Johnson Controls Hitachi Air

Johnson Controls – Hitachi Air Conditioning India, which was previously recognized as Hitachi Home, for Q2FY17, posted a loss. Its net loss for the quarter was at Rs.5 crore v/s loss of Rs.11 crore in previous Q2 and in Q1 it had posted a net profit of Rs.69 crore.

The company ended the quarter with a 16% (YoY) at Rs.287 crore but costs rose to Rs.303 crore which pushed the bottomline into the red.

The good news here is that it ended H1FY17 with a net profit at Rs.64 crore v/s net profit of Rs.50 crore in FY16 – this is thanks to Rs.69 crore net profit it posted in Q1FY17. The company is debt free and its cash balance has swollen from Rs.4 crore to Rs.43 crore. Equity is at Rs.27.19 crore and annualized EPS stands at Rs.47 (FV of Rs.10). Reserve stands at Rs.331 crore. Promoters stake stands at 74.25%.