#amberenterprises Q2fy21 concall transcript

Q2 went well for Room AC industry,uptick retail demand, pent up demand
Overall electronic & consumer durables witnessed a good quarter
Inventory levels back to normal
Anticipate better H2fy21
#stock #StocksToWatch #Nifty #sensex

GOI banned import of refrigerant fill ACs, approx 30% of fully built RACs were imported mkt size 4000 crs , atmanirbhar bharat initiative,oppurtunity for domestic RAC players
Not easy for OEMs to import non-refrigerant fill ACs,unpack,gas fill test,negates cost advantage
#amberenterprises completed QIP 400 cr in Q2fy21, money used for debt repayment,capex,WC ,acquire additional 20% stake in Sidwal,company ready to grab mkt share in RAC
China plus 1 unfolding,global MNC enquiring about RAC & components
Amber started export of components to US
Launched wide offerings of commercial ACs
Strengthened portfolio in Sidwal for railway,metros,bus ACs
Revenue 408 cr in Q2fy21 vs 623 yoy
RAC 36% ,components & mobile apps 64% contribution to revenue
Ebidta Q2fy21 22 vs 39 cr yoy
Sidwal business to focus on metros & AC coaches
PICL widened portfolio from PSC to BLDC motors,in discussion to launch washing machine & higher voltage motor for commercial AC
IN JIN & EVER to focus on inverter ACs,post development of own inverter PCB board,expect to add more business in IN JIN & EVER

#amberenterprises
Industry inventory of 2.4 mn ACs post lockdown now consumed
Ban on refrigerant AC import to lead to volume expansion from Feb 21
ACs to US mkt ,1st sample to be ready by Jan,next yr for reliability testing & approval cycles,fy22 room AC exports may start
Started export of motors,heat exchangers,in talks for PCB
Entered commercial AC mkt,approvals came Q2,started exports though low volumes,to expand portfolio to 18-20 products,mkt size ductable 4000cr & VRV 2500 crs

2 large tenders from Delhi metro for Sidwal worth 98 crs
Added 4 new customers who were importing 100% vols,expect higher vols post Feb21
Export of RACs,65 million ACs, 80% from China & 20% from Thailand,2 biggest exporters of RACs
Amber on par for cost of 1.5,2 tonne ACs,countries with no FTA in place expect apple to apple cost
1 tonne RAC mkt highly competitive,China cost advantage in vol terms,take #amberenterprises 2 to 3 yrs to match
AC industry mainly outsourced, from 34% in Jan 2018 to 48% now,Amber share up from 55 to 70% post ipo
Expect reliability cycle for RAC to complete in 2021,export 2022
AC components mkt 75% import dependent,5500 crs,expect GOI policy gradual ban to shift component mfg to India
Shift of business in Q2, 64% business from components out of which 60% from non AC components
US large mkt for RAC,20 out of 65 mn exports are to US,opened sales office
Revenue RAC 147cr,AC components 90 & non AC 171 crs for Q2
Channel inventory for RAC down from 2.2-2.4 mn to 6-7lakhs
#amberenterprises provides comprehensive & integrated solutions, strong R&D,15 plants across India,wide range 0.75-2 tonn,all star category,1stop for components
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@SForStiletto @thescorpionphil @Coolfundoo @havellsindia @myvoltas

#amberenterprises #atmanirbhar #plischeme #chinaplus1

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The common understanding of propaganda is that it is intended to brainwash the masses. Supposedly, people get exposed to the same message repeatedly and over time come to believe in whatever nonsense authoritarians want them to believe /1

And yet authoritarians often broadcast silly, unpersuasive propaganda.

Political scientist Haifeng Huang writes that the purpose of propaganda is not to brainwash people, but to instill fear in them /2


When people are bombarded with propaganda everywhere they look, they are reminded of the strength of the regime.

The vast amount of resources authoritarians spend to display their message in every corner of the public square is a costly demonstration of their power /3

In fact, the overt silliness of authoritarian propaganda is part of the point. Propaganda is designed to be silly so that people can instantly recognize it when they see it


Propaganda is intended to instill fear in people, not brainwash them.

The message is: You might not believe in pro-regime values or attitudes. But we will make sure you are too frightened to do anything about it.
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I’ve asked Byers to clarify, but as I read this tweet, it seems that Bret Stephens included an unredacted use of the n-word in his column this week to make a point, and the column got spiked—maybe as a result?


Four times. The column used the n-word (in the context of a quote) four times. https://t.co/14vPhQZktB


For context: In 2019, a Times reporter was reprimanded for several incidents of racial insensitivity on a trip with high school students, including one in which he used the n-word in a discussion of racial slurs.

That incident became public late last month, and late last week, after 150 Times employees complained about how it had been handled, the reporter in question resigned.

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A brief analysis and comparison of the CSS for Twitter's PWA vs Twitter's legacy desktop website. The difference is dramatic and I'll touch on some reasons why.

Legacy site *downloads* ~630 KB CSS per theme and writing direction.

6,769 rules
9,252 selectors
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3,370 unique declarations
44 media queries
36 unique colors
50 unique background colors
46 unique font sizes
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735 rules
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The legacy site's CSS is what happens when hundreds of people directly write CSS over many years. Specificity wars, redundancy, a house of cards that can't be fixed. The result is extremely inefficient and error-prone styling that punishes users and developers.

The PWA's CSS is generated on-demand by a JS framework that manages styles and outputs "atomic CSS". The framework can enforce strict constraints and perform optimisations, which is why the CSS is so much smaller and safer. Style conflicts and unbounded CSS growth are avoided.