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Blue Star Ltd Interim / Quarterly Report 2021
61425_rns_2020-10-29_057535e2-fa0b-4d07-ac3a-261afcc37271.pdf
Interim / Quarterly Report
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October 29, 2020
| BSE Limited | National Stock Exchange of India Limited |
|---|---|
| Phiroze Jeejeebhoy Towers, | Exchange Plaza, C-1, Block G |
| Dalal Street, | Bandra Kurla Complex, Bandra (East), |
| Mumbai – 400 001 | Mumbai – 400 051 |
| BSE Scrip Code: 500067 | NSE Symbol: BLUESTARCO |
Dear Sir/Ma'am,
Sub: Investor Update – Q2FY21
We are enclosing herewith the Investor Update for Q2FY21.
The said information is also being made available on the website of the Company at: www.bluestarindia.com
Kindly take the same on record.
Vijay Devadiga Company Secretary
Encl: a/a
Z:(01) Blue Star Limited\2019-20\Stock Exchange Compliances\Regulation 30 - Information and Updates\Investor Update\Q2FY21
Blue Star Limited Investor Update with Opening remarks Q2FY21
Good morning ladies and gentlemen, this is Neeraj Basur. I will be providing you an overview of the results for Blue Star Limited for the quarter ended September 2020.
I. FINANCIAL HIGHLIGHTS FOR Q2FY21
After a challenging first quarter, Q2FY21 witnessed a revival in business activities with unlocks, easing of restrictions and consequent improvement in the consumer sentiment. We continued to focus on providing uninterrupted services to our customers. In addition, we launched a new range of products embedded with 'Virus Deactivation Technology' as part of our endeavor to fight the Pandemic through a contemporary range of product options for our customers. The business recovery trajectory continued to be encouraging in Q2 across most categories. However, on a year-to-date basis, the business scale continued to remain below pre-Covid levels and thus the financial results for H1FY21 are not comparable with H1FY20.
Financial highlights for the quarter ended September 30, 2020 on a consolidated basis, are summarized below:
- Revenue from operations for Q2FY21 was Rs 902.12 cr as compared to Rs 1249.47 cr in Q2FY20, a recovery of 72.2%.
- EBIDTA (excluding other income and finance income) for Q2FY21 was Rs 55.08 cr as compared to Rs 73.58 cr in Q2FY20. The robust recovery of 74.9% in our EBITDA in Q2FY21 is reflective of the business recovery along with prudent and swift cost containment measures undertaken by us.
- PBT before exceptional items was Rs 22.46 cr in Q2FY21 as compared to Rs 55.75 cr in Q2FY20, a recovery of 40.3%
- Tax expense for Q2FY21 was Rs 7.42 cr as compared to Rs 16.88 cr in Q2FY20.
- Net profit for Q2FY21 was Rs 15.32 cr as compared to Rs 37.94 cr in Q2FY20, a recovery of 40.4%.
- Carried-forward order book increased marginally to Rs 3019.57 cr as on September 30, 2020 as compared to Rs 2934.52 cr as on September 30, 2019.
- Capital Employed increased marginally by 6% to Rs 1124.27 cr as on September 30, 2020 from Rs 1063.49 cr as on September 30, 2019 as an outcome of robust working capital optimization measures implemented by us in the last six months.
- Net borrowings increased to Rs 344.06 cr as on September 30, 2020 (Debt Equity ratio of 0.44) as compared to a net borrowing of Rs 188.97 cr as on September 30, 2019 (debt-equity ratio of 0.22). Net borrowings have reduced by Rs 84.47 cr in Q2FY21 as compared to June 30, 2020 levels.
II. BUSINESS HIGHLIGHTS FOR Q2FY21
Segment I: Electro-Mechanical Projects & Commercial Air Conditioning Systems
Segment I revenue recovered 69.0% to Rs 540.83 cr in Q2FY21 as compared to Rs 783.54 cr in Q2FY20. Segment result was Rs 34.41 cr (6.4%) in Q2FY21 as against of Rs 44.56 cr (5.7%) in Q2FY20.
Order inflow during the quarter was Rs 684.91 cr as compared to Rs 794.35 cr in Q2FY20, a recovery of 86.2%.
