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×

Carrier Airconditioning Annual Reports, Balance Sheet and Financials

Carrier Airconditioning and Refrigeration Limited (Carrier Aircon) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Carrier Airconditioning and Refrigeration Limited

 

Carrier Airconditioning & Refrigeration Limited Balance Sheet (Rs in Lakhs)

Particulars

31-03-2024

31-03-2023

ASSETS

 

 

Non-current assets

 

 

Property, plant and equipment

7,195

6,499

Right-of-use assets

1,963

2,402

Capital work-in-progress

512

783

Intangible under development

-

96

Other intangible assets

1,216

104

Investments

1

1

Loans

256

423

Others

290

296

Income tax assets (net)

1,578

1,248

Deferred tax assets (net)

6,004

4,993

Other non-current assets

2,176

1,552

Current assets

 

 

Inventories

37,879

34,364

Trade receivables

33,192

32,391

Cash and cash equivalents

42,826

19,835

Loans

288

115

Others

3,386

3,232

Other current assets

4,966

5,366

Assets of a disposal group classified as held for sale

4,603

-

TOTAL ASSETS

1,48,331

1,13,700

EQUITY AND LIABILITIES

 

 

Equity

 

 

Equity share capital

10,638

10,638

Other equity

40,273

26,621

Liabilities

 

 

Non-current liabilities

 

 

Lease liabilities

1,338

1,714

Provisions

6,896

5,929

Other non-current liabilities

334

340

Current liabilities

 

 

Lease liabilities

748

789

total outstanding dues of micro and small enterprises; and

1,539

676

total outstanding of creditors other than micro and small enterprises

67,165

52,276

Other current financial liabilities

1,534

1,507

Other current liabilities

10,467

10,803

Provisions

2,780

2,407

Liabilities of a disposal group classified as held for sale

4,619

-

Total EQUITY AND LIABILITIES

1,48,331

1,13,700

Carrier Airconditioning & Refrigeration Limited Profit & Loss Statement (Rs in Lakhs)

Particulars

31-03-2024

31-03-2023

Income

 

 

Revenue from operations

2,13,114

2,01,274

Other income

2,858

2,265

Total income

2,15,972

2,03,539

Expenses

 

 

Cost of materials consumed

43,525

35,615

Purchase of traded goods (Including spares)

92,815

1,02,463

Changes in inventories of finished goods, stock-in -trade and work-in-progress

-4,489

-2,379

Employee benefits expense

17,737

15,782

Finance costs

211

199

Depreciation and amortization expense

2,474

2,096

Other expenses

46,154

37,350

Total expenses

1,98,427

1,91,126

Profit before tax from continuing operations

17,545

12,413

Tax expense/(credit) from continuing operations

 

 

Current tax

5,263

3,962

Deferred tax

-896

-1,218

Total Tax expense/(credit) from continuing operations

4,367

2,744

Profit for the year from continuing operations

13,178

9,669

Profit before tax from discontinuing operations

2,504

1,769

Tax expense/(credit) from discontinuing operations

630

445

Profit for the year from discontinuing operations

1,874

1,324

Profit for the year

15,052

10,993

Other comprehensive income/(loss)

 

 

Items that will not be reclassified to profit or (loss)

-456

-85

Income tax related to items that will not be reclassified to profit or (loss)

115

21

Total comprehensive income for the year

14,711

10,929

Earning per share (in Rs.) for continuing operations

 

 

Nominal value of share

10

10

Basic

12.39

9.09

Diluted

12.39

9.09

Earning per share (in Rs.) for discontinuing operations

 

 

Basic

1.76

1.24

Diluted

1.76

1.24

Carrier Airconditioning & Refrigeration Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars

31-03-2024

31-03-2023

Cash flows from operating activities :

 

 

Profit before tax from continuing operations

17,545

12,413

Profit before tax from discontinuing operations

2,504

1,769

Adjustments:

 

 

Depreciation and amortization expense

2,492

2,107

Share based payments

5

166

Loss/ (Profit) on sale of Property, plant and equipment 's (net)

-21

-15

Interest on lease liabilities

185

186

Interest income on fixed deposits

-1,622

-515

Provision for inventory obsolescence

525

726

Allowance for doubtful debts and advances

150

93

MTM loss/ (gain )on forward contracts

10

32

Unrealised (gain)/ loss on foreign exchange fluctuations

28

5

Liabilities no longer required written back

-748

-950

Operating profit before change in assets and liabilities

21,053

16,017

Adjustments:

 

 

