Standalone Financial Performance For 2012-13
Airconditioning and commercial refrigeration major, Blue Star Limited reported Total Operating Income of Rs 2767.06 crores for the year ended March 31, 2013, compared to Rs 2700.83 crores earned last year, representing a marginal increase of 2%.
Operating Profit (PBIDT excluding Other Income) for the year increased to Rs 99.04 crores from a loss of Rs 10.51 crores in the previous year.
Financial Expenses for the year declined by 29% from Rs 70.25 crores to Rs 49.86 crores, due to prudent financial management and hedging of foreign exchange.
Consequently, Net Profit grew to Rs 51.73 crores as compared to a Net Loss of Rs 89.15 crores last year.
Earnings per share for the year (Face value of Rs 2.00) stood at Rs 5.75 vis-à-vis a negative of Rs 9.91 in the previous year.
The Electro Mechanical Projects and Packaged Airconditioning Systems business, accounting for 59% of the total revenues, increased 4% while segment results increased to Rs 72.33 crores as compared to a loss of Rs 85.09 crores in the previous year. Minimization of cost overruns, faster closure of jobs and a concerted effort to focus on more profitable segments helped the business get back to profitability.
Cooling Products revenue registered an increase of 3% in the year, while segment results declined by 8% to Rs 80.35 crores. Erosion of margins in sourcing and selling of installation accessories such as copper pipes caused the decline in profitability.
The Professional Electronics and Industrial Systems business revenues reduced by 14%, while segment results declined 43% to Rs 29.84 crores, owing to the decrease in demand in the capital goods sector and challenging economic environment.
Carry Forward Order Book as on March 31, 2013 reduced by 12% to Rs 1418 crores compared to the order book of Rs 1613 crores as at March 31, 2012.
The Directors have recommended a Dividend of Rs 2.00 per equity share (Previous Year Re 1.00 per equity share). In addition, a special dividend of Re 1.00 per equity share has been recommended to commemorate the birth centenary of the founder Chairman of the Company, Mr Mohan T Advani, as well as the 70th anniversary of the founding of Blue Star.
Consolidated Financial Performance For 2012-13
On a consolidated basis, Total Operating Income stood at Rs 2924.01 crores for the year ended March 31, 2013. The consolidated financial results include the results of the Company's wholly owned subsidiary Blue Star Electro Mechanical Limited, joint ventures namely, Blue Star M& E Engineering SDN BHD, Malaysia, Blue Star Qatar (WLL) and Blue Star Design & Engineering Limited and the share of profit in the associate company Blue Star Infotech Limited.
Operating Profit (PBIDT excluding Other Non-Operating Income) for the year was Rs 90.40 crores as compared to an Operating Loss of Rs 22.18 crores in FY12.
Net Profit stood at Rs 39.07 crores for the year as compared to a Net Loss of Rs 105.10 crores registered last year.
Performance For Q4FY13
Total Operating Income at Rs 858.24 crores increased by 5% over the same period last year.
Operating Profit for the quarter was Rs 19.92 crores compared to an Operating Loss of Rs 37.40 crores in Q4FY12.
Net Profit for the quarter was Rs 18.55 crores as compared to a Net Loss of Rs 45.37 crores registered during the same period last year.
The corrective steps taken in the previous year are showing results. The Company's effort to drive margins through price increases, value engineering, prudent working capital management and cost control coupled with a focus on improving the quality of new orders, helped it return to profitability during the year. While the electro mechanical projects business will continue to be under pressure over the next few quarters due to the challenging and uncertain business environment, the cooling products business is likely to perform well during the summer season. The Company intends to further enhance these efforts in order to sustain this performance over the current year as well.
For additional information, please contact: B Thiagarajan, President, Airconditioning & Refrigeration Products Group, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai – 400 030 email: email@example.com Telephone: 09821078098.