Air conditioning and commercial refrigeration maker Blue Star Ltd on Thursday saw its consolidated net profit jump to Rs 74.35 crore in the June quarter on higher demand. The company had posted a consolidated net profit of Rs 12.71 crore in the April-June quarter a year ago, Blue Star said in a regulatory filing.
Its revenue from operations was up 87.28 percent at Rs 1,970.32 crore in comparison to a lower base of the pandemic-impacted corresponding quarter. In the year-ago period, Blue Star's revenue from operations was at Rs 1,052.04 crore.
"With business and economic activities at 100 percent normalcy in the first quarter of FY23, the growth momentum witnessed in the fourth quarter of FY22 continued in the first quarter of FY23. After two consecutive summers disrupted by the pandemic, this year witnessed a normal summer without any restrictions," said an earning statement from Blue Star. Consequently, demand for all Blue Star's products and services witnessed an uptick compared to last year.
"The performance stands out even when compared to Q1FY20 which was the last comparable first quarter when business and economic activity were at normal levels," Blue Star added. Blue Star's total expenses were at Rs 1,879.67 crore, up 80.63 percent in the June quarter of FY23, against Rs 1,040.59 crore.
During the period under review, Blue Star's revenue from 'Electro-Mechanical Projects and Commercial Air Conditioning Systems' was up 57.04 percent at Rs 793.43 crore as against Rs 505.24 crore. Revenue from Unitary products was up two-fold to Rs 1,124.21 crore from Rs 505.37 crore.
"With India witnessing severe summer across regions, the company witnessed a strong demand for room air conditioners," it said. The Commercial Refrigeration business also witnessed increased traction across all product categories with strong demand from the ice cream, processed food, and pharma segments coupled with an increase in demand from the retail segment for supermarket refrigeration products.Blue Star's revenue from 'Professional Electronics and Industrial Systems' was up 27.15 percent to Rs 52.68 crore as against Rs 41.43 crore. Shares of Blue Star Ltd on Thursday settled 3.10 percent up at Rs 1,000.85 apiece on BSE.