Sell Voltas, target price Rs 740: Motilal Oswal Financial Services

Motilal Oswal Financial Services has sell call on Voltas with a target price of Rs 740. The current market price of Voltas is Rs 785.2. Motilal Oswal Financial Services recommended to keep stoploss at Rs 795.

Voltas, incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 25741.18 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
Stock has given a breakdown with continuous selling pressure at any bounce.

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.