Homegrown cooling solutions major Blue Star today reported a meager rise in its net profit for FY2024. During the year, the company’s consolidated profit after tax surged 3.4% to Rs 414.3 crore, up from Rs 400.7 crore in the previous year. An exceptional gain of Rs 170.81 crores (Rs 139.24 crores net of tax) on sale of a land parcel during FY2023, impacted its bottom-line growth in FY2024, it said.
The Mumbai-headquartered company that manufactures air conditioners, and water coolers and offers industrial cooling solutions, witnessed its operating revenue jump 21.4% year-on-year during the year. In FY2024, its revenue from operations stood at Rs 9,685 crore, up from Rs 7,977 crore. While its operating Profit (excluding other income) for the year grew by 34.9% to Rs 664.94 crores compared to Rs 492.78 crores in FY2023.
In FY2024, Blue Star’s revenue from the electro-mechanical projects and commercial air conditioning systems segment grew 17.4% to Rs 4,715 crores, compared to Rs 4,016 crores in the previous year. While, unitary products segment (includes room air conditioners) revenue grew 26.6% to Rs 4,592 crores from Rs 3,627 crores in FY2023.
“The QIP of Rs 1,000 crores 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 FY2025 as well,” Vir S. Advani, Chairman & Managing Director, Blue Star said in a statement.
For the quarter ended 31 March, the company witnessed a drop in its net profit due to gains from exceptional item in the same quarter previous year. In January-March 2024 quarter, its profit after tax declined 29% year-on-year to Rs 159.7 crore, down from Rs 225.3 crore. Its revenue from operations increased by 26.8% to Rs 3,328 crores for the quarter, up from Rs 2,624 crores during the same period in the previous year. While, operating profit (excluding other income) for the March quarter surged 35% to Rs 241.9 crores compared to Rs 179.2 crores in Q4, FY2023.
