Reviews the company's performance during a seven-year period--1974-75 to 1980-81. Voltas had resorted to certain operational strategies having significant financial implications: 1) it altered its method of calculating depreciation on its fixed assets; 2) it entered into foreign collaboration for its international operations; 3) it absorbed two of its affiliate companies with heavy accumulated past losses; 4) it invested Rs 1.04 crore by promoting Volhro Limited in association with Rhone Poulence SA of France; and 5) it made an issue of secured convertible bonds of Rs 5 crore in May 1981. The various profitability and liquidity ratios indicate that the company's financial position improved each year. However, throughout the period under review, the company had experienced a paucity of short-term funds due to continuous increase in the net working capital. In 1980-81, there were indications that the market categorized its share as a moderately growth share.