Consumer electricals company Blue Star announced Q1FY23 results: The Company’s Revenue from Operations increased by 87.3% to Rs 1970.32 crores for the quarter ended June 30, 2022 compared to Rs 1052.04 crores during the same period in the previous year. The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 123.31 crores compared to Rs 42.23 crores in Q1FY22. Net Profit for the quarter grew to Rs 74.35 crores compared to Rs 12.71 crores in Q1FY22. Other Income (including Finance Income) for Q1FY23 was Rs 10.51 crores compared to Rs 7.95 crores in Q1FY22. Finance Cost for the quarter marginally decreased to Rs 10.62 crores from Rs 10.73 crores in Q1FY22. Tax expense for the quarter was Rs 26.34 crores compared to Rs 6.52 crores in Q1FY22. Earnings per share (not annualized) for Q1FY23 (Face value of Rs 2.00) was Rs 7.72 compared to Rs 1.32 in Q1FY22. Carried Forward Order Book as on June 30, 2022, grew by 23.8% to Rs 3901.48 crores, compared to Rs 3152.30 crores as on June 30, 2021. Higher cash from operations coupled with a continued focus on working capital management enabled the Company to end the quarter with a net cash balance of Rs 81.03 crores compared to a net borrowing of Rs 68.47 crores on June 30, 2021 (Net debt equity ratio of 0.08) after exercising the call option to redeem NonConvertible debentures to the tune of Rs 175 crores in June 2022. Vir S. Advani, Vice Chairman & Managing Director, Blue Star Limited adds, “I am happy that we could deliver good results for the third consecutive quarter in a row. While the momentum continues with healthy inflow of enquiries and orders for our products and services, we anticipate headwinds due to inflationary pressures, rising interest rates, weakening of Indian Rupee, and global recessionary concerns. However, considering the large carried forward order book for our B2B businesses, significantly lower rate of penetration of room air conditioners in India, commencement of capex and construction cycles, and softening of commodities, we are optimistic about the prospects for FY23.” Result PDF
Conference Call with Blue Star Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
Consumer Electronics firm Blue Star declares Q4FY22 result: Consolidated FY22 Revenue grows 41.8% to Rs 6045.58 crores; Operating Profit grows 44.5% to Rs 346.47 crores. Consolidated Financial Performance for Q4FY22: Revenue from operations for Q4FY22 grew by 39.5% to an all-time high of Rs 2247.58 crores compared to Rs 1611.56 crores in Q4FY21. The Operating Profit (PBIDTA excluding Other Income and Finance Income) for Q4FY22 was Rs 142.95 crores (6.4% of revenue) compared to Rs 101.81 crores (6.3% of revenue) for Q4FY21. Profit before tax grew by 9.2% to Rs 113.91 crores in Q4FY22 compared to Rs 104.32 crores in Q4FY21. Net profit for Q4FY22 grew by 12.0% to Rs 76.27 crores compared to Rs 68.09 crores in Q4FY21 Healthy cash from operations enabled a reduction of Rs 97.97 crores in net borrowings in Q4FY22 compared to Q3FY22 Consolidated Financial Performance for FY22: The Company has reported Revenue from Operations of Rs 6045.58 crores for the year ended March 31, 2022, on a consolidated basis, compared to Rs 4263.59 crores during FY21, representing a growth of 41.8%. The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the year was Rs 346.47 crores (5.7% of revenue) compared to Rs 239.81 crores (5.6% of revenue) in FY21. Net Profit for the year was Rs 168.00 crores compared to Rs 100.66 crores in FY21, representing a growth of 66.9%. Finance Cost for the year was at Rs 46.40 crores compared with Rs 64.72 crores in FY21 due to lower average gross borrowings and lower cost of funds during the year. Tax expense for FY22 was Rs 82.90 crores compared to Rs 47.09 crores in FY21. Net borrowing as of March 2022 was Rs 67.14 crores compared to a net cash balance of Rs 151.45 crores as of March 2021 due to a planned advancement in inventory levels related to the procurement of long-lead raw materials and components in order to de-risk supply chain constraints, and capacity expansion capital investments in the new manufacturing projects at Sri City. The Company had raised Rs 350 crores through the issue of Unsecured Non-Convertible Debentures (NCD) in June 2020 in order to strengthen its Balance Sheet with a repayment tenor of 3 years and a call option to repay 50% of the NCD in May 2022. The Company proposes to exercise the said call option and reduce the residual NCD obligation on the back of its strong fund position. Earnings per share for the year (Face value of Rs 2.00) was Rs 17.44 vis-à-vis Rs 10.42 in the previous year. Carried Forward Order Book as on March 31, 2022, stood at Rs 3253.30 crores compared to Rs 2952.42 crores as on March 31, 2021. Result PDF