Voltas Ltd

About [ edit ]

Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry.

Voltas was created 6 decades ago when Tata Sons joined hands with a swiss company Volkart Brothers. Voltas is also one of the most reputed engineering solution providers specializing in project management. #
The company has 5,000+ Customer sites actively managed across India #

Key Points [ edit ]
  • Market Cap 34,132 Cr.
  • Current Price 1,032
  • High / Low 1,132 / 427
  • Stock P/E 76.3
  • Book Value 133
  • Dividend Yield 0.39 %
  • ROCE 18.2 %
  • ROE 13.1 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 24.92%

Cons

  • Stock is trading at 7.78 times its book value
  • The company has delivered a poor sales growth of 8.12% over past five years.
  • Company has a low return on equity of 13.87% for last 3 years.
  • Earnings include an other income of Rs.215.72 Cr.

Peer comparison

Sector: Diversified Industry: Diversified - Mega

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,048 2,148 1,421 1,492 2,063 2,654 1,422 1,493 2,090 1,297 1,613 1,995
1,796 1,905 1,315 1,407 1,938 2,384 1,325 1,414 1,917 1,242 1,522 1,869
Operating Profit 252 243 106 85 125 270 97 79 173 55 91 126
OPM % 12% 11% 7% 6% 6% 10% 7% 5% 8% 4% 6% 6%
Other Income 42 29 46 43 57 0 66 54 58 67 38 52
Interest 4 3 6 13 11 4 5 6 6 7 6 3
Depreciation 6 6 6 6 6 8 8 8 8 8 8 8
Profit before tax 284 263 140 109 166 258 150 119 217 108 115 166
Tax % 32% 29% 24% 28% 14% 36% 29% 26% 26% 24% 31% 22%
Net Profit 194 184 103 81 140 165 106 87 159 81 78 128
EPS in Rs 5.87 5.56 3.13 2.45 4.22 4.99 3.22 2.63 4.80 2.45 2.37 3.87
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
4,326 4,757 5,191 5,186 5,531 5,266 5,183 5,720 6,033 6,404 7,124 7,658 6,994
4,052 4,310 4,730 5,021 5,401 5,000 4,963 5,294 5,485 5,743 6,565 7,044 6,549
Operating Profit 274 448 461 165 130 266 220 425 548 661 559 614 444
OPM % 6% 9% 9% 3% 2% 5% 4% 7% 9% 10% 8% 8% 6%
Other Income 131 115 100 120 210 122 345 179 213 180 175 183 216
Interest 13 10 17 31 33 23 23 16 16 12 33 21 22
Depreciation 21 21 21 34 28 25 28 26 24 24 24 32 33
Profit before tax 371 531 524 219 280 340 514 563 720 805 677 744 605
Tax % 31% 28% 33% 26% 26% 28% 25% 30% 28% 28% 24% 30%
Net Profit 251 381 357 162 208 245 384 387 517 572 508 517 446
EPS in Rs 7.60 11.51 10.80 4.90 6.28 7.42 11.62 11.70 15.64 17.30 15.35 15.63 13.49
Dividend Payout % 21% 17% 19% 33% 25% 25% 19% 22% 22% 23% 26% 26%
Compounded Sales Growth
10 Years:5%
5 Years:8%
3 Years:8%
TTM:-8%
Compounded Profit Growth
10 Years:4%
5 Years:10%
3 Years:2%
TTM:-16%
Stock Price CAGR
10 Years:21%
5 Years:34%
3 Years:18%
1 Year:53%
Return on Equity
10 Years:15%
5 Years:14%
3 Years:14%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
33 33 33 33 33 33 33 33 33 33 33 33 33
Reserves 757 1,052 1,329 1,445 1,593 1,786 2,069 2,778 3,274 3,872 4,077 4,247 4,351
Borrowings 181 35 138 225 262 264 122 271 171 142 315 218 430
6,630 2,261 2,643 2,454 2,676 2,660 2,662 2,788 2,991 3,249 3,091 3,657 2,660
Total Liabilities 7,602 3,382 4,143 4,157 4,564 4,744 4,886 5,869 6,469 7,296 7,515 8,155 7,475
282 283 310 289 300 288 269 276 300 297 343 380 383
CWIP 13 19 1 5 0 2 4 1 1 4 16 26 17
Investments 156 234 269 312 407 732 1,094 1,975 2,268 2,754 2,386 2,343 2,144
7,150 2,845 3,563 3,551 3,857 3,721 3,519 3,617 3,901 4,242 4,771 5,405 4,931
Total Assets 7,602 3,382 4,143 4,157 4,564 4,744 4,886 5,869 6,469 7,296 7,515 8,155 7,475

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
99 306 -49 -267 84 295 311 219 428 325 -321 462
65 -76 -19 135 65 -285 -104 -315 -73 -199 393 -210
-7 -218 10 -27 -60 -79 -236 48 -211 -181 -18 -294
Net Cash Flow 157 12 -59 -159 89 -68 -29 -47 143 -55 53 -42

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 43% 50% 38% 22% 16% 17% 22% 19% 22% 22% 17% 18%
Debtor Days 80 77 75 82 90 93 94 87 88 89 92 87
Inventory Turnover 0.74 1.07 4.98 4.57 4.61 4.11 4.08 5.14 5.21 5.32 5.54 4.35

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
30.30 30.30 30.30 30.30 30.30 30.30 30.30 30.30 30.30 30.30 30.30 30.30
19.58 15.46 15.92 14.58 13.67 12.99 10.19 10.91 9.87 10.71 12.44 14.55
29.33 32.33 31.95 32.94 34.69 35.89 39.05 38.18 39.63 38.88 38.94 37.36
0.34 0.35 0.35 0.35 0.42 0.41 0.41 0.41 0.41 0.46 0.29 0.24
20.45 21.56 21.49 21.83 20.92 20.41 20.06 20.20 19.79 19.65 18.03 17.54

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