Buy Voltas, target price Rs 1345: ICICI Direct

ICICI Direct has buy call on Voltas with a target price of Rs 1345. The current market price of Voltas is Rs 1288.9. Time period given by analyst is Intra Day when Voltas price can reach defined target. ICICI Direct recommended to keep stoploss at Rs 1238.

Voltas, incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 42641.12 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-2021.


Financials
For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 1822.34 Crore, up 4.89% from last quarter Total Income of Rs 1737.35 Crore and down 10.94% from last year same quarter Total Income of Rs 2046.26 Crore. Company has reported net profit after tax of Rs 128.56 Crore in latest quarter.

Investment Rationale
Faster retracement and a breakout above the falling supply line joining recent highs since October 2021.

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of 31-Dec-2021, while FIIs owned 24.42 per cent, DIIs 29.76 per cent.