Johnson Controls - Hitachi Air Conditioning India Ltd - Stock Valuation and Financial Performance

BSE: 523398 | NSE: JCHAC | Air Conditioners | Small Cap

Johnson Controls Share Price

2,563.05 28.30 1.12%
as on 11-Oct'24 16:01

DeciZen - make an informed investing decision on Johnson Controls

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Johnson Controls - Hitachi Air Conditioning India stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
6,969.2 Cr.
52-wk low:
950
52-wk high:
2,600

Is Johnson Controls - Hitachi Air Conditioning India Ltd an attractive stock to invest in?

1. Is Johnson Controls - Hitachi Air Conditioning India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Johnson Controls - Hitachi Air Conditioning India Ltd is a good quality company.

2. Is Johnson Controls - Hitachi Air Conditioning India Ltd undervalued or overvalued?

The key valuation ratios of Johnson Controls - Hitachi Air Conditioning India Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Johnson Controls - Hitachi Air Conditioning India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Johnson Controls - Hitachi Air Conditioning India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Johnson Controls:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Johnson Controls - Hitachi Air Conditioning India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 26.7%16.3%24.1%29.3%20%15%7.3%4.2%-12.3%-11.9%-
Value Creation
Index
0.90.20.71.20.40.1-0.5-0.7-1.9-1.9-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,5731,6411,9172,1852,2412,1971,6472,1592,3841,9192,347
Sales YoY Gr.-4.3%16.9%14%2.6%-2%-25.1%31.1%10.4%-19.5%-
Adj EPS 29.419.230.738.433.333.111.17.8-24.4-20.60.5
YoY Gr.--34.6%59.4%25.3%-13.3%-0.6%-66.6%-29.2%-410.7%NA-
BVPS (₹) 115.1131.6161.9196.8225.5253.2265.5272.1242.4214.4227.7
Adj Net
Profit
8052.383.410490.69030.121.3-66.3-561
Cash Flow from Ops. 54.761.617297.2-81140321-54.9-30.8254-
Debt/CF from Ops. 2.62.60.40.1-2.31.10-0.8-4.60-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 2.2%-3.1%5.2%-19.5%
Adj EPS -196.1%-190.8%-223%NA
BVPS7.2%-1%-6.9%-11.6%
Share Price 15.7% 5.7% 4.4% 104.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
28.915.620.921.415.813.84.32.9-9.5-90.2
Op. Profit
Mgn %
97.78.99.47.68.274.7-0.503.9
Net Profit
Mgn %
5.13.24.44.844.11.81-2.8-2.90.1
Debt to
Equity
0.50.50.100.30.200.10.20-
Working Cap
Days
14617816316920422729624424226888
Cash Conv.
Cycle
3452403961716469745419

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 0.20%

Sales growth is good in last 4 quarters at 16.31%

Sales growth has been subdued in last 3 years 5.23%

Net Profit has been subdued in last 3 years -223.02%

Latest Financials - Johnson Controls - Hitachi Air Conditioning India Ltd.

Standalone Consolidated
TTM EPS (₹) 0.5 -
TTM Sales (₹ Cr.) 2,347 -
BVPS (₹.) 227.7 -
Reserves (₹ Cr.) 592 -
P/BV 11.26 -
PE 0.00 -
From the Market
52 Week Low / High (₹) 950.00 / 2600.00
All Time Low / High (₹) 8.00 / 3375.00
Market Cap (₹ Cr.) 6,969
Equity (₹ Cr.) 27.2
Face Value (₹) 10
Industry PE 101.4

Management X-Ray of Johnson Controls:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *32.3232.3232.3232.3232.3232.3232.3232.3232.3232.32
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Johnson Controls

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,5731,6411,9172,1852,2412,1971,6472,1592,3841,919
Operating Expenses 1,4351,5181,7501,9872,0782,0271,5352,0642,4031,920
Manufacturing Costs6091102110137145110139147133
Material Costs9601,0131,2201,3931,4441,3971,0321,5061,7881,349
Employee Cost 114111122141165175167177184170
Other Costs 301303305343332310226242284268
Operating Profit 13812316819916417111295-19-1
Operating Profit Margin (%) 8.8%7.5%8.7%9.1%7.3%7.8%6.8%4.4%-0.8%-0.1%
Other Income 727715101391210
Interest 8104235149817
Depreciation 36465253445675727564
Exceptional Items 00000-17-1-16-27
Profit Before Tax 101691181511321184323-105-99
Tax 231937514635106-23-23
Profit After Tax 78508110086843316-82-76
PAT Margin (%) 4.9%3.0%4.2%4.6%3.8%3.8%2.0%0.7%-3.4%-3.9%
Adjusted EPS (₹)28.618.429.936.831.630.712.25.9-30.2-27.8
Dividend Payout Ratio (%)5%8%5%4%5%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 313358440535613689722740659583
Share Capital 27272727272727272727
Reserves 286331413508586661695713632556
Minority Interest0000000000
Debt14013360131901590431430
Long Term Debt28000000000
Short Term Debt11213360131901590431430
Trade Payables499412444496541550634721702789
Others Liabilities 127290294380372398504517488317
Total Liabilities 1,0781,1931,2381,4231,7151,7951,8592,0211,9921,689

