Not so cool summer for Voltas, Blue Star; shares of AC majors fall

Subdued March quarter sales and seasonal impact do not bode well for volume growth for AC makers

Shares of air conditioning (AC) majors Voltas and Blue Star are down 14 per cent each over the past month on muted March quarter numbers. 

Despite expectations of strong show, performance was below estimates. Johnson Controls-Hitachi Air Conditioning and Havells, which owns the Lloyd brand, were down between 1 per cent and 5 per cent. 

CY18 commenced on a relatively dull note, with retail sales declining by 15-20 per cent in April, say analysts at Emkay Research. Their channel checks suggest that the first half of May has not been any better, with unseasonal rain, thunderstorms and dust storms playing