Voltas Ltd

Voltas Ltd

₹ 1,390 -1.51%
28 May - close price
About

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. [1]
The company has 5,000+ Customer sites actively managed across India [2]

Key Points

Unitary Cooling Products(UCP) [1]
Unitary Cooling products comprises Air Conditioners, Air Coolers, and Commercial Refrigeration products etc in B2B & B2C segment. As of Fy23, company has 21% market share in room Acs and 36% in window ACs. It has 25,000+ touchpoints, 64 New RAC SKUs, 51 Voltas Fresh Air Coolers SKUs, 23 New Commercial Refrigeration SKUs.[2]

  • Market Cap 45,988 Cr.
  • Current Price 1,390
  • High / Low 1,502 / 745
  • Stock P/E 185
  • Book Value 176
  • Dividend Yield 0.31 %
  • ROCE 8.50 %
  • ROE 4.40 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 70.8%

Cons

  • Stock is trading at 7.90 times its book value
  • Company has a low return on equity of 6.08% over last 3 years.
  • Earnings include an other income of Rs.253 Cr.

* 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.

Peer comparison

Sector: Consumer Durables Industry: Air-conditioners

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,652 1,785 1,689 1,794 2,667 2,768 1,768 2,006 2,957 3,360 2,293 2,626 4,203
2,343 1,680 1,579 1,670 2,434 2,622 1,696 1,962 2,767 3,206 2,256 2,633 4,051
Operating Profit 309 105 110 124 232 146 72 44 190 154 37 -8 152
OPM % 12% 6% 7% 7% 9% 5% 4% 2% 6% 5% 2% -0% 4%
32 75 48 29 37 27 -42 -107 47 70 71 58 54
Interest 10 4 6 4 13 4 7 6 12 10 11 14 21
Depreciation 9 9 10 10 9 8 10 11 10 11 12 13 12
Profit before tax 321 168 143 139 247 160 13 -80 214 203 85 24 174
Tax % 26% 27% 27% 31% 26% 32% 145% -37% 33% 36% 58% 216% 36%
239 122 104 97 183 110 -6 -110 143 129 36 -28 111
EPS in Rs 7.18 3.68 3.13 2.90 5.52 3.29 -0.22 -3.34 4.35 3.91 1.11 -0.92 3.52
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
5,531 5,266 5,183 5,720 6,033 6,404 7,124 7,658 7,556 7,934 9,499 12,481
5,293 5,000 4,773 5,376 5,484 5,742 6,564 7,040 6,975 7,362 9,045 12,145
Operating Profit 238 266 411 344 549 663 560 618 580 572 454 336
OPM % 4% 5% 8% 6% 9% 10% 8% 8% 8% 7% 5% 3%
102 121 154 261 212 178 174 179 189 188 -77 253
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
Profit before tax 280 340 514 563 720 805 677 744 709 697 307 486
Tax % 26% 28% 25% 30% 28% 28% 24% 30% 25% 27% 56% 49%
207 246 388 393 520 578 514 521 529 506 136 248
EPS in Rs 6.28 7.42 11.62 11.70 15.64 17.30 15.35 15.63 15.87 15.23 4.08 7.62
Dividend Payout % 25% 25% 19% 22% 22% 23% 26% 26% 32% 36% 104% 72%
Compounded Sales Growth
10 Years: 9%
5 Years: 12%
3 Years: 18%
TTM: 31%
Compounded Profit Growth
10 Years: 1%
5 Years: -14%
3 Years: -22%
TTM: 2%
Stock Price CAGR
10 Years: 22%
5 Years: 19%
3 Years: 12%
1 Year: 68%
Return on Equity
10 Years: 11%
5 Years: 8%
3 Years: 6%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 33 33 33 33 33 33 33 33 33 33 33 33
Reserves 1,593 1,786 2,069 2,778 3,274 3,872 4,077 4,247 4,960 5,466 5,419 5,787
262 264 122 271 171 142 315 219 261 361 651 744
2,676 2,660 2,662 2,788 2,991 3,249 3,091 3,657 3,402 3,874 4,171 5,472
Total Liabilities 4,564 4,744 4,886 5,869 6,469 7,296 7,515 8,156 8,655 9,734 10,274 12,036
300 288 269 276 300 297 343 380 388 384 525 548
CWIP 0 2 4 1 1 4 16 26 9 59 98 368
Investments 407 732 1,094 1,975 2,268 2,754 2,386 2,343 3,046 3,615 3,109 3,508
3,857 3,721 3,519 3,617 3,901 4,242 4,771 5,406 5,212 5,676 6,542 7,612
Total Assets 4,564 4,744 4,886 5,869 6,469 7,296 7,515 8,156 8,655 9,734 10,274 12,036

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
84 295 311 219 428 325 -321 462 556 584 159 762
65 -285 -104 -315 -73 -199 393 -210 -256 -365 -82 -522
-60 -79 -236 48 -211 -181 -18 -294 -122 -107 55 -116
Net Cash Flow 89 -68 -29 -47 143 -55 53 -42 179 113 133 123

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 90 93 94 87 88 89 92 87 87 97 84 74
Inventory Days 86 85 88 65 78 65 76 97 84 103 79 79
Days Payable 151 154 156 156 172 174 165 177 161 182 149 143
Cash Conversion Cycle 25 24 26 -4 -6 -19 3 7 9 18 14 10
Working Capital Days 46 42 35 38 36 40 57 59 60 54 54 47
ROCE % 16% 17% 22% 19% 22% 22% 17% 18% 15% 13% 10%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30% 30.30%
17.24% 22.31% 24.42% 26.19% 24.67% 24.37% 21.58% 20.58% 19.08% 17.84% 17.18% 14.71%
33.87% 31.61% 29.76% 27.83% 29.44% 29.43% 31.46% 33.14% 33.63% 35.82% 37.00% 40.36%
0.24% 0.24% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21%
18.34% 15.53% 15.32% 15.47% 15.38% 15.69% 16.45% 15.78% 16.78% 15.84% 15.32% 14.41%
No. of Shareholders 1,58,9891,47,9411,56,7881,71,6201,96,5192,24,2182,61,5012,73,0472,99,2702,80,9422,61,0092,41,794

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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