Blue Star reports net profit of Rs 15.32 cr for September quarter

Air conditioning and commercial refrigeration maker Blue Star Ltd on Wednesday reported a consolidated net profit of Rs 15.32 crore for the second quarter ended September 2020.

The company had posted a net profit of Rs 37.94 crore in the corresponding quarter of the previous financial year, Blue Star said in a regulatory filing.

Its revenue from operations stood at Rs 902.12 crore during the period under review. It was Rs 1,249.47 crore a year ago, the company said.

According to the company, its "results for the quarter are not comparable with those for the previous quarter, owing to the impact of the COVID-19 lockdown on the company's operations".

Blue Star's total expenses were at Rs 885.52 crore.

Its revenue from 'electro-mechanical projects and commercial air conditioning systems' stood at Rs 540.83 crore. It was Rs 783.54 crore in the year-ago period.

"The order inflow in the electro-mechanical projects business saw a gradual recovery with a major order from the infrastructure segment. The healthcare, pharmaceutical and government sectors helped the commercial air conditioning business to recover in Q2FY21," it said.

While revenue from unitary products, which have business of residential AC, was at Rs 318.65 crore. It was against Rs 377.21 crore in the corresponding quarter.

"With the opening of retail outlets across the country and the growth of e-commerce channel, the demand recovery exceeded the expectations in the room air conditioner business.

"Increased traction in pharma and healthcare segments and growth momentum in the supermarket refrigeration equipment business enabled recovery for the commercial refrigeration business," it said.

Professional electronics and industrial systems were at Rs 42.64 crore. It was Rs 88.72 crore in the second quarter of 2019-20.

Shares of Blue Star Ltd on Wednesday settled at Rs 646.75 on the BSE, up 0.78 per cent from its previous close.