Blue Star's net profit jumps 3-fold in fourth quarter - Punjabi News

Published on: 05 May 2023 at 01:13 PM

Blue Star’s net profit jumps 3-fold in fourth quarter

Published by: The fact news

Mumbai, May 5

Blue Star on Friday posted an almost threefold increase in net profit to Rs 225.29 crore in the fourth quarter ended March 31, 2023, against Rs 76.27 crore in the same quarter previous fiscal.

According to the statement from the air conditioning and commercial refrigeration firm, its revenue during the reviewed quarter grew 16 percent to Rs 2,624 crore, against Rs 2,254 crore in the year-ago period.

Earnings before interest, taxes, depreciation, and amortization (Ebitda) in the March quarter of 2023 was Rs 179 crore, against Rs 143 crore in the year-ago period.

During 2022-23 (FY23), revenue grew 32 percent to Rs 7,977 crore, against Rs 6,064 crore in the year-ago period.A dividend of Rs 12 per share was recommended by the Board on Friday.

In FY23, the company’s profit after tax (PAT) went up 5 percent to Rs 401 crore, against Rs 168 crore the previous year. The FY23 PAT includes the gain on the sale of Thane’s property.

The firm said its expanded product portfolio and channel expansion enabled growth in revenue for the commercial air conditioning business; demand from Tier III, IV, and V cities continued to be encouraging.

The company said business and economic activities in the Middle East markets continued to remain upbeat.

The shares of the firm were trading 0.88 percent up or went up 12 points to Rs 1,449.45 apiece during morning trade on Friday. In the past five days, it dropped 19.05 points or 1.30 percent on BSE.

Blue Star is an Indian multinational home appliances company, headquartered in Mumbai. It specializes in air conditioning, commercial refrigeration, and mechanical, electrical, and plumbing (MEP).

It is one of the country’s leading homegrown players in the air conditioning space.