Buy Voltas, target price Rs 1005: BNP Paribas Securities

BNP Paribas Securities has buy call on Voltas with a target price of Rs 1005. The current market price of Voltas is Rs 795.7.

Voltas, incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 26356.62 Crore) operating in Consumer Durables sector.

Voltas key Products/Revenue Segments include Electrical Goods, Contract Revenue, Sale of services, Other Operating Revenue and Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 3003.46 Crore, up 47.50 % from last quarter Total Income of Rs 2036.27 Crore and up 11.08 % from last year same quarter Total Income of Rs 2703.78 Crore. Company has reported net profit after tax of Rs 171.40 Crore in latest quarter.

The company’s top management includes Mr.Noel N Tata, Mr.Zubin S Dubash, Mr.Arun Kumar Adhikari, Ms.Anjali Bansal, Mr.Bahram N Vakil, Mr.Hemant Bhargava, Mr.D Sarangi, Mr.V Deshpande, Mr.Pradeep Bakshi, Mr.Saurabh Agrawal. Company has S R B C & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 33 Crore shares outstanding.

Investment Rationale
The brokerage trims FY24E earnings to bake in 4QFY23 results, while FY25Eearnings are largely unchanged.

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of 31-Mar-2023, while FIIs owned 20.58 per cent, DIIs 32.69 per cent.