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Finance-1

In: Other Topics

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Rohan C
Sahil Scott
Sai Vishnu M N
Sameer Sharma
Sreejith Viswanath

DM17242!
DM17243!
DM17244!
DM17245!
DM17246!

1

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Voltas Limited was incorporated in India on 06/09/1954. It is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists.
 Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.!
The shareholders of Voltas are promoters, institutional investors, other investors and general public.!
The promoter group is the major shareholder with a holding of 30.3% stake in Voltas Limited. The Institutional shareholders include Mutual
Funds and UTI with 12.78%, Banks and insurance companies with a combined holding of 14.85% and the FII’s with a shareholding of
21.54%. Other investors have a share of 5.76%. The general public hold
15.07% stake in Voltas Limited.!

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2

Share Holding Details


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Share Holding Pattern as on :

30/JUN/2015

31/DEC/2014

1.00

Face Value

31/MAR/2015
1.00

1.00

No. Of
Shares

%
Holdi
ng

No. Of
Shares

%
Holdi
ng

No. Of
Shares

%
Holdi
ng

PROMOTER'S HOLDING
Indian Promoters

100253480

30.30

100253480

30.30

100253480

30.30

Sub Total

100253480

30.30

100253480

30.30

100253480

30.30

NON PROMOTER'S HOLDING

Institutional Investors
Mutual Funds and UTI

41299917

12.48

42886341

12.96

38860498

11.74

Banks Fin. Inst. and
Insurance

49124443

14.85

46277866

13.99

47513948

14.36

FII's

71267168

21.54

71509272

21.61

72011780

21.76

161691528

48.87

160673479

48.56

158386226

47.87

Sub Total

Other Investors
Private Corporate Bodies

14362091

4.34

13983905

4.23

15743862

4.76

NRI's/OCB's/Foreign Others

2226935

0.67

2359311

0.71

2451324

0.74

Others

2470454

0.75

2495668

0.75

2521078

0.76

Sub Total

19059480

5.76

18838884

5.69

20716264

6.26

General Public

49880252

15.07

51118897

15.45

51528770

15.57

GRAND TOTAL

330884740 100.00

!

330884740 100.00

330884740 100.00

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3

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Share Holding Pattern As On 30/06/2015!
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Quarter Ending: March 2015!
Shareholding belonging to the category : "Promoter and Promoter Group"!

!

Total Shares held
N Name of the
o. Shareholder

Number

Shares pledged or otherwise encumbered As a % of grand
Numbe
total
 r (A) + (B)
+ (C)

% of
Total
shares held As a % of
 grand total

(A) + (B) +
(C)

1

88,131,7
80

26.640

-

-

-

2

Tata Investment
Corporation Ltd

9,962,33
0

3.010

-

-

-

3

Ewart Investments Ltd

1,925,95
0

0.580

-

-

-

4

Tata Power Company
Ltd

233,420

0.070

-

-

-

Total

!

Tata Sons Ltd

100,253,
480

30.30

-

-

-

4

Quarter Ending: March 2015!
Shareholding belonging to the category: "Public and holding more than 1% of the Total No.of Shares”!

!

N
Name of the Shareholder
o.

Total
Shares
held

Shares as % of
Total No. of
Shares

1

20911176

6.32

2

Franklin Templetion Investment Funds

11698872

3.53

3

Government Pension Fund Global

9746968

2.94

4

M/s. Napean Trading And Investment Co.
Pvt. Ltd

8224269

2.49

5

HDFC Trustee Company Ltd - A/c HDFC
MID CAP Opportunities Fund

8100000

2.45

6

Bajaj Allianz Life Insurance Company Ltd

6082842

1.84

7

ICICI Prudential Value Discovery Fund

52,50,000

1.59

8

IDFC Premier Equity Fund

5030000

1.52

9

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Life Insurance Corporation of India

HDFC standard life insurance company
Limited

3451694

1.04

78495821

23.72

Total

5

Business Segments Of Voltas !

!

Voltas' operations have been organized into three business clusters. Each of these commands its own well-defined systems and resources for market coverage and service to customers.! !

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6

Segment wise growth rate of Voltas and Blue Star (Competitor)!

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Voltas!

!

Segments

2014 - 2015

2013-2014

Growth % over
PY

Eng. Projects

2209

2692

-18%

Unitary Cooling

2510

2052

22%

Eng. Products

360

448

-20%

Net Revenue

5079

5192

-2.1%

!
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Blue star!
!
Segments

2014-2015

2013 - 2014

Growth % over
PY

Eng. Projects

1377.39

1518.15

-9.27

Unitary Cooling

1139.02

1075.51

5.90

Eng. Products

132.44

176.73

-25.06

Net Revenue

2648.85

2770.39

-4.39

!
!

