Voltas Analyst meet indicated cautious demand scenario post positive start to UCP in FY20 as continuing slowdown in the economy can negatively impact festive season sales. The management has maintained annual margin guidance of 11% in UCP. With no presence in key product segments (Direct Cool refrigerator & Semi-automatic Washing Machines) Voltbek is unlikely to make any major inroads this festival season. It is expected to remain in an investment phase over the next 3-4 years given expenses on distribution, branding and stiff competition in white goods market. We estimate the JV to...