Blue Star Ltd — Board/Management Information 2018

Oct 30, 2018

Blue Star Limited Band Box House, 4th Floor, 254 D, Dr Annie Besant Road, Worli, Mumbai 400 030, India. T : +91 22 6654 4000 F : +91 22 6654 4001 www.bluestarindia.com

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

National Stock Exchange of India Limited Exchange Plaza, C-1 , Block G, Sandra Kurla Complex, Sandra (East), Mumbai- 400 051

BSE Scrip Code: 500067

NSE Symbol: BLUESTARCO

October 30, 2018

Dear Sirs,

Sub: Outcome of the Board Meeting

With reference to our letter dated October 12, 2018 and in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 {the "Listing Regulations"), we have to inform you that the Directors at their Board Meeting held today i.e. October 30, 2018 have inter alia:

(i) Approved and taken on the record the Unaudited Standalone and Consolidated Financial Results along with Limited Review Reports, for the second quarter and half year ended September 30, 2018, pursuant to Regulation 33 of the Listing Regulations.

Copies of the Press Release, the Financial Results and the Limited Review Reports are enclosed herewith.

The aforesaid information and the Financial Results are being made available on the Company's website at www.bluestarindia.com.

• (ii) Recommended re-appointment of Mr Shailesh Haribhakti as an Independent Director of the Company for a second term of five consecutive years from April 1, 2019 to March 31 , 2024, subject to approval of the Members .of the Company through Postal Ballot.
• (iii) Recommended re-appointment of Mr Gurdeep Singh as an Independent Director of the Company for a second term of four months from April 1, 2019 to July 31 , 2019, subject to approval of the Members of the Company through Postal Ballot.
• (iv) Approved the proposal of setting up of new manufacturing facility for Water Coolers and Deep Freezers at Wada, Maharashtra at a capex of Rs.115 crores (approx.).

Registered Office: Kasturi Buildings, Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai 400 020, India. T: +91 22 6665 4000 F: +91 22 6665 41 52. CIN: L 28920MH 1949PLC 006870

Blue Star Limited Band Box House, 4th Floor, 254 D, Dr Annie Besant Road, Worli, Mumbai 400 030, India. T : +91 22 66544000 F : +91 22 6654 4001 www.bluestarindia.com

Details as required under Regulation 30 of the Listing Regulations, read with SEBI circular No.CIR/CFD/CMD/4/2015 dated September 9, 2015, with respect to item nos. (ii) to (iv) are attached herewith as Annexure A.

The meeting commenced at 11 .30 a.m. and concluded at 5:20p.m.

Thanking you, Yours faithfully, For Blue Star Limited

Encl. : a/a

Registered Office: Kasturi Buildings, Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai 400 020, India. T: +91 22 6665 4000 F: +91 22 6665 4152. CIN: L 28920MH 1949PLC 006870

Annexure A

Disclosure pursuant to Regulation 30 of the Listing Regulations and SEBI circular No.CIR/CFD/CMD/4/2015 dated September 9, 2015

(ii) Recommended re-appointment of Mr Shailesh Haribhakti as an IndependentDirector of the Company for a second term of five consecutive years from April 1,
throu h Postal Ballot.	2019 to March 31, 2024, subject to approval of the Members of the Company
Reasonforchangeviz.	ofTheBoardofDirectors,onrecommendationthe
appointment,resignation,	Nomination and Remuneration Committee, propose to re
death or otherwise	appoint Mr Shailesh Haribhakti as an Independent Director
	of the Company, subject to the approval of the Members of
	the Company.
ofDateappointment/	Mr Shailesh Haribhakti is proposed to be re-appointed for a
cessation (as applicable) &	second term of five consecutive years from April 1, 2019 to
term of appointment	March 31, 2024
Briefprofile(incaseof	Mr Shailesh Haribhakti is a Chartered Accountant, Cost
appointment)	Accountant and Certified Internal Auditor Financial Planner &
	Fraud Examiner. He is a Chairman of New Haribhakti
	Business Services LLP and MentorCap Management Pvt.
	Ltd.EvolvingfromabackgroundinAudit,Taxand
	Consulting, heseeks tocreate anenduring value for
	companies and organisations he is involved in by being a
	deeply-engagedIndependentDirector.Heisastrong
	environment,supporter of acleanandgreenandis
	pioneering the concept of 'Innovating to Zero' in the social
	context. He serves on Board of multinational as well as
	Indian companies, and is also member of many AdvisoryBoards.
Disclosureofrelationships	Mr Shailesh Haribhakti is not related to any Director of the
between directors (in case of	Company.
appointment of a director)
Informationasrequired	Mr Shailesh Haribhakti is not debarred from holding the
pursuanttoBSELimited	office of director by virtue of any SEBI order or any other
Circularwithref.no.	such authority.
LIST/COMP/14/2018-19 and
National Stock Exchange of
India Limited withref.no.
NSE/ CMLI 2018/24, dated
June 20, 2018

