Company Overview

A part of the prestigious USD 113 billion conglomerate, the Tata Group, Voltas Limited (NSE: VOLTAS) is among the largest Indian air conditioning companies. Voltas is also one of the leading engineering solutions provider and project specialists in the world.

Since its incorporation in 1954, Voltas has been committed to ofer world-class solutions and value through smart engineering to its customers and industries.

The company operate in three business segments: Unitary Products, Engineering Projects and Engineering Products & Services.

Through a 50:50 Joint Venture Company between Voltas Limited and Arçelik, Voltas is now present in the Home Appliance segment as well.


Plant locations

The Company’s manufacturing activities are located at:

  • Pantnagar Industrial Area, Dist. Udham Singh Nagar,Rudrapur, Uttarakhand
  • Siddhi Industrial Infrastructure Park, Village Waghodia,Tal. Waghodia, Dist. Vadodara

Global Engineering Center (Thane, India)

Voltas has its presence at five major International Locations:

  • United Arab Emirates,
  • Qatar,
  • Sultanate of Oman,
  • Kingdom of Bahrain,
  • Kingdom of Saudi Arabia
  • Singapore.

100% Subsidiary

  • Weathermaker Limited
  • Voltas Qatar WLL
  • Saudi Ensas Company for Engineering Services WLL
  • Voltas Netherlands BV(Netherlands)

Joint Ventures

  • Universal Voltas LLC
  • Voltas Oman LLC
  • Lalbuksh Voltas Engineering Services & Trading LLC
  • Olayan Voltas Contracting Company Limited (Kingdom of Saudi Arabia)


Business Overview

Voltas is India’s No. 1 Room Air Conditioner brand with a market share of over 24%. The Company is also globally recognised as an engineering solutions provider and a project specialist. It enjoys a strong presence across India, the Middle East, South East Asia, and Africa. 1

The Unitary Cooling Products business offers a comprehensive range of cooling solutions including air conditioners, air coolers, water coolers, water dispensers and commercial refrigeration products. Recently, the Company also forayed into the air purifiers market. Through its 50:50 Joint Venture with a Turkish company Arçelik, Voltas entered the home appliances industry under the brand, Voltas Beko in 2018. Voltas Beko has created a strong footprint, with the launch of its first manufacturing plant in India. The brand’s product portfolio comprises Refrigerators, Washing Machines, Dishwashers and Microwave Ovens.

The Engineering Projects business provides MEP (Mechanical, Electrical and Plumbing) and HVAC (Heating, Ventilation, and Air Conditioning) solutions and has successfully implemented several landmark projects in India and overseas. The Company also closely works with the Government of India for various rural electrification programmes. The Engineering Products and Services business represents leading equipment manufacturers in Textile Machinery and Mining & Construction Equipment for sales, distribution and after sales service.


Unitary Cooling Products

Air Conditioners

Despite being considered as the year of economic slowdown by many, 2019-20 fared well for the Air Conditioning, Air Cooler and Commercial Refrigeration industry. Voltas consistently outperformed the Room Air Conditioner market, recording a 42% growth in H1 2019-20, and around 30% growth in the overall fiscal. Several industries struggled with sales due to limited disposable income and consumption. However, Voltas was able to beat the odds by capitalising on a strong summer, supported by a wide distribution reach, highest brand equity, technologically advanced green and energy efficient products, and an enhanced after-sales-service infrastructure. The Company also invested in expanding its manufacturing facilities to increase indigenous production, and reduce the customs duty impact on its consumers. A state-of-the-art R&D centre was also opened, in order to be future ready.

Air Coolers

During the year, the Air Cooler business witnessed a healthy growth of 63% over the previous year. The factors attributing to growth were management’s focussed approach on the vertical, introduction of new models, expansion of sales team and distribution network, and investments towards brand building. These efforts resulted in significant increase in sales, establishing the brand as one of the market leaders eliciting a better response from trade partners. The Company implemented strategies to secure business and sales volumes during the off season, to reduce dependence on seasonal demand. The Company plans to further leverage the strong brand equity of Voltas and Tata to make inroads in the domestic market in the years to come.

