Carrier Airconditioning & Refrigeration Limited Unlisted Shares

(i) Carrier has a long legacy in India which dates back to 1936 when it installed the country’s first-ever air-conditioning system at Rambagh Palace in Jaipur. In the year 1988, the first manufacturing facility was commissioned in Gurgaon, Haryana. Spread in an area of 19 acres, this state-of-the-art facility consists of the highly automated manufacturing unit, an excellent R&D Center, and an advanced quality clinic. Currently, products manufactured in this facility include 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.

(ii) Carrier’s comprehensive Environment, Health & Safety (EH&S) program establishes a framework and provides tools for implementing our EH&S practices into our business & culture. Carrier India, Gurgaon facility holds a distinctive record of delivering over 17 million man-hours without a lost workday incident, clearly citing the measures of safety followed there.

(iii) Carrier India has 14 sales and service offices, more than 800 sales and service channel partners throughout the country, ensuring efficient solutions and quality services at the customer’s doorstep.

Performance of different businesses of Carrier Airconditioning in 2019-20

1. Light Commercial Airconditioning (LC)– Unitary business is dominated in India by ducted and cassettes.

a) Ducted Segment: Carrier did well in the ducted segment (especially with the launch of inverter ducted in
2018). This product is highly energy-efficient and widely accepted across all segments.
b) Cassette Segment: The BEE labeled Cassette range is gaining traction in the market. Customers are looking at efficiency levels for making buying decisions and so are the requirement of Inverter Cassette is also increasing. They have an Inverter range of cassettes in Toshiba and working on new cassette products in Carrier as well.

2. Commercial Airconditioning
The commercial business sales grew significantly on the backdrop of growth across locally manufactured screw chillers with deeper penetration into segments like pharma and industrial.

3. Commercial Refrigeration
The Sales grew steadily in last year with major growth coming in from non-food retail or cold room market. The company retained its SOS with the major food retail customers. The food retail business was relatively slow because of external factors influencing the investment of major global food retail chains in India. The company’s commercial refrigeration business saw a good jump coming in channel sales. The company also expanded wings in the Indian Region countries and steadily grew sales in the neighboring countries. The company also expanded its business in certain special segments like IQF, mushroom growth chambers etc.

4. Service Business
The service business also witnessed consistent growth over the last year and tapped more multinational and local top segments. The company effectively positioned the energy-saving solutions such as compressor rack, condensers, and localized condensing units with two-stage Carlyle compressors coupled with robust application and project management support helping sustain the share of wallet with existing key accounts as well as expanding the footprint to local retailers/independents entering the fray.

5. Transicold
Carrier Transicold India continues to innovate, provide sustainable solutions, and educate cold chain industry stakeholders in order to establish robust cold chains in India. They continue to be the preferred supplier of truck refrigeration systems due to a large and reliable sales and service network which has now grown to more than 60 service centers pan India.

The refrigerated transportation segment has steadily grown over the past few years due to the focus on the growth of the cold chain from the government and industry. Major market drivers owing to this growth are the increase in quick-service restaurant chains, growth in the pharmaceuticals and dairy segment as well as foreign investments and initiatives taken by the government.

The majority of the Items company manufactured and traded are mentioned below.