BLUE STAR Announces Quarterly Results (2QFY21); Net Profit Down 59.4%

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BLUE STAR Announces Quarterly Results (2QFY21); Net Profit Down 59.4%
Fri, 30 Oct

BLUE STAR has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

BLUE STAR Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m12,4956,2609,02144.1%-27.8%
Other incomeRs m1068659-31.9%-44.7%
TurnoverRs m12,6016,3469,08043.1%-27.9%
ExpensesRs m11,7596,2478,47035.6%-28.0%
Gross profitRs m717145513950.0%-23.2%
DepreciationRs m216209206-1.3%-4.7%
InterestRs m68185179-3.7%162.9%
Profit before taxRs m539-295225-58.3%
TaxRs m169-9574-56.0%
Profit after taxRs m370-200150-59.4%
Gross profit margin%5.70.26.1
Effective tax rate%31.332.333.0
Net profit margin%2.9-3.11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 27.8% on a year-on-year (YoY) basis. The expenses were down by 28.0% YoY during the same period.
  • The company's operating profit declined by 23.2% YoY during the quarter. Consequently, operating profit margins remained same and stood at 6.1% in 2QFY21.
  • Depreciation charges declined by 4.7% and finance costs increased by 162.9% YoY, respectively.
  • Other income declined by 44.7% YoY during the quarter.
  • Net profit for the quarter declined by 59.4% YoY. Net profit margins during the quarter declined from 2.9% in 2QFY20 to 1.7% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 44.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 35.6% QoQ during the same period.
  • The company's operating profit increased by 3950.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 6.1% in 2QFY21 as against 0.2% in 1QFY20.
  • Net profit for the quarter increased by 175.4% QoQ, while net profit margins increased from -3.2% in 1QFY20 to 1.7% in 2QFY21.

To see how BLUE STAR has performed over the last eight quarters,please visit here.

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BLUE STAR Share Price Performance

Over the last one year, BLUE STAR share price has moved down from Rs 846.5 to Rs 622.5, registering a Loss of Rs 224.0 or around 26.5%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 24,038.0 (down 0.1%). Over the last one year it has moved down from 26,748.8 to 24,038.0, a gain of 2,711 points (down 10.1%).

Overall, the S&P BSE SENSEX is down 0.8% over the year.

Current Valuations

At the current price of Rs 622.5, the price to earnings (P/E) ratio of BLUE STAR stands at 243.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.4 times.

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For the quarter ended March 2021, BLUE STAR has posted a net profit of Rs 671 m (up 700.8% YoY). Sales on the other hand came in at Rs 16 bn (up 24.0% YoY). Read on for a complete analysis of BLUE STAR's quarterly results.

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