• Blue Star Total Income grows 41% to Rs 2270 crore
• Blue Star completes acquisition of Naseer Electricals for a consideration upto Rs 42 crore
• Blue Star Q3 Net Profit more than triples to Rs 35.44 crore
• Blue Star plans to acquire Naseer Electricals and grow its Projects and Contracting business
• Blue Star Q2 Net Profit up 150% Total Income up 46%.
• Blue Star Q1 Net Profit up three-fold to Rs 22.32 crore

Place: Mumbai
Date: May 12, 2008

Blue Star Total Income grows 41% to Rs 2270 crore in FY08. Net Profit surges by 145%. Dividend of Rs 7 per share declared.

Financial Performance for 2007-08

• Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Income of Rs 2270.09 crore for the year ended March 31, 2008, representing 41% growth over previous year. Net Sales for the year at Rs 2233.04 crore were up by 39% over FY07.
• Operating profit (PBIDT excluding Other Income) for the year doubled to Rs 234.49 crore.
• Net Profit at Rs 174.09 crore showed outstanding growth of 145% compared to Rs 71.18 crore in FY07.
• Earnings per share for FY08 (Face value of Rs 2.00) stood at Rs 19.36 vis-à-vis Rs 7.91 in the previous year
• Carry Forward Order Book as on March 31, 2008 climbed to Rs 1135 crore compared to the order book of Rs. 755 crore as at March 31, 2007.

Dividend

• The Board of Directors has recommended a dividend of Rs 7.00 per equity share (350%) including a Special Dividend of Re 1.00 per share compared to Rs 3.00 paid last year.

Segment-wise performance for 2007-08

Blue Star performed impressively in all 3 lines of business.

• The large central airconditioning and packaged airconditioners business accounting for 70% of total revenues, grew by a healthy 38% during FY08. Segment results surged by 84% in the year compared to the previous year. Apart from infrastructure led central airconditioning projects, telecom shelter airconditioning products and newly introduced variable refrigerant flow systems also contributed to growth.
• The cooling products segment also registered excellent growth of 43% in the year driven by exceptional sales of split airconditioners as well as commercial refrigeration products. Segment results jumped by 128% in the year.
• The professional electronics and industrial systems business continued to contribute significantly to the profitability of the Company. The business grew by a solid 38% during FY08, with segment results registering growth of 50%.

Performance For Q4FY08

• Total income for the quarter ended March 31, 2008 at Rs 744.19 crore, grew by 36% over the corresponding quarter in the previous year. Net Sales for the quarter at Rs 708.14 crore, climbed by 30% over the corresponding quarter of the previous year.
• Net Profit for Q4FY08 reached Rs 70.36 crore, an increase of 107% over Q4FY07.
• During Q4, the Company acquired the electrical contracting business of Naseer Electricals Pvt. Ltd. The impact on the operating performance during the quarter was not material.

Outlook

Ashok M Advani, Chairman and Managing Director says “2007-08 was, by far, the best year in Blue Star’s 65-year old history. Record top-line growth, lower costs and tight operational control have led to this exceptional financial performance. We have achieved steadily improving results over a number of years in a competitive market and this gives me confidence that Blue Star will sustain its momentum of high growth and profitability in the current year.”

For additional information, please contact: B Thiagarajan, Executive Vice President, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com Telephone: 66544000.

Place: Bangalore
Date: February 14, 2008

Central airconditioning and commercial refrigeration major, Blue Star Limited has completed the strategic acquisition of the businesses of Naseer Electricals Private Limited, a leading Electrical Contracting firm as a going concern for a consideration upto Rs 42 crore which includes upfront payment, debt and escrow amount payable on fulfillment of certain conditions. This move will enable Blue Star, which is the leader in central airconditoning in the country, to deliver integrated Mechanical, Electrical & Plumbing (MEP) contracting projects for the commercial building and infrastructure segments.

Growth Opportunities

The growing Indian economy and the construction boom, specifically in the infrastructure, hospitality, healthcare, IT and ITES segments, offer attractive business opportunities in the MEP contracting space. Many customers of Blue Star have been seeking Electrical Contracting services from the Company. While Blue Star will continue to focus on its core businesses of airconditioning and commercial refrigeration as manufacturer, contractor and service provider, it will enhance its capabilities in the MEP space by entering Electrical Contracting through this transaction.

Naseer Electricals Private Limited

Naseer Electricals Private Limited, headquartered at Bangalore, is an Electrical Contracting firm with a turnover of Rs 107 crore (FY07) and a strong presence in South India. Founded by Mr A S Dawood, the Managing Director, Naseer Electricals enjoys an exceptional reputation in terms of customer satisfaction. The current order book is approximately Rs 100 crore.

Mr A S Dawood retained as Corporate Advisor

Mr A S Dawood has been retained by Blue Star Limited as Corporate Advisor for the new entity.

Transaction Details

With effect from the Closing Date (January 24, 2008), the businesses of Naseer Electricals including the pending orders, assets and liabilities stand transferred to Blue Star Limited. All 117 permanent employees of Naseer Electricals have been employed by Blue Star Limited.