We can observe from the above two tables, the growth rate of same segments operated by two different Indian companies. There seems to be an overall decrease in the growth rate for engineering projects and products for the financial years of 2014-2015 and 2013-2014.
On the contrary we can also see that there is an increase in the
Unitary Cooling division of the companies.!

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7

GROUP STRUCTURE !

!
Parent Companies!
!

Tats Sons Ltd.!
Tata Investment Corporation Ltd!
Ewart Investments Ltd!
The Tata Power Company Ltd!

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Subsidiaries, JVs & associates!

!

Subsidiaries (India):!
Rohini Industrial Electricals Limited!
Universal Comfort Products Limited!
Auto Aircon (India) Limited! !

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Subsidiaries (Overseas):!

!

Weathermaker Limited!
(Dubai, UAE)!
Saudi Ensues Company for Engineering Services WLL!
(Jeddah, Kingdom of Saudi Arabia)!
Voltas Netherlands B.V!
(Amsterdam, Netherlands)!
Voltas Oman LLC !
(Muscat, Sultanate of Oman)!
Lalbuksh Voltas Engineering Services & Trading LLC!
(Muscat, Sultanate of Oman) ! ! !

JVs (Overseas):!
Universal Voltas LLC!
(Abu Dhabi, UAE)!
Universal Weathermaker Factory LLC!
(Abu Dhabi, UAE)!
Olayan Voltas Contracting Company Limited !
(Riyadh, Kingdom of Saudi Arabia)!
Voltas Qatar WLL !
(Doha, State of Qatar)!

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8

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Corporate Structure Of Voltas!
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9

Calculate your company’s share price return in the market compared to index return on a weekly basis for the last six months ending on the date of course commencement. Compare this return with return from
Gold.!
The change in Share Price of Voltas, the Index rate Nifty, and the price of Gold on a weekly basis was compared from January 04th to June 28th.!
The Share Price of Voltas opened at 246Rs on the 4th of January and closed at 317Rs on the 28th of June. It increased by 27% during the period of 6 months. The share prices showed an increasing trend over the period.!
The FY 2015 result was announced on May 21st 2015. The consolidated net profit rose
17.55% to Rs 118.04 crore on 1.78% rise in total income to Rs 1520.26 crore in Q4 March
2015 over Q4 March 2014. During the week the share price increased 4.40% from 318Rs to 332Rs. !
The Price of Gold opened at 26800Rs on the 4th of January and closed at 26352Rs on the
28th of June. It decreased by 1.17% during the period. The prices remained fairly consistent and did not show any drastic changes. !
The Index, Nifty, opened at 8284 points on the 4th of January and closed at 8484 points on the 28th of June. Nifty showed an increase of 1.66% during the period. !
Comparing the trend of Share Price of Voltas, Prices of Gold, and Nifty, the share price of
Voltas gave the maximum returns over the period. While the price of Gold and Nifty remained fairly constant over the period, the Share price of Voltas showed a continuous rising trend and performed the best among the three.!

!
Share Price Return vs Index
Return vs Gold percentage change

10.00%
7.50%
5.00%
2.50%
Nifty
Voltas
Gold

0.00%
-2.50%
-5.00%
-7.50%
Jan 04, 2015 Feb 08, 2015 Mar 15, 2015 Apr 19, 2015 May 24, 2015 Jun 28, 2015
Week

!
10

Voltas

Price (Rs)

360
320
Voltas

280
240
200
Jan 04, 2015 Feb 08, 2015 Mar 15, 2015 Apr 19, 2015 May 24, 2015 Jun 28, 2015
Week

!

!
Gold

Price (Rs)

28000
27250
Gold

26500
25750
25000
Jan 04, 2015 Feb 08, 2015 Mar 15, 2015 Apr 19, 2015 May 24, 2015 Jun 28, 2015
Week

!

!
Nifty
9000

Points

8700
Nifty

8400
8100
7800
Jan 04, 2015 Feb 08, 2015 Mar 15, 2015 Apr 19, 2015 May 24, 2015 Jun 28, 2015
Week

!

