Blue Star Q1 FY23 Results: PAT fall 2.50% to ₹74.25 Cr and Income up 12.11% to ₹1,980 Cr QOQ

Higher cash from operations coupled with a continued focus on working capital management enabled the Company to end the quarter with a net cash balance of ₹81.03 crores compared to a net borrowing of ₹68.47 crores on June 30, 2021 (Net debt equity ratio of 0.08) after exercising the call option to redeem Non-Convertible debentures to the tune of ₹175 crores in June 2022.

Blue Star
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Blue Star is India’s leading air conditioning and commercial refrigeration company, with an annual revenue of over ₹ 6045 crores (778 million USD).

The company has posted its Q1 FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹1,980.83 crore in the quarter ended on June 30, 2022 as against ₹2,253.85 crore in the last quarter ended on Mar 31, 2022, increased by 12.11%.

Blue Star Ltd has posted a consolidated Net Profit of ₹74.25 crore in the quarter ended on March 31, 2022 as against ₹76.16 crore in the previous quarter ended on June 30, 2022. The PAT surges down by 2.50%.

The status of the EPS of the company stood at ₹7.72 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹1.32, down by 2.52%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income1,980.832,253.85
Total Expenses1,879.672,140.61
PBT /(Loss)100.69113.91
Total Tax /(credit)26.3437.64
PAT /(Loss) [to the owners]74.2576.16
*figures are in Crores

(II) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹1,980.83 crore in the financial year ended on June 30, 2022 as against ₹1,059.99 crore for the same quarter ended on last year June 30, 2021 that increased by 86.87%.

The company has posted a consolidated Net Profit of ₹74.25 crore in the financial year ended on June 30, 2022 as against ₹12.69 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 485.10%.

The status of the EPS of the company stood at ₹7.72 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹1.32, up by 484.85%.

₹*June 30, 2022 (Q1FY23)June 30, 2022 (Q1FY22)
Total Income1,980.831,059.99
Total Expenses1879.671040.59
PBT /(Loss)100.6919.23
Total Tax /(credit)26.346.52
PAT /(Loss) [to the owners]74.2512.69
*figures are in Crores
Blue Star

(III) Key Highlights about the Performance :

  • Higher cash from operations coupled with a continued focus on working capital management enabled the Company to end the quarter with a net cash balance of ₹81.03 crores compared to a net borrowing of ₹68.47 crores on June 30, 2021 (Net debt equity ratio of 0.08) after exercising the call option to redeem Non-Convertible debentures to the tune of ₹175 crores in June 2022.
  • The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was ₹123.31 crores in Q1FY23, compared to ₹42.23 crores in Q1FY22.
  • Finance Cost for the quarter marginally decreased to ₹10.62 crores in Q1FY23,
  • ₹10.73 crores in Q1FY22.
  • Revenue of the Electro-Mechanical Projects and Commercial Air Conditioning Systems grew by 57.0% to ₹793.43 crores in Q1FY23 compared to ₹505.24 crores in Q1FY22. The Segment Result for Q1FY23 was ₹45.17 crores (5.7% of Revenue) compared to ₹20.03 crores (4.0% of Revenue) in Q1FY22.
  • Unitary Products revenue grew by 122.5% to ₹1124.21 crores in Q1FY23 compared to ₹505.37 crores in Q1FY22. The Segment Result was ₹91.13 crores (8.1% of Revenue) in Q1FY23 compared to ₹21.77 crores (4.3% of Revenue) in Q1FY22.
  • The Professional Electronics and Industrial Systems Business revenue grew by 27.2% to ₹52.68 crores in Q1FY23 compared to ₹41.43 crores in Q1FY22.

The stocks of Blue Star Ltd last hit in BSE,

  • Intraday High of ₹ 983.45
  • Intraday low of ₹ 960.70
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