Fixed Assets

Gross Block381445308346373592683708747722
Accumulated Depreciation13818051103142193256318366375
Net Fixed Assets243265256243231400427390381348
CWIP 3142947991232
Investments 0000000000
Inventories490494460442555727704822869656
Trade Receivables284280282414448255264411321379
Cash Equivalents 6424363018122312272
Others Assets53148212287357389332358388203
Total Assets 1,0781,1931,2381,4231,7151,7951,8592,0211,9921,689

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 556217297-81140321-55-31254
PBT 101691181511321184323-105-99
Adjustment 435555543957808090104
Changes in Working Capital -68-3736-59-2014176-146-7282
Tax Paid -22-25-38-49-51-48-3-12-4-5
Cash Flow From Investing Activity -51-69-41-32-95-107-26-46-43-32
Capex -76-69-43-35-102-112-27-47-46-33
Net Investments 20000000000
Others 5023751131
Cash Flow From Financing Activity 06-110-53170-45-191965-172
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -280-280000000
Interest Paid -10-10-5-1-2-4-13-8-7-15
Dividend Paid -5-5-5-5-5-50000
Others 4221-73-47177-35-1781872-157
Net Cash Flow 4-22012-6-12104-92-850
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)28.1314.920.3820.5314.9712.844.692.21-11.74-12.19
ROCE (%)26.7416.2724.129.272014.957.264.21-12.32-11.89
Asset Turnover Ratio1.861.581.731.71.431.250.91.111.191.04
PAT to CFO Conversion(x)0.711.242.120.97-0.941.679.73-3.44N/AN/A
Working Capital Days
Receivable Days50574956705857575667
Inventory Days83100837381107159129129145
Payable Days153155121123131142209164145202

Johnson Controls - Hitachi Air Conditioning India Ltd Stock News

Johnson Controls - Hitachi Air Conditioning India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Johnson Controls on 11-Oct-2024 16:01 is ₹2,563.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Oct-2024 16:01 the market cap of Johnson Controls stood at ₹6,969.2.
The latest P/E ratio of Johnson Controls as of 11-Oct-2024 16:01 is 0.00.
The latest P/B ratio of Johnson Controls as of 11-Oct-2024 16:01 is 11.26.
The 52-week high of Johnson Controls is ₹2,600 and the 52-week low is ₹950.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Johnson Controls is ₹2,347 ( Cr.) .

About Johnson Controls - Hitachi Air Conditioning India Ltd

Johnson Controls–Hitachi Air Conditioning India was established on October 1, 2015 as a joint venture between Hitachi Appliances, Inc. (now Hitachi Global Life Solutions, Inc.) and Johnson Controls, Inc. Hitachi Appliances carved out and contributed its air conditioning business to the Joint Venture. Johnson Controls acquired a 60% stake of the carved-out business and Hitachi Global Life Solutions, Inc. continues as a 40% shareholder of this venture. With this joint venture, two rich, 100-year-old cultures and histories have come together to create one exciting new company, serving its combined customers with the most diverse product portfolio in the air conditioning industry.

The company has emerged as one of the main players in the Indian air-conditioning market. A pioneering figure among the most respected and regarded business entities in the industry, it has evolved radically. Headquartered in Ahmedabad, Gujarat, the company has its cutting-edge manufacturing facilities stationed at Kadi, Mehsana. With access to one of the largest manufacturing facilities in India, the Company’s manufacturing unit, holds the capacity to assemble under a single roof, a wide range of cooling products that cover both residential and commercial cooling functions.

It is passionate about exceeding expectations of its customers, and it looks forward to bringing innovative HVAC solutions to them. The company constantly innovates, brings in world-class technology, newer concepts and incorporate advanced features in order to provide an array of products to the entire world, which can make life for its clientele as comfortable and soothing as it can get. In order to serve its customers even better, the company owned and operated, 24x7 customer care centers, which provide prompt resolutions to customers concerns across India.

Business area of the company

The company manufactures a wide range of products, from room air-conditioners (Split & Window ACs) to commercial air-conditioners including VRF Systems, Ductable air-conditioners, Chillers and Telecom air-conditioners under the brand name of ‘Hitachi Cooling & Heating’. The company also deals with the trading of Refrigerators and Air Purifiers.

Product Portfolio

Residential Cooling Solution: Inverter Split Air Conditioners, Fixed Speed Split Air Conditioners, Window Air Conditioners.

