Voltas (VOLT) 3QFY20 earnings disappointed, entirely led by weak execution in the EMP segment and provisions impacting margins. We lower our FY20E EPS by 9% on account of lower contribution from the EMP segment, but maintain our FY21/FY22E earnings as strong order book provides comfort. We maintain our Buy rating with unchanged TP of 3QFY20 revenues were muted at INR14.9b and missed our expectation by 8%, attributable entirely to the EMP segment (12% miss). We lower our FY20E EPS by 9% on account of lower contribution from EMP segment, but maintain our FY21/FY22E EPS as strong order book provides comfort. We estimate UCP revenue CAGR at 13.5% over FY20-22, but near- term disruption due to the Coronavirus issue needs to be carefully with unchanged TP of INR785, based on Sep21E Inverter AC accelerated now forms 43% of total AC sales (35-36% last year).