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Voltas

₹1283.9 -26.8 | 2%

Market Cap ₹42482 Cr.

Stock P/E 152.0

P/B 7.4

Current Price ₹1283.9

Book Value ₹ 173

Face Value 1

52W High ₹1373.2

Dividend Yield 0.33%

52W Low ₹ 745

Overview Inc. Year: 1954Industry: Air Conditioners

Voltas Limited is an India-based employer, that is engaged in offering air conditioning and cooling merchandise, engineering tasks and engineering services and products. Its section consists of Unitary Cooling Products for Comfort and Commercial use section, which is engaged in production, promoting and after sales offerings of cooling appliances and cold storage merchandise; Electro - Mechanical Projects and Services phase, which incorporates electricals, HVAC (heating, air flow and aircon), plumbing, firefighting, more low voltage (ELV) and specialized services, Facilities Maintenance and Hard Services, which consist of Operations and Maintenance (O&M) contracts in numerous sectors, retrofits and electricity management and Water Solutions, which encompass water treatment solutions for business, oil and fuel and domestic sewage segments and Engineering Products and Services phase, which consists of material machinery and mining and production system..

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Voltas Share Price

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Voltas Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 1689 1794 2667 2768 1768 2006 2957 3360 2293 2626
Other Income 48 29 37 27 64 31 47 70 71 58
Total Income 1737 1822 2704 2795 1833 2036 3003 3430 2364 2684
Total Expenditure 1560 1638 2406 2591 1668 1929 2739 3175 2222 2597
Operating Profit 177 184 298 204 165 107 265 255 141 86
Interest 6 4 13 4 7 6 12 10 11 14
Depreciation 10 10 9 8 10 11 10 11 12 13
Exceptional Income / Expenses 0 0 0 0 -106 -137 0 0 0 0
Profit Before Tax 162 171 276 191 42 -48 242 234 118 60
Provision for Tax 38 43 65 51 19 30 71 73 49 51
Profit After Tax 123 129 212 140 23 -78 171 160 69 8
Adjustments -20 -33 -29 -32 -30 -33 -27 -31 -32 -39
Profit After Adjustments 104 96 183 109 -7 -110 144 129 37 -30
Adjusted Earnings Per Share 3.1 2.9 5.5 3.3 -0.2 -3.3 4.4 3.9 1.1 -0.9

Voltas Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 5531 5266 5183 5720 6033 6404 7124 7658 7556 7934 9499 11236
Other Income 90 100 109 137 212 185 197 231 189 189 168 246
Total Income 5621 5366 5292 5857 6245 6590 7321 7889 7745 8124 9667 11481
Total Expenditure 5293 5000 4773 5287 5466 5753 6524 6972 6914 7253 8926 10733
Operating Profit 328 366 519 570 779 837 798 917 830 871 741 747
Interest 33 23 23 16 16 12 33 21 26 26 30 47
Depreciation 28 25 28 26 24 24 24 32 34 37 40 46
Exceptional Income / Expenses 12 22 46 29 1 1 -12 -51 0 0 -244 0
Profit Before Tax 280 340 514 563 720 805 677 744 709 697 307 654
Provision for Tax 73 94 128 170 200 227 164 223 180 191 171 244
Profit After Tax 207 246 386 393 520 578 514 521 529 506 136 408
Adjustments 9 -0 -2 -6 -2 -6 -6 -4 -4 -2 -1 -129
Profit After Adjustments 216 245 384 387 517 572 508 517 525 504 135 280
Adjusted Earnings Per Share 6.5 7.4 11.6 11.7 15.6 17.3 15.4 15.6 15.9 15.2 4.1 8.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 20% 7% 8% 6%
Operating Profit CAGR -15% -7% -2% 8%
PAT CAGR -73% -36% -25% -4%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 54% 11% 16% 23%
ROE Average 2% 8% 10% 13%
ROCE Average 6% 11% 14% 18%

Voltas Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1626 1819 2102 2811 3307 3905 4110 4280 4993 5500 5452
Minority's Interest 12 14 16 27 29 32 35 36 36 38 42
Borrowings 6 5 5 0 0 0 0 5 6 13 47
Other Non-Current Liabilities 96 96 93 51 72 84 -14 47 61 96 84
Total Current Liabilities 2803 2785 2635 2950 3042 3271 3285 3714 3504 4056 4620
Total Liabilities 4542 4720 4852 5838 6449 7292 7416 8083 8600 9702 10243
Fixed Assets 300 288 269 276 254 252 297 335 332 330 475
Other Non-Current Assets 374 417 846 1437 2205 2442 1472 2170 3078 3493 3322
Total Current Assets 3869 4015 3737 4126 3990 4598 5647 5578 5189 5879 6446
Total Assets 4542 4720 4852 5838 6449 7292 7416 8083 8600 9702 10243

