Blue Star Ltd

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

Blue Star Ltd

₹ 1,465 1.37%
25 Apr 4:03 p.m.
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 ₹ 30,104 Cr.
  • Current Price ₹ 1,465
  • High / Low ₹ 1,490 / 692
  • Stock P/E 84.0
  • Book Value ₹ 114
  • Dividend Yield 0.82 %
  • ROCE 24.4 %
  • ROE 23.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 41.6%

Cons

  • Stock is trading at 12.8 times its book value
  • The company has delivered a poor sales growth of 11.4% over past five years.
  • Earnings include an other income of Rs.214 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,124 1,612 1,052 1,240 1,506 2,254 1,977 1,582 1,794 2,624 2,226 1,890 2,241
1,042 1,510 1,010 1,169 1,416 2,111 1,854 1,497 1,690 2,445 2,081 1,768 2,086
Operating Profit 82 102 42 71 91 143 123 86 104 179 145 123 155
OPM % 7% 6% 4% 6% 6% 6% 6% 5% 6% 7% 7% 6% 7%
9 41 8 8 14 7 11 9 5 179 9 13 13
Interest 15 13 11 11 12 13 11 12 14 18 18 18 10
Depreciation 26 25 20 20 22 23 22 24 16 23 23 23 23
Profit before tax 50 104 19 47 70 114 101 58 80 317 114 95 134
Tax % 26% 35% 34% 34% 32% 33% 26% 26% 27% 29% 27% 26% 25%
37 68 13 31 48 76 74 43 58 225 83 71 100
EPS in Rs 1.91 3.53 0.66 1.63 2.47 3.95 3.86 2.21 3.03 11.70 4.33 3.44 4.88
Raw PDF
Upcoming result date: 2 May 2024

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
2,820 2,924 2,934 3,182 3,798 4,385 4,639 5,235 5,360 4,264 6,064 7,977 8,981
2,842 2,834 2,784 3,014 3,631 4,162 4,372 4,887 5,077 4,024 5,717 7,478 8,379
Operating Profit -22 90 150 168 167 223 266 348 283 240 347 500 602
OPM % -1% 3% 5% 5% 4% 5% 6% 7% 5% 6% 6% 6% 7%
22 36 18 -34 66 34 22 26 40 65 36 195 214
Interest 72 53 54 49 43 38 29 48 29 65 46 55 64
Depreciation 32 33 38 43 57 61 64 75 88 92 86 85 92
Profit before tax -103 41 76 43 132 159 196 251 206 148 251 555 660
Tax % -1% 6% 3% -18% 21% 23% 25% 17% 32% 32% 33% 28%
-105 39 78 54 106 123 144 190 144 101 168 401 480
EPS in Rs -5.84 2.17 4.31 3.01 5.82 6.44 7.50 9.87 7.44 5.21 8.71 20.79 24.35
Dividend Payout % -9% 73% 46% 83% 56% 58% 67% 51% 67% 38% 57% 29%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 14%
TTM: 18%
Compounded Profit Growth
10 Years: 22%
5 Years: 14%
3 Years: 24%
TTM: 43%
Stock Price CAGR
10 Years: 30%
5 Years: 35%
3 Years: 52%
1 Year: 98%
Return on Equity
10 Years: 19%
5 Years: 18%
3 Years: 17%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 377 383 443 438 612 738 774 854 763 866 998 1,311 2,311
Preference Capital 0 0 18 0 0 0 0 0 0 0 0 0
397 422 494 398 365 221 376 348 520 510 554 662 870
1,292 1,337 1,381 1,322 1,530 1,672 2,068 2,130 2,137 2,154 2,741 3,406 2,831
Total Liabilities 2,085 2,160 2,336 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,399 6,053
207 227 255 257 259 356 392 400 444 384 433 859 990
CWIP 32 8 15 22 16 34 25 41 67 72 152 83 141
Investments 28 27 33 36 242 11 13 15 17 295 162 148 669
1,819 1,897 2,032 1,860 2,007 2,250 2,806 2,895 2,911 2,799 3,565 4,309 4,253
Total Assets 2,085 2,160 2,336 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,399 6,053

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
244 26 67 215 257 159 19 258 450 350 87 247
-51 -20 11 -49 -48 69 -88 -65 -81 -238 -67 -179
-192 -44 -26 -190 -195 -203 51 -181 -167 -70 -82 -91
Net Cash Flow 1 -37 52 -24 13 25 -18 13 202 42 -62 -22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 92 93 96 82 76 78 75 78 57 69 72 71
Inventory Days 137 140 125 79 104 97 152 119 116 143 125 124
Days Payable 225 220 222 146 211 191 228 211 211 260 223 217
Cash Conversion Cycle 3 13 -2 15 -31 -16 -2 -14 -38 -48 -26 -22
Working Capital Days 41 43 53 31 16 22 35 31 16 10 22 24
ROCE % -4% 11% 14% 15% 20% 20% 20% 25% 19% 13% 20% 24%

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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