Conference Call with Blue Star Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Consumer Electronics company Blue Star announced consolidated Q4FY24 & FY24 results: Q4FY24 Financial Highlights: The Company’s Revenue from Operations increased by 26.8% to Rs 3,327.77 crore for the quarter ended March 31, 2024, compared to Rs 2,623.83 crore during the same period in the previous year. The Operating Profit (PBIDTA excluding Other Income) for the quarter grew by 35.0% to Rs 241.90 crore (7.3% of Revenue) compared to Rs 179.17 crore in Q4FY23 (6.8% of Revenue). Profit Before Exceptional Items & Tax grew by 46.4% to Rs 214.13 crore in Q4FY24 compared to Rs 146.30 crore in Q4FY23. Net Profit for the quarter excluding exceptional items was Rs 159.71 crore compared to Rs 86.05 crore in Q4FY23. During the previous year, the Company had realised an exceptional gain of Rs 170.81 crore (Rs 139.24 crore net of tax) on sale of a land parcel at Thane. During the current year, no such exceptional income has been accounted for in the books of accounts. Other Income, including treasury income, for Q4FY24 was Rs 12.39 crore compared to Rs 6.65 crore in Q4FY23. Increase in Other Income is mainly on account of higher treasury income attributed to QIP funds. The Tax expense for the quarter was Rs 54.42 crore compared to Rs 91.82 crore in Q4FY23. In the Q4FY23, tax was on higher side due on capital gain on sale of land. FY24 Financial Highlights: The Company has reported Revenue from Operations of Rs 9,685.36 crore for the year ended March 31, 2024, compared to Rs 7,977.32 crore during FY23, representing a growth of 21.4%. The Operating Profit (PBIDTA excluding Other Income) for the year grew by 34.9% to Rs 664.94 crore (6.9% of revenue) compared to Rs 492.78 crore (6.2% of revenue) in FY23. Profit Before Tax Before Exceptional Items grew by 44.9% to Rs 557.16 crore in FY24 compared to Rs 384.57 crore in FY23. Net Profit for the year was Rs 414.31 crore compared to Rs 400.69 crore in FY23. During the previous year, the Company had realised an exceptional gain of Rs 170.81 crore (Rs 139.24 crore net of tax) on sale of a land parcel at Thane. Other Income including treasury income for FY24 was Rs 47.42 crore compared to Rs 30.87 crore in FY23. Net cash balance as of March 2024 was at Rs 455.93 crore compared to a net borrowing of Rs 208.41 crore as of March 2023 due to repayment of loans from the proceeds of QIP issue. Tax expense for FY24 was Rs 142.85 crore compared to Rs 154.69 crore in FY23. Carried Forward Order Book as on March 31, 2024, grew by 12.3% to Rs 5,697.34 crore, compared to Rs 5,073.27 crore as of March 31, 2023. Vir S. Advani, Chairman & Managing Director, Blue Star said, “This year was momentous for Blue Star as it marked 80 years of our existence. While the milestone placed us in the elite league of Indian companies that have achieved this feat, we are now focusing on accelerating our growth. The QIP of Rs 1,000 crore raised during the year has strengthened the Balance Sheet and enabled us to fund our growth. It is gratifying that the deficit due to unseasonal rains that impacted our unitary products business in the first quarter has been more than made up by strong sales in the balance quarters of the year helping us to end the year on a high note. The summer season has also begun well and we anticipate significant demand for room air conditioners and commercial refrigeration products to continue. The carried forward order book for the other businesses is healthy and we are confident that the Company will sustain this momentum in FY25 as well. Result PDF