Voltas‘ share price was skyrocketing on Monday going up close to 13% to hit a new 52-week high of ₹1,392.
What Happened: The air conditioner maker reported a 35% growth in sales, surpassing the 20 lakh units mark for the year ended March 2024. This achievement makes Voltas the first company in the domestic market to achieve such a milestone.
As per the Tata Group company, the strong sales performance was driven by consistent demand for cooling products throughout the year, supported by a robust offline and online distribution network, as well as innovative product launches.
Even during the traditionally slower March quarter, Voltas saw volume growth of 72% in AC sales. Pradeep Bakshi, CEO of Voltas, attributed the milestone to the company’s wide presence, focus on emerging retail channels, excellent distribution network, strong brand equity, and attractive consumer offers.
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In addition to air conditioners, Voltas reported growth in other cooling products such as air coolers and commercial refrigeration products. Furthermore, its home appliances brand Voltas Beko, a joint venture with Turkish appliances maker Arcelik, achieved the milestone of selling close to 20 lakh units for the year.
Overall, Voltas sold five million consumer products in FY24. The company is expanding its retail and distribution network to accommodate its growing product portfolio and meet increasing consumer demand.
Last week, HSBC raised its price target for the stock to ₹1,350 from ₹1,250. The brokerage firm has a “buy” rating for the stock.
Price Action: Voltas’ share price was up 9.32% to trade at ₹1,347.15 as the markets opened on Monday.
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