Sharekhan's research report on Blue Star
Blue Star reported better than expected performance with strong revenue growth across business verticals, OPM stayed in-line despite gross margin pressures, overall leading to net earnings beat. Expect growth momentum to continue in Q4 and FY2023. It expects to grow faster than RAC industry in FY2023 gaining market share. EBIT margins expected to remain stable. Wada deep freezer plant expected to commission over next three months. Sri city first phase in Q3FY2023.
Outlook
We maintain Buy on Blue Star Limited (Blue Star) with an unchanged a PT of Rs. 1,200, given that demand is expected to be robust going ahead.
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