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Blue Star: Order book review continues

Jun 7, 2012 | Updated on Oct 30, 2019

Blue Star has announced fourth quarter and full year results for financial year 2011-2012. The company reported a 10.5% YoY decline in sales with a net loss of Rs 454 m during the quarter. Here is our analysis of the results.

Performance summary
  • Standalone topline declines by around 10.5% YoY during 4QFY12. Disappointing performance from the electro-mechanical projects & packaged air-conditioning systems (EMPS) impacted topline growth. However, revenues from professional electronics and industrial systems (PEIS) and cooling products (CP) segment registered a growth of 8.2% YoY and 6.5% YoY respectively.
  • The company reported an operating loss of Rs 374 m during 4QFY12 due to continuing inflationary pressures and significant debtor write offs.
  • The company reported a net loss of Rs 454 m in 4QFY12 compared to a profit of Rs 568 m in 4QFY11. Muted performance at the operating level and cost overruns led to a decline in net profits. However, a fall in interest and tax expenses curtailed losses.
  • Order book as on March 31, 2012 stood at Rs 19.1 bn, representing a 2.2% YoY decline.
  • The board of directors have recommended a dividend of Rs 1 per share for FY12.
  • The standalone debt/equity ratio of the company stood at 0.79x at the end of FY12.

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