 "Blue Star")
Shares of Blue Star jumped nearly 6 per cent to a high of Rs 1,505 in intra-day deals on Friday after the company announced a strong set of Q4 numbers and a liberal bonus issue. On Tuesday, the stock had registered its 52-week high at Rs 1,550.
The company's board approved issue of bonus equity shares in the 1:1 ratio, i.e. one free share for every shareholding holding a share as per the record date. The company is yet to announce the record date.
Further, Blue Star's Q4 net profit grew 3-fold to Rs 225.29 crore for the quarter ended March 2023 when compared with Rs 76.27 crore in the quarter ended March 2022. Total income rose 16.4 per cent YoY to Rs 2,630.48 crore.
The sharp growth in Q4 net was aided by profit on sale of freehold land. During the quarter, the company registered Rs 170.81 crore profit on sale of freehold land, and the same has been reported as an exceptional item.
For the fiscal year FY23, consolidated net profit was up 138.5 per cent at Rs 400.69 crore as against Rs 168 crore in FY22. Revenue from operations grew by 31.6 per cent YoY to Rs 7,977.32 crore.
At 09:35 AM, the stock has pared gains, but was still up 1.2 per cent at Rs 1,452. The counter had seen trades of around 10,000 shares so far as against the two-week average traded volume of around 6,500-odd shares. Meanwhile, the BSE Sensex was down 0.5 per cent at 61,470.
