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Home » Johnson Controls‐Hitachi Air Conditioning Q2 Results Review

Johnson Controls‐Hitachi Air Conditioning Q2 Results Review

HVAC Expert October 20, 2022

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Johnson Controls‐Hitachi Air Conditioning India Ltd. once again registered poor set of performance with revenue coming significantly below ours and consensus estimates.

Gross margin has contracted sharply by 815 basis points; however, on sequential basis gross margin has remained flat. We feel that this gross margin contraction is on account of intense competition in room air conditoner space where other companies have become super aggressive.

Our channel checks suggest Johnson Controls‐Hitachi’s aggression in the mass premium segment (multiple new stock keeping unit launches) which is 70% of the room AC industry volumes is not yielding results as it is losing market share to players like Lloyd and Blue Star Ltd.

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Johnson Controls‐Hitachi has been losing market share as well as margins in this super competitive environment. We feel it would be difficult to gain market share and improve upon the margins at the same time in this hyper competitive room AC market.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

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