Commercial Refrigeration

Recovering from the effects of a muted market in the previous years, the Commercial Refrigeration products witnessed a double-digit growth of 17% in 2019-20, owing to a strong summer demand. Voltas’ performance in this category was augmented by the availability of enhanced portfolio with new models and product categories such as Convertible Chest Freezer and Freezer on Wheels, among others. These basically catered to the evolving customer needs. All this was supported by a new focus on OEM businesses and expansion of distribution channel.

Engineering Projects

Domestic Infrastructure Solutions

As one of the leading providers of integrated end-to-end solutions in electromechanical projects, the Domestic Projects Group (DPG) of Voltas continued to contribute towards nation building through its expertise in HVAC, electrical, water and wastewater treatment solutions across various industrial, infrastructure and built environment segments, covering Government as well as private sectors. Although the year witnessed subdued spends by the private and public investment sector, the business completed some landmark projects in the water management and metro rail sector. The Infrastructure Solutions business, recorded the year-end order book position at  Rs 4,789 crores and revenue (turnover) of  Rs 2,002 crores. A significant order for solar project was also secured in March 2020.

In addition, the HVAC product business continued its commitment towards the Make in India initiative by enhancing its manufacturing capacity with the launch of a state-of-theart Commercial Products manufacturing facility in Waghodia, Gujarat. The factory houses R&D and testing facilities that are critical to bring in new and advanced technologies to the market. An example being, the launch of the UVC-based surface disinfectant solutions in the midst of the Covid-19 pandemic.

International Projects

Voltas International Operations Business Group (IOBG) is recognised as a preferred MEP contractor for mid to large-size projects in various GCC countries such as UAE, Qatar, Oman, Bahrain, etc. The business maintained its pre-eminent position in the market in 2019-20 and continued its focus on execution of ongoing projects and in adopting a judicious approach to new opportunities.

The year witnessed the Gulf Cooperation Council (GCC) countries prioritising investments in infrastructure and hospitality projects as they drove their ‘away-from-oil’ diversification agenda. The business was awarded key projects related to FIFA World Cup 2022 in Qatar and Expo 2020 (now postponed to 2021) in UAE. In addition, while Saudi Arabia announced new hospitality developments targeted at domestic and regional tourists, Etihad Rail and other transport infrastructure projects progressed through tenders and awards. The UAE-led initiatives reinstated their commitment towards smart cities, digital governance, e-commerce and solar power. Voltas (IOBG) continued to be committed to green buildings with net-zero targets being included in specific tenders.

During the year 2019-20, Management has exercised appropriate diligence and care in the procurement of new orders. The total order book for the International operations business as on 31 March, 2020 was  Rs 2,999 crores.

Engineering Products and Services

Textile Machinery

The Indian Textile Industry grappled with multiple issues in 2019-20. While the domestic market for textiles and apparels witnessed muted growth, the export of garments and apparels on the other hand, experienced negative growth. The export of yarn also declined significantly in terms of both value and volume. Hence, the domestic yarn production did not show any signs of growth despite adding spindles. This, in turn impacted growth leading to significant reduction in the capital expenditure across the industry. Further, stringent processes followed by the lending institutions for capital loans also impacted the Capex plans of the industry players.

Mining & Construction Equipment

A strong customer-centric focus to provide relevant and smart solutions has helped the Company garner additional contracts with existing customers. It has also helped to expand the Company’s customer base in Mozambique to Jindal Africa, besides Vale.

