Buy Voltas, target price Rs 1350: ICICI Direct

ICICI Direct has buy call on Voltas with a target price of Rs 1350. The current market price of Voltas Ltd. is Rs 1263.05. Time period given by analyst is 7 days when Voltas Ltd. price can reach defined target.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 41790.74 Crore) operating in Consumer Durables sector.

Voltas Ltd. 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 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 reported net profit after tax of Rs 128.56 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to maintain positive bias and head towards the upper band of the last six months range placed around Rs 1350 in the coming sessions

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of 31-Mar-2022, while FIIs owned 26.19 per cent, DIIs 27.84 per cent.