We reiterate BUY with a SOTP-based TP of Rs 601 (valuing EMPS/EPS/UCP at Jun-19 P/E of 10/20/35x). Voltas (VOLT) 1QFY18 revenues at Rs 19.4bn came in line with our expectations. Revenue/EBITDA/PAT grew by 5/6/17%. UCP segment was able to withstand the GST transition and registered 1% growth. Market share gain was heartening. EMPS segment margins improved (5.3%; +350bps YoY) with execution of high-margin projects. Order book grew by 11% to Rs 49.1bn.