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Air Conditioners

Daikin, world's no 1 air-conditioner maker, to expand capacity in India

With its rising middle class, India is one of the world's fastest-growing markets for air conditioners, set to surpass the US to become the second-largest behind China by 2036, according to IEA

Daikin, world's no 1 air-conditioner maker, to expand capacity in India
Updated On : 03 Sep 2024 | 8:29 AM IST

Confident of doubling sales by 2025: Danfoss India Prez Ravichandran

Danfoss India, a leader in heating, ventilation and air-conditioning, is witnessing robust growth in the domestic market and is confident of doubling sales by 2025, a top official has said. The subsidiary of the Denmark-headquartered company said the Indian market is the fastest-growing region for the Danfoss Group with strong double digit growth in H1 driven by increasing opportunities in energy efficiency and electrification. Danfoss Group's sales amounted to Euro 5 billion and a half-year EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of EURO 533 million corresponding to an EBITDA margin of 10.6 per cent, as against 12.4 per cent last year. Driven by the rapid expansion of data centres and commercial buildings, Danfoss India is experiencing robust growth. The government's strong push towards de-carbonisation, coupled with initiatives like the Production-Linked Incentive (PLI) schemes, is further fuelling the growth momentum, Danfoss India said in a compan

Confident of doubling sales by 2025: Danfoss India Prez Ravichandran
Updated On : 25 Aug 2024 | 2:47 PM IST

Demand to remain strong during festivals: Blue Star MD B Thiagarajan

In the April-June quarter, Blue Star's revenue from electro-mechanical projects, commercial air conditioning systems, services and international business grew by 9.5 per cent

Demand to remain strong during festivals: Blue Star MD B Thiagarajan
Updated On : 15 Aug 2024 | 10:20 PM IST

Signature Global plans to foray in Delhi, Noida property mkts

Realty firm Signature Global, which has a significant presence in the Gurugram property market, is looking to enter Delhi, Noida and Greater Noida by launching housing projects in these new locations. Gurugram-based Signature Global, which got listed in September last year after raising Rs 730 crore through an Initial Public Offering (IPO), has so far delivered 11 million square feet of area. The company has a pipeline of about 32.2 million square feet of saleable area in the forthcoming projects along with 16.4 million sq ft of ongoing projects. "We are also open to entering new markets within the NCR region,... be it the main Delhi region, or the Noida market. You may not see a launch happening within this financial year but over the next financial year, you will probably see us kind of coming up with a project which is outside of Gurugram," Signature Global Chief Executive Officer (CEO) Rajat Kathuria told investors. According to a transcript of discussion with analysts, the CEO

Signature Global plans to foray in Delhi, Noida property mkts
Updated On : 15 Aug 2024 | 11:00 AM IST

Air-conditioner makers log two-fold jump in profits amid blistering heat

Air-conditioner makers have logged a high double-digit growth in revenue and several of them had over two-fold jump in profits during April-June quarter amid increased demand due to the blistering summer. Companies such as Voltas, Blue Star, Whirlpool of India, Johnson Hitachi, and Havells which owns Llyods brand have reported a high growth trajectory in their top-line and bottom line, led by record sales in the April-June period. Tata group firm Voltas, a leading player in the room AC segment, reported over two-fold jump in consolidated net profit at Rs 335 crore and its revenue from operation went up 46.46 per cent to Rs 4,921 crore. Voltas also reported achieving the "milestone" of one million units of AC sales in the first quarter of FY25 and its total income crossed the Rs 5,000 crore-mark during the period. In the first quarter of this financial year, Voltas' revenue from "unitary cooling products for comfort and commercial use" that come under its room AC business vertical w

Air-conditioner makers log two-fold jump in profits amid blistering heat
Updated On : 15 Aug 2024 | 10:34 AM IST

Major domestic appliances market sees 18% growth in first half of 2024

The market of major domestic appliances saw an 18 per cent value-based growth in the first half of 2024, helped by a strong demand for essential household items, according to a report from GfK. The growth in MDA (major domestic appliances) market was led by Key categories such as air-conditioners and refrigerators, which reported a growth of 30 per cent and 7 per cent, respectively. "This growth is 3X of growth in 2023 over the previous year," said the report from GfK, which is now an NIQ Company, a leading global market and consumer intelligence firm. The small domestic appliances market recorded a 29 per cent increase in value, reflecting heightened consumer interest in home convenience products, according to the report. The report also added that customers are now looking for feature-rich and premium products, which is fuelling the value growth in the appliance segment. Now washing machines with capacities of 9kg or above have recorded an "impressive growth rate of 30 per cent"

