Voltas' EMPS segment revenue growth at ~12% YoY (owing to fast execution of domestic and international orders) was partly offset by ~6% drop in revenue of each UCP and EPS segments, respectively. Lower volume growth in UCP segments in Q4FY19 can be attributable to extended winter and focus on rationalisation of inventory at dealer's level. However, we believe FY20E will be better than FY19 for the UCP segment considering demand revival of air conditioners (April/May 2019 saw strong demand of cooling products). We model UCP segment revenue CAGR of ~18% in FY1921E led by ~14% volume growth during the same period. We believe strong...