Blue Star, the manufacturer of cooling products, has reported a substantial increase in net profit for the fourth quarter of the fiscal year 2022-23. The company declared a YoY rise in net profit of 195 percent at Rs 225.3 crore compared to Rs 76.2 crore during the same period last year. According to an exchange filing, this surge in profit was primarily due to a successful land sale at Thane that generated exceptional income of Rs 170.81 crore (net of tax Rs 139.24 crore).
Additionally, revenue from operations grew by 26 percent YoY to Rs 2,341.2 crore from Rs 1,858.6 crore during the corresponding quarter last year while Blue Star’s EBITDA margin expanded by an impressive 4.4 percent to reach10.6 percent compared to its performance in the same quarter last year. Blue Star has observed robust demand for its cooling products like air conditioners amid extended summer seasons and work-from-home culture; this is why it has been focusing on expanding its presence in Tier-II and Tier-III cities while introducing new products like air purifiers and water coolers that cater to evolving consumer needs.
The company believes that there are excellent growth prospects for the cooling products market and is confident about sustaining its growth momentum in future quarters as well. Following this announcement of impressive earnings, Blue Star’s shares closed higher by around two percent on Thursday.