Blue Star Q2 net up 55.7 pc to Rs 37.16 cr

Air-conditioning and commercial refrigeration firm Blue Star Ltd on Wednesday reported a 55.74 per cent rise in consolidated net profit at Rs 37.16 crore for the second quarter ended September 30, 2019.

The company had posted a net profit of Rs 23.86 crore in July-September quarter a year ago, Blue Star said in a BSE filing.

Total income rose 21.49 per cent to Rs 1,260.07 crore during the quarter under review as against Rs 1,037.13 crore in the corresponding quarter of previous fiscal.

Total expenses rose 20.1 per cent to Rs 1,204.32 crore as against Rs 1,002.71 crore a year ago.

Blue Star's revenue from electro-mechanical projects and commercial air conditioning systems rose 24.18 per cent to Rs 783.54 crore as against Rs 630.97 crore in the year-ago quarter.

"Revenue growth in the electro-mechanical projects business was driven by the execution of a healthy order book, though at a slower pace, while growth in the central air conditioning product categories contributed to increased revenue in the commercial air conditioning systems business," the company said.

Revenue from unitary products was at Rs 377.21 crore, up 9.95 per cent from Rs 343.06 crore a year ago.

"The order book is healthy in the electro-mechanical projects segment. However, pace of execution of projects continues to be constrained due to reduced credit flow to the real estate and infrastructure sectors," Blue Star Vice Chairman & Managing Director Vir Advani said.

"Unitary products segment continues to do well on increased demand from tier 3, 4 and 5 towns," he added.

Shares of Blue Star Ltd on Wednesday settled 0.49 per cent higher at Rs 795.05 apiece on the BSE.