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Nirmal Bang Report
Johnson Controls-Hitachi Air Conditioning India LTd. posted revenue of Rs 6.9 billion in Q4 FY22, up 19.8% YoY. The topline was below our estimate by 9.5%, but above consensus estimate by 7.4%.
Cooling products segment's revenue jumped by 20.8% YoY to Rs 6.85 billion (97.7% of total sales).
Design and development segment's sales declined marginally by 2% YoY to Rs 159 million (2.3% of total sales).
Gross margin contracted by 1060 basis points YoY to 28.2%, most likely due to commodity cost pressures.
Ebitda in Q4 FY22 stood at Rs 395 million, down 48.9% YoY. Ebitda margin stood at 5.7%, down 770 bps YoY, below our/consensus estimate of 7.5%/11.6%.
Cooling products/design and development segment's Ebit margins declined by 690 bps/140 bps YoY to 3.3%/11.2%. Johnson Controls-Hitachi reported profit after tax of Rs 164 million in Q4 FY22, down 64.7% YoY.
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