Annual Report: 2021
Here's a comprehensive summary of the Carrier Airconditioning & Refrigeration Ltd. 2020-21 Annual Report, covering key aspects of the company's performance, governance, and financial standing.
Overview & Financial Performance:
The Board of Directors presents the 29th Annual Report highlighting the business and operations for the financial year ending March 31, 2021. The year was challenging due to the COVID-19 pandemic and subsequent lockdown, significantly impacting volumes, particularly in the air conditioning industry's peak first quarter. Cost rationalization measures and investments in new products and digital tools were implemented. The company reports total net revenue from operations of Rs. 121,813 Lakh compared to Rs. 152,444 Lakh in the previous year. Profit before tax was Rs. 3,340 Lakh (previous year: Rs. 8,065 Lakh), and total comprehensive income was Rs. 1,812 Lakh (previous year: Rs. 4,594 Lakh). The company strengthened its balance sheet, generating operating cash of Rs. 13,516 Lakh (previous year: Rs. 5,811 Lakh) and fully repaid borrowings. Basic earnings per share is Rs. 1.57.
Business Segment Performance:
Environment, Health, and Safety:
EH&S is a priority. The Commercial HVAC division achieved "Zeon Accident" goals. The company achieved 30 Million Hours without lost time accidents for factory and S&D employees. The company is continuously monitoring the COVID-19 pandemic, focusing on internal and external initiatives for health & safety practices.
Dividend:
The Board recommended a dividend of Rs. 0.50 per equity share of Rs. 10 each for FY 2020-21, subject to shareholder approval.
Board of Directors & Committees:
The report details changes in the Board, including the retirement and re-appointment of Mr. Chirag Baijal and the re-appointment of Mr. Rahul Kumar Jain as Whole-time Director. The Board composition, committee structures (Audit, Nomination and Remuneration, CSR, Stakeholder Relationship), and meeting attendance are outlined.
Corporate Social Responsibility (CSR):
The company undertakes activities as per its CSR policy, focusing on promoting education, livelihood enhancement, health care, and environmental sustainability. Details of CSR activities undertaken and the composition of the CSR Committee are provided. Web links for the CSR policy and committee composition are available.
Governance & Compliance:
Other Key Highlights:
Annexures:
The report includes several annexures providing detailed information on Corporate Social Responsibility (Annexure "A"), Nomination and Remuneration Policy (Annexure "B"), Secretarial Audit Report (Annexure "C"), and details on Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo (Annexure "D").
Notice of the 29th AGM:
The notice details the agenda for the 29th Annual General Meeting, including ordinary and special business, procedures for participating through video conferencing, e-voting, and information related to unclaimed dividends and IEPF transfer. The meeting will be held on September 23, 2021.
Financial Statements:
The report includes detailed financial statements, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, and Statement of Cash Flow, along with detailed notes to the financial statements outlining accounting policies and specific line items.
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