External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in the EMPS segment.</li><li>Revenue grew 14% YoY to INR26.2b (5% beat), while EBITDA jumped 131% YoY to INR1.6b (11% beat).</li><li>OPM surged 3.1pp YoY to ~6% (+30bp vs. our est.). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in the EMPS segment.Revenue grew 14% YoY to INR26.2b (5% beat), while EBITDA jumped 131% YoY to INR1.6b (11% beat).OPM surged 3.1pp YoY to ~6% (+30bp vs. our est.). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Healthy UCP Performance; Recovery Continues in EMPS

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)</li><li>However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikes</li><li>While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikesWhile Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

<ul><li>Motilal Oswal's research report onVoltas Voltas (VOLT) stock has appreciated by 50%+ in the last six months and has performed well since the reinitiation of coverage in Sep’23. Interactions with dealers in a few regions indicate that there has been an increase in demand for cooling products in Mar &amp; Apr’24. Industry estimates indicate that the demand for RAC has increased by over 30% during the period.</li><li>VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the declines seen in the last 1.5 years.</li><li>As per our estimate, market share of the company should be at ~22% in FY24.We believe that RAC is a long-term structural story, given the low penetration level in India, rising income levels, and thus, aspiration of middle-income group people and rising heatwaves across the globe.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onVoltas Voltas (VOLT) stock has appreciated by 50%+ in the last six months and has performed well since the reinitiation of coverage in Sep’23. Interactions with dealers in a few regions indicate that there has been an increase in demand for cooling products in Mar &amp; Apr’24. Industry estimates indicate that the demand for RAC has increased by over 30% during the period.VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the declines seen in the last 1.5 years.As per our estimate, market share of the company should be at ~22% in FY24.We believe that RAC is a long-term structural story, given the low penetration level in India, rising income levels, and thus, aspiration of middle-income group people and rising heatwaves across the globe.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Strong Volume Growth; Market Share to Increase

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 615.5/63.6/33.9bn, a beat/(miss) of 6.3/0.6/1.5%</li><li>P&amp;M margins came in at 7.6% (+20bps YoY), and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25</li><li>Despite Q2FY25 being impacted by heavy monsoon, LT reported strong 20.6% YoY revenue growth and maintained 15/10% revenue/order inflow guidance for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 615.5/63.6/33.9bn, a beat/(miss) of 6.3/0.6/1.5%P&amp;M margins came in at 7.6% (+20bps YoY), and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25Despite Q2FY25 being impacted by heavy monsoon, LT reported strong 20.6% YoY revenue growth and maintained 15/10% revenue/order inflow guidance for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Prestige Estates, Voltas, Kaynes Technology

<ul><li>With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures</li><li>As channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growth</li><li>While Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouraging</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressuresAs channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growthWhile Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouragingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

Voltas - Healthy UCP Performance; Recovery Continues in EMPS

Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in...

Motilal Oswal

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Prestige Estates, Voltas, Kaynes Technology

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 615.5/63.6/33.9bn, a beat/(miss) of 6.3/0.6/1.5%

HDFC Securities

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures

HDFC Securities

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Voltas - Healthy UCP Performance; Recovery Continues in EMPS

Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in...

Motilal Oswal

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)

HDFC Securities

Voltas - Strong Volume Growth; Market Share to Increase

VOLT indicated that its volume growth in RAC stood at 71% YoY in 4QFY24 and we believe that the company recently gained market share after the...

Motilal Oswal

HSIE Results Daily: Larsen & Toubro, Prestige Estates, Voltas, Kaynes Technology

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 615.5/63.6/33.9bn, a beat/(miss) of 6.3/0.6/1.5%

HDFC Securities

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures

HDFC Securities