Blue Star shares rally 7.6% after net profit surges 66% in Q2

The company also reported a net cash position of Rs 285.85 crores for the quarter ending September 2023 compared to a net borrowing of Rs 392.62 crores in the last fiscal.

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Blue Star rallied 4.6 percent in early trade on October 31 as the air conditioner manufacturer reported a 66 percent on-year surge in net profit. By 10am, the stock was trading 7.68 percent higher at Rs 939.35.

According to an October 30 regulatory filing, Blue Star’s Q2FY24 net profit grew to Rs 70.8 crore, while revenue surged 19.5 percent to Rs 1,890.4 crore. The operating profit for Blue Star increased significantly by 43.3 percent to Rs 122.7 crore, driven by enhanced scale and higher gross margins.

The company  also reported a net cash position of Rs 285.85 crore for the quarter ended September 2023, compared to a net borrowing of Rs 392.62 crore in the last fiscal.

In a statement, Vir S Advani, vice-chairman and managing director, said that despite being a lean quarter, the company performed well in almost all the segments it operates in and enhanced its profitability due to scale and higher gross margins.

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With the infusion of Rs 1,000 crore equity from the September 23 concluded QIP, Blue Star, which manufactures air conditioners, air purifiers and water coolers, said that they  intend to accelerate growth plans and make ‘prudent investments’ in several developmental areas that will help the company scale further.

“Given the continued robust demand from the corporate, commercial, and residential segments, I remain optimistic about our prospects in H2,” Advani said.

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