Accumulate Voltas Ltd For Target Rs.347.00

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The voltas management believes that the impact of demonetization of currency should normalize by February, well in time before the peak season kicks in. Inventory levels at industry-wide level is also within limits and is not a concern. 

However, delivering revenue growth in UCP segment could be tough as it would have to grapple with 1) Demonetisation impact 2) Relatively high base of Q3FY16. 

In MEP segment, the company expects to largely settle liabilities/claims of all the legacy projects by March 2017. 

The management expects EBIT margins in this segment to progressively improve in FY18-19. The management highlighted that profitability has been under pressure among the leading MEP players (Drake and Skull, ETA etc) in Middle East. 

It also noted decline in competitive intensity for a large MEP order in the Middle East, possibly because the contractual terms continue to be unfavourable.

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