We cut our EPS estimates by ~3-4% in FY19/20 to incorporate weak summer 2018. However, we advise investors to buy on dips and not evaluate the performance of a company based on one season. We value based on SOTP (valuing EMPS/EPS/UCP at Mar-20 P/E at 13/20/35x) to arrive TP of Rs 667 (Rs 710 earlier). Voltas reported a weak 4QFY18 result with EMPS margin expansion as the only positive takeaway. Consolidated net revenue was up by ~9% like-like (exp. was 18%). EBITDA/APAT grew by 14/12%.