14 August 2014
1QFY15 Results Update | Sector:
Capital Goods
Voltas
BSE SENSEX
26,103
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
7,792
VOLT IN
330.9
73.0/1.2
233/63
6/57/167
CMP: INR221
TP: INR262
Buy
Results beat expectations, estimates revised
Performance above estimates, project business reports constrained margins:
VOLT booked revenue of INR17.5b, up 10% YoY, against an estimate of INR16.3b.
Improvement in revenue was aided by 27% YoY increase in unitary cooling
business revenue. EBITDA for 1QFY15 increased 2.2x YoY at INR1.6b v/s an
estimate of INR1.1b. Hence, PAT increased 2.7x on a YoY basis at INR1.1b.
Project business reports constrained margins; book-to-bill ratio at 1.3x:
Project
business reported revenue of INR6.2b, down 10% YoY, for 1QFY15. However, with
an EBIT of INR44m, project business continues to report constrained margins
(1QFY15 EBIT 0.7% v/s -3.8% in 1QFY14 and -2% in 4QFY14). Legacy projects
continue to be a part of the order backlog; 1QFY15 order inflows at INR6.9b.
Unitary cooling division maintains market leadership:
Unitary cooling division
reported robust performance for 1QFY15, with revenue of INR10.1b, up 27% YoY.
Aided by higher volume offtake, EBIT margin in unitary cooling segment improved
300bp for 1QFY15 at 11.6% v/s 8.6% in 1QFY14. Volume offtake in this segment
can be attributed to prolonged, intense and volatile climatic conditions.
Valuation and view:
At CMP of INR221, VOLT trades at 23.3x/18.6x FY15E/FY16E
EPS of INR9.5/11.9. Post the robust performance reported in 1QFY15, we model
revenue/PAT CAGR of 11%/33% for the period FY14-16E. Maintain
Buy
with a
revised target price of INR262.
Financials & Valuation (INR Million)
Y/E Mar
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr. (%)
BV/Sh(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2015E 2016E 2017E
56,918 65,332 76,146
3,700
3,129
9.5
34
62
16.2
15.7
23.3
3.6
4,738
3,933
11.9
26
70
18.1
18.3
18.6
3.2
5,998
4,928
14.9
25
80
19.8
20.7
14.8
2.7
Satyam Agarwal
(AgarwalS@MotilalOswal.com); +91 22 3982 5410
Amit Shah
(Amit.Shah@MotilalOswal.com)
/
Nirav Vasa
(Nirav.Vasa@MotilalOswal.com)
Investors are advised to refer through disclosures made at the end of the Research Report.

Voltas
Performance above est, project segment reported constrained margins
VOLT booked revenues worth INR 17.5b, up 10% YoY against est of INR 16.3b.
Improvement in revenues was supported by 27% YoY increase in unitary cooling
business. EBITDA for 1QFY15 increased 2.2x YoY at INR 1.6b vs est of INR 1.1b.
Improvement in EBITDA was supported by increased volume off take in unitary
cooling division, breakeven in project business & controlled fixed costs. Fixed costs
for the quarter were at INR 3.4b vs INR 3.3b in 1QFY14. Staff cost for 1QFY15
decreased 9% YoY at INR 1.5b vs INR 1.7b in 1QFY15, as VOLT continued to
rationalize is man power in order to align itself with market conditions (Discussed in
detail in FY14 annual report analysis). Consequently, PAT increased 2.7x on YoY basis
at INR 1.1b. Going forward, improvement in man power is subject to increased pace
of project execution.
Revenue growth supported by increased product sales
Revenues (INR b)
12.7
21.7
17.0
5.3
(2.8) (5.0)
(4.3)
(8.9)
19.9
9.6
3.8
(0.5) (0.8)
(2.9)
(7.2)
1.4
(8.4)
Growth (%)
11.9
10.5 10.6
8.3
4.4
9.5
EBITDA improves as fixed costs kept under control
EBITDA (INR b)
EBITDA (%)
9.0 9.8 8.0
5.3
4.2
6.0
4.5
6.87.6
9.2 9.3
Source: MOSL, Company
Source: MOSL, Company
Project business reports constrained margins; Book to Bill ratio at 1.3x
Project business reported revenues of INR 6.2b, down 10% YoY basis for 1QFY15.
However, With EBIT of INR44m in project business continues to report constrained
margins. (1QFY15 EBIT: 0.7% vs (-3.8%) in 1QY14 & (-2%) in 4QFY14) However,
legacy projects still continue to be a part of the order back log. Order inflow for
1QFY15 was at INR 6.9b vs INR 7.8b, driven mainly by orders from midsized infra
projects across India and GCC nations. Order backlog at the end of 1QFY15 was at
INR 37.9b (flat on YoY basis) representing book to bill ratio at the end of 1QFY15 was
at 1.3x.
Sidra project (95% complete) continues to be a cause of concern as the project
developer has fired the main contractor. VOLT would now be working with new
contractor appointed by Qatar foundation. Any comment by the management on
Sidra project’s completion schedule and time lines by which it can get its claims
placed needs to be keenly watched. VOLT has booked over runs worth ~INR 4b,
which it intends to place the main contractor once the project is commissioned.
However, VOLT is yet to sign its supplementary variation contract with the main
contractor post which it would be placing its demand for delayed compensation
claims.
14 August 2014
2

