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Blue Star Total Income grows 41% to Rs 2270 crore in FY08.

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.

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