The shares of a prominent solution provider for the HVAC Industry gained up to 3 percent after the company’s subsidiary came into an agreement to acquire a majority stake in the equity share capital of Ascent.
With a market capitalization of 10,768.35, the shares of Amber Enterprises India Ltd were trading at Rs 3,195.95 per share, increasing around 2.72 percent as compared to the previous closing price of Rs 3,111.25 per share.
According to the company filing, IL JIN Electronics (India) Pvt Ltd (‘ILJIN’) the Material Subsidiary of Amber Enterprises India Ltd came into an agreement with Ascent Circuits Pvt Ltd to acquire a majority stake in the equity share capital of Ascent with the objective of expanding into a new customer base and product portfolio.
Furthermore, the Acquisition of a majority stake in the equity share capital of Ascent will be done at a mutually agreed pre-money enterprises valuation and will be disclosed separately post-closing.
Looking at the performance of Amber Enterprises India Ltd, revenue climbed by 23 percent from Rs 750.44 Crore in Q2FY23 to Rs 927.06 Crore in Q2FY24. Net loss magnifies within the same period, from Rs 2.29 crore to Rs 5.65 crore.
Amber’s large and extensive reach is a significant benefit for the company. Amber is able to provide just-in-time and cost-effective delivery to its clients thanks to a total of 27 production sites and 4 R&D facilities spread across India.
Amber is focusing on broadening its market vision in the rapidly expanding air conditioning business, as well as accessing new categories like automation, smart devices, and home appliances to suit rising customer demand.
When it comes to revenue from the geographic segment, Amber Enterprises revenue in India increased by 59 percent, from Rs 3,043.53 crore in FY2021–22 to Rs 4,865.22 crore in FY2022–23, while revenue from outside of India decreased by 73 percent from Rs 10.32 crore in FY2021-22 to Rs 2.77 crore in FY2022-23.
Amber Enterprises India Limited creates heating and ventilation systems. Refrigerators, heat exchangers, air conditioners, household appliances, vacuum forming, and lighting goods are available from the company.
Written by:- Abhishek Singh
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