Johnson Controls-Hitachi Air Conditioning India Ltd.

Peer Group

Stock	Current Price Rs	PE TTM Price to Earnings	Market Capitalization in Cr	Dividend yield 1yr %	Net Profit Qtr Cr	Net Profit Annual Growth YoY %	Operating Revenues Qtr Cr	Revenue Growth Qtr YoY	Price to Book Value
Johnson Controls-Hit..	1909.45	52.54	5191.79	0.08	63.60	-14.19	951.91	19.88	8.47
Whirlpool of India L.. Market Leader	1807.90	52.84	22936.83	0.28	190.84	16.08	1974.20	19.57	10.70
Voltas Ltd. Market Runner Up	667.35	38.95	22075.94	0.60	187.67	-1.46	2654.00	23.55	5.32
Symphony Ltd.	1303.85	74.81	9126.95	0.35	26.00	-44.80	160.00	102.53	13.64
Blue Star Ltd.	789.50	40.00	7602.89	1.27	75.44	43.11	1575.45	4.48	8.69
Orient Electric Ltd.	160.10	44.62	3397.32	0.62	18.87	8.25	568.34	30.50	11.08
Dixon Technologies (..	2642.95	40.37	2994.46	0.08	23.58	4.03	1146.92	93.51	7.92
Amber Enterprises In..	847.00	23.73	2663.52	0.00	48.58	49.26	995.70	65.38	2.73

All values except ratios in INR(Crores)


Indicator	Jun-2019	Mar-2019	Dec-2018	Sep-2018	Jun-2018	Mar-2018	Dec-2017	Sep-2017	Jun-2017
Total Revenue Qtr cr	954.2	666.3	437.2	353.3	799.9	628.6	378.9	319.6	865.7
Operating Revenues Qtr Cr	951.9	665.5	434.9	346.9	794.1	627.7	377.4	317.4	862.8
Other Income Qtr Cr	2.3	0.8	2.3	6.4	5.8	0.8	1.5	2.1	2.9
Operating Expenses Qtr Cr	841.2	588.2	437.8	341.7	709.8	553.8	367.9	307.5	757.4
Operating Profit Qtr Cr	110.7	77.3	-3.0	5.2	84.3	74.0	9.5	9.9	105.4
Operating Profit Margin Qtr %	11.63%	11.61%	-0.68%	1.5%	10.61%	11.79%	2.53%	3.12%	12.22%
Depreciation Qtr Cr	12.7	11.0	11.1	10.5	11.6	13.1	13.3	12.5	14.0
Interest Qtr Cr	1.7	2.0	0.2	0.2	0.2	0.6	0.3	0.3	0.8
Profit Before Tax Qtr Cr	98.5	65.0	-11.9	1.0	78.3	61.1	-2.5	-0.7	93.6
Tax Qtr Cr	34.9	22.8	-4.3	0.5	27.5	20.6	-0.8	-0.5	31.9
Net Profit Qtr Cr	63.6	42.3	-7.6	0.5	50.7	40.5	-1.8	-0.2	61.6
Basic EPS Qtr Rs	23.4	15.6	-2.8	0.2	18.7	14.9	-0.7	-0.1	22.4
Net profit TTM Cr	98.8	85.9	84.1	89.9	89.3	100.2	85.0	78.8	73.7
Basic EPS TTM Rs	36.3	31.6	30.9	33.1	32.8	36.8	31.3	29.0	27.1

Quarterly Operating Revenues Qtr Cr Analysis

Operating Revenues Qtr Cr growth is higher than historical averages.

Quarterly Net Profit Qtr Cr Analysis

Net Profit Qtr Cr growth is higher than historical averages.


Indicator	Graph
Total Revenue Qtr cr
Operating Revenues Qtr Cr
Other Income Qtr Cr
Operating Expenses Qtr Cr
Operating Profit Qtr Cr
Operating Profit Margin Qtr %
Depreciation Qtr Cr
Interest Qtr Cr
Profit Before Tax Qtr Cr
Tax Qtr Cr
Net Profit Qtr Cr
Basic EPS Qtr Rs
Net profit TTM Cr
Basic EPS TTM Rs

