Voltas shares hit record high on stellar FY24 performance

Shares of Voltas Ltd zoomed over 11% to a record high in early deals today after the household appliances major said it clocked a 35 per cent sales growth to over two million units in FY24, becoming the first company in the domestic market to cross this mark.

Voltas stock climbed 11.44% to Rs 1373.20 against the previous close of Rs 1232.20 on BSE. Market cap of the firm rose to Rs 44,623.12 crore. Voltas stock opened higher at Rs 1303.85 today.

Voltas shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 61.33 per cent in a year and gained 37.7 per cent in 2024.

Total 2.25 lakh shares of the firm changed hands amounting to a turnover of Rs 30.37 crore on BSE. The stock hit a 52-week low of Rs 745 on July 14, 2023.

The stellar FY24 show was attributed to a consistent demand for cooling products during the year, coupled with a strong offline and online distribution network, and new innovative launches, the Tata Group firm said.

"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 per cent," it added.

With this landmark sales, Voltas is "the first ever brand to achieve this extraordinary milestone in the Air Conditioning industry in India", it said.

Voltas MD and CEO Pradeep Bakshi said, "We believe that our wide presence, focus on the emerging retail channels, excellent distribution network, strong brand equity and attractive consumer offers have helped us to achieve this significant milestone".