Blue Star announced its consolidated financial results for the fourth quarter and full fiscal year ended March 31, 2024, on Thursday, May 2. The air conditioning and commercial refrigeration company’s revenue from operations for the fourth quarter jumped 26.8 percent to Rs 3,327.77 crore, up from Rs2,623.83 crore in the year-ago period.
The operating profit (PBIDTA excluding other income) witnessed a 35 percent growth to Rs 241.90 crore, making up 7.3 percent of revenue, compared to Rs 179.17 crore (6.8 percent of revenue) in Q4 FY23. The company’s profit before exceptional items and tax jumped by 46.4 percent to Rs 214.13 crore, compared to Rs 146.30 crore in the quarter under review. Net profit for the quarter, excluding exceptional items, stood at Rs 159.71 crore, a Rs 86.05 crore rise.
For the full fiscal year FY24, Blue Star reported a total income of Rs 9,685.36 crore, 21.4% rise from ₹7,977.32 crore in the previous year. The operating profit grew by 34.9 percent to Rs 664.94 crores from Rs 492.78 crores in FY23.
Profit before tax before exceptional items came at Rs 557.16 crore, up 44.9 percent from Rs 384.57 crore in the previous fiscal. Net profit for FY24 stood at Rs 414.31 crore, up from Rs 400.69 crore in the preceding year.
The company ended the financial year with a net cash balance of Rs455.93 crore compared to a net borrowing of Rs 208.41 crore in FY23, due to the repayment of loans from the proceeds of the QIP issue.
Segment-wise, revenue from the Electro-Mechanical Projects and Commercial Air Conditioning Systems segment grew by 17.4% to ₹4715.46 crore, while Unitary Products revenue rose 26.6 percent to Rs 4592.20 crore. The revenue of the Professional Electronics and Industrial Systems business grew by 12.8 percent to Rs 377.70 crore.
The board also recommended a dividend of ₹7 per equity share of face value Rs2 each for FY24, up from ₹6 per equity share in FY23. Looking ahead, Vir S. Advani, Chairman & Managing Director of Blue Star Limited, expressed confidence in sustaining the company’s momentum in FY25. He highlighted the successful QIP issuance during the year, strengthening the balance sheet to fuel growth.
The company anticipates significant demand for room air conditioners and commercial refrigeration products to continue and is optimistic about sustaining growth across its business segments.