(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 Air-conditioning 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.
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.
|AHU/ FCU & Chillers||2,972||7,105|
|Condenser/ Evaporator Module||4,162||2,628|
|Freezers / Cold Room Systems||35||2|
|Cylinder & Gas & Fluid||95,902||2,340|
|AHU/ FCU & Chillers||6526||5490|
|Stabilizers & others||80748||3326|
|Freezers & System||31903||3121|
|Nozzle & Valve||143||5|
Performance of Carrier Air-Conditioning Unlisted Share in FY20-21
1. The financial year 2021 was very challenging because of the first wave of the COVID 19 pandemic and the consequent national lockdown. The first quarter, which is the peak period of Air-conditioning industry, was totally washed out due to lockdown and the volumes were significantly impacted. The challenges in relation to market demand and foreign exchange deterioration continued post market opening. The company implemented cost rationalization measures which assisted in covering some of the income loss due to lower volumes. The company also continued to invest in new products and on digital tool.
2. During the financial year ended March 31, 2021 the company has total net revenue from operations is Rs. 1218 Crores as against Rs. 1524 Crores in the previous financial year. Profit before tax for the financial year 2021 was Rs. 33 Crores as against Rs. 80 Crores in the previous financial year.
3. The company continued to strengthen the balance sheet. During the year, the company has generated operating cash of Rs. 135 Crores as against Rs. 58 Crores in the previous financial year. With the strong cash generation, the company repaid the borrowings in full. Now it is debt-free company.
4. Light Commercial Airconditioning: Due to COVID 19 pandemic and the consequent national lockdown, a new normal to work from home was adopted and many of the ongoing projects came to a standstill for some time. However, there were expansions in segments like Hospitals, temporary care centers and 24 Annual Report 2020-21 Pharma industry. The requirement for special designs in Airconditioning systems became a need. The company equipped with design knowledge on special requirement of filtration and an innovative range of products in VRF and Light Commercial was able to meet the customer expectations with quick installation and deliveries. Some of the products were introduced with special controllers displaying the concentration of pollutants in the zone.
|Total Available Shares:||1500|
|Face Value:||₹ 10 Per Equity Share|
|Lot Size:||100 Shares|
|Current Unlisted Share Price:||₹ 290 Per Equity Share|
|Retail Discount:||Bulk Deal (1%)|
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