Central airconditioning and commercial refrigeration major Blue Star has reported Net Sales of Rs 920.77 crores for the year ended March 31, 2005, representing 32% growth over last year. Net Profit grew 20% to Rs 39.16 crores, while Earnings Per Share increased to Rs 21.77 from Rs 18.10, on an equity base of Rs 17.99 crores. Total income for the year grew 30% to Rs 930.92 crores.
For the quarter ended March 31, 2005, the Company reported Net sales of Rs 312.42 crores representing 25% growth over the corresponding quarter in the previous year. Total Income for the quarter at Rs 319.49 crores was up by 22%. Net profit for the quarter increased marginally over the same period last year to Rs 20.88 crores.
The growth in Net Sales was fueled by buoyancy in the central airconditioning business, which grew by 36% during FY05.
The Company bagged several prestigious orders during the quarter ended March 31, 2005 including orders from Bank of America, Mumbai; Patni Computers, Navi Mumbai; Ranbaxy, Mohali; HSBC, Secunderabad; Atos Origin, Mumbai; Oberoi Mall, Mumbai; Cross River Mall, Delhi; Saint Gobain, Chennai; Big Bazaar, Bangalore; Suzuki, Delhi; Polaris Software, Secunderabad; Wipro, Kolkata and Delhi; Ispat Industries, Mumbai and HCL Technologies, Chennai.
The Directors have recommended a dividend of Rs. 10.00 per share compared to Rs 9.00 per share declared last year. The Company has paid attractive dividends for the past 35 years, since its IPO in 1969.
New Plant At Kala Amb, Himachal Pradesh
Blue Star is in the process of setting up a fourth plant at Kala Amb in Himachal Pradesh with an investment of Rs 25 crores. The Plant is expected to be commissioned in the next few months and will manufacture room airconditioners. By setting up this new manufacturing facility, the Company intends to benefit from both the economies of scale of the new Plant, as well as the tax and duty incentives in the region. This will level the playing field vis-à-vis the growing competition, most of who are already benefiting from these incentives. This is in addition to the investments that the Company is making for the modernization and capacity expansion of the existing three plants.
Ashok M Advani, Chairman & Chief Executive Officer adds "Blue Star's continued focus on growth and competitiveness in our core businesses, and efficient use of resources resulted in higher sales and profitability. We expect the central airconditioning market to grow at a healthy pace over the next few years. While the overall market growth potential may attract new entrants, Blue Star's all - India network combined with the value proposition of energy efficiency, system design expertise and after-sales service excellence, will ensure market leadership and profitable growth."
For additional information, please contact: N Sivasankaran, Vice President, Corporate Communications and Marketing, Blue Star Limited, Kasturi Buildings, Mohan T Advani Chowk, J Tata Road, Mumbai - 400 020, email: firstname.lastname@example.org, Telephone: 56654000