| Periods | 1 Week | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | All Time |
|---|---|---|---|---|---|---|---|
| Primex-40 | |||||||
| Carrier Airconditioning and Refrigeration Limited |
|
Particulars |
31-03-2025 |
31-03-2024 |
|
Non-current assets |
|
|
|
Property, plant and
equipment |
7,131 |
7,195 |
|
Right-of-use assets |
2,092 |
1,963 |
|
Capital work-in-progress |
3,298 |
512 |
|
Intangible assets |
777 |
1,216 |
|
Investments |
1 |
1 |
|
Loans |
545 |
256 |
|
Others |
249 |
290 |
|
Income tax assets (net) |
1,076 |
1,578 |
|
Deferred tax assets (net) |
5,839 |
6,004 |
|
Other non-current assets |
3,278 |
2,176 |
|
Current assets |
|
|
|
Inventories |
42,212 |
37,879 |
|
Investments in subsidiary (held for sale) |
- |
837 |
|
Trade receivables |
38,276 |
33,192 |
|
Cash and cash equivalents |
48,052 |
42,826 |
|
Loans |
115 |
288 |
|
Others |
5,023 |
3,386 |
|
Other current assets |
6,826 |
4,966 |
|
Assets of a disposal group
classified as held for sale |
- |
4,603 |
|
TOTAL ASSETS |
1,64,790 |
1,48,331 |
|
Equity |
|
|
|
Equity share capital |
10,638 |
10,638 |
|
Other equity |
47,295 |
40,273 |
|
Non-current liabilities |
|
|
|
Lease liabilities |
1,391 |
1,338 |
|
Provisions |
7,191 |
6,896 |
|
Other non-current
liabilities |
560 |
334 |
|
Current liabilities |
|
|
|
Lease liabilities |
855 |
748 |
|
total outstanding dues of
micro and small enterprises; and |
1,871 |
1,539 |
|
total outstanding of
creditors other than micro and small enterprises |
76,923 |
67,165 |
|
Other current financial
liabilities |
2,556 |
1,534 |
|
Other current liabilities |
12,313 |
10,467 |
|
Provisions |
3,197 |
2,780 |
|
Liabilities of a disposal
group classified as held for sale |
- |
4,619 |
|
Total EQUITY AND
LIABILITIES |
1,64,790 |
1,48,331 |
|
Particulars |
31-03-2025 |
31-03-2024 |
|
Revenue from operations |
2,49,612 |
2,13,114 |
|
Other income |
4,741 |
2,858 |
|
Total income |
2,54,353 |
2,15,972 |
|
Expenses |
|
|
|
Cost of materials consumed |
64,573 |
43,525 |
|
Purchase of traded goods (Including spares) |
88,789 |
92,815 |
|
Changes in inventories of finished goods, stock-in -trade and
work-in-progress |
-2,312 |
-4,489 |
|
Employee benefits expense |
18,723 |
17,737 |
|
Finance costs |
229 |
211 |
|
Depreciation and amortization expense |
2,783 |
2,474 |
|
Other expenses |
54,044 |
46,154 |
|
Total expenses |
2,26,829 |
1,98,427 |
|
Profit before tax from continuing operations |
|
17,545 |
|
Tax expense/(credit) from continuing operations |
|
|
|
Current tax |
6,985 |
5,263 |
|
Deferred tax |
147 |
-896 |
|
Tax related to earlier years |
146 |
- |
|
Profit for the year from continuing operations |
20,246 |
13,178 |
|
Profit before tax from discontinued operations |
1,323 |
2,504 |
|
Profit from sale of discontinued businesses |
28,303 |
- |
|
Tax expense/(credit) from discontinuing operations |
4,613 |
630 |
|
Profit for the year from discontinuing operations |
25,013 |
1,874 |
|
Profit for the year |
45,259 |
15,052 |
|
Other comprehensive income/(loss) |
|
|
|
Items that will not be reclassified to profit or (loss) |
70 |
-456 |
|
Income tax related to items that will not be reclassified to
profit or (loss) |
-18 |
115 |
|
Total comprehensive income for the year |
45,311 |
14,711 |
|
Earning per share (in Rs.) for Continuing and
Discontinued operations |
|
|
|
Basic |
42.55 |
14.15 |
|
Diluted |
42.55 |
14.15 |
|
Particulars |
31-03-2025 |
31-03-2024 |
|
Cash flows from operating activities: |
|
|
|
Profit before tax from continuing operations |
27,524 |
17,545 |
|
Profit before tax from discontinuing operations |
1,323 |
2,504 |
|
Adjustments: |
|
|
|
Depreciation and amortization expense |
2,798 |
2,492 |
|
Share based payments |
7 |
5 |
|
Loss/ (Profit) on sale of Property, plant and equipment 's (net) |
-17 |
-21 |
|
Interest on lease liabilities |
180 |
185 |
|
Interest income on fixed deposits |
-2,653 |
-1,622 |
|