Annual Results

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	TTM	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total Revenue Annual Cr	2,411.0	2,256.7	2,192.8	1,924.1	1,661.3	1,580.0	1,105.5	931.6	799.0	768.7
Operating Revenues Annual Cr	2,399.1	2,241.3	2,185.4	1,917.3	1,659.5	1,572.8	1,099.7	930.0	798.1	764.0
Other Income Annual Cr	11.9	15.4	7.4	6.8	1.8	7.1	5.7	1.6	0.9	4.7
Operating Expenses Annual Cr	2,208.9	2,077.5	1,986.5	1,749.5	1,536.8	1,434.8	1,052.2	883.5	768.9	705.3
Operating Profit Annual in Cr	190.2	163.8	198.9	167.8	122.7	138.1	47.6	46.4	29.1	58.7
Operating Profit Margin Annual %		7.26%	9.07%	8.72%	7.39%	8.74%	4.3%	4.99%	3.65%	7.63%
Total Expenses Annual Cr		2,124.3	2,041.4	1,805.8	1,592.5	1,478.9	1,094.1	910.9	796.2	728.7
Other Expenses Annual Cr	485.4	468.5	427.9	407.5	409.5	361.4	273.4	215.5	194.4	163.1
Employee Expenses Annual Cr	170.1	165.2	141.0	122.2	111.0	113.8	81.8	64.1	52.8	44.1
Cost Of Power Purchased Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost Of Fuel Annual Cr		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBIDT Annual Cr		179.2	206.3	174.5	124.5	145.2	53.3	48.1	30.0	63.4
EBIDT margin Annual %		7.94%	9.41%	9.07%	7.49%	9.19%	4.82%	5.16%	3.76%	8.24%
Other Income Annual Cr	11.9	15.4	7.4	6.8	1.8	7.1	5.7	1.6	0.9	4.7
Interest Annual Cr	4.2	2.7	2.0	4.4	10.1	8.3	11.9	7.2	8.9	7.4
Depreciation Cr	45.3	44.2	52.9	51.9	45.5	35.9	30.0	20.2	18.3	16.1
Profit Before Tax Annual Cr	152.6	132.4	151.4	118.3	68.8	101.0	11.3	20.7	2.8	39.9
Tax Annual Cr	53.8	46.4	51.2	37.0	18.9	23.2	3.3	5.4	-0.5	10.6
PAT Before ExtraOrdinary Items Annual Cr		85.9	100.2	81.3	50.0	77.8	8.0	15.3	3.3	29.3
Minority Interest Income Annual Cr
Net Profit Annual Cr	98.8	85.9	100.2	81.3	50.0	77.8	8.0	15.3	3.3	29.3
Net Profit Margin Annual %		3.83%	4.58%	4.24%	3.01%	4.94%	0.73%	1.64%	0.4%	3.83%
Basic EPS Annual Rs		31.6	36.8	29.9	18.4	28.6	3.0	6.7	1.4	12.8

Annual Total Revenue Annual Cr Analysis

Total Revenue Annual Cr growth is lower than historical averages.

1 Year:: 2,256.72 Cr
3 Years:: 2,124.53 Cr
5 Years:: 1,922.97 Cr
7 Years:: 1,664.56 Cr

Annual Net Profit Annual Cr Analysis

Net Profit Annual Cr growth is lower than historical averages.

1 Year:: 85.94 Cr
3 Years:: 89.14 Cr
5 Years:: 79.03 Cr
7 Years:: 59.79 Cr

Annual ROE Annual % Analysis

ROE Annual % is growing slower than historical averages.

1 Year:: 14.01 %
3 Years:: 17.06 %
5 Years:: 18.0 %
7 Years:: 14.54 %


Indicator	TTM	Graph
Total Revenue Annual Cr	0.0
Operating Revenues Annual Cr	0.0
Other Income Annual Cr	0.0
Operating Expenses Annual Cr	0.0
Operating Profit Annual in Cr	0.0
Operating Profit Margin Annual %
Total Expenses Annual Cr
Other Expenses Annual Cr	0.0
Employee Expenses Annual Cr	0.0
Cost Of Power Purchased Annual Cr	0.0
Cost Of Fuel Annual Cr
EBIDT Annual Cr
EBIDT margin Annual %
Other Income Annual Cr	0.0
Interest Annual Cr	0.0
Depreciation Cr	0.0
Profit Before Tax Annual Cr	0.0
Tax Annual Cr	0.0
PAT Before ExtraOrdinary Items Annual Cr
Minority Interest Income Annual Cr	0.0
Net Profit Annual Cr	0.0
Net Profit Margin Annual %
Basic EPS Annual Rs