Voltas
Project business reports constrained EBIT margins
Revenues (INR b)
PBIT (%)
1.6 1.6 1.5 1.6
Book to Bill ratio at 1.4x
Order Book (INR b)
1.6
1.51.4
1.4
1.3
Book to Bill (x)
1.3 1.3
1.4 1.4 1.3
1.4
1.2 1.2
Source: MOSL, Company
Source: MOSL, Company
Unitary cooling division maintains market leadership; engineering product
segment awaits macro triggers
Unitary cooling division reported robust performance for 1QFY15, with revenues of
INR 10.1b, up 27% YoY. Supported by higher volume offtake, EBIT margins in unitary
cooling segment improved 300 bps for 1QFY15 at 11.6% vs 8.6% in 1QFY14. Volume
off take in this segment can be attributed to prolonged, intense and volatile climatic
conditions. Increase in volume can also be attributed to competitive pricing and
diversified project mix offered by VOLT which is dispensed across ~7,500 retailers on
pan India basis. Consequently, VOLT was able to maintain its market leadership
position in Indian room AC marker.
VOLT’s engineering products division reported revenues of INR 1.1b (flat on YoY
basis). However, EBIT across engineering products division dipped 22% YoY & 22%
QoQ as it awaits macro push for increased demand. Consequently, EBIT margins
across engineering products division dipped 610 bps to 21.6% for 1QFY15 from
27.8%. In mining business, VOLT has given up some big dealerships of CAT as a part
of the restructuring exercise. However, the focus now is on expanding its mining
products business in Mozambique.
Unitary cooling products report growth of 27% YoY
Revenues (INR b)
PBIT (%)
Engineering product segment awaits macro push
Source: MOSL, Company
Source: MOSL, Company
14 August 2014
3

Voltas
Quarterly performence
Segmental Revenues
EMP & Services
Engineering products and services
Unitary cooling business
Others
Total
Segment PBIT
EMP & Services
Engineering products and services
Unitary cooling business
Others
Total PBIT
Segment PBIT (%)
EMP & Services (%)
Engineering products and services (%)
Unitary cooling business (%)
Others (%)
Total PBIT (%)
Capital Employed
EMP & Services
Engineering products and services
Unitary cooling business
Others
Unallocated
Total Capital Employed
1QFY14
6,930
1,112
7,867
112
16,020
2QFY14
6,709
1,265
2,643
151
10,767
3QFY14
6,429
1,118
3,470
134
11,151
4QFY14
6,857
988
6,543
125
14,512
1QFY15
6,222
1,109
10,014
181
17,526
(265)
309
678
(3)
720
51
275
299
6
631
(42)
361
450
1
770
(139)
302
1,102
1
1,266
44
240
1,163
31
1,478
(4)
28
9
(2)
4
1
22
11
4
6
(1)
32
13
1
7
(2)
31
17
1
9
1
22
12
17
8
6,600
981
823
175
8,292
16,871
6,290
950
1,889
248
8,066
17,443
5,793
1,068
2,678
289
8,264
18,092
6,237
6,897
1,073
895
2,747
(703)
249
286
8,025
11,985
18,331
19,361
Source: MOSL, Company
Valuation and outlook
At CMP of INR221, VOLT trades at 23.3x/18.6x FY15E/FY16E EPS of INR9.5/11.9. Post
the robust performance reported in 1QFY15, we now model Revenue / PAT CAGR of
11% / 33% for the period between FY14E – FY16E. Improvement in margins would
be a function of increased operating leverage, higher volume offtake across its room
AC segment & pick in pace of project execution across textile industry leading to
increased demand for engineering products division. Maintain
Buy
with a revised TP
of INR262.
14 August 2014
4

