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Motilal Oswal Report
The government ban on imports of ready-to-install air conditioners with refrigerants is showing results, with the latest import data clearly suggesting a downtrend. Following are our thoughts on the way forward:
In a surprising move in October 20'20, India banned import of air conditioners – both split and window – with refrigerants.
Total imports under the banned HS code of 84151010 and 84151090 halved YoY to Rs 18 billion in FY21 (versus Rs 36 billion in FY20).
Compressors, which are mainly imported, fell 19% YoY (in line with the decline in the room air conditioner industry in FY21).
This clearly suggests that the impact of the import ban on room air conditioners with refrigerants is visible.
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