Financial Performance For 2009-10

Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Operating Income of Rs 2549.43 crore for the year ended March 31, 2010, compared to Rs 2519.43 crore in FY09.

Profit Before Tax (excluding exceptional items) grew 10% to Rs 262.66 crore.

Net Profit at Rs 211.49 crore registered an increase of 17% over last year.

Earnings per share for FY10 (Face value of Rs 2.00) stood at Rs 23.52 vis-à-vis Rs 20.04 in the previous year.

The Electro Mechanical Projects and Packaged Airconditioning business accounting for 71% of the total revenues, grew a modest 4% during the year while segment results declined by 3% owing to the business slowdown. Cooling Products revenue registered a marginal reduction of 2% in the year. Segment results, however, increased by 11% in the year, mainly due to lower input costs. The Professional Electronics and Industrial Systems business continued to contribute significantly to the profitability of the Company. While the segment revenues declined by 14%, segment results registered an increase of 19% due to a favourable product mix.

Carry Forward Order Book as on March 31, 2010 grew to Rs 1733 crore compared to the order book of Rs. 1339 crore as at March 31, 2009, registering a healthy growth of 29%.

Dividend

The Board of Directors have proposed a dividend of Rs 8.00 per equity share (Face value of Rs 2.00), as compared to Rs 7.00 last year.

Performance For Q4FY10

Total Operating Income at Rs 874.73 crore registered a growth of 23% over the same period last year.

Owing to tight control of employee and operating costs as well as lower interest expenses, Profit Before Tax (excluding exceptional items) at Rs 103.01 crore registered growth of 18% for the quarter.

Net Profit at Rs 78.54 crore also grew 18% during the quarter.

Electro Mechanical Projects and Packaged Airconditioning revenues grew 25% during the quarter. However, segment results were flat. The Cooling Products business increased by 16%, along with a 25% growth in the segment results. The Professional Electronics and Industrial Systems business grew 16% during Q4FY10, with segment results registering a substantial growth of 85% because of a more profitable business mix.

Outlook

Ashok M Advani, Executive Chairman, says “In spite of dull business conditions that led to a slow start last year, Blue Star’s quarterly profits continued to grow due to effective cost control and favourable input costs. Q4 performance showed a positive sales trend with the year ending on an encouraging note. The worst of the slowdown seems to be behind us and I am confident of better business prospects in the new financial year.”

For additional information, please contact: B Thiagarajan, President, Airconditioning & Refrigeration Products Group, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai - 400 030 email: btn@bluestarindia.com Telephone: 66544000.