!
11

Gold

Week

Price

Voltas

Change %

Price

Nifty

Change %

Price

Change %

Jan 04, 2015

26800

0.26%

246

0.14%

8284.5

-1.32%

Jan 11, 2015

27654

3.19%

255.5

3.86%

8513.8

2.77%

Jan 18, 2015

27864

0.76%

256.75

0.49%

8835.6

3.78%

Jan 25, 2015

27895

0.11%

268.6

4.62%

8808.9

-0.30%

Feb 01, 2015

26802

-3.92%

265.3

-1.23%

8661.05

-1.68%

Feb 08, 2015

26691

-0.41%

256.25

-3.41%

8805.5

1.67%

Feb 15, 2015

26277

-1.55%

259.65

1.33%

8833.6

0.32%

Feb 22, 2015

26227

-0.19%

256.2

-1.33%

8844.6

0.12%

Mar 01, 2015

26012

-0.82%

265.55

3.65%

8937.75

1.05%

Mar 08, 2015

25890

-0.47%

289

8.83%

8647.75

-3.24%

Mar 15, 2015

26182

1.13%

275.25

-4.76%

8570.9

-0.89%

Mar 22, 2015

26569

1.48%

274.8

-0.16%

8341.4

-2.68%

Mar 29, 2015

26466

-0.39%

283.7

3.24%

8586.25

2.94%

Apr 05, 2015

26781

1.19%

306.05

7.88%

8780.35

2.26%

Apr 12, 2015

26812

0.12%

295.15

-3.56%

8606

-1.99%

Apr 19, 2015

26701

-0.41%

279.9

-5.17%

8305.25

-3.49%

Apr 26, 2015

26636

-0.24%

281.1

0.43%

8181.5

-1.49%

May 03, 2015

26889

0.95%

281.45

0.12%

8191.5

0.12%

May 10, 2015

27463

2.13%

290.7

3.29%

8262.35

0.86%

May 17, 2015

27082

-1.39%

318.9

9.70%

8458.95

2.38%

May 24, 2015

26860

-0.82%

332.95

4.41%

8433.65

-0.30%

May 31, 2015

26555

-1.14%

332.45

-0.15%

8114.7

-3.78%

Jun 07, 2015

26894

1.28%

329.8

-0.80%

7982.9

-1.62%

Jun 14, 2015

27081

0.70%

337.4

2.30%

8224.95

3.03%

12

Jun 21, 2015

26524

-2.06%

338

0.18%

8381.1

1.90%

Jun 28, 2015

26352

-0.65%

317

-6.21%

8484.9

1.24%

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13

RELATIONSHIP BETWEEN THE ANNOUNCEMENTS
MADE BY THE COMPANY AND THE CHANGE IN THE
SHARE PRICE OF THE COMPANY!

!
DATE OF
ANNOUN
CEMENT

ANNOUNCEMENT MADE

PRIC
PRICE
E
(PREVI
(SAM
OUS
E
DAY)
DAY)

PRICE
(NEXT
DAY)

NET
CHAN
GE
(%)

Voltas Limited has informed the Exchange that the
Company has fixed Book Closure from July 14,
2015 to August 3, 2015 for the purpose of AGM
16thand Dividend as recommended by Board of
Jun-2015
15:04
Directors of the Company for the year ended
March 31, 2015. The Annual General Meeting of the Company will be held on August 03, 2015.

330.7

330.7

338.75

2.43

Voltas Ltd has informed BSE that the Register of
Members & Share Transfer Books of the Company will remain closed from July 14, 2015 to August 03,
16th2015 (both days inclusive) for the purpose of
Jun-2015
12:56
Payment of Dividend & 61st Annual General
Meeting (AGM) of the Company to be held on
August 03, 2015.

330.7

330.7

338.75

2.43

Voltas Limited has informed the Exchange that the
Board of Directors of the Company at its meeting held on May 21, 2015 have recommended
21stDividend of Rs.2.25 per share on face value of Re.
May-2015
1 per share (225%) for the year 2014-15), subject
18:38
to approval by the shareholders at the Annual
General Meeting. The dividend warrants would be dispatched/paid on or after August 07, 2015.

295.3 288.55

318.9

10.52

Voltas Ltd has informed BSE about formulation
21stMay-2015 and adoption of Codes under SEBI (Prohibition of
17:39
Insider Trading) Regulations, 2015.

295.3 288.55

318.9

10.52

295.3 288.55

318.9

10.52

Voltas Limited has submitted to the exchange the
21stMay-2015 standalone & consolidated financial results for the
17:30
period ended 31-Mar-2015.

295.3 288.55

318.9

10.52

Voltas Ltd has informed BSE that the Board of
Directors of the Company at its meeting held on
May 21, 2015, inter alia, have recommended
Dividend of Rs. 2.25 per share on face value of
21stRe. 1 per share (225%) for the year 2014-15,
May-2015
17:23 subject to approval by the shareholders at the 61st
Annual General Meeting. The dividend warrants would be dispatched/paid on or after August 07,
2015

295.3 288.55

318.9

10.52

21stMay-2015
17:32

Voltas Limited has informed the Exchange regarding a press release dated May 21, 2015 titled "Voltas Consolidated Financial Results For
2014-15".

