Blue star reports 35% YoY growth in Q4 operating profit; declares dividend at ₹7 per share

Home appliances maker Blue Star Ltd on Thursday, May 2, reported a strong growth in revenue from operations and profitability in the quarter ending March 2024.

The company, in its earnings report for the quarter and full financial year ending March 31, 2024, reported a 26.8% year-on-year growth in consolidated revenue from operations at ₹3,327.77 crore in Q4FY24 against ₹2,623.83 crore during the same period in the preceding fiscal.

The air conditioner maker’s operating profit for the quarter increased 35% to ₹241.9 crore against ₹179.17 crore in Q4FY23.

The company reported a 29% decline in its consolidated net profit at ₹159.71 crore in Q4FY24 compared to ₹225.29 crore in the January-March quarter of FY23.

The company also reported an exceptional gain of ₹170.81 crore in FY24 on sale of a land parcel in Thane, Maharashtra.

The home appliances maker reported a growth of 21.4% in its revenue from operations for FY24 at ₹9,685.36 crore against ₹7,977.32 crore in the preceding financial year.

The company’s operating profit increased by 34.9% to ₹664.94 crore in FY24 from ₹492.78 crores in FY23. The company reported a net profit of ₹414.31 crore for the entire fiscal year.

Blue Star Board announces final dividend for FY24

The Board of Directors of the company at its meeting on May 2 recommended a final dividend of ₹7 per share of a face value of ₹2 each for the financial year 2023-24.

Growth momentum in FY25

The company expects to extend the growth momentum in FY25 as well aided by rising demand for room air conditioners.

“The summer season has also begun well and we anticipate significant demand for room air conditioners and commercial refrigeration products to continue. The carried forward order book for the other businesses is healthy and we are confident that the Company will sustain this momentum in FY25 as well,” said Vir S Advani, Chairman and Managing Director, Blue Star Ltd.

He added, “The QIP of ₹1,000 crore raised during the year has strengthened the balance sheet and enabled us to fund our growth. It is gratifying that the deficit due to unseasonal rains that impacted our unitary products business in the first quarter has been more than made up by strong sales in the balance quarters of the year helping us to end the year on a high note.

Blue Star Ltd shares closed at ₹1,476 apiece, down 1.35%, on the NSE.