Hold Voltas; target of Rs 1308: Prabhudas Lilladher

Voltas reported 18.7% revenue growth to INR46.7bn, led by strong UCP sales. However, EMPS revenue fell 27.1% due to international order delays. Prabhudas Lilladher maintained a hold rating on the stock with a target price of INR1,308. The firm expects margins to improve as the company uses cost-down initiatives moving forward.