Voltas Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 252 341 273 217 170 313 258 311 269 448 561
Cash Flow from Operating Activities 84 295 311 219 428 325 -321 462 556 584 159
Cash Flow from Investing Activities 65 -285 -104 -315 -73 -199 393 -210 -256 -365 -82
Cash Flow from Financing Activities -60 -79 -236 48 -211 -181 -18 -294 -122 -107 55
Net Cash Inflow / Outflow 89 -68 -29 -47 143 -55 53 -42 179 113 133
Closing Cash & Cash Equivalent 341 273 243 170 313 258 311 269 448 561 693

Voltas Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 6.52 7.42 11.62 11.7 15.64 17.3 15.35 15.63 15.87 15.24 4.08
CEPS(Rs) 7.1 8.18 12.52 12.68 16.45 18.21 16.26 16.72 17.01 16.42 5.32
DPS(Rs) 1.6 1.85 2.25 2.6 3.5 4 4 4 5 5.5 4.25
Book NAV/Share(Rs) 49.15 55.01 63.56 84.99 99.96 118.05 124.24 129.39 150.95 166.25 164.81
Core EBITDA Margin(%) 4.26 5.01 7.88 7.53 9.3 10.14 8.43 8.96 8.49 8.59 6.03
EBIT Margin(%) 5.59 6.84 10.32 10.07 12.08 12.71 9.97 9.99 9.73 9.11 3.54
Pre Tax Margin(%) 5.01 6.41 9.87 9.79 11.82 12.52 9.51 9.72 9.39 8.79 3.23
PAT Margin (%) 3.71 4.64 7.42 6.84 8.53 8.99 7.21 6.8 7 6.38 1.43
Cash Profit Margin (%) 4.21 5.1 7.96 7.3 8.93 9.37 7.55 7.22 7.45 6.85 1.85
ROA(%) 4.77 5.31 8.07 7.35 8.46 8.41 6.99 6.72 6.34 5.53 1.37
ROE(%) 13.34 14.27 19.69 16 17 16.03 12.82 12.42 11.4 9.64 2.49
ROCE(%) 17.4 18.25 24.93 21.8 22.45 21.71 16.77 17.16 15.08 13.01 5.63
Receivable days 82.65 92.82 93.75 85.93 84.48 85.87 86.42 86.52 87.63 89.95 82.65
Inventory Days 59.22 64.68 61.99 50.55 48.86 48.83 48.77 61 66.39 67.65 62.51
Payable days 135.75 158.43 155.96 142.72 161.28 166.66 157.83 166.35 168.59 167.33 147.29
PER(x) 11.57 21.7 24.04 23.66 26.35 35.87 41.06 30.63 63.11 81.67 200.49
Price/Book(x) 1.54 2.93 4.4 3.26 4.12 5.26 5.07 3.7 6.64 7.49 4.96
Dividend Yield(%) 2.12 1.15 0.81 0.94 0.85 0.64 0.63 0.84 0.5 0.44 0.52
EV/Net Sales(x) 0.44 1.01 1.76 1.62 2.23 3.18 2.93 2.06 4.36 5.16 2.84
EV/Core EBITDA(x) 7.34 14.5 17.56 16.23 17.3 24.37 26.13 17.17 39.68 47.04 36.46
Net Sales Growth(%) 6.66 -4.79 -1.58 10.36 5.47 6.16 11.24 7.5 -1.34 5.01 19.72
EBIT Growth(%) 24.68 16.04 48.12 7.74 27.28 8.11 -13.03 0.42 -3.93 -1.66 -53.44
PAT Growth(%) 27.81 18.71 57.05 1.83 32.24 7.2 -11.08 -7.89 1.49 -4.31 -73.08
EPS Growth(%) 33.1 13.75 56.64 0.72 33.65 10.62 -11.27 1.82 1.54 -4.01 -73.22
Debt/Equity(x) 0.16 0.15 0.06 0.1 0.05 0.04 0.08 0.05 0.05 0.07 0.12
Current Ratio(x) 1.38 1.44 1.42 1.4 1.31 1.41 1.72 1.5 1.48 1.45 1.4
Quick Ratio(x) 1.03 1.12 1.09 1.15 1.01 1.16 1.39 1.11 1.12 1.04 1.05
Interest Cover(x) 9.6 16.08 23.09 36.61 45.9 68.53 21.54 36.28 28.12 27.95 11.38
Total Debt/Mcap(x) 0.11 0.05 0.01 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.02

Voltas Shareholding Pattern

# Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Promoter 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3
FII 22.31 24.42 26.19 24.67 24.37 21.58 20.57 19.08 17.83 17.17
DII 31.85 29.96 28.05 29.65 29.64 31.67 33.36 33.84 36.03 37.21
Public 15.53 15.32 15.47 15.38 15.69 16.46 15.77 16.78 15.84 15.32
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 167.33 to 147.29days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 30.3%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Stock is trading at 7.4 times its book value.
  • The company has delivered a poor profit growth of -25% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Voltas News

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