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×

carrier airconditioning and refrigeration Limited

261.00
-3.33 %
Scrip Name
CARRIER AIRCON
ISIN No.
INE040I01011
PAN No.
AAACC8414B
Face Value
10
No. of Outstanding Shares
106,376,745
Market Capitalization
2,776.43 Crore

CARRIER AIRCONDITIONING & REFRIGERATION LIMITED UNLISTED SHARE


ABOUT CARRIER AIRCONDITIONING & REFRIGERATION LIMITED

CARRIER AIRCONDITIONING & REFRIGERATION LIMITED is a leader in supplying high-technology heating, air-conditioning, and refrigeration solutions across Asia.


The world-first electrical air conditioning system was invented by Willis Haviland Carrier in 1902. Therefore, Carrier was the first company to start Air Conditioning System Business. Not only this, India’s first air-conditioning system was installed by Carrier at Rambagh Palace in Jaipur in 1936.


In India, Carrier Air-conditioning & Refrigeration Limited was established in 1986, and in the year 1988, the company’s first manufacturing facility was commissioned in Gurgaon, Haryana. The manufacturing facility covers 19 acres of area and consists highly automated manufacturing unit, an R&D center, and an advanced quality clinic. Currently, this facility manufactures cassettes, ducted splits, package units, air- and water-cooled screw chillers, air- and water-cooled reciprocating chillers, fan coil units, air handling units, refrigeration products, and fire & security products.


Carrier Air-conditioning & Refrigeration Limited has established 14 sales and service offices in India and manages a network of 800+ sales and service channel partners across the country.


The company’s main business segments are :

Light Commercial Air-conditioning (LC), further classified as the Ducted segment and Cassette segment.

Commercial Air-conditioning

Toshiba

Commercial and Toshiba Service

Channel Business Service

Totaline

Commercial Refrigeration

Transicold

AdvanTE3C

INCORPORATION DETAILS


CIN

U74999HR1992FLC036104

Registration Date

6th July 1992

Category / Sub-Category of the Company

Company Limited by Shares/ Subsidiary of a Foreign Company

Address of the Registered office and contact details

Narsingpur, KherkiDaula Post, Gurgaon - 122001,                        Haryana, Phone: (124) 482 5500

Name, Address and Contact details of Registrar and Transfer Agent, if any

MCS Share Transfer Agent Limited,                                                      F-65, 1st Floor, Okhla Industrial Area, Phase- 1,                               New Delhi- 110020, Ph.: 011-4140 6149/50/51/52,                 email: helpdeskdelhi@mcsregistrars.com

 

PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

CARRIER AIRCONDITIONING & REFRIGERATION LIMITEDhas no Subsidiary or Associate Company.

BOARD OF DIRECTORS

Mr. Chirag Baijal (Managing Director)

Mr. Narendra Singh Sisodia (Independent Director)

Mr. Pankaj Prakash Sahni (Independent Director)

Ms. Nandita Luthra (Whole-time Director)

Mr. Pritesh Agrawal (Whole-time Director & CFO)

Mr. Rahul Kumar Jain (Whole-time Director)

Mr. Har Amrit Pal Singh Dhillon (Non-Executive Director)

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to total turnover of the Company

Room Air-conditioners

3550

81.83%

Spare Sales & Services

3558 & 9987

18.17%


CARRIER AIRCONDITIONING & REFRIGERATION LIMITED UNLISTED SHARE DETAILS

Total Available Shares:

10,63,76,745

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE040I01011

PAN No.

AAACC8414B

Lot Size:

100 Shares

Last Traded Price

Rs. 330

Market Cap:

Rs. 3510.43 Crore

SHAREHOLDING PATTERN

As on 31-03-2020

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

UnitedTechnologiesSouth AsiaPacific Private Ltd.

10,26,18,689

96.47

2

Others

37,58,056

3.53

 

Total

10,63,76,745

100


INDUSTRY OUTLOOK

The Indian HVAC (Heating, ventilation, and air conditioning) Industry has seen extraordinary growth during the past 10 years due to rising investments by corporates, increased construction industry, rapid industrialization, and the growth of the service sector. According to research, the Indian Room AC market has grown at a CAGR of 10% from FY 2010 to FY 2020. However, The Air Conditioning Industry has witnessed a sudden downturn during the COVID 19 pandemic conditions. AC is primarily a seasonal sales product, and the months of January to June account for 70% of the business.

 

But as the lockdown restrictions eased, the sector is coming back on track. The demand for Air conditioners is registering an uptrend. India’s AC industry is sized at Rs. 180-200 billion and it is projected to grow at a CAGR of 17% and will surpass US$ 11 billion by 2023. It is believed that the increasing disposable income will act as a primary driver for the growth of the HVAC industry in India.