Financial Performance of Blue Star

It may be recalled that Blue Star reported a Net Profit of Rs 71.18 crore on a Total Income of Rs 1607 crore for the year ended March 31, 2007.

For the 9 months ended December 31, 2007, Blue Star registered a Total Income of Rs 1525.90 crore, 44% higher than last year. Net Profit grew 179% to Rs 103.73 crore, while Earnings per share (face value of Rs 2.00 per share) jumped from Rs 4.13 to Rs 11.53 in the same period. The carry-forward order book position as on December 31, 2007 stood at Rs 1072 crore as against Rs 831 crore on December 31, 2006.

Place: Mumbai
Date: January 30, 2008.

Blue Star Limited, the airconditioning and commercial refrigeration major, has announced its unaudited financial results for the quarter ended December 31, 2007.

Financial Performance

Total Income for the quarter ended December 31, 2007 grew by 39% to Rs 514.99 crore compared to the same period last year. Net Profit for the quarter spurted 208% to Rs 35.44 crore compared to Rs 11.50 crore last year.

Cumulative figures for the 9 months ended December 31, 2007 registered Total Income of Rs 1525.90 crore, 44% higher than last year. Net Profit grew 179% to Rs 103.73 crore, while Earnings per share (face value of Rs 2.00 per share) jumped from Rs 4.13 to Rs 11.53 in the same period.

A major achievement in the current year has been lower cost of sales and well controlled expenses while maintaining high revenue growth. The result is exceptional enhancement of Operating Margin and Net Profit.

Segment-wise Performance

All 3 business segments continued to expand aggressively showing well distributed and balanced contribution to Blue Star's overall performance.

Central and Packaged Airconditioning systems accounted for 73% of total revenues during the quarter. While the revenues of this business grew 36% during Q3FY08, segment profit increased by a substantial 119%.

Cooling Products also registered impressive growth of 45%, driven by increased sales of split airconditioners, as well as enhanced demand for refrigeration products and cold chain systems. Segment profit spurted 206% in the quarter.

Professional Electronics and Industrial Systems grew by a solid 53% during Q3FY08 while Segment Profit was up 84%.

Outlook

Ashok M Advani, Chairman and Managing Director, says "Blue Star continues to perform exceptionally well with sustained business growth in all 3 segments. We have been able to significantly enhance our margins to cross the milestone of Rs 100 crore of Net Profit in the first nine months itself. I am confident that the Company will end the year on an impressive note."

It may be recalled that the Company had reported a Net Profit of Rs 71.18 crore on a Total Income of Rs 1607 crore for the year ended March 31, 2007.

For additional information, please contact: B Thiagarajan, Executive Vice President, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030
email: bthiagarajan@bluestarindia.com Telephone: 66544000

Place: Mumbai
Date: December 05, 2007

Central airconditioning and commercial refrigeration major, Blue Star Limited is planning to strengthen its Airconditioning Projects business through the strategic acquisition of the businesses of Naseer Electricals Private Limited, a leading Electrical Contracting firm as a going concern. With this move, Blue Star, which is a leader in central airconditoning in the country, will also be in a position to deliver integrated Mechanical, Electrical & Plumbing (MEP) contracting projects for the commercial building and infrastructure segments.

Growth Opportunities

The growing Indian economy and the construction boom offer attractive business opportunities in the MEP contracting space. Moreover, many customers of Blue Star are seeking Electrical Contracting services from the Company. While Blue Star will continue to focus on its core businesses of airconditioning and commercial refrigeration as a manufacturer, contractor and service provider, it intends to further enhance its capabilities in the MEP space by entering Electrical Contracting through this transaction.

Naseer Electricals Private Limited

Naseer Electricals Private Limited, headquartered at Bangalore, is an Electrical Contracting firm with a turnover of Rs 107 crore (FY07) and a strong presence in South India. It is founded by Mr A S Dawood, who is currently the Managing Director. Naseer Electricals enjoys an exceptional reputation as a leading player in the IT, ITES, Infrastructure and Retail segments.

Strategic Acquisition

The Board of Directors of Blue Star Limited in its meeting held on December 5, 2007 has authorized a four-member committee headed by Mr Suneel M Advani, Vice Chairman and Managing Director, to finalize the Definitive Business Purchase Agreement, and conclude the transaction on or before December 31, 2007 (Closing Date) subject to final Due Diligence. The details of the transaction will be made available after the Closing Date.

Financial Performance

It may be recalled that the Blue Star had reported a Net Profit of Rs 71.18 crore on a Total Income of Rs 1607 crore for the year ended March 31, 2007.

For the half year ending September 30, 2007, Total Income stood at Rs 1010.91 crores registering a growth of 47% over the corresponding period last year. Net Profit grew 166% to Rs 68.29 crore. Earnings per Share increased to Rs 7.59 from Rs 2.86 (Face value of Rs 2.00 per share).

