Carrier Airconditioning and Refrigeration Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹305
- Market Cap
- ₹3,244.49 Cr
- ISIN
- INE040I01011
- Face Value
- ₹10
- EPS
- ₹14.2 Cr
- P/B Ratio
- 6.37
- Book Value
- ₹47.88
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 2131.1 | 2012.7 | 1612.1 | 1218.1 | 1524.4 | 1476.8 |
| Growth % | 6% | 25% | 32% | -20% | 3% | 0 |
| Operating Expenses | 1957.4 | 1888.3 | 1549.0 | 1177.1 | 1434.6 | 1393.6 |
| Growth % | 4% | 22% | 32% | -18% | 3% | 0 |
| Operating Profit | 173.7 | 124.4 | 63.1 | 41.0 | 89.9 | 83.3 |
| Op. Profit Margin % | 8.2% | 6.2% | 3.9% | 3.4% | 5.9% | 5.6% |
| Other Income | 28.6 | 22.7 | 20.1 | 22.8 | 25.0 | 34.6 |
| Interest Expense | 2.1 | 2.0 | 2.7 | 10.5 | 16.2 | 1.57 |
| Depreciation | 24.7 | 21.0 | 23.5 | 19.9 | 18.0 | 8.0 |
| Profit Before Tax | 175.5 | 124.1 | 57.0 | 33.4 | 80.7 | 108.2 |
| Tax | 43.7 | 27.4 | 14.9 | 16.7 | 33.6 | 40.2 |
| Tax % | 2% | 1% | 1% | 1% | 2% | 3% |
| Profit After Tax | 131.8 | 96.7 | 42.1 | 16.7 | 47.1 | 68.0 |
| Growth % | 36.3% | 129.6% | 152.5% | -64.6% | -30.8% | 0 |
| PAT % | 6% | 5% | 3% | 1% | 3% | 5% |
| Diluted EPS | 14.2 | 10.3 | 4.0 | 0 | 4.5 | 6.4 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Equity Capital | 106.4 | 106.4 | 106.4 | 106.4 | 106.4 | 106.4 |
| Reserves | 402.7 | 266.2 | 165.9 | 130.7 | 111.8 | 414.2 |
| Total Equity | 509.1 | 372.6 | 272.3 | 237.1 | 218.1 | 520.6 |
| Provisions | 69.0 | 59.3 | 58.9 | 56.3 | 57.3 | 57.7 |
| Other Non-Current Liabilities | 16.7 | 20.5 | 15.8 | 7.4 | 12.2 | 2.3 |
| Total NC Liabilities | 85.7 | 79.8 | 74.7 | 63.7 | 69.5 | 60.0 |
| Borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 153.4 | 0.0 |
| Other Current Liabilities | 888.5 | 684.6 | 565.6 | 476.8 | 436.7 | 447.4 |
| Total Current Liabilities | 888.5 | 684.6 | 565.6 | 476.8 | 590.1 | 447.4 |
| Equity + Liabilities | 1483.3 | 1137.0 | 912.5 | 777.5 | 877.7 | 1028.0 |
| Fixed Assets (incl. WIP) | 108.9 | 98.8 | 90.6 | 79.6 | 77.6 | 76.1 |
| Other Non Current Assets | 103.1 | 85.1 | 81.3 | 74.3 | 86.1 | 83.9 |
| Total NC Assets | 211.9 | 184.0 | 172.0 | 153.9 | 163.7 | 159.9 |
| Trade Receivables | 331.9 | 323.9 | 257.3 | 274.1 | 280.7 | 310.4 |
| Cash & Cash Equivalents | 428.3 | 198.4 | 64.9 | 13.5 | 48.9 | 167.3 |
| Other Current Assets | 511.2 | 430.8 | 418.4 | 336.0 | 384.4 | 390.4 |
| Total Current Assets | 1271.4 | 953.0 | 740.6 | 623.6 | 714.0 | 868.1 |
| Total Assets | 1483.3 | 1137.0 | 912.5 | 777.5 | 877.7 | 1028.0 |
Shareholding Pattern
- Carrier Corporation, Delware
- 96.50%%
- others
- 3.50%%
Strengths & Weaknesses
Strengths
- Brand Reputation: Carrier operates in 170+ countries and has a significant market share in HVAC solutions globally.In India, Carrier holds a 15-20% market share in the HVAC industry.
- Revenue: Carrier India reported a revenue growth of around INR 4,300 crore in FY2023, showing its significant footprint in the market.
- Technological Leadership:Carrier leads in innovation for energy-efficient products, investing a substantial amount in R&D. Globally, Carrier's parent company United Technologies Corp. spends over $1 billion annually on R&D.The company's new eco-friendly air conditioning units reduce energy consumption by 15-30% compared to conventional systems.
Weaknesses
- High Competition:Carrier faces competition from local players like Voltas, Blue Star, and international brands like Daikin and LG, which may have more price-competitive products in certain segments. For example, Voltas has a 25% share in the Indian AC market, compared to Carrier’s 15-20%.Margins are under pressure due to pricing wars, and Carrier India’s EBITDA margin was reported at around 8-10%, which is lower than industry leaders like Daikin, which maintains 12-15%.
- Cost Structure:The cost of raw materials like copper and aluminium has surged by 10-20% in the past couple of years, impacting Carrier’s input costs and product pricing.Carrier’s products are generally 5-10% more expensive compared to mid-tier competitors, affecting price-sensitive segments in emerging markets
About Carrier Airconditioning and Refrigeration Ltd
Carrier Corporation is a leading provider of heating, ventilation, air conditioning (HVAC), and refrigeration solutions.
Board of Directors
- Mr. Sundaresan Narayanan - Managing Director
- Mr. Pritesh Agrawal - Whole-time Director & CFO
- Mr. Rahul Jain - Whole-time Director
- Ms. Simran Thapar - Whole-time Director
- Mr. Narendra Singh Sisodia - Independent Director
- Mr. Siraj Azmat Chaudhry - Independent Director
- Mr. Har Amrit Pal Singh Dhillon - Non-Executive Director
Senior Management
- Mr. Sundaresan Narayanan - Managing Director
- Mr. Pritesh Agrawal - CFO