Air conditioning systems comprise the largest share of total HVAC system demand globally and in India as well. Room air conditioners account for more than 50% of the market. In India, six major cities account for almost 80% of sales of room air conditioners. Consumers are buying more energy-efficient products and hence the 4-Star and 5-Star ACs are selling faster. Apart from these conventional air conditioners, inverter AC is the newest on the block and fast catching the Indian market. Manufacturers are also aggressively pushing inverter ACs in the market.


A global pandemic has fast-tracked the changing trend of this Industry. Now HVAC manufacturers are not only designing the systems to make them more efficient but also more environmentally friendly. More and more consumers are now willing to pay more if they are getting options that are more healthy and environmentally friendly. Smart HVAC systems are in great demand for the same reason.

KEY FINANCIALS OF CARRIER AIRCONDITIONING & REFRIGERATION LIMITED (In Rs. Lakhs)


Particulars

2020

2019

2018

2017

Revenue from Operations

1,52,444

1,47,681

1,32,529

1,34,358

EBITDA

8,987

8,326

9,223

8,849

EBITDA margin

5.90%

5.64%

6.96%

6.59%

Finance cost

1,619

157

95

84

Depreciation

1,804

803

904

789

Other Income

2,501

3,457

3,078

3,980

Profit before tax

8,065

10,823

11,302

11,956

Tax

3,320

4,020

4,014

3,890

Profit after Tax (PAT)

4,745

6,803

7,288

8,066

PAT margin

3.06%

4.50%

5.37%

5.83%

EPS (In Rs.)

4.46

6.4

6.85

7.58

 


BALANCE SHEET OF CARRIER AIRCONDITIONING & REFRIGERATION LIMITED (In Rs. Lakhs)

Particulars

2020

2019

ASSETS



NON-CURRENT ASSETS



Tangible Assets

9,085

7,301

Intangible Assets

314

306

Financial Assets

540

424

Tax Assets

5,742

6,912

Other Non-Current Assets

1,851

2,500

TOTAL NON CURRENT ASSETS

17,532

17,443

CURRENT ASSETS



Inventories

29,294

26,219

Financial Assets

1,879

5,001

Trade Receivables

28,073

31,039

Cash and Cash equivalents

4,890

16,732

Other Current assets

4,207

5,177

Assets held for sale

1,054

1,192

TOTAL CURRENT ASSETS

69,397

85,360

TOTAL ASSETS

86,929

1,02,803

EQUITY AND LIABILITIES



EQUITY



Equity share capital

10,638

10,638

Other equity

11,175

41,424

TOTAL EQUITY

21,813

52,062

LIABILITIES



NON-CURRENT LIABILITIES



Financial liabilities

946

0

Provisions

5,728

5,767

Other non-current liabilities

278

234

TOTAL NON-CURRENT LIABILITIES

6,952

6,001

CURRENT LIABILITIES



Borrowings

15,337

0

Trade Payables

31,758

34,545

Financial liabilities

2,349

1,281

Other current liabilities

7,567

7,657

Provisions

1,153

1,257

TOTAL CURRENT LIABILITIES

58,164

44,740

TOTAL LIABILITIES

65,116

50,741

TOTAL EQUITY AND LIABILITIES

86,929

1,02,803

 

DIVIDEND AND RETAINED EARNINGS

Particulars

2020

2019

2018

2017

Dividend (In Rs.)

Nil

27.2

5.1

9.58

Retained Earnings (In Rs. Lakhs)

9,206

39,478

32,709

44,136


PERFORMANCE OF THE COMPANY

Carrier Airconditioning & Refrigeration Limited reported a growth of 3.23% in revenue from the operation and reached Rs. 1,52,444 lakhs in FY 2020 as against Rs. 1,47,681 lakhs in FY 2019.


EBITDA of the company for FY 2020 was Rs. 8,987 lakhs, a 7.9% increase from the EBITDA of FY 2019 which was Rs. 8,326 lakhs. EBITDA margin slightly increased by 0.26% in FY 2020.


The company had a massive jump in Finance cost of around 931% in FY 2020 and paid Rs. 1,619 lakhs as against Rs. 157 lakhs in FY 2019. It was mainly because till FY 2019, the company had no borrowings making it a debt-free company. But in FY 2020, the company borrowed Rs. 15,337 lakhs for short-term purposes, for which they paid interest of Rs. 1,357 lakhs.

 

Company’s Profit After Tax (PAT) decreased to Rs. 4,745 lakhs in FY 2020, a decrease of 30.25% from Rs. 6,803 lakhs in FY 2019. The main reason for decreased PAT for FY 2020 was massive Interest paid on borrowings. PAT margins also declined from 4.50% in FY 2019 to 3.06% in FY 2020.


The Current Ratio of the company for FY 2020 stood at 1.19, which clearly states that there is sufficient liquidity in the company.


Carrier Air Conditioning & Refrigeration Limited has given dividends of Rs. 9.58, Rs. 5.1 and Rs. 27.2 in FY 2017, FY 2018, and FY 2019 respectively. But the company didn’t give any dividend for the year FY 2020.

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