Place: Mumbai
Date: October 24, 2007

Financial Performance

Central airconditioning and commercial refrigeration major Blue Star has reported a Total Income of Rs 548.59 crore for the quarter ended September 30, 2007 representing a growth of 46% over the corresponding period last year. Net Profit for the quarter grew 150% to Rs 45.97 crore, while Earnings per Share increased to Rs 5.11 from Rs 2.05 in Q2FY07 (Face value of Rs 2.00 per share).

For the half year ending September 30, 2007, Total Income stood at Rs 1010.91 crores registering a growth of 47% over the corresponding period last year. Net Profit grew 166% to Rs 68.29 crore.

Segment-wise Performance

Blue Star performed impressively in all 3 lines of business.

The central and packaged airconditioning business accounted for 73% of total revenues during the quarter. While the revenues of this business grew 46% during Q2FY08, segment profit increased by a substantial 115%. The current construction boom coupled with Blue Star’s strengths in manufacturing, contracting and after-sales service helped the Company maintain its leadership position in the Indian market.

The cooling products business also registered good growth, recording an increase of 48%. The growth was driven by increased sales of split airconditioners as well as refrigeration products and cold chain equipment. Segment profit spurted 300% in the quarter.

The professional electronics and industrial systems business continued to contribute significantly and grew by an impressive 37% during Q2FY08.

Orders booked during Q2FY08

The Company booked several prestigious orders during the quarter including orders from:

• Ahmedabad Airport
• Thiruvananthapuram Airport
• Pantaloon Retail, Bangalore
• Cognizant Technologies (Cee Dee Yes Builders), Coimbatore
• Bengal Greenfield, Kolkata
• RBI, Guwahati
• DuPont, Secunderabad
• Bengal Peerless, Kolkata
• Moser Baer, Noida
• HCL Technologies, Gurgaon
• Aircel, Chennai
• Haryana State Agri Marketing Board (HSAMB), Gurgaon
• 2 Square Mall, Kolkata

The carry-forward order book position as on September 30, 2007 stood at Rs 1031 crore as against Rs 788 crore on September 30, 2006.

Outlook

Ashok M Advani, Chairman and Managing Director, says “Blue Star continues to grow aggressively this year in all its three lines of business. We have been able to significantly enhance our margins to virtually achieve last year’s full year Net Profit in the first six months itself. With a healthy order backlog and a promising outlook, I remain confident about this year being another great year for Blue Star.”

It may be recalled that the Company had reported a Net Profit of Rs 71.18 crore on a Total Income of Rs 1607 crore for the year ended March 31, 2007.

For additional information, please contact: B Thiagarajan, Executive Vice President, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com Telephone: 66544000.

Place: Mumbai
Date: July 25, 2007.

Financial Performance

Central airconditioning and commercial refrigeration major Blue Star has reported a Total Income of Rs 462.32 crore for the quarter ended June 30, 2007 representing a growth of 48% over the corresponding period last year. Net Profit for the quarter grew 206% to Rs 22.32 crore, while Earnings per Share increased to Rs 2.48 from Rs 0.81 in Q1FY07 (Face value of Rs 2.00 per share).

Segment-wise Performance

Blue Star performed impressively in all 3 lines of business.

The central and packaged airconditioning business accounted for 60% of total revenues during the quarter. While the revenues of this business grew 49% during Q1FY08, segment profit increased by a healthy 60%. The IT/ITES and Retail segments were big growth drivers helping the Company to maintain market leadership in the Indian market.

The cooling products business also registered good growth, recording an increase of 42%. The growth was driven by increased sales of split airconditioners as well as refrigeration products and cold chain equipment. Segment profit was up by 75% in the quarter.

The professional electronics and industrial systems business continued to contribute significantly to the profitability of the Company. The business grew by a solid 90% during Q1FY08, while segment profit increased by 386%.

Orders booked during Q1FY08

The Company booked several prestigious orders during the quarter including orders from:

• Medicity, Gurgaon
• DLF, Gurgaon
• Infosys, All India
• Microsoft, Secunderabad
• Reliance Communications, All India
• Empress City Mall, Nagpur
• Cosmos Mall, Siliguri
• SunCity, Jaipur
• Capgemini, Mumbai
• HDFC Chubb, Mumbai
• Vishal Retail, All India
• Aditya Birla Retail, All India
• Tata Steel, Jamshedpur

The carry-forward order book position as on June 30, 2007 stood at Rs 984 crore as against Rs 688 crore on June 30, 2006.

Outlook

Ashok M Advani, Chairman and Managing Director, says "Blue Star continues to perform exceptionally well. Business growth has been unprecedented in all 3 segments. With a healthy order backlog and a bright business outlook, this should be a very good year for Blue Star."

It may be recalled that the Company had reported a Net Profit of Rs 71.18 crore on a Total Income of Rs 1607 crore for the year ended March 31, 2007.

For additional information, please contact: B Thiagarajan, Executive Vice President, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com Telephone: 66544000.