Margin pressure to persist as price hikes inadequate VOLT's 2QFY22 revenue stood in line with our estimates, with strong performance by the UCP segment, offsetting the weak performance in the EMPS segment. Adjusted PAT came in 23% ahead of our estimate. Despite a 24% volume growth in the UCP segment (RAC: +19% YoY), it witnessed a 130bp decline in PBIT margin. As VOLT had the advantage of low cost inventory as well as strong operating leverage due to volume growth, the margin contraction indicates higher competitive intensity in the AC segment....