Provision for inventory obsolescence |
530 |
525 |
|
Allowance for doubtful debts and advances |
1,030 |
150 |
|
MTM loss/ (gain )on forward contracts |
137 |
10 |
|
Unrealised (gain)/ loss on foreign exchange fluctuations |
200 |
28 |
|
Liabilities no longer required written back |
-1,348 |
-748 |
|
Operating profit before change in assets and
liabilities |
29,711 |
21,053 |
|
Adjustments: |
|
|
|
Decrease/(increase) in other current and non current assets |
-3,208 |
-125 |
|
Decrease/(increase) in current and non current loans |
-272 |
5 |
|
Decrease/(increase) in inventories |
-6,199 |
-5,227 |
|
Decrease/(increase) in current and non current financial assets
-other |
-1,324 |
-186 |
|
Decrease/(increase) in current financial assets- trade
receivables |
-6,481 |
-3,620 |
|
Increase/(decrease) in current financial liabilities - trade
payables |
11,650 |
19,830 |
|
Increase/(decrease) in current and non current financial
liabilities - others |
574 |
42 |
|
Increase/(decrease) in other current and non current liabilities |
3,555 |
533 |
|
Increase/ (decrease) in current and non-current provisions |
417 |
1,345 |
|
Cash generated from operating activities |
28,423 |
33,650 |
|
Income tax paid |
-11,277 |
-6,338 |
|
Net cash generated from operating activities |
17,146 |
27,312 |
|
Cash flow from investing activities : |
|
|
|
Purchase of property, plant and equipment |
-4,780 |
-1,755 |
|
Purchase of property, plant and equipment from fellow subsidiary* |
- |
-1,837 |
|
Proceeds from sale of property, plant and equipment / intangible
assets |
23 |
24 |
|
Interest received on deposits |
2,578 |
1,401 |
|
Interest received on income tax refund |
14 |
- |
|
Proceeds from sale of discontinued businesses |
31,769 |
- |
|
Investment in subsidiary |
-1,200 |
-837 |
|
Net cash flow used in investing activities |
28,404 |
-3,004 |
|
Cash flow from financing activities |
|
|
|
Payment of lease liabilities |
-1,131 |
-1,090 |
|
Dividend paid |
-38,337 |
-1,071 |
|
Net cash used in financing activities |
-39,468 |
-2,161 |
|
Net (decrease) / increase in cash and cash
equivalents during the year (A+B+C) |
6,082 |
22,984 |
|
Cash and cash equivalents at the beginning of the year |
41,989 |
19,835 |
|
Re-instatement gain/(loss) on balance in EEFC account |
-19 |
7 |
|
Cash and Cash Equivalents at close of the year |
48,052 |
42,826 |
Summary of the Cash Flow Statement for the years 2025 and 2024:
Cash flow from
operating activities
In FY 2025, the company
generated a profit before tax of ₹27,524 lakhs from continuing
operations and ₹1,323 lakhs from discontinuing operations, both higher
than the previous year’s ₹17,545 lakhs and ₹2,504 lakhs, respectively. After
adjusting for depreciation, doubtful debts, forex fluctuations, and other
non-cash items, the operating profit before changes in working capital stood
at ₹29,711 lakhs, up from ₹21,053 lakhs in FY 2024.
However, working capital movements had a significant impact. Inventories and
receivables increased sharply, creating a cash outflow, but this was partly
offset by higher trade payables and other liabilities. As a result, cash
generated from operations was ₹28,423 lakhs, lower than the ₹33,650 lakhs
of last year. After income tax payments of ₹11,277 lakhs, the net
cash from operating activities dropped to ₹17,146 lakhs, a steep decline
compared to ₹27,312 lakhs in FY 2024. This indicates that despite improved
profitability, higher working capital needs and tax outflows reduced operating
cash generation.
Cash flow from
investing activities
FY 2025 was marked by a
major turnaround in investing cash flows. The company received ₹31,769
lakhs from the sale of discontinued businesses, which was the largest
contributor to inflows. Interest income on deposits and tax refunds further
added to liquidity. On the outflow side, the company spent ₹4,780 lakhs on
property, plant, and equipment and invested ₹1,200 lakhs in a subsidiary.
