Voltas AC shares up 10% as it crosses 2 million unit sales mark in FY24: More upside possible?

Voltas AC share price: During the March quarter, the company "registered a significant volume growth of 72 per cent in AC sales during Q4 FY24, it said.

Voltas AC share price: Air conditioner maker Voltas said it recorded a 35 per cent sales growth to over two million units in FY24. With this, it became the first company in the domestic market to cross this mark in a performance flanked by consistent demand for cooling products during the year and strong offline and online distribution network, the Tata Group firm said.

Voltas AC share price: A screen inside the Bombay Stock Exchange (BSE) building in Mumbai, India. (Bloomberg)

Voltas AC share price today

Voltas AC share price gained 10% in the morning trades to scale 52-week highs.

What Voltas AC said on sales growth?

"The company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35 per cent," it said. Voltas is "the first ever brand to achieve this extraordinary milestone in the Air Conditioning industry in India", it added.

During the March quarter, the company "registered a significant volume growth of 72 per cent in AC sales during Q4 FY24. Voltas is the undisputed market leader and has maintained its number one position in the Room Air Conditioner category".

The company's MD and CEO Pradeep Bakshi said, "We believe that our wide presence, focus on the emerging retail channels, excellent distribution network, strong brand equity and attractive consumer offers have helped us to achieve this significant milestone".

What's next for Voltas?

Voltas is now expanding its retail and distribution network to cater to its growing product portfolio, it said, adding, “The company registered a significant growth in volume in other cooling products, including air cooler and commercial refrigeration products.”