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Blue Star H 1 Net Profit up 9%

Financial Performance

Central airconditioning and commercial refrigeration major Blue Star has reported a Net Profit of Rs 7.73 crores for the half year ended September 30, 2002 on Total Income of Rs 259.54 crores. While Total Income climbed by 12%, Net Profit grew by 9%.

Profit Before Tax grew by 20% to Rs 9.11 crores. However, in view of the phased reduction in Income Tax exemption on profits of the manufacturing plant at Dadra, the Provision for Taxation was higher than the corresponding figure for the previous year.

Buy-Back Of Shares

The Company has an ongoing equity buy-back scheme, which visualizes purchase of a maximum of 50,80,000 equity shares of Rs 10/- each, being 25% of the total paid up equity share capital, at a price not exceeding Rs 75/- per equity share from the open market through the Stock Exchanges. As on September 30, 2002, the Company has bought back 18,81,729 equity shares of Rs 10/- each at an average price of Rs 63.93 per share. The buy-back scheme will close on February 3, 2003.

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