We maintain BUY, with a SOTP-based TP of Rs 622 (valuing EMPS/EPS/UCP at Sep-19 P/E of 10/20/35x). Voltas (VOLT) consolidated net revenue was up 7% YoY at Rs 10.4bn, lower than expectations, as EMPS registered slower growth. EBITDA and PAT grew by a robust 25% and 17% respectively. The UCP segment (40% of rev.) registered strong 15% growth, led by restocking. VOLT continued to gain market share, and achieved 23% vs. 22.2% in 1QFY18, 21.4% in FY17 and 21% in FY16.