Major domestic appliances market sees 18% growth in first half of 2024
Updated On : 12 Aug 2024 | 7:16 PM IST

Voltas Q1 results: Profit up two-fold to Rs 335 cr on back of high sales

Air conditioning maker and engineering services provider Voltas Ltd on Monday reported an over two-fold jump in consolidated net profit at Rs 335 crore for the first quarter ended June 30, 2024, led by a "significant volume growth" from its room AC business. Besides, the Tata Group firm also achieved the "milestone" of one million units of AC sales in Q1 FY25" and its total income crossed Rs 5,000-crore mark in the June quarter. It had posted a consolidated net profit of Rs 129.42 crore in the April-June period a year ago, The company said in a regulatory filing. Voltas' revenue from operations was up 46.46 per cent in the June quarter. It was at Rs 3,359.86 crore in the corresponding quarter a year ago. Total expenses of Voltas increased 41.44 per cent to Rs 4,520.40 crore in the June quarter of FY25. Voltas' total income in the June quarter was up 45.81 per cent to Rs 5,001.27 crore. In the first quarter of this financial year, Voltas' revenue from "unitary cooling products for

Voltas Q1 results: Profit up two-fold to Rs 335 cr on back of high sales
Updated On : 12 Aug 2024 | 11:30 AM IST

Soaring temperatures help consumer durable firms rake in moolah in Q1

JM Financial said in its report that companies witnessed the highest growth ever in room air conditioners (RAC) on the back of a strong season, and improvement in demand for refrigerators

Soaring temperatures help consumer durable firms rake in moolah in Q1
Updated On : 17 Jul 2024 | 11:26 PM IST

Indian AC industry likely to double in next four years: Blue Star

The air-conditioning industry, valued at around Rs 27,500 crore (USD 3.3 billion), is likely to double in the next four years, Blue Star has said in its annual report. The Indian HVAC&R (heating, ventilating, air conditioning and refrigerating) is poised for exponential growth, said Blue Star Chairman & Managing Director Vir S Advani. This growth would be driven by factors such as low penetration of room ACs and the burgeoning middle-class consumers with high disposable incomes, especially from smaller Tier III, IV & V markets. The Indian The overall AC industry (both residential and commercial), currently valued at around Rs 27,500 crore, is likely to double in the next four years, Advani said in his address to the company's shareholders in the annual report for 2023-24. The company is optimistic about its future business outlook, given the changing weather pattern, resulting in hotter summers coupled with a new and resilient product portfolio in residential and ...

Indian AC industry likely to double in next four years: Blue Star
Updated On : 14 Jul 2024 | 7:40 PM IST

Rising demand for room air-conditioners pushes up Voltas's stock

Distribution expansion, launches may perk up firm's showing

Rising demand for room air-conditioners pushes up Voltas's stock
Updated On : 02 Jul 2024 | 11:35 PM IST

ACs, coolers shoot up India's power usage by 9% to 152.38 bn units in Jun

India's power consumption rose by nearly 9 per cent to 152.38 billion units (BU) in June compared to the year-ago period mainly due to scorching heat which forced excessive use of cooling appliances like air conditioners and desert coolers. In June 2023, the power consumption stood at 140.27 BU, according to official data. The highest supply in a day (peak power demand met) also rose to 245.41 GW in June 2024 against 223.29 GW in the year-ago month. The peak power demand was recorded at 224.10 GW in June 2023. The peak power demand touched an all-time high of 250.20GW in May this year. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023. Earlier this year, the power ministry projected a peak power demand of 235 GW during daytime and 225 GW during evening hours for May and 240 GW during daytime and 235 GW during evening hours for June 2024. The ministry also estimated that peak power demand may hit 260 GW this summer. Experts said the scorching

ACs, coolers shoot up India's power usage by 9% to 152.38 bn units in Jun
Updated On : 01 Jul 2024 | 4:49 PM IST

Indians tackle intense heat with 'mad rush' for air conditioners, beer

Quick delivery service Swiggy Instamart said it is seeing a sharp rise in orders for ice cream and cold beverages

Indians tackle intense heat with 'mad rush' for air conditioners, beer
Updated On : 28 Jun 2024 | 1:14 PM IST

