Voltas's UCP segment revenue growth at 47% was much higher than domestic air conditioner industry growth of 36% during Q1FY20. With a slight gain in market share (~24% market share in Q1FY20) coupled with rising contribution of inverter AC into sales (Inverter AC contributes ~50% in AC sales) helped drive the UCP division performance in Q1FY20. The management guided for a strong demand recovery in the UCP division given the low base of last year, low channel inventory and strong order from EESL. On the EMPS front, the management guided for a revival in the business...