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Nirmal Bang Report
Johnson Controls-Hitachi Air Conditioning India Ltd. posted revenue of Rs 4.9 billion in Q3 FY21, up 12% YoY and broadly in line with our estimate.
Cooling products revenue grew 13% YoY to Rs 4.8 billion (97% of total sales) while design and development sales fell 21% YoY to Rs 134 million (3% of total sales).
Gross margin declined 280 basis points YoY to 36.5%, likely due to commodity cost pressures.
Ebitda grew 108% YoY to Rs 673 million, led by lower employee costs and lower other expenses, leading to higher operating leverage.
The company is a key beneficiary of the shift in government policies to promote AC manufacturing in India by making imports costlier.
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