(iii) Recommended re-appointment of Mr Gurdeep Singh as an Independent Directorof the Company for a second term of four months from April 1, 2019 to July 31,2019, subject to approval of the Members of the Company through Postal Ballot.
Reasonforchangeviz.	The Board of Directors, on recommendation of the
appointment, resignation, death or	Nomination and Remuneration Committee, propose to
otherwise	re-appoint Mr Gurdeep Singhas anIndependent
	Director of the Company, subject to the approval of the
	Members of the Company.
Date of appointmenU cessation (as	Mr Gurdeep Singh is proposed to be re-appointed for a
applicable) & term of appointment	second term of four months from April 1, 2019 to
	July 31, 2019.
(incaseofBriefprofileappointment)	MrGurdeepSinghisaChemicalEngineeringGraduatefromliTDelhiandhasattendedtheAdvanced Management Program at Harvard BusinessSchool. After graduation, he joined Hindustan UnileverLtd. as a Management Trainee. He held various seniorpositions in the company, including Vice President -Technical, before he was expatriated to Brazil asTechnicalDirectoroftheUnileverDetergentsBusiness. He returned to Hindustan Unilever Ltd. in1998 as Director -Human Resources, CorporateAffairs and Technology, and retired from the companyin 2003. Apart from the Company's Board, he is also
	on the Boards of several leading companies.
Disclosureofrelationships	Mr Gurdeep Singh is not related to any Director of the
betweendirectors(incaseof	Company.
appointment of a director)
Information as required pursuant to	Mr Gurdeep Singh is not debarred from holding the
BSE Limited Circular with ref. no.	office of director by virtue of any SEBI order or any
LIST/COMP/14/2018-19andthe	other such authority.
National Stock Exchange of India
Limited with ref. no. NSE/ CML/
2018/24, dated June 20, 2018

(iv) Approved the proposal of setting up of new manufacturing facility for WaterCoolers and Deep Freezers at Wada, Maharashtra at a capex of Rs.115 crores(approx.).
Existing capacity	Deep Freezers-1 ,03,000 units at Ahmedabad PlantWater Coolers-74,000 units at Himachal Pradesh ('HP')Plant
Existing capacity utilization	Ahmedabad Plant -65%HP Plant-95%
Proposed capacity addition	Deep Freezers market is growing rapidly, and in addition,there are plans to manufacture some existing and newmodels of Deep Freezers in-house at the new Wada Plant,instead of importing them. Moreover, since the Room AirConditioners business is also growing fast, there is a plancreateadditional productioncapacity inHP Plant.toTherefore, Water Coolers which are currently manufacturedat HP Plant will get shifted to the new Wad a Plant.
Periodwithinwhichthecapacityisproposedtobeadded	3 years
Investment required	Rs.115 crores (approx.)
Mode of financing	Borrowings and Internal Accruals
Rationale	In order to cater to growth in sales volumes and alsoimprove profitability, the Company proposes to set up thesemanufacturing capacities and further enhance backwardintegration. Further, this capex will also help to mitigateforeign exchange volatility risk by reducing dependence onimports.

PRESS RELEASE

Blue Star's consolidated Q2FY19 revenue grows 21% to Rs 1032.20 crores

Effective April 1, 2018, Blue Star Limited has adopted Ind AS 115 and accordingly, has realigned its revenue recognition policies appropriately. The accounting changes have been applied with retrospective effect to each of the prior reporting periods presented.

Consolidated Financial Performance for Q2FY19

• The Company has reported Revenue from Operations of Rs 1032.20 crores for the quarter ended September 30, 2018 on a consolidated basis, compared to Rs 849.82 crores during the same period in the previous year, representing a growth of 21%.

• The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 58.07 crores compared to Rs 48.93 crores in Q2FY18, a growth of 19%.

• Net Profit for the quarter decreased by 14% to Rs 19.55 crores compared to Rs 22.74 crores in Q2FY18 mainly on account of higher input costs, increase in finance cost and lower margins in projects executed by the Joint Venture companies.

• Other Income (including finance income) for Q2FY19 was Rs 4.93 crores compared to Rs 4.51 crores in Q2FY18.

• Financial Expenses for the quarter increased to Rs 11.67 crores from Rs 5.87 crores in Q2FY18 due to enhanced working capital requirements in Q2FY19 and increased cost of funding amidst tighter liquidity conditions.

• The Tax expense for the quarter was Rs 7.84 crores compared to Rs 9.48 crores in Q2FY18.

• There was an exceptional expense of Rs 2.72 crores during the quarter on account of Platinum Jubilee Celebrations.

• Earnings per share for Q2FY19 (Face value of Rs 2.00) was Rs 2.03 vis-à-vis Rs 2.37 in Q2FY18.

