Blue Star Ltd

Blue Star Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Blue Star Ltd

₹ 1,422 1.25%
19 Apr - close price
bluestarindia.com BSE: 500067 NSE : BLUESTARCO
About

Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country. [1] [2]

Key Points

Business Segments[1]
1 Electro-Mechanical Projects: In FY23, company, booked its first order for railway
electrification and received its largest-ever order for an integrated data center project.
2 Commercial Air Conditioning: Blue Star is the market leader in Conventional and Inverter Ducted Air Conditioning Systems and Scroll Chillers and is at the second position in VRFs and Screw Chillers
3 Unitary products: Company has diversified its product portfolio by positioning its products in premium, affordable premium, and affordable segment. The company is market leader in room ACs (13.5% market share[2]), deep freezers, storage water coolers, modular cold rooms
4 . Professional Electronics and Industrial Systems (PE&IS): Additional investments in the Healthcare sector offered good opportunities for growth of the MedTech Solutions business.

Website BSE NSE
  • Market Cap ₹ 29,248 Cr.
  • Current Price ₹ 1,422
  • High / Low ₹ 1,486 / 692
  • Stock P/E 91.8
  • Book Value ₹ 112
  • Dividend Yield 0.84 %
  • ROCE 22.4 %
  • ROE 21.0 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 55.1%

Cons

  • Stock is trading at 12.8 times its book value
  • Company has a low return on equity of 13.6% over last 3 years.
  • Earnings include an other income of Rs.209 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Consumer Durables Industry: Air-conditioners

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,021 1,492 954 1,094 1,328 2,007 1,855 1,417 1,655 2,427 2,081 1,741 2,055
954 1,396 919 1,039 1,249 1,885 1,738 1,347 1,559 2,266 1,953 1,626 1,933
Operating Profit 67 96 35 55 79 122 116 70 95 161 127 115 122
OPM % 7% 6% 4% 5% 6% 6% 6% 5% 6% 7% 6% 7% 6%
7 40 10 9 12 5 9 8 6 178 9 12 10
Interest 16 14 12 12 13 15 13 14 16 16 15 16 11
Depreciation 25 24 19 19 20 21 22 24 15 20 18 18 18
Profit before tax 33 98 14 33 58 91 91 41 70 302 103 94 103
Tax % 29% 33% 34% 35% 34% 35% 26% 26% 26% 28% 26% 25% 25%
24 65 9 21 38 59 67 30 52 217 77 70 77
EPS in Rs 1.22 3.39 0.48 1.10 1.98 3.08 3.49 1.56 2.70 11.27 4.00 3.42 3.73
Raw PDF
Upcoming result date: 2 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,701 2,767 2,790 3,081 3,530 4,110 4,303 4,784 4,786 3,842 5,395 7,353 8,303
2,711 2,668 2,639 2,906 3,340 3,909 4,072 4,485 4,571 3,650 5,104 6,904 7,778
Operating Profit -10 99 151 174 190 200 231 299 215 192 292 449 525
OPM % -0% 4% 5% 6% 5% 5% 5% 6% 4% 5% 5% 6% 6%
24 37 10 51 54 34 33 -5 69 62 36 194 209
Interest 70 50 50 43 36 31 23 45 32 68 51 58 58
Depreciation 31 33 35 39 55 55 61 69 84 88 80 80 74
Profit before tax -88 53 76 143 153 148 181 180 168 98 196 505 602
Tax % -1% 2% 0% -7% 17% 24% 27% 32% 28% 33% 35% 27%
-89 52 76 153 127 112 132 122 121 66 128 367 441
EPS in Rs -4.96 2.88 4.22 8.48 7.05 5.86 6.89 6.32 6.28 3.42 6.63 19.03 22.42
Dividend Payout % -10% 52% 47% 29% 46% 64% 73% 79% 80% 58% 75% 32%
Compounded Sales Growth
10 Years: 10%
5 Years: 11%
3 Years: 15%
TTM: 20%
Compounded Profit Growth
10 Years: 17%
5 Years: 15%
3 Years: 25%
TTM: 52%
Stock Price CAGR
10 Years: 29%
5 Years: 34%
3 Years: 50%
1 Year: 92%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 14%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 18 18 18 18 18 19 19 19 19 19 19 19 41
Reserves 456 476 512 607 783 899 929 942 830 900 989 1,259 2,251
374 373 447 332 286 149 319 364 558 631 611 564 815
1,203 1,233 1,275 1,236 1,446 1,553 1,931 1,914 1,906 1,930 2,423 2,955 2,394
Total Liabilities 2,051 2,100 2,251 2,193 2,533 2,620 3,199 3,240 3,314 3,480 4,042 4,798 5,502
206 223 215 218 231 319 347 359 406 345 377 560 616
CWIP 32 8 15 22 16 34 25 41 68 58 117 53 97
Investments 121 121 121 232 435 215 220 221 221 500 392 450 1,140
1,692 1,748 1,899 1,721 1,850 2,052 2,606 2,618 2,619 2,577 3,155 3,735 3,649
Total Assets 2,051 2,100 2,251 2,193 2,533 2,620 3,199 3,240 3,314 3,480 4,042 4,798 5,502

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
260 40 84 192 271 129 -29 147 392 308 59 308
-68 -18 -24 -20 -73 73 -66 -73 -58 -246 -7 -86
-188 -61 -8 -199 -194 -215 73 -105 -138 15 -147 -248
Net Cash Flow 4 -40 52 -27 4 -14 -22 -30 196 78 -95 -26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 87 86 89 76 71 72 69 78 57 68 69 66
Inventory Days 133 140 125 111 78 98 166 133 133 159 143 121
Days Payable 214 207 212 201 156 187 237 221 226 267 235 208
Cash Conversion Cycle 6 18 2 -15 -7 -17 -2 -11 -35 -40 -22 -21
Working Capital Days 38 42 52 28 11 19 35 38 20 14 25 24
ROCE % -2% 12% 15% 15% 16% 17% 16% 20% 15% 9% 15% 22%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
38.76% 38.76% 38.76% 38.78% 38.78% 38.79% 38.79% 38.79% 38.91% 36.49% 36.50% 36.50%
10.81% 10.72% 11.09% 11.83% 12.25% 11.79% 10.96% 10.45% 11.06% 14.89% 15.38% 15.93%
21.94% 22.69% 22.83% 22.44% 22.06% 23.07% 24.64% 25.13% 24.51% 25.24% 24.82% 24.69%
28.49% 27.83% 27.32% 26.96% 26.92% 26.36% 25.63% 25.65% 25.54% 23.39% 23.29% 22.89%
No. of Shareholders 62,42755,74153,48856,50458,30648,63448,10956,94058,54659,44465,46572,949

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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