Voltas share price gained 10%, scaled 52-week highs on achieving record 2 million units AC sales during FY24
Voltas share price gained 10% in the morning trades on Monday to scale 52-week highs. Voltas on Sunday announced its highest-ever sales milestone of 2 million AC units in FY 2023–2024 .
Voltas highlighted that it was the first brand in India's history of the air conditioning business to have accomplish this remarkable milestone. Voltas' AC sales saw a phenomenal 72% volume increase in Q4 of FY24.
Voltas in its release said that “ the Company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%". Also Read- Stocks to buy: HUL, BEL, IDFC First Bank among 12 stocks that can rise 8-15% in next 3-4 weeks, say analysts Voltas credited for the performance to the year-round strong demand for cooling products, together with the company's robust offline and online distribution network, strongest brand equity, and creative new launches.
Pradeep Bakshi, MD & CEO, of Voltas said that “We are delighted to achieve this extraordinary milestone of achieving 2 million ACs in FY 2023 – 24, which is an industry first" The home appliance brand Voltas Beko had a 52% increase in volume in Q4 of FY24 as the business passed the milestone of producing over 2 million home appliances (washing machines and refrigerators) in FY24. Voltas also sold more than 5 million consumer goods nationwide in FY24.
Analysts said that they have been very optimistic about Voltas over the past few months, and they expect that the brand will reclaim the majority of its lost market share during CY24 and see 72% volume increase during 4Q. In analysts opinion Voltas emphasis on expanding geographical reach and growing in South and East India as well as through the
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