• The Carried Forward Order Book as on September 30, 2018 grew by 7% to Rs 2217 crores as compared to Rs 2074 crores as on September 30, 2017.

Consolidated Segment Performance for Q2FY19

• Revenue of the Electro-Mechanical Projects and Packaged Air Conditioning Systems business for the quarter increased by 27% to Rs 630.97 crores from Rs 497.23 crores in Q2FY18, while Segment Results registered an increase of 27% from Rs 35.36 crores to Rs 44.75 crores in Q2FY19. Revenue growth during the quarter was driven by accelerated execution of major MEP projects and channel expansion, combined with innovative products and focus on growing segments such as Government and educational sectors for the Central Air conditioning business. Profitability improved mainly due to savings in project procurement costs and better margin profile of completed projects.
• Unitary Products revenues increased marginally by 9% to Rs 343.06 crores from Rs 315.09 crores driven by enhanced demand for commercial refrigeration products from the food retailing and quick service restaurants segments. However, Segment Results declined to Rs 8.20 crores compared to Rs 16.22 crores during the same period in the previous year on account of higher input costs and pricing pressures owing to a build-up of inventory due to a weak summer.
• The Professional Electronics and Industrial Systems Business revenues increased by 55% from Rs 37.50 crores in Q2FY18 to Rs 58.17 crores, while Segment Results increased nearly five-fold to Rs 12.56 crores in Q2FY19 from Rs 2.79 crores in Q2FY18. The growth in revenues and profitability was driven by increased billing

and commission revenues from supply of CT scanners to the Government of Uttar Pradesh and enhanced sales of non-destructive testing and data security solution products.

Consolidated Financial Performance for the half-year ended September 30, 2018 (H1FY19)

• For the half-year ended September 30, 2018, the Company reported Revenue from Operations of Rs 2540.03 crores as compared to Rs 2369.76 crores over the same period in the previous year, representing a growth of 7%.
• Operating Profit (PBIDTA excluding Other Income and Finance Income) increased by 22% to Rs 194.73 crores from Rs 159.53 crores during the same period last year.
• Net Profit for the half-year increased by 12% to Rs 111.13 crores as compared to Rs 98.89 crores in H1FY18.

Outlook

Suneel M Advani, Chairman of the Board, Blue Star Limited adds, "The Electro-Mechanical Projects and Packaged Air Conditioning Systems as well as Professional Electronics and Industrial Systems businesses witnessed a significant uptick in revenues and profitability. Though the market continues to be sluggish for the room air conditioners business due to reduced demand, we continue to grow faster than the market. Overall, Q2 has been a challenging quarter amidst global and local volatilities and headwinds. However, the Company has initiated several measures to mitigate the same."

Place: Mumbai

Date: October 30, 2018

For additional information, please contact: Girish Hingorani, Head - Corporate Communications, Blue Star Limited. Email: girishhingorani@bluestarindia.com Telephone: +91 22 6668 4000.

Chartered Accountants lndiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai- 400 013, Maharashtra, India

Tel: +91 22 61 85 4000 Fax:+9122 618541 01

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of BLUE STAR LIMITED ("the Parent") and its subsidiaries (together referred to as "the Group"), and its share of loss in its joint ventures for the quarter and half year ended September 30, 2018 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (" Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India . This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Parent's personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion .

2. The Statement includes the results of the following entities:

Subsidiaries: i) Blue Star Engineering and Electronics Limited ii) Blue Star Qatar- WLL iii)Biue Star International FZCO

Joint Ventures:

i) Blue Star M & E Engineering (Sdn) Bhd

• ii) Blue Star Oman Electro-Mechanical Co. LLC
• 1. Based on our review conducted as stated above and based on the consideration of the review report of the other auditors referred to in paragraph 5 (a) below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. (a) We did not review the interim financial information of a subsidiary whose interim financial information reflect total assets of ~ 158.16 crore as at September 30, 2018, total revenue of~ 38.07 crore and 77.20 crore, total profit after tax of 2.34 crore and ~ 3.84 crore and total comprehensive income of~ 2.34 crore and~ 3.84 crore for the quarter and the half year ended September 30, 2018, as considered in the Statement. This interim financial information has been reviewed by other auditors, whose report has been furnished to us by the Management and our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the other auditors.
  • (b) The Statement includes the Group's share of loss after tax of~ 4.20 crore and ~ 7.05 crore and total comprehensive loss of~ 4.20 crore and ~ 7.05 crore for the quarter and half year ended September 30, 2018, respectively in respect of 2 joint ventures, whose interim financial information have not been reviewed by us. Our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of these joint ventures, is based solely on Management certified financial information. According to the information and explanations given to us by the Management, such interim financial information is not material to the Group.

Our report on the Statement is not modified in respect of these matters.

