Amber Enterprises - Expect Market Share Gains Over FY23-24: ICICI Securities
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ICICI Securities Report
We believe, Amber Enterprises India Pvt Ltd., the market leader in room air conditioner manufacturing in India (26.6% value market share in FY22, according to company data) will grow at a faster rate than the industry to consolidate its leadership position.
To aid volume growth and stick to the commitment of production linked incentive schemes, Amber Enterprises is on track to expand its capacities.
Recent acquisitions will also potentially allow the company to gain market shares. Nearly 90% of the company’s revenue is contributed by the original design manufacturer business which leads to better profitability.
We model Amber Enterprises to report revenue and profit after tax compound annual growth rates of 27.5% and 51.1%, respectively, over FY22-FY24E with improving return ratios.
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