Carrier Airconditioning and Refrigeration Ltd

Platform	Last Traded Price	Min Quantity

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

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	Carrier Corporation, Delware	96.50%
	others	3.50%

Fundamentals

Quick Insights

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.

Market Cap₹3,244.49 Cr

PE Ratio-

EPS₹14.2

Dividend Yield10%

Book Value₹47.88 Cr

Debt/Equity-

Price/Book6.37

Price/Sales-

Industry PE-

Sales₹2,131.1 Cr

Profit After Tax₹131.8 Cr

Share Capital₹509.1 Cr

Shares Outstanding-

ISININE040I01011

SectorAir conditioning/electronincs

Symbol-

About Company

Carrier Corporation is a leading provider of heating, ventilation, air conditioning (HVAC), and refrigeration solutions.

Quick Insights

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.

Market Cap₹3,244.49 Cr

PE Ratio-

EPS₹14.2

Dividend Yield10%

Book Value₹47.88 Cr

Debt/Equity-

Price/Book6.37

Price/Sales-

Industry PE-

Sales₹2,131.1 Cr

Profit After Tax₹131.8 Cr

Share Capital₹509.1 Cr

Shares Outstanding-

ISININE040I01011

SectorAir conditioning/electronincs

Symbol-

About Company

Carrier Corporation is a leading provider of heating, ventilation, air conditioning (HVAC), and refrigeration solutions.

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.

Weaknesses

Annual Reports

FY 2020 FY 2021 FY 2022 FY 2023

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	Carrier Corporation, Delware	96.50%
	others	3.50%

Board of Directors

Mr. Sundaresan NarayananManaging Director

Mr. Pritesh AgrawalWhole-time Director & CFO

Mr. Rahul JainWhole-time Director

Ms. Simran ThaparWhole-time Director

Mr. Narendra Singh SisodiaIndependent Director

Mr. Siraj Azmat ChaudhryIndependent Director

Mr. Har Amrit Pal Singh DhillonNon-Executive Director

Senior Management

Mr. Sundaresan NarayananManaging Director

Mr. Pritesh AgrawalCFO