amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Carrier Airconditioning & Refrigeration
DRHP Status : Not Filed
570
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1218 | 1612 | 2197 | 2131 |
| Cost of Material Consumed | 666 | 1087 | 1502 | 1363 |
| Gross Margins | 45.32 | 32.57 | 31.63 | 36.04 |
| Change in Inventory | 50 | -66 | -28 | -45 |
| Employee Benefit Expenses | 152 | 166 | 169 | 177 |
| Other Expenses | 309 | 362 | 413 | 461 |
| EBITDA | 41 | 63 | 141 | 175 |
| OPM | 3.37 | 3.91 | 6.42 | 8.21 |
| Other Income | 23 | 20 | 24 | 47 |
| Finance Cost | 10 | 3 | 2 | 2 |
| D&A | 20 | 23 | 21 | 25 |
| EBIT | 21 | 40 | 120 | 150 |
| EBIT Margins | 1.72 | 2.48 | 5.46 | 7.04 |
| PBT | 33 | 57 | 142 | 195 |
| PBT Margins | 2.71 | 3.54 | 6.46 | 9.15 |
| Tax | 16 | 15 | 32 | 44 |
| PAT | 17 | 42 | 110 | 151 |
| NPM | 1.4 | 2.61 | 5.01 | 7.09 |
| EPS | 1.6 | 3.95 | 10.38 | 14.21 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 3.37 | 3.91 | 6.42 | 8.21 |
| Net Profit Margin | 1.4 | 2.61 | 5.01 | 7.09 |
| Earning Per Share (Diluted) | 1.6 | 3.95 | 10.38 | 14.21 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 73 | 68 | 65 | 84 |
| CWIP | 4 | 0.6 | 9 | 5 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 274 | 257 | 324 | 332 |
| Inventory | 251 | 337 | 344 | 379 |
| Other Assets | 175 | 249.4 | 395 | 683 |
| Total Assets | 777 | 912 | 1137 | 1483 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 106.3 | 106.3 | 106 | 106.3 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 131 | 166 | 266 | 403 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 372 | 431 | 529 | 687 |
| Other Liabilities | 167.7 | 208.7 | 236 | 286.7 |
| Total Liabilities | 777 | 912 | 1137 | 1483 |
| Name | Holding |
|---|---|
| Carrier Corporation, Delware | 96.5% |
| Other Investors | 3.5% |
Carrier Airconditioning & Refrigeration is a global company known for its leadership in heating, air conditioning, and refrigeration solutions.
Founded by Willis Carrier, the inventor of modern air conditioning, the company has a long history of innovation and a significant presence in India since 1986.
Carrier offers a wide range of products and services for both residential and commercial customers, including chillers, air handling units, and various types of air conditioners.
Click here to visit the official website of Carrier Airconditioning & Refrigeration
Strengths:
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Market Leadership and Legacy: Carrier has a longstanding presence in India since 1936, marking the installation of the nation's inaugural air-conditioning system at the Rambagh Palace in Jaipur. This legacy underscores its established market position and brand recognition.
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Robust Financial Performance: The company has exhibited consistent financial growth. In FY2024, Carrier reported revenues of ₹2,131 crore, with an EBITDA of ₹175 crore and a Profit After Tax (PAT) of ₹151 crore. Notably, the EBITDA margin improved to 8.21% from 6.42% in the previous year, and the net profit margin increased to 7.09% from 5.01%.
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Strong Return Ratios: Carrier's Return on Equity (ROE) stood at 29.65%, indicating efficient utilization of shareholder funds. Additionally, the Return on Capital Employed (ROCE) improved from 17% in FY2023 to 31% in FY2024, reflecting enhanced profitability relative to the capital invested.
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Debt-Free Status: The company maintains a debt-to-equity ratio of 0, highlighting its debt-free status and financial stability.
Weaknesses:
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High Operational Costs: Carrier incurs significant expenses in research and development, digital transformation, and sustainability initiatives. While these investments are crucial for innovation, they contribute to elevated operational costs.
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Intense Market Competition: The HVAC industry in India is highly competitive, with strong global and local rivals impacting market share and pricing strategies. Competitors such as Voltas, Whirlpool, and Blue Star have substantial market capitalizations and influence.
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Regulatory Compliance Challenges: Adhering to environmental and energy efficiency regulations imposes additional costs and operational constraints on the company. Compliance with these evolving regulations is essential but can be resource-intensive.
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Share Price Volatility: The unlisted shares of Carrier have experienced significant price fluctuations. For instance, the share price was ₹69 in March 2021, peaked at ₹425 in November 2021, corrected to ₹225 by March 2022, surged to ₹440 in February 2024, and is currently trading at ₹650 as of January 2, 2025. Such volatility may concern potential investors.
+91-9599071664
amit@unlistedkraft.in