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Nirmal Bang Report
Johnson Controls-Hitachi Air Conditioning India Ltd. posted revenue of Rs 3.1 billion in Q2 FY21, down 18% YoY and below our estimate of Rs 3.3 billion.
Cooling products revenue fell 17% YoY to Rs 2.9 billion (94% of total sales) while design and development sales fell 18% YoY to Rs 197 million.
Gross margin rose by a healthy 220 basis points YoY to 37.8%. Ebitda loss stood at Rs 51 million compared to our estimate of Rs 40 million loss as Q2 is a seasonally weak quarter for the company.
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