Voltas's UCP segment revenue growth (19% YoY in Q2, 39% YoY in H1FY20) was much higher than domestic air conditioner industry growth of 33% during H1FY20. With a slight gain in market share (~24% market share in Q2FY20) coupled with rising contribution of inverter AC into sales (inverter AC contributes ~50% in AC sales) helped drive the UCP division performance in Q2FY20. The management guided at intact demand of RAC in H2FY20 supported by intact demand from tier II, tier III cities, expansion in new geographies (expanding in southern regions) and strong order from...