Hold Voltas, target price Rs 660: ICICI Securities

Hold Voltas, target price Rs 660: ICICI Securities
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Synopsis

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 22615.97 Crore) operating in Consumer Durables sector.

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Promoters held 30.3 per cent stake in the company as of June 30, 2020, while FIIs held 10.7 per cent, DIIs 39.3 per cent and public and others 19.7 per cent.

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ICICI Securities has given a hold rating to Voltas with a target price of Rs 660. The share price moved down by 1.53 per cent from its previous close of Rs 692.40. The stock’s last traded price is Rs 681.80.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 22615.97 Crore) operating in Consumer Durables sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1270.76 Crore, down 38.86 % from last quarter Sales of Rs 2078.39 Crore and down 51.99 % from last year same quarter Sales of Rs 2646.67 Crore. The Company reported net profit after tax of Rs 93.45 Crore in latest quarter.

Investment Rationale
The brokerage expects UCP to remain flat YoY and EMP to be down 24.3% YoY given the Covid-related slowdown. Overall, it expects EBITDA margin to decline 210bps to 5.4% for Q2FY21E with EMP margin at 3% and UCP at 8%.

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of June 30, 2020, while FIIs held 10.7 per cent, DIIs 39.3 per cent and public and others 19.7 per cent.

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