Voltas misses Street estimates on slack sales of cooling products

The projects segment is growing owing to efficient execution in both domestic and international markets

The sales of Voltas’ unitary cooling products, especially air conditioners (ACs), continued to disappoint, resulting in the company missing estimates in the December quarter (Q3). 

With the weather conditions remaining pleasant and the sales of ACs not picking up during the first half of FY19, high-channel inventories impacted its sales in the December quarter, too, say analysts. The segment, which contributes more than a third to the overall sales, saw revenues decline by about three per cent year-on-year (YoY) in Q3, albeit on a high base. 

The projects segment (electro-mechanical projects and services), which contributed more than half the sales,