Blue Star announced that the 75th Annual General Meeting (AGM) of the company will be held on 3 August 2023.

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Revenue from operations grew by 16.4% year on year to Rs 2,623.83 crore in the quarter ended 31 March 2023.

Profit before exceptional items and tax was at Rs 146.30 crore in Q4 FY23, up 28.43% as against Rs 113.91 crore recorded in the corresponding quarter previous year. The company said that it was able to successfully conclude the sale of a land parcel at Thane, thus realizing a gain of Rs 170.81 crore (Net of tax Rs 139.24 crore), which is reported as exceptional income for Q4 FY23.

On full year basis, the company's consolidated net profit soared 138.8% to Rs 400.46 crore on 31.6% jump in revenue to Rs 7,977.32 crore in FY23 over FY22.

The company's revenue from Electro-Mechanical Projects and Commercial Air Conditioning Systems business grew by 25.3% to Rs 4,015.63 crore in FY23 compared to Rs 3,204.49 crore in FY22. In the business, the company continued to witness healthy order inflows from across segments including buildings, metro railways, factories, and data centres.

Unitary Products revenue surged 38.8% to Rs 3,626.93 crore in FY23 as compared to Rs 2612.24 crore in FY22. The early onset of summers across some parts of the country resulted in the company witnessing a surge in demand for its room air conditioners.

The Professional Electronics and Industrial Systems Business revenue jumped 35.3% YoY to Rs 334.76 crore in financial year ended March 2023. With the revival of the private capex cycle, revenue grew across all lines of businesses, said the company.

Vir S. Advani, vice chairman & managing director, Blue Star, said, “During the fiscal year, we improved our market share in all the businesses, commissioned the deep freezer manufacturing plant at Wada and the room air conditioner manufacturing unit in Sri City, enhanced our R&D capabilities, deepened our distribution reach, and set up wholly owned subsidiaries in the US, Europe, and Japan in pursuit of expanding our global footprint.

With the weather forecast indicating a strong summer combined with a strong carry forward order book for our B2B businesses, we are optimistic about the prospects for Q1FY24 and FY24.”

Meanwhile, the board of directors of the firm has recommended a bonus issue of one equity share for every one existing equity share to the shareholders, subject to necessary approvals.

Further, the company's board has also recommended a final dividend of Rs 12 per equity share for the financial year ended 31 March 2023. Consequent to approval of the proposed bonus issue, the dividend post bonus for FY23 will stand revised as Rs 6 per equity share of face value Rs 2 each.

Blue Star is an air-conditioning and commercial refrigeration company. The company conducts various activities, such as electrical, plumbing and fire-fighting services. Its segments include electro-mechanical projects and packaged air conditioning systems, and unitary products.

Shares of Blue Star rose 0.93% to Rs 1,450.90 on the BSE.

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Blue Star announced that the Board of Directors of the Company at its meeting held on 4 May 2023, inter alia, have recommended the final dividend of Rs 12 per equity Share (i.e. 600%) , subject to the approval of the shareholders.

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Net profit of Blue Star rose 195.76% to Rs 225.25 crore in the quarter ended March 2023 as against Rs 76.16 crore during the previous quarter ended March 2022. Sales rose 16.40% to Rs 2623.83 crore in the quarter ended March 2023 as against Rs 2254.21 crore during the previous quarter ended March 2022.

For the full year,net profit rose 138.78% to Rs 400.46 crore in the year ended March 2023 as against Rs 167.71 crore during the previous year ended March 2022. Sales rose 31.55% to Rs 7977.32 crore in the year ended March 2023 as against Rs 6064.08 crore during the previous year ended March 2022.

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