14

21stMay-2015
17:21

Voltas - Announces Q4 & FY15 results & Results
Press Release for the period ended March 31,
2015

295.3 288.55

318.9

10.52

Voltas Ltd has informed BSE that a meeting of the
Board of Directors of the Company will be held on
8thMay 21, 2015, to consider and approve the
267.05 281.45
May-2015
Audited Financial Results (Stand-alone and
14:02
Consolidated) and recommend dividend, if any, for the year ended March 31, 2015.

281.5

0.02

Voltas Ltd has informed BSE that the Company has on May 05, 2015 received intimation from Life
Insurance Corporation of India (LIC) informing about resignation of Mr. Thomas Mathew T. as
5thMay-2015 their Representative on Voltas Board. Accordingly,
21:24
Mr. Thomas Mathew T. ceases to be a Director of
Voltas Limited with effect from May 05, 2015. Mr.
Thomas Mathew T. was appointed as the Director representing LIC on January 10, 2013.

284.6

289

276.1

-4.46

Voltas Limited has informed the Exchange that the
Company has on May 5, 2015 received intimation from Life Insurance Corporation of India (LIC) informing about resignation of Mr. Thomas Mathew
5thT. as their Representative on Voltas Board.
May-2015
18:46
Accordingly, Mr. Thomas Mathew T. ceases to be a
Director of Voltas Limited with effect from May 5,
2015. Mr. Thomas Mathew T. was appointed as the
Director representing LIC on January 10, 2013.

284.6

289

276.1

-4.46

284.6

289

276.1

-4.46

5thRelease dated May 05, 2015 titled "Voltas, leaders
May-2015
in Air Conditioners now forays into ''Fresh-Air
11:04

284.6

289

276.1

-4.46

16thApr-2015
19:18

Voltas Ltd has informed BSE about the
Shareholding Pattern as on March 31, 2015.

300.5

292

295.15

1.08

9thApr-2015
15:47

Tata Sons Limited has submitted to the Exchange vide letter dated April 07, 2015 a copy of disclosure under Regulation 30(1) and 30(2) of
SEBI (Substantial Acquisition of Shares &
Takeovers) Regulations, 2011.

294.4

293.5

306.05

4.28

11thMar-2015
08:21

Voltas Ltd has submitted the disclosures under
Reg.13(6) of SEBI (Prohibition of Insider Trading)
Regulations, 1992

262

268.95 287.45

6.88

Voltas Limited has informed the Exchange

5thregarding a press release dated May 5, 2015 titled
May-2015
"Voltas, leaders in Air Conditioners now forays into
11:45

''Fresh-Air Coolers''''.

Voltas Ltd has informed BSE regarding a Press
Coolers''".

Voltas Ltd has informed BSE that the Board of
Directors of the Company have appointed Ms.
Anjali Bansal as an Additional Director and also as
9tha Non-Executive Independent Director of the
265.55 257.8
Mar-2015
18:07
Company for a period of 5 years with effect from
March 09, 2015, subject to approval of the shareholders. Voltas Limited has informed the Exchange
11thFeb-2015 regarding a press release dated February 11, 2015
16:02
titled "Voltas'' Q3 Consolidated Financial Results".

258.7

264.7

262

1.63

257.1

-2.87
15

11thFeb-2015
15:49

Voltas - Announces Q3 results, Results Press
Release & Limited Review Report for the Quarter ended December 31, 2014

Voltas Ltd has informed BSE that a meeting of the
Board of Directors of the Company will be held on
28thFebruary 11, 2015, to consider and approve the
Jan-2015
Unaudited financial results of the Company (stand16:02 alone and consolidated), for the quarter/nine months ended December 31, 2014 (Q3).

258.7

264.7

261.2 273.95

257.1

-2.87

276

0.75

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16

!
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Financing Pattern Of the Company for the Past Three Financial
Years!

!
!

2014-2015
Share Holder
Funds + Reserves
And Surplus

2013-2014

2012-2013

183951.62

15794.92

148260.83

11213.23

10596.46

10493.95

Current Liabilities

229611.06

240570.76

245975.73

Total

424775.91

410902.14

409730.51

Non Current
Liabilities

!
!
!
!

Investments Of The Company For The Past Three Financial
Years!

!

2014-2015

2013-2014

2012-2013

Non Current
Investments

75701.79

29869.52

29180.36

Current
Investments

46698.27

59271.39

26803.89

122400

89141

55984

Total

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17…...

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