Consolidated Financial Performance for FY19
• The Company has reported Revenue from Operations of Rs 5234.84 crores for the year ended March 31, 2019 on a consolidated basis, compared to Rs 4648.13 crores during FY18, representing a growth of 13%.
• The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the year was Rs 346.54 crores compared to Rs 265.90 crores in FY18, a growth of 30%.
• Net Profit for the year increased by 32% to Rs 190.06 crores compared to Rs 143.96 crores in the previous year, mainly due to higher margins from specific segments and overall control on costs
• Other Income (including finance income) for the year increased to Rs 24.69 crores from Rs 16.95 crores in FY18 mainly on account of higher interest earned on income tax refunds.
• Finance Cost for the year increased to Rs 47.87 crores from Rs 28.74 crores in FY18, owing to higher working capital requirement and increased cost of funding amidst tighter liquidity conditions
• Tax expense for FY19 was Rs 41.99 crores, as compared to tax expense of Rs 49.42 crores in the previous year. This decrease is due to a one-time deferred tax credit recognized by the Company’s subsidiary Blue Star Engineering & Electronics Limited
• Earnings per share for the year (Face value of Rs 2.00) rose to Rs 19.75 vis-à-vis Rs 15.03 in the previous year, an increase of 31%
• Carried Forward Order Book as on March 31, 2019 grew by 21% to Rs 2430 crores compared to Rs 2015 crores as at March 31, 2018
Consolidated Segment Performance for FY19
• Revenue of the Electro-Mechanical Projects and Packaged Air Conditioning Systems business increased by 16% to Rs 2748.11 crores from Rs 2361.07 crores in FY18, while Segment Results registered an increase of 24% to Rs 150.85 crores from Rs 121.96 crores in FY18. Growth in revenue in this segment was driven by increased pace of execution of projects in the Electro–Mechanical projects business and enhanced sales of chillers and VRF systems in the Commercial Air conditioning business. However, increase in input costs and the impact of rupee depreciation and upward revision in custom duties impacted the profitability of this segment.
• Unitary Products revenues in the year increased by 9% to Rs 2268.97 crores in FY19 from Rs 2088.73 crores in FY18. Revenue growth for the year was impacted by a poor summer in 2018, which adversely affected growth of the Room Air conditioners business, primarily in the first half of the year. Segment Results grew by 11% to Rs 185.92 crores in FY19 from Rs 168.05 crores in FY18.
• The Professional Electronics and Industrial Systems business revenues increased by 10% to Rs 217.76 crores from 198.33 crores in FY18. Segment Results also registered an increase to Rs 43.78 crores. Growth in revenues and profitability were driven by supply of CT scanners to the Government of Uttar Pradesh and increased revenues in the Non-Destructive Testing Products & Systems as well as Industrial Automation businesses.
Consolidated Financial Performance for Q4FY19
• For the quarter ended March 31, 2019, the Company reported Revenue from Operations of Rs 1595.84 crores, compared to Rs 1346.33 crores in the same period in the previous year, representing a growth of 19%.
• Operating Profit (PBIDTA excluding Other Income and Finance Income) increased to Rs 109.44 crores from Rs 60.38 crores in the same period last year.
Net Profit for the quarter increased to Rs 79.84 crores from Rs 31.71 crores in the same period last year.
The Directors have recommended a dividend of Rs 10.00 per equity share of Rs 2 each for FY 2018-19.
(FY 2017-18: Regular dividend of Rs 8.50 per equity share plus special dividend of Rs. 1.50 per share to commemorate the Company’s Platinum jubilee).
B Thiagarajan, Managing Director, Blue Star Limited adds, “The Company performed well in the last quarter of FY19 and closed the year on a high note in its platinum jubilee year. The prospects of the Electro-Mechanical Projects and Packaged Air Conditioning Systems segment are good with a healthy order book. With the onset of summer in most parts of the country and introduction of several innovative and competitive products, the outlook for the Cooling Products segment is positive. Demand and order inflow in Professional Electronics and Industrial Systems business is encouraging. Of course, we have to keep a close watch on the macro and micro economic environment, specifically the exchange rate and commodity prices.”