Voltas

₹1298.1 22.1 | 1.7%

WEBSITE BSE:500575 NSE : VOLTAS LTD 10 May, 16:01

Market Cap ₹42950 Cr.

Stock P/E 170.4

P/B 7.4

Current Price ₹1298.1

Book Value ₹ 175.9

Face Value 1

52W High ₹1500

Dividend Yield 0.42%

52W Low ₹ 745

Edit Ratio

Voltas Research see more...

Equity Research Report: Voltas

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..

Voltas Share Price

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Peer Comparison

Voltas Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1794	2667	2768	1768	2006	2957	3360	2293	2626	4203
Other Income	29	37	27	64	31	47	70	71	58	54
Total Income	1822	2704	2795	1833	2036	3003	3430	2364	2684	4257
Total Expenditure	1638	2406	2591	1668	1929	2739	3175	2222	2597	4012
Operating Profit	184	298	204	165	107	265	255	141	86	245
Interest	4	13	4	7	6	12	10	11	14	21
Depreciation	10	9	8	10	11	10	11	12	13	12
Exceptional Income / Expenses	0	0	0	-106	-137	0	0	0	0	0
Profit Before Tax	171	276	191	42	-48	242	234	118	60	212
Provision for Tax	43	65	51	19	30	71	73	49	51	63
Profit After Tax	129	212	140	23	-78	171	160	69	8	149
Adjustments	-33	-29	-32	-30	-33	-27	-31	-32	-39	-33
Profit After Adjustments	96	183	109	-7	-110	144	129	37	-30	116
Adjusted Earnings Per Share	2.9	5.5	3.3	-0.2	-3.3	4.4	3.9	1.1	-0.9	3.5

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	12482
Other Income	90	100	109	137	212	185	197	231	189	189	168	253
Total Income	5621	5366	5292	5857	6245	6590	7321	7889	7745	8124	9667	12735
Total Expenditure	5293	5000	4773	5287	5466	5753	6524	6972	6914	7253	8926	12006
Operating Profit	328	366	519	570	779	837	798	917	830	871	741	727
Interest	33	23	23	16	16	12	33	21	26	26	30	56
Depreciation	28	25	28	26	24	24	24	32	34	37	40	48
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	624
Provision for Tax	73	94	128	170	200	227	164	223	180	191	171	236
Profit After Tax	207	246	386	393	520	578	514	521	529	506	136	386
Adjustments	9	-0	-2	-6	-2	-6	-6	-4	-4	-2	-1	-135
Profit After Adjustments	216	245	384	387	517	572	508	517	525	504	135	252
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	7.6

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	61%	10%	17%	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

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	30.3	30.3	30.3	30.3	30.3	30.3	30.3	30.3	30.3	30.3
FII	24.42	26.19	24.67	24.37	21.58	20.57	19.08	17.83	17.17	14.71
DII	29.96	28.05	29.65	29.64	31.67	33.36	33.84	36.03	37.21	40.59
Public	15.32	15.47	15.38	15.69	16.46	15.77	16.78	15.84	15.32	14.4
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	10.03	10.03	10.03	10.03	10.03	10.03	10.03	10.03	10.03	10.03
FII	8.08	8.66	8.16	8.06	7.14	6.81	6.31	5.9	5.68	4.87
DII	9.91	9.28	9.81	9.81	10.48	11.04	11.2	11.92	12.31	13.43
Public	5.07	5.12	5.09	5.19	5.45	5.22	5.55	5.24	5.07	4.77
Others	0	0	0	0	0	0	0	0	0	0
Total	33.09	33.09	33.09	33.09	33.09	33.09	33.09	33.09	33.09	33.09

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.

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Voltas

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Voltas Research see more...

Overview Inc. Year: 1954Industry: Air Conditioners

Voltas Share Price

Alert Data

Quarterly Price

Peer Comparison

Voltas Quarterly Results

Voltas Profit & Loss

Growth Rates

Voltas Balance Sheet

Voltas Cash Flow

Voltas Ratios

Voltas Shareholding Pattern

Voltas News

IPO

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