Financial Ratios

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Book Value Per Share Annual Rs	225.4	196.8	161.9	131.6	115.1	88.3	79.2	74.6	74.9
RoA Annual %	5.48%	7.97%	7.25%	4.5%	7.21%	1.05%	1.84%	0.54%	4.71%
ROE Annual %	14.01%	18.71%	18.47%	13.96%	24.85%	3.35%	8.42%	1.9%	17.05%
ROCE Annual %	19.99%	26.25%	25.36%	12.77%	20.76%	2.72%	5.01%	1.79%	14.21%
Profitability Ratio
EBDIT Annual Margin %	7.99%	9.43%	9.1%	7.5%	9.23%	4.84%	5.16%	3.76%	8.29%
EBIT Annual Margin %	6.02%	7.01%	6.39%	4.75%	6.94%	2.11%	2.99%	1.46%	6.19%
PBT Annual Margin %	5.9%	6.92%	6.17%	4.14%	6.42%	1.02%	2.22%	0.34%	5.22%
Net Profit Margin Annual %	3.83%	4.58%	4.24%	3.01%	4.94%	0.73%	1.64%	0.4%	3.83%
Asset Turnover Annual %	142.96%	173.98%	171.1%	149.57%	145.86%	144.63%	111.88%	134.1%	122.75%
Liquidity Ratio
Current Ratio Annual	1.3	1.4	1.3	1.1	1.1	1.1	1.2	1.0	1.1
Quick Ratio Annual	0.7	0.8	0.6	0.4	0.5	0.5	0.6	0.4	0.3
Dividend Payout to NP Annual %	5.72%	4.9%	6.03%	8.16%	5.24%	50.67%	26.65%	105.58%	11.74%
Dividend Payout CP Annual %	3.78%	3.2%	3.68%	4.26%	3.58%	10.7%	11.49%	15.95%	7.58%
Earning Retention Annual %	94.28%	95.1%	93.97%	91.84%	94.76%	49.33%	73.35%	-5.58%	88.26%
Cash Earning Retention Annual %	96.22%	96.8%	96.32%	95.74%	96.42%	89.3%	88.51%	84.05%	92.42%
Valuation Ratio
EnterpriseValue Annual Cr	5,734.4	6,764.7	4,979.9	3,424.7	4,071.1	544.7	363.5	351.3	568.3
EV Per Net Sales Annual	2.6	3.1	2.6	2.1	2.6	0.5	0.4	0.4	0.7
Price To Book Value Annual	9.1	12.7	11.2	9.2	12.6	2.0	1.6	1.7	2.9
EV Per EBITDA Annual	32.0	32.8	28.5	27.5	28.0	10.2	7.6	11.7	9.0
Market Cap Per Sales Annual	2.5	3.1	2.6	2.0	2.5	0.4	0.3	0.4	0.7
Retention Ratio Annual %	94.27%	95.09%	93.96%	91.83%	94.75%	49.32%	73.34%	-5.58%	88.25%
Earnings Yield Annual	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
Cash Earning Retention Annual %	96.22%	96.8%	96.32%	95.74%	96.42%	89.3%	88.51%	84.05%	92.42%
Total Debt to Total Equity Annual	0.3	0.0	0.1	0.4	0.4	0.4	0.8	0.4	0.4

Annual Book Value Per Share Annual Rs Analysis

Book Value Per Share Annual Rs growth is lower than historical averages.

1 Year:: 225.45 Rs
3 Years:: 194.73 Rs
5 Years:: 166.18 Rs
7 Years:: 142.62 Rs

Annual RoA Annual % Analysis

RoA Annual % is growing slower than historical averages.

1 Year:: 5.48 %
3 Years:: 6.9 %
5 Years:: 6.48 %
7 Years:: 5.04 %


Indicator	Graph
Book Value Per Share Annual Rs
RoA Annual %
ROE Annual %
ROCE Annual %
Profitability Ratio
EBDIT Annual Margin %
EBIT Annual Margin %
PBT Annual Margin %
Net Profit Margin Annual %
Asset Turnover Annual %
Liquidity Ratio
Current Ratio Annual
Quick Ratio Annual
Dividend Payout to NP Annual %
Dividend Payout CP Annual %
Earning Retention Annual %
Cash Earning Retention Annual %
Valuation Ratio
EnterpriseValue Annual Cr
EV Per Net Sales Annual
Price To Book Value Annual
EV Per EBITDA Annual
Market Cap Per Sales Annual
Retention Ratio Annual %
Earnings Yield Annual
Cash Earning Retention Annual %
Total Debt to Total Equity Annual

