Epack Durable inks pact with Hisense

Epack Durable said that it has entered into agreement with Hisense International Singapore (Hisense) for manufacturing of air conditioner and home appliances for Hisense.

Hisense has contracted EPACK Durable to setup advanced dedicated manufacturing facility in India to produce Hisense range of air conditioners and home appliances using Hisenses proprietary technology & designs.

Through this agreement, EPACK Durable will invest in advanced and dedicated production lines for manufacturing air conditioners & home appliances including washing machines, refrigerators and other small domestic appliances.

The company will immediately invest, firstly, in a new manufacturing facility in Sricity (Andhra Pradesh) with a capacity of 1.0 million RACs by Financial Year 27-28, with initial production set to begin in June 2025.

 

The products manufactured at EPACK Durables facilities will not only serve the Indian market but Hisense will also explore opportunities to export these products to key international strategic markets. This initiative is set to strengthen the positions of both Hisense and EPACK in the global home appliances and air conditioners market. This strategic cooperation agreement with Hisense is likely to garner additional revenue of approximately $1 billion over the next 5 years for EPACK Durable and its subsidiary.

Ajay DD Singhania, managing director & CEO of EPACK Durable: This collaboration with Hisense opens new opportunities for growth in both domestic and international markets. With our combined strengths, we are poised to redefine excellence in the home appliance industry.

Laxmi Pat Bothra, director of EPACK Durable: Our agreement with Hisense is a significant milestone. By leveraging advanced technologies and innovative designs, we aim to deliver exceptional value to our customers and set new benchmarks in quality and efficiency within the home appliance sector.

EPACK Durable is an original design manufacturer (ODM) of room air conditioners (RAC). The company also manufactures components such as sheet metal parts, injection moulded parts, cross-flow fans, and PCBA components that are actively used in the production of RACs.

The companys consolidated net profit surged 168.2% to Rs 23.41 crore in Q1 FY25 as compared with Rs 8.73 crore in Q1 FY24. Net sales jumped 77.2% YoY to Rs 773.68 crore during the quarter.

The scrip declined 3.59% to settle at Rs 388.20 on Monday, 21 October 2024.

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