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ICICI Securities Report
Voltamp Transformers Ltd.’s product portfolio comprises oil-filled power and distribution transformers up to 160 mega volt ampere, 220 kilo volt class and dry type transformers up to 12.50 MVA, 33 KV class.
Company has 20% market share in distribution transformers, ~40% in dry type transformers and ~10% in industry-based transformers. As per the management:
the currently strong demand momentum is likely to be sustained through the medium term mainly on the back of the government’s production linked incentive scheme, revival in private sector capex and ‘China plus one’ strategy;
Voltamp remains focused on short-cycle orders mainly from the private sector, which helps balance volatile commodity prices;
company is focusing on scaling up its services business revenue over the next five years;
emphasis now is more on improving profitability via a better sales mix; and
competitive intensity continues to be high despite uptick in demand since the acquisition of CG Power and Industrial Solutions Ltd. by Murugappa Group (which has led to pricing pressures).
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