Blue Star (mcap: Rs 7,657 crore) reported a decent performance in the September quarter. Though its three segments delivered robust revenue growth, disappointing margins in electro-mechanical projects dragged the company’s overall profitability. Emphasis on cash flow-steady electro-mechanical projects and measures to boost unitary product sales (for e.g. air conditioners) will be critical to the company’s success. From current levels, the stock’s scope for a re-rating appears minimal. (image) Q2 FY20 review Positives - Revenue from electro-mechanical projects grew predominantly due to demand for packaged...
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