The scorching heat, especially after the summer pushed up the demand for ACs and that it is this demand we see reflected in the Q2FY24 performance of Blue Star.
The company reported a 58% (YoY) jump in consolidated net profit at Rs.71 crore on a 19.5% rise in operating revenue at Rs.1890 crore.
Its EBITDA for the quarter rose 43% to Rs.123 crore and margins improved from 5.4% to 6.5%.
Its carried-forward order book as of September 30, 2023, grew significantly by 44% to Rs 6008 crore.
The capital employed as of September 30, 2023, increased to Rs 2070 crore as compared to Rs 1441crore as of September 30, 2022. The company ended the quarter with a net cash position of Rs 286 crore v/s Rs.393 crore.
Vir S. Advani, Vice Chairman & Managing Director, Blue Star, said, “ With the infusion of Rs 1000 crores equity from the recently concluded QIP, we intend to accelerate our 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.”
The stock price has reacted very positively to these numbers, going on to hit a new 52-week high today at Rs.954, up 9%; profit booking came in at this levels and the stock is now trading at Rs.918, up 5%.