The Business Bytes
TBB BUREAU
MUMBAI, OCT 28, 2021
Air conditioning and commercial refrigeration maker Blue Star on Thursday reported a net profit of Rs 31.45 crore for the second quarter (Q2FY22) ended September 30, 2021.
The company had posted a net profit of Rs 15.40 crore in the July-September quarter a year ago, Blue Star said in a statement.
Its revenue from operations during July-September 2021 stood at Rs 1239.74 crore on a consolidated basis, compared to Rs 902.12 crore during the corresponding period in the previous fiscal, thus registering a growth of 37.4 percent.
The operating profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 70.70 crore compared to Rs 55.08 crore in Q2FY21. Other income (including Finance Income) for Q2FY22 was Rs 8.12 crore compared to Rs 5.86 crore in Q2FY21.
The Net Borrowing as on September 30, 2021 reduced to Rs 44.34 crore on account of prudent working capital management and capital allocation measures.
The quarter (Q2FY22) commenced on a strong note with an extended summer in the northern parts of the country. The Company witnessed healthy demand and robust volume growth for room air conditioners and refrigeration products in Q2FY22 compared to Q2FY21.
For the half-year ended September 30, 2021, Blue Star reported Revenue from Operations of Rs 2291.78 crore compared to Rs 1528.14 crore over the corresponding period in the previous year, registering a growth of 50 percent. Net Profit for the half-year ended September 30, 2021 (H1FY22) stood at Rs 44.16 crore compared to Net Loss of Rs 4.20 crore in H1FY21.
On the outlook, Blue Star Vice-Chairman and Managing Director Vir S Advani said, “With the revenue reaching pre-COVID level in Q2FY22, we expect the growth momentum to continue through Q3 and Q4 leading up to the next summer season.”
