Hold Voltas, target of Rs 101: PINC

PINC Research has downgraded its rating on Voltas to hold with a target price of Rs 101 in its May 29, 2009 research report.

“Voltas Ltd’s Q4FY09 net sales grew by 48% YoY to Rs 12.5 billion against our estimate of Rs 8.2 billion. OPM declined by 60bps to 6.3% mainly due to increase in cost of raw material to sales by 235bps. Net profit rose by 13% to Rs 629 million (Adj. Rs 589 million) against our estimate of Rs 310 million. We downgrade our recommendation to ‘HOLD’ as the stock is fairly valued at current price, target of Rs 101, says PINC’s research report.

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Tagged as: PINC Research, Voltas