Blue Star H1 Net Profit at Rs 30.29 crores

Blue Star H1 Net Profit at Rs 30.29 crores

Financial Performance For Q2FY14

Airconditioning and commercial refrigeration major, Blue Star Limited reported Total Operating Income of Rs 584.98 crores for the quarter ended September 30, 2013, as compared to Rs 578.60 crores in Q2FY13.

Operating Profit (PBIDT excluding Other Non Operating Income) for the quarter increased 12% to Rs 22.60 crores from Rs 20.15 crores in the same period last year.

Financial Expenses for the quarter increased by 14% to Rs 12.80 crores from Rs 11.20 crores in Q2FY13.

Consequently, Net Profit grew marginally by 3% from Rs 7.27 crores in Q2FY13 to Rs 7.52 crores during the quarter.

Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 0.84 vis-à-vis Rs 0.81 in the corresponding quarter of the previous year.

The Electro Mechanical Projects and Packaged Airconditioning Systems business, accounting for 64% of the total revenues in the quarter, declined marginally by 1%, while segment results registered a decline of 24% to Rs 20.00 crores, mainly due to higher input costs.

The revenue of Cooling Products in the quarter was same as Q2FY13, while segment results grew 3% to Rs 8.15 crores over the same period. Q2 is typically a lean season for this line of business, due to monsoons in most parts of the country. Further, the appreciation of foreign exchange also had a significant adverse impact.

The Professional Electronics and Industrial Systems business revenues increased by 25%, while segment results registered a significant growth of 216% to Rs 8.32 crores. This sharp increase was mainly due to a revival in some segments addressed, coupled with enhanced business mix from high-margin segments.

Carry Forward Order Book as on September 30, 2013 increased marginally by 4% to Rs 1744 crores compared to Rs 1676 crores as at September 30, 2012.

Financial Performance For The Half-Year Ended September 30, 2013 (H1FY14)

For the half-year ended September 30, 2013, the Company reported Total Operating Income of Rs 1355.80 crores, as compared to Rs 1310.02 crores over the same period in the previous year, a marginal growth of 3%.

Operating Profit (PBIDT excluding Other Non Operating Income) increased by 14% from Rs 53.68 crores to Rs 61.02 crores.

Net Profit grew 9% from Rs 27.81 crores to Rs 30.29 crores in H1 FY14.

Outlook

The devaluation of the rupee coupled with the slow business environment has put pressure on revenues and margins. Despite this, the Company managed to maintain its financial performance by widening its distribution reach as well as localization, strict cost control and prudent cash flow management. The Company expects to sustain this performance for the balance half of the year.

 

 

 

For additional information, please contact: B Thiagarajan, Executive Director & President, AC&R Products Business, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030 email: btn@bluestarindia.com Telephone: 09821078098.

 

 

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