Blue Star Q4FY24 results: Net profit declines 29% to Rs 159.71 crore

Air conditioner and commercial refrigeration system maker Blue Star Ltd on Thursday reported a 29 per cent decline in its consolidated net profit to Rs 159.71 crore for the fourth quarter of 2023-24.

The company had reported a net profit of Rs 225.29 crore in the January-March quarter of FY2022-23, a regulatory filing showed.

Blue Star's total income increased to Rs 3,340.16 crore in the quarter under review from Rs 2,830.48 crore in the January-March period of the previous fiscal. Its total expenses were also higher at Rs 3,126.38 crore in the fourth quarter of 2023-24, compared with Rs 2,485.46 crore in the corresponding period last year.

"The company has reported Revenue from Operations of Rs 9,685.36 crore for the year ended March 31, 2024, compared to Rs 7,977.32 crore during FY23, representing growth of 21.4 per cent," Blue Star Ltd stated.

It further informed that the net profit for the year was Rs 414.31 crore compared to Rs 400.69 crore in FY23. During the previous year, the company had realised an exceptional gain of Rs 170.81 crore (Rs 139.24 crore net of tax) on sale of a land parcel at Thane.

Blue Star shares closed at Rs 1,473.50, down 1.48 per cent from the previous close on the Bombay Stock Exchange.