Carrier Airconditioning and Refrigeration Ltd. has released its financial results for FY24

04 October 2024

• Revenue and Profitability- In FY24, the company's revenue grew by 6%, rising from Rs. 2,013 cr to Rs. 2,131 cr. However, its profit saw a significant increase of 37%, climbing from Rs. 110 cr in FY23 to Rs. 151 cr in FY24. As a result, the EPS also jumped by 37%, going from Rs. 10 in FY23 to Rs. 14 in FY24.
• Financial Position- For FY24, the company’s total asset base grew by 31%, rising from Rs. 1,137 cr in FY23 to Rs. 1,483 cr in FY24. Similarly, the total equity increased by 37%, from Rs. 373 cr in FY23 to Rs. 509 cr in FY24. This growth in equity is attributed to an increase in retained earnings, driven by an increase in the company's profitability.
• Future Outlook- The company has outpaced market growth and expanded its share in the VRF and Light Commercial sectors, launching projects for localized manufacturing in India and enhancing localization through its 2022 Toshiba acquisition. It will continue investing in manufacturing capabilities and expanding its product portfolio. The aftermarket team has introduced initiatives like retrofitting and capturing third-party equipment, while also focusing on digital solutions to analyze trends and improve performance insights.