1. The predecessor auditors have expressed unmodified op1n1ons dated October 31, 2017 and May 14, 2018 respectively on their rev iew 1 aud it of the comparative financial information for the quarter an d half year ended September 30, 2017 and for t he year ended March 3 1, 20 18 . Adjustments detailed in Note 2 to t he Statement have been rev iewed by us.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/ W-100018)

f-;)f);y . ~kc/t'coo. /(o,

Porus Pardiwalla Partner (Membership No. 04 0005 )

MUMBAI, October 30, 2018

Registered Office : Kasturl Buildings, Mohan T. Advani Chowk, Jamshedji Tata Road, Mumbal400 020, CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018

							₹ in Crores
					CONSOLIDATED
Sr.no.	PARTICULARS	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
		30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31.3.18
	Revenue from operations	1,032.20	1,507.83	849.82	2,540.03		4,648.13
	Other Income	2.14	2.29	3.32	4.43		9.42
	Finance Income	2.79	1.05	1.19	3.84	4.84	7.53
$\mathbf{1}$	Total Income	1,037.13	1,511.17	854.33	2,548.30	2,382.89	4,665.08
$\overline{2}$	Expenses
	a) Cost of materials consumed (including direct project cost)	507.03	562.71	390.10	1,069.74	991.29	2.224.53
	b) Purchase of Stock in trade	128.32	327.75	116.61	456.07	418.68	1,191.29
	c) Changes in Inventories of Finished Goods, Work-in-progress andStock-in-Trade	69.36	177.32	52.72	246.68	254.76	(206.14)
	d) Excise Duty					9.18	9.18
	e) Employee Benefits Expense	105.84	99.91	100.16	205.75	188.56	397.72
	f) Depreciation and Amortisation Expense	16.91	16.07	15.77	32.98	28.30	63.81
	g) Finance Cost	11.67	12.10	5.87	23.77	10.68	28.74
	h) Other Expenses	163.58	203.48	141.30	367.06	347.76	765.65
	Total Expenses	1,002.71	1,399.34	822.53	2,402.05	2,249.21	4,474.78
3	Profit from Operations before Exceptional Items and Tax(1-2)	34.42	111.83	31.80	146.25	133.68	190.30
$\overline{4}$	Exceptional Items (Refer Note 4)	(2.72)	15.18		12.46		5.27
5	Profit before Tax (3+4)	31.70	127.01	31.80	158.71		195.57
6	Tax Expense					2,369.768.29133.6827.557.8035.3598.330.71(0.15)98.89(2.52)(0.50)(3.02)95.8719.1710.3210.29
	i) Current tax	5.90	13.44	9.28	19.34		42.60
	ii) Deferred tax	1.94	19.06	0.20	21.00		6.82
	Total Tax Expense	7.84	32.50	9.48	40.34		49.42
7	Net Profit after Tax (6-7)	23.86	94.51	22.32	118.37		146.15
8a	Share in Profit/(Loss) of Joint Ventures	(4.20)	(2.85)	0.55	(7.05)		(1.92)
8b	Profits attributable to Non-controlling interest	(0.11)	(0.08)	(0.13)	(0.19)		(0.27)
9	Net Profit for the Period, (7+8)	19.55	91.58	22.74	111.13		143.96
	Other Comprehensive Income, net of tax
	A Items that will not be reclassified to profit or loss	(0.89)	(0.34)	(1.78)	(1.23)		(2.27)
	B Items that will be reclassified to profit or loss	(0.24)	0.95	0.37	0.71		(0.12)
10	Other Comprehensive Income, net of tax	(1.13)	0.61	(1.41)	(0.52)		(2.39)
11	Total Comprehensive Income for the period (9+10)	18.42	92.19	21.33	110.61		141.57
12	Paid Up Equity Share Capital (Face Value of the share ₹ 2/- each)	19.26	19.23	19.17	19.26		19.20
13	Reserves excluding Revaluation Reserve						773.53
14	Earnings Per Share (EPS) (in ₹) (not annualised)
	a) Basic	2.03	9.53	2.37	11.56		15.03
	b) Diluted	2.03	9.52	2.36	11.55		14.98

NOTES:

1 The Audit Committee has reviewed the above results and the Board of Directors has approved the above results at their respective meetings held on October 30, 2018.

