Johnson Controls-Hitachi Air Condition. India Ltd

₹ 1,398 0.57%
03 Oct - close price
About

Johnson Controls-Hitachi Air Conditioning India Ltd is primarily engaged in the business of manufacturing, selling and trading of air conditioners, refrigerators, chillers and VRS systems.[1]

Key Points

Product Portfolio
The company's product portfolio includes various types of room air conditioners (RAC), VRF systems, package air conditioners, chillers, refrigerators and aqua-guards.[1]

  • Market Cap 3,798 Cr.
  • Current Price 1,398
  • High / Low 2,369 / 1,375
  • Stock P/E 148
  • Book Value 272
  • Dividend Yield 0.00 %
  • ROCE 3.93 %
  • ROE 2.29 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.14 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 2.40% over past five years.
  • Company has a low return on equity of 6.25% over last 3 years.
  • Promoters have pledged 32.3% of their holding.
  • Debtor days have increased from 56.8 to 69.5 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
951.91 376.59 435.96 432.91 269.58 310.08 487.53 579.35 491.97 397.24 575.64 694.19 1,010.32
841.22 374.62 403.58 405.73 291.70 315.21 420.20 501.97 487.24 391.56 529.04 654.68 996.67
Operating Profit 110.69 1.97 32.38 27.18 -22.12 -5.13 67.33 77.38 4.73 5.68 46.60 39.51 13.65
OPM % 11.63% 0.52% 7.43% 6.28% -8.21% -1.65% 13.81% 13.36% 0.96% 1.43% 8.10% 5.69% 1.35%
2.29 2.94 1.69 0.48 8.10 1.66 1.62 3.63 1.75 2.10 1.24 2.23 3.88
Interest 1.73 0.88 1.01 1.40 3.77 4.22 3.66 1.91 2.99 2.03 1.83 2.29 1.92
Depreciation 12.72 11.96 14.89 16.72 13.08 17.73 23.64 21.03 17.81 18.09 18.15 18.08 18.19
Profit before tax 98.53 -7.93 18.17 9.54 -30.87 -25.42 41.65 58.07 -14.32 -12.34 27.86 21.37 -2.58
Tax % 35.45% 91.93% 26.20% 24.95% 25.07% 25.14% 25.98% 23.49% 23.81% 24.88% 25.99% 26.63% 23.64%
Net Profit 63.60 -0.64 13.41 7.16 -23.13 -19.03 30.83 44.43 -10.91 -9.27 20.62 15.68 -1.97
EPS in Rs 23.39 -0.24 4.93 2.63 -8.51 -7.00 11.34 16.34 -4.01 -3.41 7.58 5.77 -0.72
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
764 798 930 1,100 1,573 1,641 1,917 2,185 2,241 2,197 1,647 2,159 2,677
705 769 884 1,052 1,435 1,518 1,749 1,986 2,078 2,023 1,529 2,062 2,572
Operating Profit 59 29 46 48 138 123 168 199 164 174 118 97 105
OPM % 8% 4% 5% 4% 9% 7% 9% 9% 7% 8% 7% 4% 4%
5 1 2 6 7 2 7 7 15 6 15 7 9
Interest 7 9 7 12 8 10 4 2 3 5 14 9 8
Depreciation 16 18 20 30 36 46 52 53 44 56 75 72 73
Profit before tax 40 3 21 11 101 69 118 151 132 118 43 23 34
Tax % 27% -17% 26% 29% 23% 27% 31% 34% 35% 29% 24% 29%
Net Profit 29 3 15 8 78 50 81 100 86 84 33 16 25
EPS in Rs 10.63 1.18 5.63 2.96 28.60 18.38 29.91 36.83 31.61 30.72 12.17 5.93 9.22
Dividend Payout % 12% 106% 23% 51% 5% 8% 5% 4% 5% 0% 0% 0%
Compounded Sales Growth
10 Years: 10%
5 Years: 2%
3 Years: -1%
TTM: 43%
Compounded Profit Growth
10 Years: 18%
5 Years: -27%
3 Years: -42%
TTM: -44%
Stock Price CAGR
10 Years: 26%
5 Years: -7%
3 Years: -9%
1 Year: -36%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 6%
Last Year: 2%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
23 23 23 27 27 27 27 27 27 27 27 27
Reserves 149 148 159 213 286 331 413 508 586 661 695 713
90 99 166 125 140 160 60 13 190 187 89 112
360 325 484 395 626 591 621 708 736 709 832 942
Total Liabilities 622 595 831 760 1,078 1,110 1,121 1,256 1,539 1,584 1,643 1,794
131 130 178 195 243 265 257 244 232 401 428 391
CWIP 6 13 11 2 3 1 4 2 94 6 9 9
Investments 0 0 0 0 0 0 0 0 0 0 0 0
486 453 643 563 833 843 859 1,010 1,213 1,177 1,205 1,394
Total Assets 622 595 831 760 1,078 1,110 1,121 1,256 1,539 1,584 1,643 1,794

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-9 26 68 58 55 62 172 97 -81 140 321 -55
-31 -21 -113 -72 -51 -69 -41 -32 -95 -107 -26 -46
19 -5 114 -56 0 6 -110 -53 170 -45 -191 9
Net Cash Flow -21 1 69 -70 4 -2 20 12 -6 -12 104 -92

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 60 68 65 63 66 62 54 69 73 42 59 70
Inventory Days 239 188 185 152 186 178 138 116 140 190 249 199
Days Payable 225 181 209 159 190 149 133 130 137 144 224 175
Cash Conversion Cycle 74 74 40 55 63 92 59 55 77 89 83 94
Working Capital Days 45 40 44 38 49 50 41 45 74 76 58 72
ROCE % 20% 4% 9% 7% 27% 16% 24% 29% 20% 15% 6% 4%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
74.25 74.25 74.25 74.25 74.25 74.25 74.25 74.25 74.25 74.25 74.25 74.25
1.27 0.95 0.98 1.01 0.96 0.99 0.94 0.95 0.95 0.88 0.99 1.01
15.47 15.77 16.03 16.00 15.93 15.61 14.99 13.51 13.59 13.04 12.61 12.47
9.00 9.03 8.74 8.74 8.86 9.15 9.81 11.28 11.21 11.82 12.15 12.26

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