Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares
CARRIER AIRCONDITIONING & REFRIGERATORS LTD
Established in 1902, Carrier is the world leader in heating, air-conditioning and refrigeration solutions. We regularly build upon our history of proven innovation with new products and services that improve global comfort and efficiency.
CARRIER AIRCONDITIONING & REFRIGER
ATORS LTD FINANCIAL
ATORS LTD FINANCIALCarrier Airconditioning & Refrigerators Ltd. was incorporated in the year -1992. Its today’s share price is 94. Its current market capitalisation stands at Rs 220.18 Cr. Latest news, company has reported Gross Sales of Rs. 13252.9 Cr and Total Income of Rs.13488.8 Cr. The company’s management includes Kunal Aggarwal, Vanita Bansal, Rahul Jain, Sugeeth Kumar, Pankaj Prakash Sahni, Narendra Singh Sisodia, Arun Bhatia. It is listed on the BSE with a BSE Code of 500079 , NSE with an NSE Symbol of CARRIERAIR and ISIN of . It’s Registered office is at Narsingpur,Kherki Daula Post,GurgaonGurgaon-122004, Haryana. Their Registrars are ACC Ltd. It’s auditors are BSR & Associates LLP, Price Waterhouse, Price Waterhouse & Co, Price Water house & Co Bangalore LLP
Financials of Carrier Airconditioning & Refrigeration Limited Unlisted Shares:
(Figures in Crores)
| Year | Revenue | EBITDA | OPM% | Profit | NPM | Equity | FV | EPS |
| 2016 | 1178 | 94 | 8.00% | 54 | 4.60% | 106.38 | 10 | 5.08 |
| 2017 | 1354 | 118 | 8.70% | 78 | 5.80% | 106.38 | 10 | 7.33 |
| 2018 | 1356 | 123 | 9.10% | 73 | 5.40% | 106.38 | 10 | 6.86 |
| 2019 | 1511 | 118 | 7.81% | 68 | 4.50% | 106.38 | 10 | 6.39 |
| 2020 | 1550 | 114 | 7.35% | 47 | 3.3% | 106.38 | 10 | 4.45 |
| Year | Net-Worth | Debt | ROE | Receivables days | CR |
| 2016 | 486 | 0 | 11% | 59 | 2.12 |
| 2017 | 565 | 0 | 14% | 76 | 2.18 |
| 2018 | 452 | 0 | 16% | 94 | 1.64 |
| 2019 | 520 | 0 | 13% | 75 | 1.68 |
| 2020 | 218 | 153 | 21.5% | 66 | 1.20 |
- Carrier Airconditioning & Refrigerators Ltd Annual Report 2019-20
- Carrier Airconditioning & Refrigerators Ltd Annual Report 2018-19
- Carrier Airconditioning & Refrigerators Ltd Annual Report 2017-18
- Carrier Airconditioning & Refrigerators Ltd Annual Report 2016-17
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Carrier Airconditioning Share Price & Delisted Shares – Company Overview
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), is further classified as the ducted segment and Cassette segment.
- Commercial Air-conditioning
- Toshiba
- Commercial and Toshiba Service
- Channel Business Service
- Totaline
- Commercial Refrigeration
- Transicold
- AdvanTE3C
Carrier Airconditioning Delisted Share Details As of March 31,2022
| Carrier Airconditioning Outstanding Shares: | 106,376,745 |
| Face Value of Carrier Airconditioning Share: | Rs. 10 Per Equity Share |
| ISIN of Carrier Airconditioning Share: | INE040I01011 |
| Lot Size of Carrier Airconditioning Share: | 100 Shares |
| Carrier Airconditioning Share Price: | Best in Industry |
| PAN Number of Carrier Airconditioning: | AAACC8414B |
| Date of Delisting of Carrier Airconditioning: | 30-May-05 |
| Reason of Delisting of Carrier Airconditioning: | Takeover Regulations – 21(3A) |
Incorporation Details of Carrier Airconditioning
CIN of Carrier Airconditioning | U74999HR1992FLC036104 |
Registration Date of of Carrier Airconditioning | 6th July 1992 |
Category / Sub-Category of Carrier Airconditioning | Company Limited by Shares/ Subsidiary of a Foreign Company |
Address of the Registered office and contact details of Carrier Airconditioning | Narsingpur, KherkiDaula Post, Gurgaon – 122001, Haryana, Tel: 0124 – 4825500 |
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, Tel: 011-4140 6149/50/51/52, |
Principal Business Activities of Carrier Airconditioning
| Name and Description of main products/services | NIC Code of the product/service | % to the total turnover of the Company |
| Room Air-conditioners | 3550 | 81.83% |
| Spare Sales & Services | 3558 & 9987 | 18.17% |
Board of Directors of Carrier Airconditioning
Mr. Chirag Baijal, Managing Director
Mr. Narendra Singh Sisodia, Independent Director
Mr. Siraj Azmat Chaudhry, Independent Director
Mr. Pankaj Prakash Sahni, Independent Director
Mr. Pritesh Agrawal, Whole-time Director and CFO
Mr. Rahul Kumar Jain Whole-time Director
Ms. Simran Thapar, Whole-time Director
Mr. Har Amrit Pal Singh Dhillon, Non-Executive Director
Particulars of Subsidiary and Associate Companies of Carrier Airconditioning
Carrier Airconditioning & Refrigeration Limited has no Subsidiary or Associate Company.