Voltas
Voltas: an investment profile
Company description
Voltas (VOLT) is a Tata group company and is India's
largest air conditioning company and is one of the
leading engineering solution provider across GCC
nations as well. VOLT’s business portfolio comprises of
providing HVaC & MEP solutions. VOLT has a proven
track record of delivering MEP / HVaC solution across
iconic projects like Burj Al Arab, F1 track in Bahrain etc.
VOLT’s product business comprises of unitary cooling
division, in which VOLT is the market leader with ~20%
market share. Other product business would include,
marketing of textile machinery.
Recent developments
Key investment arguments
VOLT has developed a dealer base of ~7000 retailers
across the country for its unitary cooling division.
VOLT is the largest MEP player in Qatar, which is
expected to host FIFA world cup in 2022.
Supported by 29% increase in contract revenues,
RIEL reported EBITDA breakeven in FY14, with an
operating profit of INR24.6m. Post the integration
of RIEL with VOLT’s domestic projects group,
VOLT had purchased the remaining 16.33% share
from RIEL’s erstwhile promoters, making RIEL its
100% subsidiary.
VOLT’s manpower cost for FY14 declined 6% on a
consolidated basis and 15% on a standalone
basis. Employees on its payroll continued to
decrease for the third consecutive year in FY14,
with 65% of its manpower being on contract
basis. In all, VOLT has 6,901 employees on its
rolls, down from the peak of 11,527 employees in
FY11.
Valuation and view
Key investment concerns
Pace of project execution has slowed down
considering the macro environment.
Equipment off take across engineering products
division is subject to capex undertaken by textile
industry.
For the period between FY14 – FY16, we expect
VOLT’s PAT to report CAGR of 33%, supported by
increased profitability in project business.
VOLT trades at 23.3x/18.6x FY15E/FY16E EPS of
INR9.5/11.9.
Buy
with a revised TP of INR262.
Sector view
We maintain our
Neutral
view on the sector.
MOSL
Forecast
9.5
11.9
Consensus
Forecast
8.7
11.2
Variation
(%)
9.4
6.2
Comparative valuations
P/E (x)
P/BV (x)
EV/Sales (x)
EV/EBITDA (x)
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
VOLT
23.3
18.6
3.6
3.2
1.2
1.1
19.0
14.5
CRG
21.1
15.9
3.3
2.8
0.9
0.8
12.8
10.1
Havells
25.7
21.1
7.3
6.1
1.6
1.6
15.2
12.6
EPS: MOSL forecast v/s consensus (INR)
FY15
FY16
Target price and recommendation
Current
Price (INR)
221
Target
Price (INR)
262
Upside
(%)
18.6
Reco
Buy
Shareholding pattern (%)
Jun-14
Promoter
DII
FII
Others
30.3
29.2
18.6
21.9
Mar-14
30.3
28.9
18.1
22.7
Jun-13
30.2
25.6
18.1
26.1
Stock performance (1-year)
Note: FII Includes depository receipts
14 August 2014
5

Voltas
Financials and valuations
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT
2014
52,660
-5
2,656
5.0
248
2,408
225
1,002
215
3,399
924
27.2
2,475
2,335
17
0
2,475
2015E
56,918
8
3,700
6.5
276
3,424
321
1,106
0
4,208
1,079
25.6
3,129
3,129
34
0
3,129
(INR Million)
2016E
65,332
15
4,738
7.3
304
4,433
331
1,236
0
5,339
1,405
26.3
3,933
3,933
26
0
3,933
2017E
76,146
17
5,998
7.9
332
5,666
341
1,370
0
6,694
1,766
26.4
4,928
4,928
25
0
4,928
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2014
7.1
8.2
55.0
1.9
28.9
31.3
26.8
4.0
1.4
27.4
0.8
14.4
12.2
2.7
152.8
62.4
49.3
0.0
2015E
9.5
10.3
61.6
2.4
30.0
23.3
21.4
3.6
1.2
19.0
1.1
16.2
15.7
2.6
150.3
62.4
49.2
-0.1
2016E
11.9
12.8
70.0
3.0
30.0
18.6
17.2
3.2
1.1
14.5
1.4
18.1
18.3
2.7
149.4
62.4
49.0
-0.2
2017E
14.9
15.9
80.4
3.8
30.0
14.8
13.9
2.7
0.9
11.1
1.7
19.8
20.7
2.8
148.5
62.4
53.0
0.1
Balance sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2014
331
17,863
18,193
2,629
-239
20,722
4,696
2,611
2,086
18
7,320
36,973
9,010
22,039
2,818
3,107
26,476
16,566
2,790
10,497
20,722
2015E
331
20,053
20,384
2,629
-239
22,912
5,079
2,885
2,193
0
7,320
41,406
9,738
23,431
5,213
3,023
28,806
17,896
3,236
12,600
22,912
(INR Million)
2016E
2017E
331
331
22,806 26,256
23,137 26,587
2,629
2,629
-239
-239
25,665 29,115
5,657
6,235
3,190
3,522
2,467
2,713
0
0
7,320
7,320
48,218 56,961
11,178 13,028
26,738 30,971
6,757
8,793
3,545
4,169
33,139 38,678
20,510 23,867
3,859
4,634
15,079 18,283
25,665 29,115
E: MOSL Estimates
Cash flow statement
Y/E Mar
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2014
3,399
248
80
225
-941
516
3,528
-36
-3,247
0
-3,283
0
17
225
716
-925
-680
3,498
2,818
2015E
4,208
276
0
321
-1,079
293
4,020
-365
0
0
-365
0
0
321
939
-1,260
2,395
2,818
5,213
(INR Million)
2016E
5,339
304
0
331
-1,405
-936
3,633
-578
0
0
-578
0
0
331
1,180
-1,511
1,544
5,213
6,756
2017E
6,694
332
0
341
-1,766
-1,168
4,434
-578
0
0
-578
0
0
341
1,479
-1,820
2,036
6,756
8,793
14 August 2014
6

Voltas
NOTES
14 August 2014
7

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Voltas
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Analyst ownership of the stock
VOLTAS
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In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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14 August 2014
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