Voltas' (VOLT) 2QFY21 earnings were 37% better than our expectation, largely led by better-than-expected execution in the EMP segment and higher margins in the UCP segment. VOLT has sustained its no.1 position in Room Air conditioners (RAC) and further improved its market share to 26.8% in Aug'20 (YTD 26.4%). Inventory level with the company stood at ~110 days, which is higher than normal, but should normalize by Dec'20-Jan'21. On the recent restructuring of business announcement, management was clear that the exercise is not aimed at selling off/demerger of the projects business....