Voltas Hits 52-Week High as FY24 AC Sales Reach Record 2 Million Units

8 Apr 2024 , 02:10 PM

Shares of Voltas surged to their upper circuit of 10% and reached a new 52-week high in early trade on April 8, following the announcement that the AC maker sold 2 million units in FY24.

The sale of 2 million AC units during FY23-24 marked the highest-ever sales volume for any brand in a financial year in India, representing a 35% growth in the AC segment, as per the company’s business update. Voltas shares were trading at ₹1,327.50 apiece on the NSE, up 7.73% from the previous session’s closing price.

Besides ACs, Voltas also recorded volume growth in air coolers and commercial refrigeration products. Its home appliances brand, Voltas Beko, witnessed a 52% volume growth in Q4FY24, selling almost 2 million home appliances including refrigerators and washing machines during the financial year, totalling nearly 5 million consumer products.

Pradeep Bakshi, MD & CEO of Voltas, expressed delight over achieving the milestone of 2 million AC sales in FY23-24, emphasizing the company’s leading position in the category. He stated, “We are delighted to achieve this extraordinary milestone of achieving 2 million ACs in FY 2023 – 24, which is an industry first. We would like to reiterate that none of our competitors within the category are anywhere close to where we stand today.”

On April 2, shares of consumer durables companies like Voltas and Havells India surged after the Met Office warned of a heatwave due to extreme weather conditions.

However, a report by ICICI Securities refuted the idea that the heatwave would significantly impact revenue growth for summer products, stating historical data doesn’t support this notion.

Over the past six months, Voltas shares have surged by almost 60%, outpacing the Nifty 50, which rose around 15% during the same period.

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