Decrease/(increase) in other current and non current assets

-125

-545

Decrease/(increase) in current and non current loans

5

-54

Decrease/(increase) in inventories

-5,227

-1,409

Decrease/(increase) in current and non current financial assets -other

-186

-288

Decrease/(increase) in current financial assets- trade receivables

-3,620

-6,289

Increase/(decrease) in current financial liabilities - trade payables

19,830

10,754

Increase/(decrease) in current and non current financial liabilities - others

42

47

Increase/(decrease) in other current and non current liabilities

533

1,270

Increase/ (decrease) in current and non-current provisions

1,345

674

Cash generated from operating activities

33,650

20,177

Income tax paid

-6,338

-4,024

Net cash generated from operating activities

27,312

16,153

Cash flow from investing activities :

 

 

Purchase of property, plant and equipment

-1,755

-1,293

Purchase of property, plant and equipment from fellow subsidiary*

-1,837

-

Proceeds from sale of property, plant and equipment / intangible assets

24

15

Interest received on deposits

1,401

465

Net cash flow used in investing activities

-2,167

-813

Cash flow from financing activities

 

 

Payment of lease liabilities

-1,090

-953

Dividend paid

-1,071

-1,051

Net cash used in financing activities

-2,161

-2,004

Net (decrease) / increase in cash and cash equivalents during the year (A+B+C)

22,984

13,336

Cash and cash equivalents at the beginning of the year

19,835

6,488

Re-instatement gain/(loss) on balance in EEFC account

7

11

Cash and Cash Equivalents at close of the year

42,826

19,835

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flows from Operating Activities:

Profit before tax from continuing and discontinuing operations: The company earned a profit before tax of ₹17,545 million from its continuing operations and ₹2,504 million from its discontinuing operations for the year ending March 31, 2024. These figures show an increase from ₹12,413 million and ₹1,769 million, respectively, from the previous year, indicating improved performance.

Adjustments:

Depreciation and Amortization: Non-cash expenses such as depreciation and amortization amounted to ₹2,492 million, up from ₹2,107 million, showing that the company 's assets are depreciating over time.

Share-Based Payments: There was a significant reduction in expenses related to share-based payments, from ₹166 million to ₹5 million.

Profit/Loss on Sale of Assets: A net profit of ₹21 million was realized from the sale of property, plant, and equipment, a slight increase from the previous year.

Interest on Lease Liabilities and Income on Fixed Deposits: The company paid ₹185 million in interest on lease liabilities and earned ₹1,622 million from fixed deposits, reflecting a significant increase in interest income.

Provision for Inventory Obsolescence and Allowance for Doubtful Debts: The company made provisions of ₹525 million for inventory obsolescence and ₹150 million for doubtful debts, indicating potential risks in inventory and receivables.

MTM Loss/Gain on Forward Contracts & Unrealized Foreign Exchange Fluctuations: Minor adjustments were made for these items, showing small variations in financial instruments and foreign exchange rates.

Liabilities Written Back: The company reversed liabilities worth ₹748 million that were no longer required, slightly less than the previous year.

Operating Profit Before Changes in Assets and Liabilities: After adjustments, the operating profit stood at ₹21,053 million, significantly higher than the previous year’s ₹16,017 million.

Changes in Assets and Liabilities:

Inventories and Trade Receivables: There was a substantial increase in inventories (₹5,227 million) and trade receivables (₹3,620 million), which indicates that the company has more goods in stock and more money owed by customers.

Trade Payables: The company’s trade payables increased by ₹19,830 million, suggesting that it owes more to its suppliers.

Other Liabilities and Provisions: Other liabilities and provisions also saw changes, with a notable increase in current and non-current provisions by ₹1,345 million.

Cash Generated from Operating Activities: The company generated ₹33,650 million in cash from operating activities, with a significant increase from the previous year. After paying ₹6,338 million in income tax, the net cash generated was ₹27,312 million, showing a strong operational cash flow.

Cash Flows from Investing Activities:

Purchase and Sale of Property, Plant, and Equipment: The company spent ₹1,755 million on new property, plant, and equipment, with an additional ₹1,837 million purchased from a fellow subsidiary. The proceeds from the sale of assets were minimal at ₹24 million.

Interest Received: The company earned ₹1,401 million in interest from deposits, reflecting a healthy return on its investments.

Net Cash Flow Used in Investing Activities: The overall cash used in investing activities was ₹2,167 million, a higher outflow compared to the previous year, mainly due to increased spending on assets.

Cash Flows from Financing Activities:

Lease Liabilities and Dividend Payments: The company paid ₹1,090 million in lease liabilities and distributed ₹1,071 million in dividends to shareholders, similar to the previous year.

Net Cash Used in Financing Activities: The net cash outflow from financing activities was ₹2,161 million, slightly lower than the previous year, indicating stable financial outflows in this area.

Net Increase in Cash and Cash Equivalents:

The company’s cash and cash equivalents increased by ₹22,984 million during the year, a significant improvement compared to the previous year’s increase of ₹13,336 million.

Opening and Closing Balances: The cash balance at the beginning of the year was ₹19,835 million, which increased to ₹42,826 million by the end of the year, demonstrating a strong liquidity position.

