We expect a revenue/PAT CAGR of 14% each over FY17-20E, based on which we arrive at a TP of Rs 619 We recently met the management of Voltas Limited (VOLT). Our discussion covered points like (1) Update on EMP projects in international and domestic markets, with potential improvement in the segment margin, (2) Pickup in inverter ACs, restocking post GST and the upcoming change in energy efficiency norms in the consumer AC segment and (3) Progress in the Arcelik JV w.r.t product launch timeline and management team.