Voltas Ltd's Q2FY19 numbers were largely in line with our estimates. Consolidated net revenue growth stood healthy at 37.1% YoY, driven by strong performance from projects business ( 61.7%). Further, unitary cooling products segment reported decent growth of 8.2% after two quarters of muted performance. However, growth in EBITDA was relatively lower at 24.8%, while EBITDA margins contracted 76bps YoY to 7.6%, led by a sharp margin erosion of 616bps in unitary cooling products.