Historical Overview

Carrier boasts a longstanding legacy in India that traces its roots back to 1936, marking the installation of the nation's inaugural air-conditioning system at the illustrious Rambagh Palace in Jaipur. A milestone was achieved in 1986 when Carrier India was officially established, followed by the launch of its premier manufacturing unit in Gurgaon, Haryana in 1988.

This expansive 19-acre facility houses an automated manufacturing unit, a dedicated R&D Center, and a cutting-edge quality clinic. Carrier stands as a global powerhouse in the realm of heating, ventilating, air conditioning, and refrigeration (HVACR) systems. Its holistic approach also encompasses building controls and automation, as well as fire and security systems. As an industry leader, the brand's footprint extends across the globe, with a robust infrastructure comprising 51 factories and 39 state-of-the-art research & design centers. This expansive network is powered by a dedicated workforce of over 53,000 employees, ensuring Carrier's presence in more than 180 countries.

Innovation at the Heart of Operations

Innovation isn't just a buzzword at Carrier; it's deeply woven into the company's DNA. From its inception, Carrier has consistently placed innovation at the forefront of its operations. This unwavering commitment has enabled Carrier to not only meet but often surpass the evolving needs of its global clientele. Carrier's research & design centers serve as the epicenter of this innovation. These hubs are dedicated to relentless research, rigorous testing, and the development of next-generation solutions. By leveraging cutting-edge technologies and pioneering research methodologies, these centers ensure that Carrier remains at the vanguard of the HVACR industry.

Product Portfolio

This Gurgaon hub stands as a testament to Carrier's dedication to quality, producing a wide array of products including: a) Cassettes b) Ducted splits c) Package units d) Air- and water-cooled screw chillers e) Air- and water-cooled reciprocating chillers f) Fan coil units g) Air handling units h) Refrigeration products i) Fire & security products

EH&S Commitment

The company's rigorous Environment, Health & Safety (EH&S) program exemplifies its commitment to responsible business practices. A shining highlight of this commitment is Carrier India's Gurgaon facility clocking over 17 million man hours without a single lost workday incident.

Pan-India Presence

Ensuring nationwide coverage, Carrier India has: a) 14 sales and service offices b) Over 800 sales and service channel partners

Key Business Segments

1. Light Commercial Airconditioning (LC) The Unitary business in India is primarily driven by ducted and cassettes. a) Ducted Segment: Carrier's foray into this domain, especially post the 2018 launch of the inverter ducted, has been commendable. This energy-efficient product garners widespread acclaim. b) Cassette Segment: The BEE-labeled Cassette range is gaining momentum in the market. With efficiency as a pivotal buying criterion, the demand for Inverter Cassette is surging.

2. Commercial Airconditioning

This business vertical has seen a notable surge, underpinned by the growth of locally manufactured screw chillers and deeper market penetration, especially in segments like pharmaceuticals and industry.

3. Commercial Refrigeration

Last year witnessed a steady growth trajectory, particularly from the non-food retail and cold room markets. Despite external headwinds impacting the food retail sector, Carrier's commercial refrigeration business experienced an uptick in channel sales and also ventured into niche segments like IQF and mushroom growth chambers.

4. Service Business

Carrier's service business has shown consistent growth year-on-year, capturing both multinational and top local segments. The company's energy-saving solutions have garnered attention, further amplifying their market presence.

5. Transicold

Carrier Transicold India stands at the forefront of innovation in establishing robust cold chains in India. Their dominant position as a preferred supplier of truck refrigeration systems is backed by a sprawling sales and service network spanning over 60 service centers.

Ownership Structure

Carrier Unlisted Share, Delaware holds a significant 96.5% stake in the company as of 31.03.2023.

Financial Performance & Carrier Unlisted Share Price Movement

In a remarkable performance for FY22-23, Carrier witnessed its revenue soar from INR 1600 Cr to INR 2200 Cr. Mirroring this performance, the Carrier Unlisted Share Price appreciated from INR 290 per share to INR 330 per share over the past year.