The annual report for Carrier Airconditioning & Refrigeration Limited’s fiscal year FY22, which ended on March 31 has been released. The company’s net profit increased dramatically during the fiscal year that concluded on March 31 by 152%, from Rs. 16 crore the previous fiscal year to Rs. 42 crore. From FY21 to FY22, the company’s total sales climbed by 31% to Rs. 1632 crore.
In FY22, the company’s total expenses were Rs. 1575 crore, up from Rs. 1207 crore the year before. The company’s PBT increased by an amazing 70%, from Rs. 33 crore to Rs. 56 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 second wave in the fiscal year 2021–2022 had an influence on the air conditioning business during peak season, but when the market opened, the company experienced a major draw from the market in terms of demand. The company began localising the Inverter Hi-Wall 3 Star product last year after beginning to manufacture Fixed Speed Toshiba brand Hi Wall Air Conditioners in India. The introduction of the Stable Power Inverter (SPI) Classic and SPI Premier broadened the selection of Light Commercial Cassette products available under the Toshiba brand. A PM 2.5 filter is available with the SPI Premier product for improved indoor air quality. Additionally, Carrier improved the efficiency and competitiveness of their line of inverted ducted products.
The manufacturing and industrial sectors, for example, returned to business as usual faster than other sectors, and the Commercial Business quickly capitalised on these opportunities. For the first time, the company received orders for more than 6,000 terminal units to be produced in the factory in a single year after placing more of an emphasis on the airside market. The business also received a number of sizeable orders from the developing renewable energy sector (Solar & Wind), building a solid clientele. Toshiba was also bought by Carrier.
Renewals, conversions, capture, recapture, and retrofits/upgrades of chillers together with annual service agreements/contracts for the full plant room equipment remained the company’s primary focus for the commercial application service segment. 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 business focused on developing new market niches including e-commerce, home services, etc. and saw good growth in these industries. The business had a crucial role in bringing UV lighting into healthy construction.
When combined with its service offering, the company regained its market-leading position. The company established itself as the chosen brand among prominent Indian businesses in the cold storage sector.
In the fisheries, dairy, fruit, and vegetable segments, where our new products in the CitymaxTM and CitifreshTM range have met with success, the Company’s Carrier Transicold division has concentrated on the emerging opportunities from tier II and tier III cities and has received orders from more than 60 such locations.
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