VOLT's 3QFY21 earnings were 31% better than our expectation, led by betterthan-expected execution in the EMP segment, strong volume growth in the UCP segment, with ongoing cost rationalization leading to higher margin. It has retained its numero uno position in Inverter Air Conditioners/Room Air Conditioners (RAC) with a market share of 21.8%/26% in Dec'20. Share of Inverter ACs now constitutes 60% of RAC sales (v/s 49% in 3QFY20). With a rise in commodity prices, the management has undertaken a 5-6% price increase across the UCP segment, with COVID-related cost cuts providing a cushion to margin. We believe the risk to margin exists in this highly...