On August 3, Voltas shares fell 4% in early trading, a day after the company reported its June quarter results.
On Tuesday, Voltas reported that its consolidated net profit fell 10.52% to Rs 109.62 crore in Q1FY23, compared with Rs 122.4 crore a year ago.

Operating income rose 55% to Rs 2,768 crore compared to Rs 1,785.2 crore a year earlier.

Brokerage firm CLSA maintained a “sell” rating on the stock with a target price of Rs 930 per share.

First-quarter earnings came in below expectations, and margins were weak, while the sharp decline in margins reflected intense competition and cost pressures.

The MEP segment also reported weak results for lower carryover orders, CNBC-TV18 said.

Brokerage Morgan Stanley maintained an “overweight” rating on the stock with a price target of Rs 1,160 per share.

According to CNBC-TV18, air conditioner profit margins and the project business were disappointing, with an air conditioner market share of 24.1% in June compared with a 19.5% exit market share in March.

At 9.16 am, Voltas was quoted at Rs 966, down Rs 33.60 or 3.36% on the BSE.