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 and Toshiba Service
Channel Business Service
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: firstname.lastname@example.org
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
Spare Sales & Services
3558 & 9987
CARRIER AIRCONDITIONING & REFRIGERATION LIMITED UNLISTED SHARE DETAILS
Total Available Shares:
Rs. 10 Per Equity Share
Last Traded Price
Rs. 3510.43 Crore
As on 31-03-2020
No. of Shares
% of total Shares of the company
UnitedTechnologiesSouth AsiaPacific Private Ltd.
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)
Revenue from Operations
Profit before tax
Profit after Tax (PAT)
EPS (In Rs.)
BALANCE SHEET OF CARRIER AIRCONDITIONING & REFRIGERATION LIMITED (In Rs. Lakhs)
Other Non-Current Assets
TOTAL NON CURRENT ASSETS
Cash and Cash equivalents
Other Current assets
Assets held for sale
TOTAL CURRENT ASSETS
EQUITY AND LIABILITIES
Equity share capital
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES
Other current liabilities
TOTAL CURRENT LIABILITIES
TOTAL EQUITY AND LIABILITIES
DIVIDEND AND RETAINED EARNINGS
Dividend (In Rs.)
Retained Earnings (In Rs. Lakhs)
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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