Financial Performance

Central airconditioning and commercial refrigeration major Blue Star has reported a Total Income of Rs 716.06 crores for the year ended March 31, 2004, representing 19% growth over last year. Net Profit grew 5% to Rs 32.55 crores, while Earnings Per Share increased to Rs 18.10 from Rs 16.79. Order inflow for the 12 months through March 31, 2004 grew by 30% to Rs 800.70 crores from last year's figure of Rs 616.61 crores. The carry-forward order book as of March 31, 2004 at Rs 383.45 crores represents a 40% improvement over the previous year.

Dividend

The Directors have recommended a dividend of Rs. 9.00 per share. Last year the Company had declared a dividend of Rs 6.50 per share plus a special Diamond Jubilee dividend of Rs. 2.50. The Company has paid attractive dividends for the past 34 years, since its IPO in 1969.

Ashok M Advani, Chairman & Chief Executive Officer says "Blue Star's continued focus on growth and competitiveness in our core businesses, and efficient use of resources resulted in higher sales and profitability. Over the years, Blue Star has reinvented itself again and again in line with the changing market environment, and has emerged as the company of choice for its customers, employees and business partners. With an objective of aggressive growth, the Company is implementing several strategic initiatives in augmenting manufacturing capacity, product innovation, information technology, channel development, exports and brand building. The last six months of 2003-04 produced excellent growth for the industry as a whole. As the construction boom, investments in infrastructure projects, and growth in the services sector continue, we have seen this momentum maintained in the new financial year for the airconditioning and refrigeration industry. With sound financials, trained manpower and expanding manufacturing capacity, Blue Star is well positioned to reap the benefits of these macro-economic trends."