Slow execution of orders drags project business While Voltas's UCP segment revenue increased 33% (vs. industry growth of 29% YoY) in 9MFY20, the EMPS segment revenue declined 8% YoY due to slow execution of domestic and international projects owing to liquidity issues. However, strong order book of | 7024 crore in Q3FY20 (up 40% YoY) provides strong revenue visibility for FY21E-22E. We believe sustained demand of room ACs and improvement in execution rate of existing order...