2 The Group has adopted lnd AS 115 - "Revenue from Contracts with Customers', and also appropriately evaluated its revenue reoognition policies, w.e.f. April 1, 2018. The changes have been applied retrospectively and the resultant impact on each comparative periods is tabulated bek>w:

		₹ in Crores
PARTICULARS	QUARTERHALF YEARENDEDENDED(UNAUDITED)(UNAUDITED)	YEAR ENDED(AUDITED)
	30.9.1730.9.17	31.3.18
Revenue from Operations	74.8219.40	(101.86)
Profit before Tax	28.303.02	(10.45)
Profit after Tax	19.651.96	(5.30)

3 Financial Results of Blue Star Limited (Standalone Information) :

						₹ in Crores
			STANDALONE
PARTICULARS	Quarter Ended			Half Year Ended		Year Ended
		(UNAUDITED)			(UNAUDITED)
	30.9.18	30.6.18	30.9.17	30,9.18	30.9.17	31.3.18
Income from operations	922.84	1,382.93	780.44	2.305.77	2,221.61	4,312.19
Profit before tax (after exceptional item)	21.93	118.09	29.21	140.02	116.21	180.89
Profit after tax	14.40	85.81	20.04	100.21	81.25	132.21
Total Comprehensive Income	13.73	85.48	18.63	99.21	79.10	130.62

4 Exceptional Items :

						₹ in Crores
PARTICULARS	Quarter Ended(UNAUDITED)			Half Year Ended(UNAUDITED)		Year Ended
						(AUDITED)
	30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31.3.18
Profit on sale of Property, Plant and Equipment		15.18		15.18		5.27
Platinum Jubilee Expenses*	(2.72)			(2.72)
Total	(2.72)	15.18		12.46		5.27

• The Company commenced its Platinum Jubilee year on September 27,2018. To mark the momentous milestone the Company will, through the year, hold various eveniS and programmes, run special media campaigns and print special publications. Owing to singular frequency of cosiS related to the milestone, suclh costs are regarded as exceptional.

5 Previous period I year's fiQures have been reQrouped I rearranQed wherever necessary.

t>-sKIN.s

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1- ,}' CH t TERED

V{~ ~-

UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018

		~in Crores
					CONSOLIDATED
Sr.No.	Particulars	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
		30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31.3.18
I	SEGMENT REVENUEa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial SystemsTOTAL SEGMENT REVENUE	630.97343.0658.171 032.20	619.36830.7657.711,507.83	497.233150937.50849.82	1,250.331,173.82115.882,540.03	1,096.301,176.4297.042 369.76	2,361 .072,088.73198.334 648.13
II	SEGMENT RESULTa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial SystemsTOTAL SEGMENT RESULTLess: i) Finance Cost	44.758.2012.5665.5111.67	39.7095.018.28142.9912.10	35.3616.222.7954.375.87	84.45103.2120.84208.5023.77	59.69111.5112.31183.5110.68	121.96168.0524.02314.0328.74
	ii) Un-allocable Expenditure	19.42	19.06	16.70	38.48	39.15	94.99
	TOTAL PROFIT BEFORE TAX AND EXCEPTIONAL ITEM	34.42	111.83	31.80	146.25	133.68	190.30
	Exceptional items	(2.72)	15.18	-	12.46	-	5.27
	PROFIT BEFORE TAX	31.70	127.01	31.80	158.71	133.68	195.57
	Ill SEGMENT ASSETSa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Coroorate Assets	1,586.56860. 18115.04365.85	1,548.781,044.06120.58362.66	1,396.54545.5394.14353.28	1,586.56860.18115.04365.85	1,396.54545.5394.14353.28	1,502.871,157.5187.14396.27
	TOTAL SEGMENT ASSETS	2 927.63	3 076.08	2 389.49	2 927.63	2 389.49	3 143.79
	IV SEGMENT LIABILITIESa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Coroorate LiabilitiesTOTAL SEGMENT LIABILITIES	1,035.51365.6868.93658.862 128.98	1,011.01538.5580.54553.882 183.98	866.78323.4259.43396.861 646.49	1,035.51365.6868.93658.862,128.98	866.78323.4259.43396.861 646.49	1,049.65774.5964.07461 .232 349.54
	v CAPITAL EMPLOYED(Segment Assets- Segment Liabilities)a. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate Assets less Liabilities	551.05494.5046.11_(_293.01'798.65	537.77505.5140.04(191 .22)892.1 0	529.76222.1134.71(43 58)743.00	551.05494.5046.11(293.01<br>798.65	529.76222.1134.71(4358)743.00	453.22382.9223.07(64.96)794.25
	TOTAL CAPITAL EMPLOYED IN THE COMPANY

Notes:

1. Based on the "management approach" as defined in lnd AS 108-0perating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments.

