content=\"Find the latest research report on voltas Ltd. 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