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Carrier Air-conditioning showed massive growth of 152% in PAT in FY21-22.

Carrier Airconditioning & Refrigeration Limited has announced its annual report for the financial year FY22, which ended on March 31. During the financial year ended on March 31, the company clocked a massive increase in net profit of 152% to Rs. 42 crore from Rs. 16 crore in the previous financial year. For FY22, the total revenue of the company increased 31% to Rs. 1632 crore from Rs. 1240 crore in FY21.

The company has total expenses of Rs. 1575 crore in FY22 as against Rs. 1207 crore in the previous year. The PBT of the company registered an astounding rise of 70%, to Rs. 56 crore from Rs. 33 crore. The company declared a dividend at the rate of Rs. 1 per share on the fully paid equity shares of Rs. 10 each for the financial year 2022, totaling Rs. 11 crore.

The air conditioning industry was impacted during peak season because of the second wave in the financial year 2021-2022 however when the market opened, the company received a significant demand pull from the market. After starting to make the Fixed Speed Toshiba brand Hi-Wall Air Conditioners last year in India, the 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. 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 products with better efficiencies and made the products competitive.

The Commercial Business saw some of the segments like the industrial/manufacturing getting back to business normalcy faster than other segments, and the company converted these opportunities into business at speed. With increased focus on the airside market, the company picked up orders for more than 6,000 terminal units manufactured in the factory in a single year for the first time. The company also won many significant orders from the emerging renewable energy sector (Solar & Wind), thus creating a strong reference base. Carrier also acquired Toshiba.

For the commercial applied service segment, the company continued to focus on renewals, conversions, capture, recapture, and retrofits/upgrade of chillers along with annual service agreements/contracts for entire plant room equipment. The company has also been focusing on digital solutions, connected services to diagnose failures, predictive maintenance and taking prior corrective actions, and sharing performance/operation trends. Commercial Applied Service also digitized service operations by launching Sales Force and Service Max digital tools.

The company worked on new business segments like e-commerce, home services, etc., and got good growth from these businesses. In healthy building, the company was instrumental in introducing UV lamps.

The company established itself as the preferred brand among leading Indian companies in the cold storage space and, clubbed with its service offering, the company attained its market leader position once again.

The Company’s Carrier Transicold division has focused on the emerging opportunities from tier II and tier III cities and has received orders from over 60 such locations for fisheries, dairy, fruit, and vegetable segments where our new products in the CitymaxTM and CitifreshTM range have met with success.

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