Shareholding Pattern of Carrier Airconditioning (As of 31-03-2022)
| S. No. | Shareholders’ Name | No. of Shares | % of total Shares of the company |
| 1. | Carrier Corporation, Delaware (Holding Company) | 10,26,18,689 | 96.46% |
| 2. | Others | 37,58,056 | 3.54% |
| Total | 10,63,76,745 | 100% |
Industry Outlook of Carrier Airconditioning
The Airconditioning industry was impacted during peak season because of the second wave in financial year 2021-2022 however when the market opened, your Company received a significant demand pull from the market. Pandemic impacted the supply chain adversely, but your Company managed the working capital well and catered to customer demands in spite of supply chain disruption.
After starting to make the Fixed Speed Toshiba brand Hi-wall Airconditioners last year in India, this year your company started the localization of the Inverter Hi-Wall 3 Star product. The Toshiba brand Light Commercial Cassette product range was extended with the launch of the Stable Power Inverter (SPI) Classic and SPI Premier. Both these offerings are now with the more environmental friendly refrigerant R-32 with a very low Global Warming Potential. The SPI Premier product is being offered with a PM 2.5 filter for better Indoor Air Quality. Carrier also refreshed the range of Inverted ducted product with better efficiencies and made the product competitive. In the Ducted Produced Carrier’s entire range from 3TR to 17 TR is now with the environment friendly refrigerant R-410a. Carrier also acquired the Toshiba.
The Commercial Business saw some of the segments like the industrial/manufacturing getting back to Business normalcy faster than other segments and your company converted these opportunities into Business at speed. With our increased focus on Airside Market, your company picked up orders for more than 6000 terminal units manufactured in your factory in a single year for the first time. Your company also won many significant orders from the emerging Renewable energy sector (Solar & Wind) thus creating a strong reference base.
The company also sold products and solutions which helped make buildings healthier. Solutions like the Ultra Violet Germicidal Irradiation were offered for ducted units and air handling units for better indoor air quality. Air purifiers with high levels of air purification, Air handling units with enhanced filtration also helped make customers buildings healthier. Treated Fresh Air Units and Energy Recovery Ventilators were also pushed in the market for enhanced and efficient ventilation for creating healthier environment inside buildings.
Carrier Airconditioning & Refrigeration Limited Balance Sheet (In Rs. Lakhs)
| PARTICULAR | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| I. ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 6,499 | 6,766 | 7,264 |
| Right-of-use assets | 2,402 | 1,970 | 1,165 |
| Capital work-in-progress | 783 | 66 | 398 |
| Intangible under development | 96 | 83 | – |
| Other intangible assets | 104 | 179 | 297 |
| Financial assets | |||
| Investments | 1 | 1 | 1 |
| Loans | 423 | 273 | 185 |
| Others | 296 | 283 | 321 |
| Income tax assets (net) | 1,248 | 1,630 | 1,648 |
| Deferred tax assets (net) | 4,993 | 3,754 | 3,639 |
| Other non-current assets | 1,552 | 2,191 | 2,117 |
| Total non-current assets | 18,397 | 17,196 | 17,035 |
| Current assets | |||
| Inventories | 34,364 | 33,681 | 25,130 |
| Financial assets | |||
| Trade receivables | 32,391 | 25,728 | 27,414 |
| Cash and cash equivalents | 19,835 | 6,488 | 1,347 |
| Loans | 115 | 161 | 277 |
| Others | 3,232 | 2,895 | 2,423 |
| Other current assets | 5,366 | 5,103 | 4,125 |
| Total current assets | 95,303 | 74,056 | 60,716 |
| TOTAL ASSETS | 1,13,700 | 91,252 | 77,751 |
| II. EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity share capital | 10,638 | 10,638 | 10,638 |
| Other equity | 26,621 | 16,590 | 13,071 |
| Total equity | 37,259 | 27,228 | 23,709 |
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities | |||
| Lease liabilities | 1,714 | 1,354 | 537 |
| Provisions | 5,929 | 5,891 | 5,627 |
| Other non-current liabilities | 340 | 222 | 203 |
| Total non-current liabilities | 7,983 | 7,467 | 6,367 |
| Current Liabilities | – | – | – |
| Financial liabilities | |||
| Lease liabilities | 789 | 614 | 709 |
| Trade payables | |||
| Total outstanding dues of micro and small enterprises; and | 676 | 1,269 | 908 |