Financial Ratios of Carrier Airconditioning & Refrigeration Limited

Particulars

2024

2023

Current Ratio

1.43

1.39

Return on Equity Ratio

30%

30%

Inventory Turnover ratio

3.52

3.89

Trade receivables turnover ratio

6.38

6.84

Trade payables turnover ratio

2.42

3.1

Net capital turnover ratio

7.21

9.91

Net Profit Ratio

6%

5%

Return on capital employed

31%

31%

Here is a summary of the financial and operational metrics for Carrier Airconditioning & Refrigeration Limited for the years 2024 and 2023:

Current Ratio (1.43 in 2024 vs. 1.39 in 2023):

The current ratio improved slightly from 1.39 to 1.43. This ratio measures the company’s ability to meet its short-term liabilities with its short-term assets. A ratio above 1 indicates that the company can cover its short-term obligations.

The small increase shows the company has become marginally more liquid, improving its ability to manage its short-term debt while still maintaining an efficient balance between current assets and liabilities.

Return on Equity (ROE) (30% in 2024 and 2023):

ROE remained steady at 30%. This ratio indicates how efficiently the company is using its shareholders ' equity to generate profits.

A 30% ROE suggests that the company is consistently providing strong returns to its shareholders. Maintaining this high percentage year-over-year is a positive sign of stability and effective capital management.

Inventory Turnover Ratio (3.52 in 2024 vs. 3.89 in 2023):

The inventory turnover ratio decreased from 3.89 to 3.52. This ratio shows how many times the company sold and replaced its inventory over the period.

A decrease suggests that inventory is moving more slowly compared to the previous year, which could imply either an increase in inventory levels or slower sales. The company may need to monitor inventory management closely to prevent potential excess stock or obsolescence issues.

Trade Receivables Turnover Ratio (6.38 in 2024 vs. 6.84 in 2023):

The trade receivables turnover ratio declined from 6.84 to 6.38, indicating that the company is collecting its receivables at a slightly slower pace.

While the ratio is still reasonably high, the slower collection cycle may suggest that customers are taking longer to pay, or that there is more credit being extended to customers. This could affect cash flow and needs to be managed to ensure receivables do not accumulate excessively.

Trade Payables Turnover Ratio (2.42 in 2024 vs. 3.1 in 2023):

The trade payables turnover ratio dropped significantly from 3.1 to 2.42. This ratio measures how quickly the company is paying its suppliers.

A lower ratio suggests that the company is taking longer to settle its payables, which could be a strategy to improve short-term liquidity. While this can help cash flow, it’s important to ensure that supplier relationships are not strained by delayed payments.

Net Capital Turnover Ratio (7.21 in 2024 vs. 9.91 in 2023):

The net capital turnover ratio fell from 9.91 to 7.21. This ratio indicates how efficiently the company uses its working capital to generate revenue.

A decrease suggests that the company’s ability to generate revenue from its working capital has reduced. This could be tied to the slower inventory and receivables turnover, highlighting the need to optimize working capital management.

Net Profit Ratio (6% in 2024 vs. 5% in 2023):

The net profit ratio improved from 5% to 6%. This ratio reflects the company 's ability to convert revenue into profit after all expenses.

The increase indicates better profitability, suggesting that the company is managing its costs more effectively or generating higher revenue growth relative to its expenses.

Return on Capital Employed (ROCE) (31% in 2024 and 2023):

ROCE remained constant at 31%. This ratio measures how well the company is generating profits from its capital employed (equity and debt).

A consistent 31% return demonstrates efficient use of capital and suggests that the company is maintaining strong profitability relative to its overall capital base.

Dividend History

Particulars

2024

2023

Dividend Per Share (in rs.)

9.5

1

Retained Earnings (Rs. In Lakhs)

38,375.00

24,495.00

Carrier Airconditioning & Refrigeration Limited Recent Financial Performance

Dividend per Share: The specific dividend per share figure for 2024 is Rs. 9.5 per share. Dividend per share represents the portion of a company 's earnings that is distributed to shareholders in the form of dividends. A higher dividend per share may indicate that the company is sharing more of its profits with shareholders.

Retained Earnings: Retained earnings for 2024 amounted to Rs 38,375 Lakhs, while in 2023, they were Rs. 24,495 lakhs. Retained earnings represent the portion of a company 's profits that is reinvested in the business rather than distributed as dividends. An increase in retained earnings suggests that the company has retained more of its profits for reinvestment or future growth.

To provide a more comprehensive analysis, it would be necessary to consider additional financial metrics such as revenue, net profit, assets, liabilities, and cash flows. Additionally, an analysis of trends over multiple years and a comparison to industry benchmarks and competitors would help in assessing the company 's financial health and performance.

 

Carrier Airconditioning Annual Report

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