UCP's performance in line; EMPS drags profits

Company
11 Mar 2024
5 Min read 
  • Voltas' 3QFY24 performance was below estimates due to higher losses in the EMPS segment.
  •  RAC volumes grew 27% YoY, surpassing industry growth, and market share stands at 19% YTD.
  •  Management expects demand for RAC, commercial refrigerators, air coolers, and home refrigerators to improve in the upcoming summer season.
  •  EPS estimates for FY24/FY25 were cut by 42%/14% due to higher losses in the EMPS segment.
  •  Reiterate BUY rating with a target price of INR1,230.
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