Unlike FY 2024, where net investing cash flow was negative at ₹-3,004 lakhs,
this year saw a positive net inflow of ₹28,404 lakhs. The divestment
proceeds clearly transformed investing activity into a strong source of cash in
2025.
Cash flow from
financing activities
On the financing side,
FY 2025 saw heavy cash outflows, primarily due to a substantial
dividend payout of ₹38,337 lakhs, far higher than the previous year’s
₹1,071 lakhs. Lease liability payments of about ₹1,131 lakhs were also
made, in line with last year. Consequently, the net cash used in financing
activities was ₹39,468 lakhs, compared to only ₹2,161 lakhs in FY 2024.
This indicates a major shift in financial strategy, where strong liquidity was
returned to shareholders via dividends, reducing cash reserves despite gains
from operations and divestments.
Net change in cash
and closing balance
Despite the large
dividend payout, the company ended FY 2025 with a net increase in cash of
₹6,082 lakhs, much lower than the ₹22,984 lakhs increase in FY 2024.
This was possible because of strong inflows from the sale of discontinued
businesses, which offset the pressure from financing outflows. The closing
cash balance rose to ₹48,052 lakhs, compared to ₹42,826 lakhs last year.
Thus, while operating efficiency weakened and dividends drained liquidity, the
company successfully boosted its closing cash position by leveraging one-time
proceeds from divestments.
|
Particulars |
2025 |
2024 |
|
Current Ratio |
1.44 |
1.43 |
|
Return on Equity Ratio |
79% |
30% |
|
Inventory Turnover ratio |
3.49 |
3.52 |
|
Trade receivables turnover
ratio |
6.66 |
6.38 |
|
Trade payables turnover
ratio |
2.14 |
2.42 |
|
Net capital turnover ratio |
6.48 |
7.21 |
|
Net Profit Ratio |
17% |
6% |
|
Return on capital employed |
43% |
31% |
Summary of the financial ratios of Carrier Airconditioning &
Refrigeration Limited for the years 2025 and 2024:
Current Ratio
The current ratio in
2025 stands at 1.44, nearly unchanged from 1.43 in 2024. This
indicates that the company continues to maintain a comfortable liquidity
position, with current assets sufficiently covering current liabilities.
Stability here shows consistent short-term financial health, though it also
suggests no significant improvement in liquidity efficiency year-on-year.
Return on Equity
(ROE)
ROE jumped sharply to 79%
in 2025 from 30% in 2024. This dramatic improvement shows that
shareholders earned much higher returns on their equity capital. Such a rise
typically comes from strong profitability and possibly high dividend payouts,
which reduce equity base while boosting returns. However, such a steep increase
may not be entirely sustainable if driven by one-time gains like divestments.
Inventory Turnover
Ratio
The inventory turnover
ratio is 3.49 in 2025, marginally lower than 3.52 in 2024. This
suggests the company’s efficiency in managing inventory remained almost flat,
with only a slight slowdown. While not alarming, it may indicate that inventory
is moving a bit slower through the production and sales cycle compared to last
year.
Trade Receivables
Turnover Ratio
The ratio improved to 6.66
in 2025 from 6.38 in 2024, showing that receivables were collected
faster during the year. This reflects better credit control and stronger cash
inflows from customers, which is a positive sign for working capital
management.
Trade Payables
Turnover Ratio
The trade payables
turnover ratio fell to 2.14 in 2025 from 2.42 in 2024. This means
the company is taking longer to pay its suppliers compared to last year. While
this can improve short-term liquidity by retaining cash, it may also strain
supplier relationships if extended too far.
Net Capital Turnover
Ratio
The ratio declined from
7.21 in 2024 to 6.48 in 2025, suggesting that the company
generated slightly less revenue per unit of working capital invested. This
shows a mild drop in capital efficiency, possibly due to increased working
capital tied up in receivables and inventory.
Net Profit Ratio
The net profit ratio
surged to 17% in 2025 from 6% in 2024, indicating a significant
boost in profitability. This could be due to stronger operational performance,
cost efficiencies, or one-time gains from discontinued business sales. It
highlights a substantial improvement in overall margins.
Return on Capital
Employed (ROCE)
ROCE rose to 43% in
2025 from 31% in 2024, showing that the company has become more
effective at generating returns from its overall capital base. This reflects
both higher profitability and better utilization of funds employed, signaling
stronger operational efficiency.
