Voltas’ consolidated revenue was up by mere 0.7% yoy to Rs2,048.4cr from Rs2,035.1cr in Q4FY17 impacted by poor performance of the Engineering products and services (EPS) and Unitary Cooling Products (UCP) segments. EBITDA grew by 14.5% yoy to Rs253.2cr from ~Rs221.2cr in Q4FY17. EBITDA increase was a result of decline in other expenses and employee cost by 16.4% and 3.4% yoy during the quarter. Thus, EBITDA margin improved by 149bps from 10.9% in Q4FY17 to 12.4% in Q4FY18. Net profit during the quarter decreased by 2.4% yoy to Rs195.6cr as compared to Rs200.3cr in Q4FY17.
• Electro-mechanical projects and services' (EMPS) sales for the quarter was at Rs873.5cr (up 5.4% yoy) as compared to Rs829cr in the corresponding quarter last year. EBIT margin in the segment increased from 5.7% in Q4FY17 to 7.6% in Q4FY18. The higher profitability is a result of better quality of orders and efficient execution both in domestic and international business.
• Order Book of the EMPS segment stood higher at Rs5,062cr (up 17.2% yoy) at Q4FY18 end.
• Despite being a peak season, UCP sales were down by 2% yoy to Rs1,064.5cr. This maybe on account of higher inventory build-up by dealers in Q3FY18 itself. EBIT margin, however, increased from 16.4% in Q4FY17 to 17.2.0% in Q4FY18.
• Voltas continues to be the market leader in room air-conditioners with a market share of over 22% in FY18. In UCP, Voltas has also ramped up its product mix to gain market share in the inverter AC segment.
• EPS segment’s revenue was down 21.9% yoy to Rs83.4cr, while EBIT margin increased from 24.2% in Q4FY17 to 29.8% in Q4FY18 owing to favourable mix.
Voltas Ltd is currently trading at Rs. 583.55, down by 7.6 points or 1.29% from its previous closing of Rs. 591.15 on the BSE.
The scrip opened at Rs. 595 and has touched a high and low of Rs. 597 and Rs. 580.80 respectively. So far 18,63,081 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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