Blue Star incorporates subsidiary in USA for $2 million

Blue Star incorporated Blue Star North America Inc., a wholly owned subsidiary of the company in the State of Delaware, USA on 22 September 2022.

Blue Star North America Inc. will be engaged in sale and service of air conditioning, heating & refrigeration equipment, which is in line with the the main line of business of Blue Star.

The company incorporated the entity by subscribing to 100% of its share capital for $2 million.

Blue Star is an air-conditioning and commercial refrigeration company. The company conducts various activities, such as electrical, plumbing and fire-fighting services. Its segments include electro-mechanical projects and packaged air conditioning systems, and unitary products.

On consolidated basis, the company's net profit surged to Rs 74.25 crore in Q1 FY23 from Rs 12.69 crore recorded in Q1 FY22. Consolidated net sales climbed 87.3% to Rs 1,970.32 crore in Q1 FY23 as against Rs 1,052.04 crore posted in the corresponding quarter previous year.

Shares of Blue Star closed 0.18% lower to end at Rs 1092 on the BSE on Friday.

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