India's air-conditioner market likely to reach Rs 50,000 cr by FY29: Voltas

The India room air-conditioners (RAC) market is likely to grow at a healthy CAGR of 12 per cent to reach Rs 50,000 crore by FY 2028-29, Tata group firm Voltas said in its latest annual report. The competition in the Indian RAC market has "intensified" with the presence of homegrown and leading foreign players, said Voltas, a market leader in the segment. Moreover, the competitive "intensity is going to increase" further in the near future, the company said while discussing challenges and opportunities. Factors like increasingly hot summers, rising disposable incomes, and the quest for a better lifestyle with easy access to consumer finance are likely to drive growth for this room air-conditioner segment. "The Indian RAC market is expected to grow at a healthy CAGR of 12 per cent to reach a figure of Rs 50,000 crores by 2028-29," said Voltas. Voltas sold over 2 million AC units in 2023-24, which, according to the company, was the highest number of ACs ever sold by any brand in a si

India's air-conditioner market likely to reach Rs 50,000 cr by FY29: Voltas
Updated On : 16 Jun 2024 | 2:59 PM IST

Air conditioner manufacturers raise capacity to cater to demand surge

The investment will help the co to increase production capacity to 15 lakh units per annum at both plants. It currently produces 9 lakh units at its Ghiloth plant and 11.2 lakh units at Sricity plant

Air conditioner manufacturers raise capacity to cater to demand surge
Updated On : 14 Jun 2024 | 8:29 PM IST

Ambient heat rises as cooling equipment becomes a necessity, warn experts

India has a star ratings and is a signatory to the Kigali Amendment. But the spike in use of cooling equipment will inevitably cause more warming

Ambient heat rises as cooling equipment becomes a necessity, warn experts
Updated On : 10 Jun 2024 | 10:48 PM IST

AC sales may touch new record of 14 mn units by end of 2024: CEAMA

The blistering heatwave this year has skyrocketed the demand for room air-conditioners across the country, expecting a record annual sale of around 14 million units, according to the Consumer Electronics and Appliances Manufacturers Association. The industry had "record-breaking figures" for sales of air-conditioners in May and expects a surge of 30 to 40 per cent in volume growth in summers alone, Consumer Electronics and Appliances Manufacturers Association (CEAMA) President Sunil Vachani told PTI. Soaring temperatures and heat waves have now made AC a "quintessential requirement" for households across urban areas, he said. The Indian AC market is also evolving helped by energy-efficient models that are suitable across income brackets and by investment by the companies in indigenous manufacturing units of components. "As the market evolves, we expect annual sales volumes to be around 14 million units, highlighting the sector's robust expansion," Vachani said. The Indian resident

AC sales may touch new record of 14 mn units by end of 2024: CEAMA
Updated On : 06 Jun 2024 | 4:49 PM IST

4th case in June: Fire erupts after AC unit bursts into flame in Ghaziabad

An AC unit installed in a two-storey building in Vasundhara in Ghaziabad, Uttar Pradesh burst into flames on Thursday morning

4th case in June: Fire erupts after AC unit bursts into flame in Ghaziabad
Updated On : 06 Jun 2024 | 1:30 PM IST

AC manufacturers clock two-fold jump in sales in May amid severe heatwave

A blistering summer has led to an almost two-fold jump in sales of air-conditioners in May even as leading manufacturers have been grappling with delays in installation and replenishing inventories of hot-selling energy-efficient models. The mercury is hovering above 45 degrees at several places including the national capital, which has been under the grip of a severe heatwave for the past few days. At the same time, AC makers are navigating exceptional demand, recording their best-ever sales in a month so far. Leading brands like Voltas, LG, Daikin, Panasonic, and Blue Star witnessed robust sales in May and the industry expects an overall growth of 30 to 35 per cent in 2024 compared to their sales of last year. Voltas recorded a two-fold jump in the sales of residential AC in May and expects the positive momentum to continue in the remaining period of the April-June quarter, said its MD & CEO Pradeep Bakshi. "As we reflect on May 2024, Voltas has a remarkable surge in sales, ...

AC manufacturers clock two-fold jump in sales in May amid severe heatwave
Updated On : 02 Jun 2024 | 3:58 PM IST

Air Conditioner blasts: Severe heatwave to blame for rising incidents?

Cases of ACs blasting are rising across the country amid a severe heatwave, a recent incident took place at Lotus Boulevard Society in Sector 100

Air Conditioner blasts: Severe heatwave to blame for rising incidents?
Updated On : 31 May 2024 | 2:58 PM IST

WATCH: Split AC explodes in Noida apartment causing fire, no injuries

The fire broke out in the Tower 28 of the Lotus Boulevard Society in Noida after a split AC exploded on the 10th floor of the building

WATCH: Split AC explodes in Noida apartment causing fire, no injuries
Updated On : 30 May 2024 | 1:40 PM IST