Balance Sheet

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Total ShareHolders Funds Annual Cr	613.0	535.2	440.2	357.9	312.9	240.0	181.7	171.2	172.0
Equity Share Capital Annual Cr	27.2	27.2	27.2	27.2	27.2	27.2	23.0	23.0	23.0
Total Share Capital Annual Cr	27.2	27.2	27.2	27.2	27.2	27.2	23.0	23.0	23.0
Reserves Plus Surplus Annual Cr	585.8	508.0	413.0	330.8	285.7	212.8	158.8	148.3	149.0
Total Reserves Plus Surplus Annual Cr	585.8	508.0	413.0	330.8	285.7	212.8	158.8	148.3	149.0
Minority Interest Liability Annual Cr
Total Non Current Liabilities Annual Cr	62.3	49.0	43.5	33.3	61.7	55.3	69.0	10.4	34.4
Deferred Tax Liabilities Annual Cr	0.0	0.0	0.0	0.0	1.5	0.0	0.0	0.0	0.4
Other LongTerm Liabilities Annual Cr	12.4	11.3	9.4	0.0	0.1	0.0	0.0	0.0	0.0
Total Current Liabilities Annual Cr	892.4	672.0	636.8	718.2	703.8	465.1	525.8	413.5	416.1
Trade Payables Annual Cr	540.8	495.8	443.8	452.6	498.8	304.2	347.3	258.7	307.2
Other Current Liabilities Annual Cr	147.0	148.7	119.0	122.0	81.7	81.1	85.9	77.2	62.6
Short Term Provisions Annual Cr	15.0	14.8	14.5	10.9	11.3	10.0	8.6	7.3	6.2
Total Capital Plus Liabilities Annual Cr	1,567.8	1,256.1	1,120.5	1,109.5	1,078.3	760.4	831.2	595.1	622.4
Fixed Assets Annual Cr	326.4	245.8	261.5	266.1	245.6	197.6	188.4	142.3	136.6
Tangible Assets Annual Cr	215.7	222.2	234.3	237.6	215.8	172.4	161.5	112.4	115.5
Intangible Assets Annual Cr	15.3	20.8	21.9	27.8	27.3	23.0	16.1	17.2	15.5
Capital Work In Progress Annual Cr	94.1	1.6	1.5	0.8	1.4	0.3	4.3	6.0	2.9
Total Non Current Assets Annual Cr	383.4	291.7	305.9	299.0	270.3	228.8	206.4	161.5	150.6
Non Current Investments Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Tax Assets Annual Cr	16.6	13.9	8.1	4.5	0.0	0.6	0.0	2.6	0.0
Long Term Loans Plus Advances Annual Cr	4.7	4.4	3.6	28.4	24.7	30.6	17.9	16.6	14.0
Other Non Current Assets Annual Cr	35.8	27.6	32.8	0.0	0.0	0.0	0.0	0.0	0.0
Total Current Assets Annual Cr	1,184.4	964.4	814.6	810.5	808.0	531.6	624.9	433.6	471.8
Current Investments Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Trade Receivables Annual Cr	477.1	414.3	282.0	280.0	283.8	188.4	164.5	148.1	125.2
Cash Plus Cash Equivalents Annual Cr	29.9	35.8	23.6	4.2	5.7	22.0	71.6	2.6	2.1
Short Term Loans Plus Advances Annual Cr	1.0	1.4	2.1	27.8	27.1	29.3	28.2	14.4	17.3
Other Current Assets Annual Cr	120.9	70.7	46.9	4.3	1.0	1.4	54.9	0.4	0.5
Total Assets Annual Cr	1,567.8	1,256.1	1,120.5	1,109.5	1,078.3	760.4	831.2	595.1	622.4
Contingent Liabilities plus Commitments Annual Cr	110.6	46.3	42.2	41.8	29.8	27.7	7.4	12.1	8.8
Bonus Equity Share Capital Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Investments Unquoted BookValue Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Current Investments Unquoted BookValue Annual Cr	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Annual Long Term Debt To Equity Annual Analysis

1 Year:: -
3 Years:: -
5 Years:: 0.02
7 Years:: 0.07

Annual Total Assets Annual Cr Analysis

Total Assets Annual Cr growth is higher than historical averages.

