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Nirmal Bang Report
The government policies towards air conditioner manufacturing in India are undergoing a strategic shift, with various measures such as phased manufacturing programme, review of FTAs with strict conditions and quality control order for component imports.
This would make imports costlier and encourage the AC firms to make in India by developing the component ecosystem.
Johnson Controls-Hitachi Air Conditioning India Ltd. is well placed to benefit from this change due to backward integrated manufacturing capabilities, India-specific research and development, presence of group companies in supply chain and one-of-its-kind global development center capable of designing and developing ACs for India as well as global needs.
It aims to fortify the company’s competitive edge by cutting its imports by half and expanding its exports by three times over the next three years.
We believe that the company is nearing an inflection point of reporting stronger volume growth and robust margin expansion.
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