Consumer durables company Blue Star announced that it recorded a net profit of Rs 13 crore in the June quarter compared to a net loss of Rs 20 crore in the first quarter of FY21.
The company’s revenue from operations stood at Rs 1,052 crore, increasing by 68 per cent compared to Rs 626 crore during the same period of the previous year.
Operating profit (PBIDTA excluding other income and finance income) for the quarter was Rs 42 crore compared to Rs 1.36 crore in Q1 FY21.
Despite the business disruption, expansion of conventional channels and increase in share of business from e-commerce portals coupled with favourable summer conditions in the northern region enabled revenue growth in the room ACs business, said the company.
On the other hand, increased demand from healthcare, pharma, food processing and food delivery segments enabled growth in revenue for the commercial refrigeration business during the quarter.
Professional electronics and industrial systems business revenue grew by 7 per cent to Rs 41 crore in Q1 FY22 compared to Rs 39 crore in Q1 FY21 on the back of continued opportunities from the BFSI sector for data security solutions and order inflow for medical diagnostic equipment from the healthcare sector.
Vir S Advani, Vice Chairman and Managing Director, said with the capital investment cycle playing out in a significant manner, the demand for the company’s products and services is expected to be robust.
“Consumer spending has resumed and we expect to witness healthy growth in demand. We will continue to focus on controlling operating costs and improving working capital efficiencies and operating cash flows,” he said in a statement.