1 Year:: 1,567.77 Cr
3 Years:: 1,314.8 Cr
5 Years:: 1,226.44 Cr
7 Years:: 1,103.4 Cr


Indicator	Graph
Total ShareHolders Funds Annual Cr
Equity Share Capital Annual Cr
Total Share Capital Annual Cr
Reserves Plus Surplus Annual Cr
Total Reserves Plus Surplus Annual Cr
Minority Interest Liability Annual Cr
Total Non Current Liabilities Annual Cr
Deferred Tax Liabilities Annual Cr
Other LongTerm Liabilities Annual Cr
Total Current Liabilities Annual Cr
Trade Payables Annual Cr
Other Current Liabilities Annual Cr
Short Term Provisions Annual Cr
Total Capital Plus Liabilities Annual Cr
Fixed Assets Annual Cr
Tangible Assets Annual Cr
Intangible Assets Annual Cr
Capital Work In Progress Annual Cr
Total Non Current Assets Annual Cr
Non Current Investments Annual Cr
Deferred Tax Assets Annual Cr
Long Term Loans Plus Advances Annual Cr
Other Non Current Assets Annual Cr
Total Current Assets Annual Cr
Current Investments Annual Cr
Trade Receivables Annual Cr
Cash Plus Cash Equivalents Annual Cr
Short Term Loans Plus Advances Annual Cr
Other Current Assets Annual Cr
Total Assets Annual Cr
Contingent Liabilities plus Commitments Annual Cr
Bonus Equity Share Capital Annual Cr
Non Current Investments Unquoted BookValue Annual Cr
Current Investments Unquoted BookValue Annual Cr

Cash flow

Standalone
Consolidated

All values except ratios in INR(Crores)


Indicator	Mar-2019	Mar-2018	Mar-2017	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Cash from Operating Activity Annual Cr	-81.0	97.2	171.6	61.6	54.7	58.0	67.7	26.2	-8.9
Profit Before Tax Annual Cr	132.4	151.4	118.3	68.8	101.0	11.3	20.7	2.8	39.9
Interest Annual Cr	2.7	2.0	4.4	10.1	8.3	11.9	7.2	8.9	7.4
Tax Annual Cr	46.4	51.2	37.0	18.9	23.2	3.3	5.4	-0.5	10.6
Cash from Investing Activity Annual Cr	-95.0	-32.0	-41.4	-69.5	-51.2	-71.7	-113.2	-20.5	-31.0
Cash from Financing Annual Activity Cr	170.1	-53.0	-110.2	6.2	0.3	-55.8	114.3	-4.9	18.7
Net Cash Flow Annual Cr	-5.9	12.2	19.9	-1.7	3.8	-69.5	68.8	0.8	-21.2
Cash Plus Cash Equivalent Begin Of Year Annual Cr	35.5	23.3	3.4	5.3	1.5	71.1	2.3	1.5

Analyst Rating

No of reports

0

No upgrades

0

No downgrades

0

PEG TTM Price to Earnings Growth

4.91

Operating Revenues Qtr Cr s

951.91 Cr

Net Profit Qtr Cr s

63.60 Cr

RSI

81.66

MFI

95.40

MACD

54.64

MACD signal

27.52

SMA 30

1,621.06

SMA 50

1,618.34

SMA 100

1,699.43

SMA 200

1,766.99

Promoter holding %

74.25

FII holding %

1.35

MF holding %

10.77

Institutional holding %

16.52

Peer Group

Write Query

Quarterly Results

Quarterly Operating Revenues Qtr Cr Analysis

Quarterly Net Profit Qtr Cr Analysis

Annual Results

Annual Total Revenue Annual Cr Analysis

Average Total Revenue Annual Cr

Annual Net Profit Annual Cr Analysis

Average Net Profit Annual Cr

Annual ROE Annual % Analysis

Average ROE Annual %

Financial Ratios

Annual Book Value Per Share Annual Rs Analysis

Average Book Value Per Share Annual Rs

Annual RoA Annual % Analysis

Average RoA Annual %

Balance Sheet

Annual Long Term Debt To Equity Annual Analysis

Average Long Term Debt To Equity Annual

Annual Total Assets Annual Cr Analysis

Average Total Assets Annual Cr

Cash flow