Commercial Cooling & Heating Solution: Packaged Air Conditioners, Chillers, VRF, Space maker.

Home Appliances Solution: Refrigerators, Air Purifiers.

Certification

  • ISO 14001- 2015 Environment Management System (EMS) Certified.
  • ISO 9001:2015 Quality Management Systems.
  • ISO 45001-2018 Certificate for Occupational Health and Safety Management Systems.

Awards

  • 2016: Receives Environment Minister's Award for Global Warming Prevention Activities 2016.
  • 2016: The Emerson Cup - For Product Innovation in Air Conditioning.
  • 2018: Frost & Sullivan’s ‘Indian Smart Air Conditioners Company of the Year’ Award.
  • 2018: India Copper Association’s ‘Copper Excellence Award’-For Successfully providing reliable and energy efficient room air conditioners by using 100% copper tubes.
  • 2019: Hitachi room air conditioner ‘Shirokuma-kun’ awarded ‘FY2019 Energy Conservation Grand Prize’ of Japan.
  • 2020: Design panel ‘Silent-Iconic’ and Hitachi room air conditioner ‘Shirokumakun’ W Series awarded 2020 Good Design Award.
  • 2020: Design panel for 4-way cassette indoor unit ‘Silent-Iconic’ awarded iF DESIGN AWARD 2020.

Milestones

  • 1984: The company was incorporated as Acquest Air conditioning Systems.
  • 1991: The company launched its first side throw Air Conditioner (AC).
  • 1992: The company launched the first Hi Wall Mounted Split AC.
  • 1996: The company introduced the first ceiling mounted split AC.
  • 1997: It launched its first Home AC brand – Nidra.
  • 1999; The company launched 'Hitachi' brand of airconditioners in India. 
  • 2001: Hitachi conducted first ever mass marketing of ACs with remote microprocessor controlled intelligence - Logicool.
  • 2003: The company changed its name to Hitachi Home and Life Solutions (India).
  • 2004: It introduced small split ACs in the world by using Lambda technology and named it as Hitachi Atom.
  • 2004: It introduced the most powerful and silent window AC using Twin Turbo Technology and named it as Quadricool.
  • 2005: Hitachi launched Quadricool -- a window AC that used twin motor technology.
  • 2005: For a cleaner and healthier environment, Hitachi launched UV Fresh technology in Atom.
  • 2005: The company launched Atom + One technology in split ACs that would cool two rooms with one unit.
  • 2005: The company also launched Atom XL - A small cooling solution for the large areas.
  • 2005: It introduced Hitachi refrigerators in India
  • 2005: The company launched fully automatic washing machines in India.
  • 2011: Launched i-Clean, India's First air conditioner with Automatic filter cleaning technology by which it cleans its filter automatically.
  • 2011: Launched Summer, India's First 5 star rated Window air conditioner.
  • 2012: Introduced India's First star rated Cassette air conditioner.
  • 2012: Introduced 5 star rated Summer TM window air conditioner with twin motor technology.
  • 2012: Introduced Inverter technology in refrigerators.
  • 2013: Launched i-Clean Inverter AC and i-Clean Hot & Cold Inverter AC.
  • 2013: Launched India's First French Door Bottom Freezer Refrigerator.
  • 2013: Hitachi Home & Life Solutions (India) has re-constructed manufacturing facility at Karan Nagar.
  • 2014: Japanese electronic goods maker Hitachi has emerged as the top contender to buy the promoter's stake in Crompton Greaves, a power transmission and distribution company owned by billionaire Gautam Thapar.
  • 2015: Johnson Controls and Hitachi sign definitive agreement to form global HVAC joint venture.
  • 2015: Hitachi Automotive establishes new auto parts plant in Tamil Nadu.
  • 2016: Hitachi Elevator Asia has been awarded an order for 23 units of elevators from ITC which is setting up a five-star deluxe hotel project in Hyderabad.
  • 2016: Hitachi Home & Life Solutions (India) changed to Johnson Controls.
  • 2016: Hitachi Air Conditioning India and the trading symbol of the Company changed from HITACHIHOM TO JCHAC.
  • 2016: Hitachi has announced a joint venture with electronics equipment manufacturer Johnsons Control to provide innovative and complete HVAC (heating, ventilation, and air conditioning) solutions.
  • 2017-Newly Developed a Heat Recycle Absorption Chiller.
  • 2018: Renewal Models of ‘FLEXMULTI-R’ Have Been Developed.
  • 2019: Johnson Controls-Hitachi Air Conditioning opens Global Development Center in India.
  • 2019: Johnson Controls-Hitachi Air Conditioning to relocate and expand factory in Wuhu, China.
  • 2019: Johnson Controls-Hitachi Air Conditioning brings Hitachi compressor technology to China Refrigeration 2019.
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