About Carrier Air Conditioning and Refrigeration Limited

Friday, Mar 29, 2024

Carrier Air Conditioning and Refrigeration Limited, (“Carrier AC”) manufactures, trades, and supplies air conditioning as well as refrigeration equipment in India and various other parts of the world. It offers a huge range of commercial and light commercial products to its customers. It was initially founded in the year 1936. However, Carrier India was established in the year 1986, while its first-ever manufacturing unit was launched in 1988 in Gurgaon, Haryana.

Carrier Air Conditioning and Refrigeration Limited currently has about 51 factories, 39 Research & Development facilities, and has over more than 53000 employees spread all across the world in about 180 countries.

Promoter and Promoter Group:

Carrier Corporation is the corporate shareholder of Carrier Air Conditioning and Refrigeration Limited and holds 96.4% of the company’s total shares. Mr. Chirag Baijlal is the managing director of the company.

Business Model:

Carrier Air Conditioning and Refrigeration Limited offers various products and services to its customers

The list of products offered by Carrier India is as follows:

1. Commercial

Air Handlers
Fan coils
Chillers/ Heat pumps
Controls

2. Light Commercial

Cassette
Ducted
Floor Standing
Carrier VRF X Power
Carrier VRF XCT7
Packaged

3. Refrigeration

Modular Cold Rooms
Condensing Units
Inverter Condensing Units
Screw Compressor Rack
Evaporator units
Supermarket Refrigeration Products

Apart from the above-mentioned products, it also offers a range of services to its customers such as,

Installation & Commission
Maintenance & Repair
Preventive & predictive Maintenance
Retrofit and Modernize
Call center

Developments:

June 2020: Carrier introduced Healthy Buildings Program with the aim of providing a safe, healthy, and productive environment in various buildings both commercial as well as non-commercial, educational institutes, hospitals, retail and marine sectors. This program was launched with the aim of providing safe and efficient buildings, conducive to a healthy working environment.
June 16, 2022: Carrier launched a range of single-stage split system air conditioners in compliance with the minimum efficiency requirements and test procedures as set by the Department of Energy (DOE) for the year 2023. This move was taken in order to manufacture air conditioners that were in full compliance with the regulatory changes expected to happen in 2023. As part of the #2023READY initiative, Carrier plans to launch a complete range of heating and cooling products designed to meet the new compliance standards expected to be laid by 2023.

Strengths:

Carrier’s AdvanTEC Solutions center has hired experts from all over the world who continuously work towards developing a sustainable work environment. With the help of AdvanTEC solutions carrier has managed to deliver innovative and customized solutions to its customers, thus gaining a competitive edge over other similar companies in the industry.
Plant System Manager Solutions are designed to quickly respond to the immediate needs of the building by starting or shutting off the plant, managing water levels, and maintaining the tonnage production level to the level of tonnage requirement.
Remote Monitoring Solution is based on Browser/Server architecture and helps to identify potential threats that might arise in the near future. This helps the building as well as floor managers to take proactive steps and helps them to avoid extra expenses.

Awards:

Carrier Air Conditioning and Refrigeration Ltd has bagged a lot of awards over the years owing to its continuous innovations and developments. Some of them are:

2021: Fast Company Award
2021: Noise Abatement Society Award
2021: TCS&D Innovation Award
2021: Community of Madrid Award
2021: HDT Top 20 Products Award
2021: ATMO Gold Innovation of the Year Award
2022: Edison Award • 2022: E + E Leader top product of the year award
2023: CCF Innovation of the Year Award: Cold storage

Competitors:

There are 15 major competitors of the firm out of which Daikin, Trane, and Johnson Controls are the major competitors.

Financial Performance of the firm:

The financial performance of the firm for the year ending 2022 is given below:

	Rounded off to next crores(except EPS) Year ending
Particulars	31.03.21	31.03.22
Total Income	1241	1632
PBT
PAT
EPS
Total Assets
Total Equity

Trends:

As per the latest financial reports, Carrier Air Conditioning and Refrigeration Limited has shown an upward growing trend in FY 21-22 as compared to FY20-21.
The total income of the firm rose by about 33% from Rs. 1200 crores in 2021 to Rs. 1600 crores in 2022.
The Profit before Tax values also showed a jump of about 72% from 33 crores in 2021 to 33 crores in 2022.
Similarly, subsequent growth has been seen in other areas of the company’s financials indicating a positive movement in the growth of the company.