Motilal Oswal - MOSL: ROOM AIR CONDITIONERS-Daikin India continues to focus on inverter Acs-Targets 20-22% growth in room ACs in FY18

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Motilal Oswal

MOSL: ROOM AIR CONDITIONERS-Daikin India continues to focus on inverter Acs-Targets 20-22% growth in room ACs in FY18

â€‹ROOM AIR CONDITIONERS: Daikin India continues to focus on inverter ACs; Targets 20-22% growth in room ACs in FY18

We met the senior management team of Daikin India, one of Indiaâ€™s top-5 room air conditioner (AC) manufacturers. Our key takeaways:

â€‹Achieves 40% growth in room ACs in FY17; targets 20-22% growth in FY18
Daikin India witnessed a strong FY17, with room air conditioner (AC) sales up 40%, commercial/packaged AC sales up 15%, and VRV sales up 27-28%. In 4QFY17, the company is likely to see 40% growth in room AC sales.
Daikin India sold 0.6m units in FY17, against industry volumes of 4.5m units. Despite demonetization, it achieved good sales in November-December; the impact of demonetization was felt more in new housing unit sales in the real estate sector, especially premium housing.
In FY18, the management expects the room AC market to grow 15% and Daikin India to grow 20-22%.
Daikin is starting its new factory at Neemrana (Rajasthan), which would expand its capacity to 1.2m units (currently 0.5m) by September/October 2017. The increased capacity would be used for the domestic market as well as for exports to Sri Lanka, Nepal, Bangladesh, and Africa.

23/03/2017 4 EN

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Motilal Oswal

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MOSL: ROOM AIR CONDITIONERS-Daikin India continues to focus on inverter Acs-Targets 20-22% growth in room ACs in FY18

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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