Home Appliances

The 50:50 Joint Venture Company (JV) between Voltas Limited and Arçelik, represents Voltas Beko, one of the fastest growing consumer durable brands in India, today. With over 10% retail reach, the recently launched business, has already created a significant footprint in the market. The brand has been capitalising on Arçelik’s global expertise in manufacturing and product development coupled with Voltas’ countrywide sales and distribution network, to consistently increase its market share across home appliance categories like refrigerators, washing machines, dishwashers and microwaves.

Voltas Beko (VB), has from the very beginning, adopted a design thinking strategy that keeps the consumer at the centre of all innovations. Backed with a consumer research study across 7,000 families at the time of launching the brand, Voltas Beko has always focused on ‘Made for India’ products. From introducing the revolutionary ‘Stain Expert Wash Program’ that removes 26 tough stains in the front load washing machines to ensuring food stays fresh for up to 30 days in refrigerators with the help of ActiveFresh Blue Light, the brand has been extremely customer-centric not just in product development, but also across its consumer engagement campaigns.

Taking this commitment a step further, Voltas Beko commenced its first manufacturing facility in India, in January, 2020. With the new state-of-the-art facility in Sanand, Gujarat, the brand aims to increase its product portfolio. This has resulted in Voltas Beko venturing into the Direct Cool Refrigerators segment which accounts for around 80% of the refrigerator market by volume. While the new factory will primarily cater to the needs of the Indian market, it could also export consumer durables to neighbouring countries in the Asia-Pacific region, North Africa and other geographies that need similar products.

With a target of acquiring over 10% of the market share across represented categories by 2025 and be recognised as a market leader, Voltas Beko is aligning its business and marketing strategy to cater to the rising demand for consumer durables in metros as well as Tier 2 & 3 markets. In the year 2019-20, within a short span of 18 months of the launch, the brand has achieved a market share of close to 2% in the Washing Machine and Refrigerator category. The brand has been expanding its footprint through exclusive brand outlets (EBOs). There are currently over 130 EBOs across the country

Financial Highlights

Consolidated Results for the quarter ended 31st December, 2020 2

12th February, 2021; Consolidated Total Income for the quarter ended 31st December, 2020 was higher by 32%, at Rs. 2046 crores as compared to Rs. 1547 crores in the corresponding quarter last year. Profit before Tax was also higher by 39%, at Rs. 166 crores as compared to Rs. 119 crores in the corresponding quarter last year. Net Profit (after tax) was higher by 47% at Rs. 129 crores as compared to Rs. 88 crores in the corresponding quarter last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at 31st December, 2020 was Rs. 3.87 as compared to Rs. 2.63 last year.

Unitary Cooling Products for Comfort and Commercial use: The Cooling Products business made good recovery, post easing of the lockdown situation and achieved a record overall volume growth of 40%, contributed by 43% increase in the sales volume of Room Air conditioners (ACs), 100% in Commercial Refrigeration Products and 11% in Air Coolers. Voltas continues to be the market leader and is at No.1 position in ACs with a YTD market share of 26% in December 2020. Segment Revenue increased by 40% and was at Rs. 840 crores as compared to Rs. 601 crores in the corresponding quarter last year. Segment Result was significantly higher by 72% at Rs.105 crores as compared to Rs. 61 crores in the corresponding quarter last year.

Electro-Mechanical Projects and Services: Segment Revenue for the quarter was higher by 26% at Rs. 1017 crores as compared to Rs. 808 crores in the corresponding quarter last year. Segment Result was at Rs. 32 crores as compared to Rs.37 crores last year primarily due to conservative time based provisions, amidst liquidity constraints on some of the legacy projects. Carry forward order book of the Segment was higher at Rs. 7275 crores as compared to Rs. 7024 crores in the corresponding quarter last year.

Engineering Products and Services: Segment Revenue and Result for the quarter were at Rs. 121 crores and Rs. 32 crores as compared to Rs. 83 crores and Rs. 23 crores, respectively in the corresponding quarter last year.


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Created by Asif Farooqui on 2021/04/20 12:09

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