Voltas surged to its upper circuit of 10 percent and reached a new 52-week high in early trading on April 8th, following the announcement that the AC manufacturer had successfully sold 2 million units in FY24.
The company’s achievement of selling 2 million AC units during the fiscal year 2023-24 marks a historic milestone, representing the highest-ever sales volume recorded by any brand in India within a single financial year. Voltas attributed this remarkable feat to a substantial 35 percent growth in the AC segment, as revealed in its latest business update.
As of 9:30 am, Voltas shares were trading at Rs 1,355.5 apiece on the NSE, reflecting a notable 10 percent increase compared to the previous session’s closing price.
Also read: Voltas and Havells Stocks Heat Up on Heatwave Alert, Analysts Dismiss Direct Link
In addition to its stellar performance in the AC segment, Voltas also experienced significant volume growth across its other cooling products, including air coolers and commercial refrigeration items. Voltas Beko, the company’s home appliances brand, reported an impressive 52 percent volume growth in Q4FY24. Throughout the financial year, Voltas successfully sold nearly 2 million home appliances, encompassing refrigerators and washing machines. Overall, the company achieved remarkable sales figures, totaling almost 5 million consumer products.
Pradeep Bakshi, MD & CEO of Voltas, expressed delight at the company’s historic achievement of selling 2 million ACs in FY 2023-24, asserting Voltas’ unrivaled position within the industry. ‘None of our competitors within the category are anywhere close to where we stand today,’ Bakshi emphasized.
The surge in stock prices of consumer durables companies like Voltas and Havells India on April 2nd followed warnings from the Met Office about an impending heatwave due to extreme weather conditions.
However, ICICI Securities refuted claims of any significant impact on revenue growth for summer products in a recent report. ‘While the narrative of ‘heatwaves result in higher growth of summer products (fans, air coolers, air conditioners, and refrigerators)’ is popular, we believe historical data does not support this,’ the broking firm stated.
Voltas shares have witnessed a remarkable surge of nearly 60 percent over the past six months, outpacing the domestic benchmark Nifty 50, which rose approximately 15 percent during the same period.
Soureces: moneycontrol.com
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