Annual Report: 2024
Carrier Airconditioning & Refrigeration Ltd. - 2023-24 Annual Report Summary
The document is the 32nd Annual Report of Carrier Airconditioning & Refrigeration Ltd. for the financial year ended March 31, 2024. It includes the Notice of the Annual General Meeting (AGM), Board's Report, financial statements, and related annexures.
Board of Directors and Committees: Key personnel are identified, including Mr. Sundaresan Narayanan (Managing Director), Mr. Pritesh Agrawal (Whole-time Director & CFO), Mr. Rahul Jain and Ms. Simran Thapar (Whole-time Directors), and Independent and Non-Executive Directors. There have been changes to the Board and its committees, notably the resignation of Mr. Chirag Baijal and the appointment of Mr. Sundaresan Narayanan as Managing Director. The report details the composition of the Audit Committee, Corporate Social Responsibility Committee, and Stakeholder Relationship Committee.
Notice of 32nd Annual General Meeting: The notice announces the 32nd AGM to be held on September 20, 2024, via video conferencing, covering ordinary and special business items. Key agenda items include adopting financial statements, appointing Mr. Rahul Jain as Director, declaring a final dividend of Rs. 9.5 per equity share, approving the appointment and remuneration of Mr. Sundaresan Narayanan as Managing Director, and ratifying the remuneration of cost auditors. Details on e-voting procedures and inspection of documents are provided.
Board's Report and Operational Highlights: The company's standalone total net revenue from operations was Rs. 2,13,114 Lacs, and its profit before tax was Rs. 17,545 Lacs. The company experienced growth in VRF and Light Commercial HVAC business. They focused on localized manufacturing, expanded product offerings with a focus on sustainability (introducing new chillers with low GWP refrigerants and Eurovent certified AHU range), and kickstarted new projects to further localize manufacturing. The factory at Gurugram was awarded Platinum certification by the Indian Green Building Council (IGBC). They also executed an asset purchase agreement with CACI Aircon Private Limited (formerly Toshiba Carrier Air-conditioning India Private Limited). The Carrier group has decided to sell its Commercial Refrigeration ("CR") business.
Other Key Aspects Covered:
Financial Statements: Standalone financial statements consisting of Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flow. Independent Auditor’s Report included from MSKA & Associates, Chartered Accountants. Key financial information: revenue, expenses, profits, details of property, plant, equipment, intangible assets, investments, equity, trade receivables, and liabilities Details of outstanding dues to Micro and Small Enterprises. Important to note a statement on internal financial controls. A list of documents comprising the report is included in the Index.
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