Consumer electronic firm Blue Star announced Q3FY23 results: Consolidated Q3FY23: The Company’s Revenue from Operations increased by 18.72% to Rs 1,788.20 crore for the quarter ended December 31, 2022, compared to Rs 1,506.22 crore during the same period in the previous year. The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 104.71 crore compared to Rs 90.59 crore in Q3FY22. During the current financial period the Company has capitalized new capacities including plant and machinery and factory buildings. The Company was hence required to review the expected pattern of consumption of future economic benefits embodied in Property, Plant and Equipment. After the review it was decided to change the depreciation method from ‘Written Down Value’ method to ‘Straight Line Method’ with effect from October 1, 2022. This led to a lower depreciation charge for the quarter by Rs 10.80 crore. Net Profit for the quarter was Rs 58.41 crore, compared to Rs 47.57 crore in Q3FY22. Other Income for Q3FY23 was Rs 5.16 crore, compared to Rs 13.38 crore in Q3FY22. Other Income for Q3FY22 was higher on account of a subsidy received for one of the Company’s manufacturing plants. The Tax expense for the quarter was Rs 21.64 crore, compared to Rs 22.75 crore in Q3FY22. Earnings per share (not annualized) for Q3FY23 (Face value of Rs 2.00) was Rs 6.06 compared to Rs 4.94 in Q3FY22. Carried Forward Order Book as on December 31, 2022, grew by 47.27% to a record Rs 4,861.99 crore compared to Rs 3,301.33 crore as on December 31, 2021. Net Borrowing as on December 31, 2022, stood at Rs 395.85 crore (net debt equity ratio of 0.36) compared to Rs 165.11 crore as at December 31, 2021 (net debt equity ratio of 0.18). During the current financial period the Company and its subsidiary Blue Star Climatech Limited have invested in capacity expansion projects which has caused the debt levels to increase. Consolidated Segment Q3FY23: Revenue from the Electro-Mechanical Projects and Commercial Air Conditioning Systems segment grew by 20.51% to Rs 1,000.09 crore in Q3FY23 compared to Rs 829.85 crore in Q3FY22. The Segment Result for Q3FY23 grew by 36.77% to Rs 71.68 crore compared to Rs 52.41 crore in Q3FY22. Unitary Products revenue grew by 15.13% to Rs 701.90 crore in Q3FY23 compared to Rs 609.68 crore in Q3FY22. The Segment Result grew by 33.65% to Rs 51.83 crore in Q3FY23 compared to Rs 38.78 crore in Q3FY22. The Professional Electronics and Industrial Systems Business revenue grew by 29.27% to Rs 86.21 crore in Q3FY23 compared to Rs 66.69 crore in Q3FY22 driven by strong demand for Healthcare solutions on the backdrop of increasing awareness and investments in the Healthcare sector. Consolidated 9MFY23: For the nine months ended December 31, 2022, the Company reported Revenue from Operations of Rs 5,334.76 crore compared to Rs 3,798.00 crore over the same period in the previous year, a growth of 40.46%. Operating Profit (PBIDTA excluding Other Income and Finance Income) was Rs 313.61 crore compared to Rs 203.52 crore during the same period last year. Net Profit for the nine months ended December 31, 2022, at Rs 175.40 crore has crossed the Net Profit of Rs 168.00 crore earned for the full year ended March 31, 2022. Net Profit for the nine months ended December 31, 2021, was Rs 91.73 crore. Result PDF
Conference Call with Blue Star Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.