| Total outstanding of creditors other than micro and small enterprises | 52,276 | 41,880 | 36,344 |
| Other current financial liabilities | 1,507 | 1,372 | 1,421 |
| Other current liabilities | 10,803 | 9,651 | 7,253 |
| Provisions | 2,407 | 1,771 | 1,040 |
| Total current liabilities | 68,458 | 56,557 | 47,675 |
| Total liabilities | 76,441 | 64,024 | 54,042 |
| TOTAL EQUITY AND LIABILITIES | 1,13,700 | 91,252 | 77,751 |
Carrier Airconditioning & Refrigeration Limited Profit & Loss Statement (In Rs. Lakhs)
| PARTICULAR | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| Income | |||
| Revenue from operations | 2,19,719 | 1,61,207 | 1,21,813 |
| Other income | 2,412 | 2,012 | 2,278 |
| Total income | 2,22,131 | 1,63,219 | 1,24,091 |
| Expenses | |||
| Cost of materials consumed | 39,733 | 26,135 | 16,052 |
| Purchase of traded goods (Including spares) | 1,10,476 | 82,624 | 50,596 |
| Changes in inventories of finished goods, stock-in -trade and work-in-progress | -2,834 | -6,642 | 4,978 |
| Employee benefits expense | 16,924 | 16,562 | 15,188 |
| Finance costs | 206 | 272 | 1,054 |
| Depreciation and amortization expense | 2,107 | 2,347 | 1,985 |
| Other expenses | 41,337 | 36,222 | 30,898 |
| Total expenses | 2,07,949 | 1,57,520 | 1,20,751 |
| Profit before tax | 14,182 | 5,699 | 3,340 |
| Tax expense/(credit) | |||
| Current tax | 4,407 | 1,614 | 1,095 |
| Deferred tax | -1,218 | -39 | -164 |
| Tax related to earlier years | – | -87 | 741 |
| Profit for the year | 10,993 | 4,211 | 1,668 |
| Other comprehensive income/(loss) | |||
| Items that will not be reclassified to profit or (loss) | -85 | -302 | 193 |
| Income tax related to items that will not be reclassified to profit or (loss) | 21 | 76 | -49 |
| Other comprehensive income for the year | -64 | -226 | 144 |
| Total comprehensive income for the year | 10,929 | 3,985 | 1,812 |
| Earnings per share (in Rs.) | |||
| Nominal value of share INR 10 [previous year INR 10] | |||
| Basic | 10.33 | 3.96 | 1.57 |
| Diluted | 10.33 | 3.96 | 1.57 |
Carrier Airconditioning & Refrigeration Limited’s Financial Ratios
| PARTICULAR | 31-Mar-23 | 31-Mar-22 |
| Current Ratio | 1.39 | 1.31 |
| Inventory Turnover Ratio | 3.89 | 3.13 |
| Net Capital Turnover Ratio | 9.91 | 10.56 |
| Return on Capital Employed | 31% | 17% |
| Return on Equity Ratio | 30% | 16% |
| Net Profit Ratio | 5% | 3% |
The financial ratios of Carrier Airconditioning & Refrigeration provide insight into the company ‘s financial performance and position as of March 31, 2022 and March 31, 2021
In the financial analysis for the years ending on March 31, 2023, and March 31, 2022, several key ratios provide valuable insights into the company ‘s performance and efficiency. Starting with liquidity, the current ratio has improved from 1.31 to 1.39, indicating enhanced short-term liquidity and the company ‘s ability to cover immediate liabilities.
Moving to operational efficiency, the inventory turnover ratio has increased from 3.13 to 3.89, reflecting more effective management of inventory during the respective periods. However, the net capital turnover ratio has witnessed a slight decrease from 10.56 to 9.91, suggesting a potential reduction in sales relative to the capital employed. Further investigation into the factors influencing this ratio would be beneficial.
Profitability ratios showcase significant improvements. The Return on Capital Employed (ROCE) has surged from 17% to 31%, indicating enhanced profitability concerning the capital invested. Similarly, the Return on Equity (ROE) has increased from 16% to 30%, signifying improved returns for equity investors. Moreover, the net profit ratio has risen from 3% to 5%, indicating enhanced profitability as a percentage of sales.
In summary, the company has demonstrated positive trends in liquidity, inventory management, and profitability ratios between the two years. These improvements suggest effective operational strategies and utilization of capital. However, the decrease in the net capital turnover ratio warrants further scrutiny to uncover the underlying dynamics of sales in relation to the capital employed.
Dividend History of Carrier Airconditioning & Refrigeration Limited
| PARTICULAR | 2023 | 2022 | 2021 |
| Dividend (final + interim) (In Rs.) | 1 | 1 | 0.5 |
| Retained Earnings (In Rs. Thousands) | 24,495 | 14,599 | 11,029 |