2. Unitary Product segment is seasonal in nature.

3. Previous period I year's figures have been regrouped I rearranged wherever necessary.

For BLUE STAR LIMITED

Vir S. Advani Managing Directo r DIN: 01571278)

Date : October 30, 2018 Place : Mumbai

BLUE STAR LIMITED STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2018

	fIn Crores
			CONSOLIDATED
Sr.	PARTICULARS	ASAT	ASAT
No.		(UNAUDITED)	(AUDITED)
		30.9.18	31.3.18
A	ASSETS
	1. Non-Current Assets
	(a) Property Plant & Equipment	251.07	274.00
	(b) Capital Work in Progress	31 '12	18.38
	(c) Investment Property	70.62	61.87
	(d) Intangible Assets(e) Intangible Assets under development	51.77	56.12
	(f) Investment in Joint Ventures	11 .09	6.97
	(g) Financial Assets	15.75	13.24
	-Trade Receivable
	-Loans	26.87	24.71
	-Other Financial Assets	25.05	18.17
	(h) Income Tax Asset (Net)	3.6940.29	3.96
	(i) Deferred Tax Assets (Net)	92.90	45.61113.57
	0) Other Non Current Assets	61 .54	45.80
	Total- Non Current Assets	681.76	682.40
	2. Current Assets
	(a) Inventories	724.37	998.95
	(b) Financial Assets
	-Loans	5.77	9.36
	-Trade Receivables	854.40	863.09
	-Cash & Cash Equivalents	107.33	78.19
	-Other Bank Balances	3.21	2.69
	-Other Financial Assets	356.67	283.56
	(c) Other Current Assets	192.62	220.33
	Asset held for sale	1.50	5.22
	Total -Current Assets	2,245.87	2,461.39
	TOTAL- ASSETS	2,927.63	3,143.79
B	EQUITY AND LIABILITIES
	1. Equity
	(a) Equity Share Capital	19.26	19.20
	(b) Other Equity	777.71	773.53
	Equity attributable to equity holders of the company	796.97	792.73
	2. Non Controlling Interest	1.68	1.52
	Total Equity	798.65	794.25
	3. Non-Current Liabilities
	(a) Financial Liabilities
	-Borrowings	22.07	25.90
	-Other Financial Liabilities	3.83	3.32
	(b) Long Term Provisions	9.17	12.54
	(c) Government Grant	2.74	2.95
	(d) Income Tax liabilities (Net)	0.56	0.75
	Total - Non-current liabilities	38.37	45.46
	4. Current Liabilities
	(a) Financial Liabilities
	-Borrowings	551 .95	344.78
	-Trade Payables
	a. Total outstanding dues of Micro Enterprises & Small Enterprises	38.86	36.02
	b. Total outstanding dues of Creditors other than Micro Enterprises &	999.49	1,496.65
	Small Enterprises
	-Other Payables	2.18	1.31
	-Other Financial Liabilities	12.41	12.48
	(b) Government Grants	0.47	0.54
	(c) Provisions	60.11	56.11
	(d) Other Current Liabilities	425.14	356.19
	Total -Current liabilities	2,090.61	2,304.08
	TOTAL- EQUITY AND LIABILITIES	2,927.63	3,143.79

Date : October 30, 2018 Place : Mumbai

For BLUE STAR LIMITED

Vir S. Advani Managing Director (DIN: 01571278)

Chartered Accountants lndiabul ls Finance Centre Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai- 400 013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of BLUE STAR LIMITED ("the Company") for the quarter and half year ended September 30, 2018 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office: lndiabulls Finance Centre, Tower 3, 27th- 32nd Floor, Senapati Bapat Marg, Elphinstone Road (W), Mumbai - 400 013, India. (LLP Identification No. MB-8737)

1. The predecessor auditors have expressed unmodified op1n1ons dated October 31, 20 17 and May 14, 2018 respectively on their review I audit of t he comparative financial information for the quarter and half year ended September 30, 2017 and for the year ended March 3 1, 2018. Adjustments detailed in Note 2 t o the Statem ent have been reviewed by us.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 1173 6 6W / W- 100018 )

Porus Pardiwalla Partner (Membership No. 040005)

MUMBAI, October 30, 2018

Registered Office : Kasturi Buildings, Mohan T. Advani Chowk, Jamshedji Tata Road, Mumbai 400 020, CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018