1. Electro-Mechanical Projects business
Order inflow in Q2FY21 witnessed a gradual recovery. We won a prestigious Electrical & Mechanical works (E&M) order valued at Rs 149 cr for 'Mumbai Metro Line III, Package UGC-03' for five underground stations from Mumbai Central to Worli, from Dogus-Soma JV. However, the slowdown continues in Commercial buildings and Factories segments, which are expected to take longer to recover.
As of September end, more than two-third of the job sites are available for execution. However, we are prioritizing the mobilization based on cash flow.
We would continue to focus on Infrastructure segments such as metro railways and substation project tenders which are expected to get concluded in the upcoming quarters, offering immediate growth opportunities.
Carried-forward order book of the Electro-Mechanical Projects business increased marginally to Rs 2070 cr as on September 30, 2020 as compared to Rs 2063 cr as on September 30, 2019.
2. Commercial Air Conditioning Systems
While the order inflow and revenue from commercial spaces like malls, auditoriums, and movie halls were impacted, healthcare, pharma and government sectors helped the commercial air conditioning business to partially recover in Q2FY21.
Major orders bagged in Q2FY21 were from Greenfield Electronic Manufacturing Clusters (Hyderabad), Vijayanagar Institute of Medical Science (Bellary), Grand Hyatt Hotel (Bharuch), INTAS Pharmaceuticals (Ahmedabad) and National Mineral Development Corporation (Chandigarh).
In addition, the demand for retrofit and revamp solutions with Virus Deactivation Technology is robust. Major orders for products and solutions such as duct cleaning, UVC emitters, filters and fresh air augmentation have been received from ICICI Bank, Mercedes Benz India and Airport Authority of India.
3. International Business
The international markets in which we operate, witnessed gradual revival with encouraging order inflows during the quarter. The pace of the projects business in some of the key markets was promising.
Market for our joint venture in Qatar recovered, with a pick-up in government projects. Relaxations in pandemic restrictions & regulations are expected to aid pick-up in the forthcoming quarters.
We continue to focus on the expansion of Blue Star product range and building brand awareness and brand visibility in different markets that we are present in. Our campaigns across digital media platforms have been well received by our target customers.
Segment II: Unitary Products
Segment II revenue recovered 84.5% to Rs 318.65 cr in Q2FY21 as compared to Rs 377.21 cr in Q2FY20. Segment result was Rs 11.73 cr (3.7%) in Q2FY21 as compared to Rs 11.96 cr (3.2%) in Q2FY20.
1. Room Air Conditioner business
With the opening of retail outlets across the country and the growth of e-commerce channel, the demand recovery exceeded the expectations. However the demand is for affordable premium products. We have launched a wide range of Virus Deactivation Technology products. We have maintained our market share at 12.75%. The inventory pressure has been largely eased.
We expect the recovery momentum of Q2 FY21 to continue in the upcoming festive season and by December, the market is expected to reach 100% of last year's level.
2. Commercial Refrigeration business
Our commercial refrigeration business witnessed good recovery in Q2FY21 with excellent traction in the pharma and healthcare segments for our Modular Cold Rooms and Medical Refrigeration Products. We also gained momentum in the Supermarket Refrigeration business with order inflows from local and national retail chains. With the opening of restaurants and other unlock measures, the demand recovery is expected to accelerate in Q3.
We continue to maintain our market leadership position across the product categories.
We launched Touchless Storage Water Coolers and Bottled Water Dispensers during the quarter and these are expected to gain traction in the forthcoming quarters.
Major orders were bagged in Q2FY21 from UP Medical Supplies Corporation, Dr Reddy's Labs and Thyrocare.
3. Water Purifier business
The impact of the pandemic on our Water Purifier business has remained relatively moderate. E– commerce channel continued to contribute to a major share of revenue for water purifiers. We have reached market share of 3% in this category.
The Alkaline water purifier for immunity boosting campaign was well accepted by the targeted customers and the flow of enquiries to our network stores was encouraging.
We continue to stay focused on establishing our brand as a trusted one in the category, with wellengineered and the reliable products, backed by superior service.
Given the growing concerns on health and immunity, the demand for water purifiers is set to grow and the business is poised to break even this year.
Segment III: Professional Electronics and Industrial Systems
Segment III revenue was Rs 42.64 cr in Q2FY21 as compared to Rs 88.72 cr in Q2FY20. Segment result was Rs 8.15 cr (19.1%) in Q2FY21 as compared to Rs 24.43 cr (27.5%) in Q2FY20. The dip in revenue and profits in Q2FY21 is on account of a large, one time order in our data security business, executed by us in Q2FY20.
