With over 2 million AC models bought throughout this era, Voltas’ gross sales numbers are additionally trade-first
Shares of Voltas hit their higher circuit of 10 per cent and posted a recent 52-week excessive in early commerce on April 8. More upside forward?
Voltas At 52-Week High: Shares of Voltas hit their higher circuit of 10 per cent and posted a recent 52-week excessive in early commerce on April 8, after the AC maker introduced that it bought 2 million models in FY24.
Voltas on Sunday, April 7, introduced that it has achieved the very best-ever gross sales of air conditioners (ACs) within the fiscal yr 2023-24. With over 2 million AC models bought throughout this era, Voltas’ gross sales numbers are additionally trade-first. The Tata Group firm stated in an change submitting, “The company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35 per cent.”
According to Voltas, the efficiency was aided by constant demand for cooling merchandise in the course of the yr, a powerful offline and on-line distribution community, sturdy model fairness, and modern new launches.
Commenting on the landmark achievement, Pradeep Bakshi, Managing Director & CEO of Voltas Limited, stated, “Our extensive presence, focus on emerging retail channels, excellent distribution network, strong brand equity, and attractive consumer offers have propelled us to this significant achievement. We extend our gratitude to all our business partners and customers for their unwavering support, making us the undisputed leader.”
Voltas has maintained its place because the market chief within the air conditioner class for over a decade. The model is now poised to additional increase its retail and distribution community to accommodate its increasing product portfolio.
More Upside Ahead For Investors?
Brokerage HSBC is bullish on Voltas. It has maintained a ‘buy’ score on the inventory anticipating that the corporate’s unitary cooling merchandise (UCP) division will witness a big improve in profitability.
In addition to ACs, Voltas witnessed notable quantity progress in different cooling merchandise, together with air coolers and industrial refrigeration merchandise. Voltas Beko, the
dwelling home equipment
model, additionally skilled a big quantity progress of 52 per cent within the fourth quarter and achieved near 2 million gross sales of fridges and washing machines in FY24. Overall, Voltas bought 5 million client merchandise throughout the nation in FY24.
Further, on April 2, inventory costs of client durables firms equivalent to Voltas and Havells India surged after the Met Office issued warnings of a heatwave on account of excessive climate circumstances.
However, in a report, ICICI Securities debunked the declare that the heatwave could have any influence on the income progress of summer season merchandise.
“While the narrative of ‘heatwaves result in higher growth of summer products (fans, air coolers, air conditioners and refrigerators)’ is popular, we believe historical data does not support this,” the broking agency stated in a report.
Over the previous six months, Voltas shares have surged nearly 60 per cent in commerce. In comparability, the home benchmark, Nifty 50 has risen round 15 per cent throughout the identical time interval.
