Voltas - Results in line, Sidra woes to continue - Kotak

Voltas posted sales of Rs16 bn (up 1.2% yoy); overall EBITDA margin of 4.9% (strong cooling products margin nullified nil EMP margin) and lower-than-expected other income led to a 7% PBT miss. Sidra woes continue with the project extending to the end of FY2014 (additional charge of Rs955 mn). EMP backlog declined qoq, implying sedate 4Q inflows (Rs3-4 bn) and limited visibility. The balance sheet improved from 1HFY13 (Rs2-3 bn) on current liabilities.

Source : Equity Bulls

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