Voltas surges 8% to scale 52-week high as net loss narrows in Q3

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Shares of Voltas soared nearly 8 percent to hit a 52-week high of Rs 1,095.95 on January 31, a day after the company narrowed its net loss for the December quarter of the current fiscal year.

The company reported a net loss of Rs 27.6 crore in Q3, down from a loss of Rs 110 crore last fiscal. The losses shrank on better sales as revenue surged 31 percent on-year to Rs 2,625.7 crore.

Regardless, the company’s operational performance remained weak as the EBITDA margin contracted to 1.1 percent in October-December as against 3.8 percent a year ago.

At 1.14pm, shares of Voltas were trading 7 percent higher at Rs 1,088.05 on the NSE.

The unitary cooling project segment’s revenue was higher by 21 percent, in-line with Nomura’s estimate, but ahead of the consensus. The projects segment saw its topline jump 51 percent on-year, supported by a healthy order book. The service segment’s revenue rose 31 percent compared to the same quarter last year.

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In the Projects segment, the domestic business grew 83 percent on-year and profitability improved. “However, a few international projects, especially in Qatar, are under stress due to unreasonable delays in release of due receivables and prolongation of execution timelines,” said Nomura.

For technical levels, Choice Broking said there are expectations of further upward momentum, with potential targets at Rs 1,175 and Rs 1,250. On the downside, substantial support is seen around Rs 990.

Over the past six months, shares of Voltas have risen around 39.5 percent. In comparison, the frontline index Nifty 50 has given investors returns of around 9.5 percent in this time.

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