Air conditioner maker, Hitachi Home had hit a new 52-week on the back of a very good show for Q1FY17. The name of the company is Japanese but it is now a US subsidiary – owned by Johnson Controls which holds 74.52% stake. The rejig happened last year and now the company is all settled down and bounced back with vigor. Also Q1 saw a lot of heat in the country which, seasonally is its best time and that also accounts for the good numbers.

The company’s net profit for Q1FY17 came in at Rs.69 crore, up 50% (YoY) but more significantly, it has already surpassed entire FY16 net profit of Rs.50 crore. Last fiscal was particularly bad as even in Q1, its main season, performance was down. Thus YoY this fiscal effect will be as such much higher. To out in perspective the importance of Q1 season – its current Q1 net sales is at Rs.849 crore, up 20% but 51% of entire FY16 net sales. The next ‘season’ as such will be Q3 when the October heat picks up with Q2 being the most tepid. 

EBITDA came in at Rs.117 crore, up 41% and margins rose from 11.79% to 13.78%. Other income saw a substantial jump up of over 6 times to Rs.2 crore. Interest outgo was down 33%.