Amber Enterprises India (AMBER ) Q4 18/19 earnings summary

Executive summary

• FY19 consolidated revenue rose 29% YoY to ₹275,199 lakh; operating EBITDA increased 16% to ₹21,286 lakh and PAT rose 52% to ₹9,477 lakh.

• Product mix broadened through expanded non-AC components and the post-year-end acquisition of 80% of Sidwal, adding rail, metro, bus, defence, telecom and commercial HVAC exposure.

Financial highlights

• Consolidated revenue from operations was ₹275,199 lakh vs ₹212,808 lakh in FY18; PBT was ₹13,593 lakh vs ₹8,940 lakh.

• Consolidated PAT was ₹9,477 lakh vs ₹6,231 lakh; basic and diluted EPS were ₹30.14 vs ₹23.16.

• Standalone revenue was ₹218,840 lakh vs ₹192,307 lakh; PAT was ₹9,252 lakh vs ₹6,199 lakh.

• Consolidated operating cash flow was negative ₹6,306 lakh vs positive ₹12,703 lakh; cash and cash equivalents closed at ₹4,013 lakh vs ₹11,941 lakh.

Outlook and guidance

• Indian RAC industry demand was forecast to grow 15%-18% over the next couple of years; inverter ACs and energy-efficient products were expected to support demand.

• Indian HVAC market was projected at $5.9 billion by 2024, with 7% CAGR for 2014-24; metro, airport and infrastructure expansion were cited as demand drivers.

• Management cited metro expansion, longer summers, AC coach growth and import-duty increases as opportunities; no quantified company-level FY20 guidance was stated.