Blue Star Ltd

Blue Star Ltd

₹ 1,791 3.13%
18 Jun 12:08 p.m.
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 Electro-Mechanical Projects: Large central AC & ventilation projects, Fire-fighting projects, Water projects, Plumbing projects, Electrical projects and Railway electrification.[1]
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: ACs, Air Coolers, Water Purifiers, Commercial Refrigeration etc. Products available in 8,800 outlets in 650+ locations.
4 Professional Electronics and Industrial Systems (PE&IS): Specialized Technology Solutions, Engineered Turnkey Projects, Value-Enhancing Services, MedTech Solutions, Data
Security Solutions, Industrial Solutions.[2]

  • Market Cap 36,818 Cr.
  • Current Price 1,791
  • High / Low 1,796 / 702
  • Stock P/E 88.9
  • Book Value 127
  • Dividend Yield 0.39 %
  • ROCE 25.4 %
  • ROE 21.0 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 40.3%

Cons

  • Stock is trading at 14.1 times its book value

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,612 1,052 1,240 1,506 2,254 1,977 1,582 1,794 2,624 2,226 1,890 2,241 3,328
1,510 1,010 1,169 1,416 2,111 1,854 1,497 1,690 2,445 2,081 1,768 2,086 3,086
Operating Profit 102 42 71 91 143 123 86 104 179 145 123 155 242
OPM % 6% 4% 6% 6% 6% 6% 5% 6% 7% 7% 6% 7% 7%
41 8 8 14 7 11 9 5 179 9 13 13 13
Interest 13 11 11 12 13 11 12 14 18 18 18 10 12
Depreciation 25 20 20 22 23 22 24 16 23 23 23 23 28
Profit before tax 104 19 47 70 114 101 58 80 317 114 95 134 214
Tax % 35% 34% 34% 32% 33% 26% 26% 27% 29% 27% 26% 25% 25%
68 13 31 48 76 74 43 58 225 83 71 100 160
EPS in Rs 3.53 0.66 1.63 2.47 3.95 3.86 2.21 3.03 11.70 4.33 3.44 4.88 7.81
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,924 2,934 3,182 3,798 4,385 4,639 5,235 5,360 4,264 6,064 7,977 9,685
2,834 2,784 3,014 3,631 4,162 4,372 4,887 5,077 4,024 5,717 7,478 9,020
Operating Profit 90 150 168 167 223 266 348 283 240 347 500 665
OPM % 3% 5% 5% 4% 5% 6% 7% 5% 6% 6% 6% 7%
36 18 -34 66 34 22 26 40 65 36 195 48
Interest 53 54 49 43 38 29 48 29 65 46 55 58
Depreciation 33 38 43 57 61 64 75 88 92 86 85 98
Profit before tax 41 76 43 132 159 196 251 206 148 251 555 557
Tax % 6% 3% -18% 21% 23% 25% 17% 32% 32% 33% 28% 26%
39 78 54 106 123 144 190 144 101 168 401 414
EPS in Rs 2.17 4.31 3.01 5.82 6.44 7.50 9.87 7.44 5.21 8.71 20.79 20.18
Dividend Payout % 73% 46% 83% 56% 58% 67% 51% 67% 38% 57% 29% 35%
Compounded Sales Growth
10 Years: 13%
5 Years: 13%
3 Years: 31%
TTM: 21%
Compounded Profit Growth
10 Years: 18%
5 Years: 17%
3 Years: 77%
TTM: 51%
Stock Price CAGR
10 Years: 28%
5 Years: 34%
3 Years: 62%
1 Year: 128%
Return on Equity
10 Years: 19%
5 Years: 19%
3 Years: 21%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 18 18 18 18 19 19 19 19 19 19 19 41
Reserves 383 443 438 612 738 774 854 763 866 998 1,311 2,569
Preference Capital 0 18 0 0 0 0 0 0 0 0 0
422 494 398 365 221 376 348 520 510 554 662 243
1,337 1,381 1,322 1,530 1,672 2,068 2,130 2,137 2,154 2,741 3,406 3,765
Total Liabilities 2,160 2,336 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,399 6,618
227 255 257 259 356 392 400 444 384 433 859 1,184
CWIP 8 15 22 16 34 25 41 67 72 152 83 108
Investments 27 33 36 242 11 13 15 17 295 162 148 267
1,897 2,032 1,860 2,007 2,250 2,806 2,895 2,911 2,799 3,565 4,309 5,060
Total Assets 2,160 2,336 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,399 6,618

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
26 67 215 257 159 19 258 450 350 87 247 289
-20 11 -49 -48 69 -88 -65 -81 -238 -67 -179 -525
-44 -26 -190 -195 -203 51 -181 -167 -70 -82 -91 365
Net Cash Flow -37 52 -24 13 25 -18 13 202 42 -62 -22 129

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 93 96 82 76 78 75 78 57 69 72 71 74
Inventory Days 140 125 79 104 97 152 119 116 143 125 124 69
Days Payable 220 222 146 211 191 228 211 211 260 223 217 129
Cash Conversion Cycle 13 -2 15 -31 -16 -2 -14 -38 -48 -26 -22 14
Working Capital Days 43 53 31 16 22 35 31 16 10 22 24 37
ROCE % 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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