Air conditioning and commercial refrigeration firm Blue Star Ltd on Thursday reported nearly three-fold rise in consolidated net profit at Rs 225.29 crore in the fourth quarter ended March 31, 2023, aided by profit on sale of freehold land.

The company had posted a consolidated net profit of Rs 76.27 crore in the same quarter previous fiscal, Blue Star Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 2,623.83 crore as compared to Rs 2,254.21 crore in the year-ago period, it added.

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During the quarter, the company said it had registered Rs 170.81 crore profit on sale of freehold land, which was classified as asset held for sale in the previous year, and the same has been reported as an exceptional item.

Total expenses in the fourth quarter were higher at Rs 2,485.45 crore as compared to Rs 2,147.24 crore in the same period a year ago.

For the fiscal ended March 31, 2023, consolidated net profit was at Rs 400.69 crore as compared to Rs 168 crore in the previous year. Revenue from operations for FY23 was at Rs 7,977.32 crore as compared to Rs 6,064.08 crore in FY22.

Blue Star said its board of directors has approved an issue of bonus shares in proportion of 1:1 — one equity share of Rs 2 each for every existing equity share of Rs 2 each held by the shareholders of the company.

The board has also recommended a final dividend of Rs 12 per equity share of Rs 2 each, on pre-bonus share capital, for the financial year ended March 31, 2023.

“As and when the bonus issue is approved, the dividend post bonus for FY23 will stand revised as Rs 6 per equity share of face value Rs 2 each,” the company said.

Blue Star Ltd Vice Chairman & Managing Director Vir S Advani said during the fiscal year, the company improved its market share in all the businesses.

The company commissioned its deep freezer manufacturing plant at Wada and the room air conditioner manufacturing unit in Sri City, enhanced R&D capabilities, while deepening distribution reach, and setting up wholly owned subsidiaries in the US, Europe, and Japan in pursuit of expanding global footprint, he added.

Revenue from the electro-mechanical projects and commercial air conditioning systems segment grew by 25.3 per cent to Rs 4,015.63 crore in FY23 as compared to Rs 3,204.49 crore in FY22.

Similarly, unitary products revenue grew by 38.8 per cent to Rs 3,626.93 crore in FY23 compared to Rs 2,612.24 crore in FY22 and that of professional electronics and industrial systems business revenue grew by 35.3 per cent to Rs 334.76 crore in FY23 compared to Rs 247.35 crore in the previous year.

On the outlook, Advani said, “With the weather forecast indicating a strong summer combined with a strong carry forward order book for our B2B businesses, we are optimistic about the prospects for Q1FY24 and FY24.”