							t'" In c rores
					STANDALONE
SR.NO	PARTICULARS	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
		30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31 .3.18
	Revenue from operations	922.84	1.382.93	780.44	2.305.77	2.221.61	4,312.19
	Other Income	1.90	2.02	2.90	3.92	7.56	7.95
	Finance Income	3.01	1.11	1.06	4.12	4.90	8.19
1	Total Income	927.75	1,386.06	784.40	2,313.81	2,234.07	4,328.33
2	E)(Jl_enses
	a) Cost of materials consumed (including direct proiect cost)	463.53	519.53	362.33	983.06	942.04	2.121 .27
	b) Purchase of Stock in trade	95.50	280.81	91.24	376.31	364.35	1,060.59
	c) Changes in Inventories of Finished Goods, Work-in-progress andStock-in-Trade	67.00	173.94	54.85	240.94	250.19	(217.26)
	d) Excise Duty	-	-	-	-	9.18	9.18
	e) Employee Benefits Expense	93.54	87.84	90.30	181.38	171.04	358.77
	If) Depreciation and Amortisation Expense	15.58	14.80	14.54	30.38	27.75	60.57
	I g) Finance Cost	10.6 1	10.93	4.43	21 .54	7.75	22.88
	h) Other Expenses	157.34	195.30	137.50	352.64	345.56	749.29
	Total Expenses	903.10	1,283.15	755.19	2,186.25	2,117.86	4,165.29
3	Profit from Operations before Exceptional Items (1 -2)	24.65	102.91	29.21	127.56	116.21	163.04
4	Exceptional Items (Refer Note 3)	(2.72	15.18	-	12.46		17.85
5	Profit before Tax (3+4)	21 .93	118.09	29.21	140.02	116.21	180.89
6	Tax Expense
	i) Current tax	5.59	13.22	6.44	16.61	26.63	40.15
	ii) Deferred tax	1.94	19.06	0.73	21 .00	8.33	8.53
	Total Tax Expense	7.53	32.28	9.17	39.81	34.96	48.68
7	Net Profit after Tax (5-6l	14.40	85.81	20.04	100.21	81.25	132.21
	Other Comprehensive Income, net of tax
	Items that will not be reclassified to profit or loss	(0.67	(0.33)	(1 .41)	(1.00	(2.15	(1.59
8	Other Comprehensive Income net of tax	(0.67	(0.33)	(1.411	11.001	(2.15	(1 .59
9	Total Comprehensive Income for the period (7+8)	13.73	85.48	18.63	99.21	79.10	130.62
10	Paid Up Equity Share Capital (Face Value of the share ~2/- each)	19.26	19.23	19.17	19.26	19.17	19.20
11	Reserves excluding Revaluation Reserve						929.05
12	Earnings Per Share (EPS) (in ~) (not annualised)
	a) Basic	1.50	6.93	2.09	10.43	8.49	13.80
	b) Diluted	1.50	6.92	2.06	10.42	8.46	13.74

NOTES:

1 The Audit Committee has reviewed the above results and the Board of Directors has approved the above results at their respective meetings held on October 30, 2018.

2 The Company has adopted lnd AS 115 - 'Revenue from Contracts with Customers', and also appropriately evaluated its revenue recognition policies, w.e.f. April 1, 2016. The changes have been applied retrospectively and the resultant impact on each comparative periods is tabulated below:

			t' in Crores
PARTICULARS	QUARTERENDEDIUNAUDITEDI	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
	30.9.17	30.9.17	31.3.18
Revenue from Operations	21.44	67.42	(112.96)
Profit before Tax	3.10	25.04	(14.86)
Profit after Tax	2.03	16.36	(9.72)

3 Exceptional Items :

						t' in Crores
PARTICULARS	QUARTERENDEDIUNAUDITEDI	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED\	HALF YEARENDED	HALF YEARENDEDI UNAUDITED\ IUNAUDITEDI	YEAR ENDED(AUDITED)
	30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31.3.18
Profit from sale of stake in Blue Star M&E Engineering (Sdn) Bhd.II Joint Venture)	-	-	-	-	-	12.58
Profit on sale of Propertv. Plant and EQuipment	-	15.18	-	15.18	-	5.27
Platinum Jubilee Expenses•	(2.72	-	-	(2.72	-	-
Total	(2.72	15.18	-	12.46	-	17.85

• The Company commenced its Platinum Jubilee year on September 27. 2016. To mark the momentous milestone the Company will, through the year, hold various events and programmes, run special media campaigns and print special publications. Owing to singular frequency of costs related to the milestone, such costs are regarded as exceptional.

4 Previous period I year's fiQures have been reQrouped I rearranged wherever necessary. - Date

~coKIN,s

CHP \r TERED N TS 0 ~f= ~ ))

':::: ~ 0 ACCO

Place : : Mumb October ai 30, 2018

0 * 0 ............... Managing Director --=- {DIN : 01571278)

UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018

							in Cro r es
		STANDALONE
SR.NO	PARTICULARS	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	QUARTERENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
		30.9.18	30.6.18	30.9.17	30.9.18	30.9.17	31.3.18
I	SEGMENT REVENUE
	a. Electro- Mechanical Projects and Packaged Air Conditioning
	Systems	579.78	551.48	464.48	1,131.26	1,042.25	2,220.11
	b. Unitary Products	343.05	830.82	315.79	1,173.87	1,177.94	2,089.55
	c. Professional Electronics and Industrial Systems	0.01	0.63	0.17	0.64	1.42	2.53
	TOTAL SEGMENT REVENUE	922.84	1,382.93	780.44	2 ,305.77	2,221.61	4,312.19
II	SEGMENT RESULTa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Products	45.318.36	38.0395.20	35.3416.85	83.34103.56	52.57112.96	112.83168.72
	c. Professional Electronics and Industrial Systems	(0.04)	0.07	0.01	0.03	(0.12	(1 .31
	TOTAL SEGMENT RESULT	53.63	133.30	52.20	186.93	165.41	280.24
	Less: i) Finance Cost	10.61	10.93	4.43	21.54	7.75	22.88
	ii) Un-allocable Expenditure	18.37	19.46	18.56	37.83	4 1.45	94.32
	TOTAL PROFIT BEFORE TAX AND EXCEPTIONAL ITEM	24.65	102.91	29.21	127.56	116.21	163.04
	ExceQ.tional items	(2.72)	15.18	-	12.46	-	17.85
	PROFIT BEFORE TAX	21.93	118.09	29.21	140.02	116.21	180.89
	Ill SEGMENT ASSETSa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate AssetsTOTAL SEGMENT ASSETS	1,394.47860.182.49541.132,798.27	1,403.361,044.064.13529.602,981.15	1,284.69547.1 94.46519.932,356.27	1,394.47860.182.49541 .132,798.27	1,284.69547.194.46519.932,356.27	1,378.091,157.513.02567.783,106.40
	IV SEGMENT LIABILITIESa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Coroorate LiabilitiesTOTAL SEGMENT LIABILITIES	876.97365.600.38613.991,856.94	886.94538.561.35514.741,941 .59	790.66323.421.83348.751,464.66	876.97365.600.38613.991,856.94	790.66323.421.83348.751,464.66	953.98774.570.79428.812,158.15
	v CAPITAL EMPLOYEDa. Electro- Mechanical Projects and Packaged Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Coroorate Assets less Liabilities	517.50494.582.11(72.86)	516.42505.502.7814.86	494.03223.772.63171. 18	517.50494.582.11(72.86)	494.03223.772.63171.18	424.11382.942.23138.97
	TOTAL CAPITAL EMPLOYED IN THE COMPANY	941.33	1,039.56	891.61	941 .33	891.61	948.25

Notes :

1 Based on the "management approach" as defined in lnd AS 108-0perating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments.

2 Unitary Product segment is seasonal in nature.

3 Previous period I year's figures have been regrouped I rearranged wherever necessary.

Date : October 30, 2018 Place : Mumbai

For BLUE STAR LIMITED

Vir S. Advani Managing Director (DIN : 01571 278)

STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2018

		fin CroresSTANDALONE
SR.	PARTICULARS	ASAT	ASAT
NO		(UNAUDITED)	(AUDITED)
		30.9.18	31 .3.18
A	ASSETS
	1. Non-Current Assets
	(a) Property, Plant and Equipment	223.56	234.80
	(b) Capital Work in Progress	30.96	18.38
	(c) Investment Property	54.46	56.07
	(d) Intangible Assets	51 .77	56.12
	(e) Intangible Assets under development	11 .03	6.93
	(f) Financial Assets
	-Investments	220.26	220.26
	-Trade Receivable	26.72	23.10
	-Loans	26.93	19.98
	-Other Financial Assets	3.68	3.96
	(g) Income Tax Asset (Net)	40.88	45.59
	(h) Deferred Tax Assets (Net)	86.41	107.41
	(i) Other Non Current Assets	59.30	44.27
	Total - Non Current Assets	835.96	836.87
	2. Current Assets
	(a) Inventories	715.09	983.95
	(b) Financial Assets
	-Loans	5.28	8.52
	-Trade Receivables	669.03	723.36
	-Cash & Cash Equivalents	49.61	62.38
	-Other Bank Balances	3.21	2.69
	-Other Financial Assets	351 .41	277.40
	(c) Other Current Assets	167.18	206.01
	Asset held for sale	1.50	5.22
	Total Current Assets	1,962.31	2,269.53
	TOTAL- ASSETS	2,798.27	3,1 06.40
B	EQUITY AND LIABILITIES
	1. Equity(a) Equity Share Capital		19.20
	(b) Other Equity	19.26922.07	929.05
	Total Equity	941 .33	948.25
	2. Non-Current Liabilities
	(a) Financial Liabilities
	-Other Financial Liabilities	3.73	4.20
	(b) Long Term Provisions	8.83	12.20
	(c) Government Grants	2.74	2.95
	Total - Non-current liabilities	15.30	19.35
	3. Current Liabilities
	(a) Financial Liabilities
	-Borrowings	546.51	32002
	-Trade Payables
	a. Total outstanding dues of Micro Enterprises & Small Enterprises	38.08	34.62
	b. Total outstanding dues of Creditors other than Micro Enterprises &	881 .77	1,397.56
	Small Enterprises
	-Other Payables	2.18	1.27
	-Other Financial Liabilities	7.58	7.26
	(b) Government Grants	0.47	0.54
	(c) Provisions	51.38	49.28
	(d) Other Current Liabilities	313.67	328.25
	Total -Current Liabilities	1,841.64	2,138.80
	TOTAL- EQUITY AND LIABILITIES	2,798.27	3,106.40