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Blue Star Net Profit Jumps Over Twofold To Rs 79.84 Crore In March Quarter

Air conditioner maker Blue Star Ltd on May 2 reported over twofold jump in its consolidated net profit to Rs 79.84 crore for the fourth quarter ended on March 2019, driven by its electro-mechanical projects business.

The company had a net profit of Rs 31.71 crore in the January-March quarter a year ago, Blue Star said in a BSE filing.

Its total income during the quarter was Rs 1,601.89 crore, up 18.64 percent as against Rs 1,350.15 crore in the corresponding quarter of the previous financial year.

The firm’s total expense was Rs 1,521.07 crore as against Rs 1,314.94 crore a year ago, up 15.67 percent.

Revenue from electro-mechanical projects and package AC system was Rs 842.31 crore, up 20.56 percent as against Rs 698.66 crore.

While unitary products was Rs 703.63 crore, up 18.98 percent as compared with Rs 591.36 crore a year ago.

For the entire financial year 2018-19, Blue Star’s profit stood at Rs 190.06 crore, a rise of 32.02 percent as against Rs 143.96 crore in the previous year.

In 2018-19, Blue Star’s total income rose 12.74 percent to Rs 5,259.53 crore, compared with Rs 4,665.08 crore in 2017-18.

“Growth in revenue in this segment was driven by increased pace of execution of projects in the electro-mechanical project business and enhanced sales of chillers and VRF (variable refrigerant flow) systems in the commercial air conditioning business,” the company said.

However, an increase in input costs and the impact of the rupee depreciation and upward revision in custom duties impacted the profitability of this segment, it added.

Meanwhile, in a separate filing, Blue Star told the BSE that its board in a meeting on Thursday recommended a final dividend of Rs 10 per equity share of Rs 2 each for the financial year ended March 31.

“For the financial year ended March 31, 2018, the company had declared a final dividend of Rs 8.50 per equity share plus a special dividend of Rs 1.50 to commemorate the company’s platinum jubilee,” it added.

On the outlook, Blue Star Managing Director B Thiagarajan said, “Demand and order inflow in professional electronics and industrial systems business is encouraging. Of course, we have to keep a close watch on the macro and micro-economic environment, specifically the exchange rate and commodity prices.”

Shares of Blue Star Thursday settled at Rs 681.95 apiece on the BSE, down 0.21 percent from the previous close.―Money Control

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