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Business News/ Markets / Stock Markets/  Voltas share price gained 10%, scaled 52-week highs on achieving record 2 million units AC sales during FY24
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Voltas share price gained 10%, scaled 52-week highs on achieving record 2 million units AC sales during FY24

Stock Market Today: Voltas share price gained 10% in the morning trades on Monday, to scale 52-week highs. The company announced having achieved the milestone of selling record 2 million units of Air-conditioners during FY24. Meanwhile the rising temperatures also keep sales outlook strong during Q1

Stock Market Today:: Voltas share price gained 10% on achieving record AC sales during FY24.Premium
Stock Market Today:: Voltas share price gained 10% on achieving record AC sales during FY24.

Voltas share price gained 10% in the morning trades on Monday to scale 52-week highs.  

Voltas on Sunday announced its highest-ever sales milestone of 2 million AC units in FY 2023–2024 .

Voltas highlighted that it was the first brand in India's history of the air conditioning business to have accomplish this remarkable milestone.

Voltas' AC sales saw a phenomenal 72% volume increase in Q4 of FY24.

Voltas in its release said that “ the Company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%".

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Voltas credited for the performance to the year-round strong demand for cooling products, together with the company's robust offline and online distribution network, strongest brand equity, and creative new launches.

Pradeep Bakshi, MD & CEO, of Voltas said that “We are delighted to achieve this extraordinary milestone of achieving 2 million ACs in FY 2023 – 24, which is an industry first"

The home appliance brand Voltas Beko had a 52% increase in volume in Q4 of FY24 as the business passed the milestone of producing over 2 million home appliances (washing machines and refrigerators) in FY24.

Voltas also sold more than 5 million consumer goods nationwide in FY24. 

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Analysts said that they have been very optimistic about Voltas over the past few months, and they expect that the brand will reclaim the majority of its lost market share during calendar Year 2024 and see 72% volume increase during 4Q. In analysts opinion Voltas emphasis on expanding geographical reach and rising penetration in South and  East India as well as through the alternative channels of e-commerce has led to a notable increase in primary sales during 4Q.

While Q4FY24 sales also have been led by the channel inventory restocking ahead of peak summer season, to be sure the summer season sales in ongoing quarter (April-June 2024) should remain strong and meet expectations. The souring temperatures during the months of April and May though drive AC sales , weather changes and temperature fluctuations by intermittent rains or storms at times lead to lower than expected sales.  

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

 

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 08 Apr 2024, 09:26 AM IST
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