Blue Star Q1 Total Income grows 37%,Net Profit up by 63%

Financial Performance for Q1FY09
* Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Income of Rs 632.54 crore for the quarter ended June 30, 2008, representing 37% growth over the same period in the previous year. Net Sales for the year at Rs 630.89 crore were up by 36% over Q1FY08.
* Net Profit at Rs 36.41 crore registered growth of 63% compared to Rs 22.32 crore in Q1FY08.
* Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 4.05 vis-à-vis Rs 2.48 in the corresponding quarter of the previous year.
* Carry Forward Order Book as on June 30, 2008 increased to Rs 1410 crore compared to Rs. 984 crore as at June 30, 2007.

Segment-wise performance for Q1FY09

Blue Star performed impressively in all 3 lines of business.

* The central airconditioning and electrical contracting business, collectively called Electro Mechanical Projects and Packaged Airconditioning Systems grew by a healthy 37% during the quarter. Segment results increased by 53% in the quarter compared to the corresponding quarter in the previous year. Apart from infrastructure-led central airconditioning projects, telecom shelter airconditioning products and variable refrigerant flow systems also contributed to growth.
* The Cooling Products segment also registered good growth of 36% driven by sales of the newly launched star-rated split airconditioners as well as commercial refrigeration products. Segment results grew by 68% during the quarter.
* Professional Electronics and Industrial Systems continued to perform well owing to its innovative business model of a system integrator and value added re-seller. Revenues grew by 30% during the quarter, with segment results registering growth of 8%.

Outlook

Ashok M Advani, Chairman and Managing Director says, “I am happy that Blue Star has produced very good results in Q1 in spite of a deteriorating economic situation. We have aggressively pursued business in fast growing sectors like infrastructure-led electro-mechanical projects, increased our market share in room airconditioners, and our innovative, value-added services have been well accepted. At the same time, we continue our value engineering drive and cost control measures to minimize the impact of inflationary input cost increases. We have actually succeeded in improving the Operating Margin (PBDITA) from 8.2% to 9.3% in Q1. Even though the economic outlook is not clear, I remain hopeful that Blue Star will continue to grow in the current year.”

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