We maintain BUY with a SOTP-based TP of Rs 687 (valuing EMPS/EPS/UCP at Dec-19 P/E of 10/20/35x). Voltas reported strong revenue and EBITDA growth. Consolidated net revenue up by 16% YoY to Rs 13.7bn (in-line) driven by 7% growth in EMPS (55% of revenue) and 32% growth in UCP (45% of revenue). EBITDA and APAT grew by stellar 33% and 24%. Voltas reported strong revenue and EBITDA growth. Consolidated net revenue up by 16% YoY to Rs 13.7bn (in-line) driven by 7% growth in EMPS (55% of revenue) and 32% growth in UCP (45% of revenue). EBITDA and APAT grew by stellar 33% and 24%.