Air conditioning and commercial refrigeration firm Blue Star Ltd reported a 22.79 percent rise in consolidated net profit at Rs 58.41 crore in the third quarter that ended December 2022. The company had posted a consolidated net profit of Rs 47.57 crore in the same quarter last fiscal, it said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 1,788.2 crore as against Rs 1,506.22 crore in the year-ago period, it added.
However, the total expenses in the reported quarter were higher at Rs 1,712.96 crore as compared to Rs 1,449.64 crore in the corresponding period last fiscal.
"This is the fifth consecutive quarter of good performance, and we expect to maintain the growth momentum in the coming quarters as well," said Vir S Advani, Vice Chairman and MD, Blue Star Ltd.
Revenue from the electro-mechanical projects and commercial air conditioning systems segment grew by 20.51 percent to Rs 1,000.09 crore in the third quarter of FY23 as compared to Rs 829.85 crore in FY22, the company added.
Meanwhile, unitary product revenue grew by 15.13 percent to Rs 701.90 crore in the third quarter, against Rs 609.68 crore in the corresponding period of the previous fiscal.
Furthermore, Blue Star said that professional electronics and industrial systems business revenue grew by 29.27 percent to Rs 86.21 crore during the December quarter, over Rs 66.69 crore a year ago. It was driven by strong demand for healthcare solutions on the backdrop of increasing awareness and investments in the healthcare sector.
Going ahead, Advani said, "We will continue to stay focused on rejigging our product portfolio in line with customer preferences, deepening our distribution penetration in the domestic market, and expansion of our footprint in international geographies."
“Simultaneously, we will continue to invest in enhancing our R&D capabilities, manufacturing capacity expansion, and various programmes to mitigate the supply chain risks in order to improve our competitiveness. We are optimistic about the prospects for the fourth quarter,” he added.