Blue Star Infotech jumps on robust Q2 result

Blue Star Infotech surged 13.33% to Rs 235.35 at 15:15 IST on BSE after consolidated net profit surged 83.33% to Rs 5.70 crore on 0.38% rise in total operating income to Rs 64.71 crore in Q2 September 2014 over Q1 June 2014.

The company announced Q2 results after market hours on Friday, 17 October 2014.

Meanwhile, the BSE Sensex was up 323.11 points or 1.24% at 26,431.64.

On BSE, so far 25,307 shares were traded in the counter, compared with an average volume of 9,332 shares in the past one quarter.

The stock hit a high of Rs 245 and a low of Rs 225 so far during the day. The stock hit a 52-week high of Rs 252 on 15 September 2014. The stock hit a 52-week low of Rs 76 on 8 November 2013.

The stock had underperformed the market over the past one month till 17 October 2014, falling 7.84% compared with 1.96% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 16.52% as against Sensex's 2.14% rise.

The small-cap firm has an equity capital of Rs 10.39 crore. Face value per share is Rs 10.

Mr. Sunil Bhatia, CEO &MD, Blue Star Infotech said, We are pleased to announce a strong Q2 performance with significant increase in PAT and total operating profit. We acquired the complete stake of our JV and closed unremunerative business and hence our top line remained flat. We have executed well in the market place and will continue with our growth pace in acquiring new customers and deploying new capabilities. Our internal operations are more streamlined, thereby reducing operational costs. We have also effectively improved the revenue structure.

Blue Star Infotech is an IT Consulting firm and has been in operation for more than 30 years. It has offices in USA, UK, Europe, India, Singapore and Malaysia. It is a part of the Blue Star Group.

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