External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

Johnson Controls-Hitachi Air Conditioning India / Equity Bottom-Up

Johnson Controls-Hitachi Air Conditioning India

<div><div><div><div><ul><li>Strong performance expected in 1QFY23: JCH-IN has grown by 60.4% over the 4QFY20 base.</li></ul><div><div><div><div><ul><li>Expect margins to improve going forward: EBITDA margin contracted by 770bps YoY to 5.7% in 4QFY22 mainly due to commodity cost pressures (raw material costs were up 40.7% YoY).</li></ul><div><div><div><div><ul><li>Capital employed increased: Capital employed for Cooling Products rose to Rs5.53bn in 4QFY22 from Rs4.39bn in 4QFY21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong performance expected in 1QFY23: JCH-IN has grown by 60.4% over the 4QFY20 base.Expect margins to improve going forward: EBITDA margin contracted by 770bps YoY to 5.7% in 4QFY22 mainly due to commodity cost pressures (raw material costs were up 40.7% YoY).Capital employed increased: Capital employed for Cooling Products rose to Rs5.53bn in 4QFY22 from Rs4.39bn in 4QFY21.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Johnson Controls-Hitachi Air Conditioning India - Margin Pressure Offsets Topline Growth

India

Johnson Controls-Hitachi Air Conditioning India Limited manufactures air conditioning products. The Company offers commercial air conditioning and refrigeration, absorption and centrifugal chillers, compressors, and environmental testing products. Johnson Controls-Hitachi Air Conditioning operates worldwide.

Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)

Johnson Controls-Hitachi Air Conditioning India - Margin Pressure Offsets Topline Growth

JCH-IN posted revenue of Rs6.9bn in 4QFY22, up 19.8% YoY. The topline was below our estimate by 9.5%, but above consensus estimate by 7.4%.

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