The Data Security Systems business continued to do well on the back of digitization initiatives in the BFSI sector. The demand for Healthcare products also increased during the quarter. With a revival in general economic activities, we also saw order inflows from the industrial segment with the Material Testing business regaining momentum during the quarter.
While the corporate capex spending is likely to be selective, we expect the Indian digital payment sector and healthcare sector to grow further in the current scenario and continue to offer opportunities.
With the wide portfolio of products and solutions forming part of our offerings, the prospects for this business segment are positive.
III. BUSINESS OUTLOOK
Q2FY21 witnessed a much needed revival in business activities with easing of government restrictions. In the Electro-Mechanical projects business, we continue to prioritize our projects execution based on availability of work front and cash flows. We expect the markets for Room Air conditioners and Commercial Refrigeration businesses to get back to pre-Covid levels by Q4FY21. Digitization and Healthcare initiatives offer good prospects for the Professional Electronics and Industrial Systems segment.
While the revenue recovery will accelerate in the coming quarters, we will continue to focus on working capital and operating costs. We are optimistic about improving financial performance further in Q3 and Q4FY21.
With that ladies and gentlemen, I am done with the opening remarks. I would like to now pass it back to moderator, who will open up floor to questions. I will try and answer as many questions as I can. To the extent I am unable to, we will get back to you via e-mail.
With that, we are open for questions.
Ending remarks: Thank you very much, Ladies and Gentlemen. With this, we conclude this quarter's earning call. Do feel free to revert to us in case any of your questions were not fully answered and we will be happy to provide you additional details by email or in person.
For more information contact
| Neeraj Basur | Sudhir Shetty |
|---|---|
| Blue Star Limited | Adfactors PR Pvt. Limited |
| Tel: 022-6654 4000 | Tel: 022-6754 4444 |
| [email protected] | [email protected] |
SAFE HARBOUR
Certain statements in this release concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fiscal policy, competition, inflationary pressures and general economic conditions affecting our industry. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
BLUE STAR LIMITED 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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020
| ₹ in Crores | |||||||
|---|---|---|---|---|---|---|---|
| SR.NO | PARTICULARS | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | YEAR ENDED(AUDITED) |
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | ||
| Revenue from operations | 803.77 | 526.20 | 1,056.23 | 1,329.97 | 2,526.90 | 4,786.49 | |
| Other Income | 7.81 | 7.54 | 9.49 | 15.35 | 33.10 | 73.43 | |
| 1 | Total Income | 811.58 | 533.74 | 1,065.72 | 1,345.32 | 2,560.00 | 4,859.92 |
| 2 | Expenses | ||||||
| a) Cost of raw materials consumed (including direct project and | |||||||
| service cost) | 455.81 | 171.68 | 643.95 | 627.49 | 1,369.69 | 2,866.96 | |
| b) Purchase of Stock in trade | 56.26 | 120.86 | 107.18 | 177.12 | 313.81 | 738.98 | |
| c) Changes in Inventories of Finished Goods, Work-in-progressand Stock-in-Trade | 101.26 | 114.45 | 41.87 | 215.71 | 216.22 | 0.53 | |
| d) Employee Benefits Expense | 77.20 | 58.98 | 103.89 | 136.18 | 201.83 | 414.95 | |
| e) Depreciation and Amortisation Expense | 19.62 | 19.89 | 20.80 | 39.51 | 40.46 | 84.34 | |
| f) Finance Cost | 18.81 | 19.17 | 7.37 | 37.98 | 16.05 | 32.37 | |
| g) Other Expenses | 70.79 | 72.94 | 116.38 | 143.73 | 272.82 | 550.09 | |
| Total Expenses | 799.75 | 577.97 | 1,041.44 | 1,377.72 | 2,430.88 | 4,688.22 | |
| 3 | Profit/ (Loss) from Operations before Exceptional Items | ||||||
| (1-2) | 11.83 | (44.23) | 24.28 | (32.40) | 129.12 | 171.70 | |
| 4 | Exceptional Items (Refer note 2) | - | - | (1.71) | - | (1.71) | (4.03) |
| 5 | Profit/ (Loss) before Tax (3+4) | 11.83 | (44.23) | 22.57 | (32.40) | 127.41 | 167.67 |
| 6 | Tax Expense | ||||||
| i) Current tax | 5.71 | (13.71) | 6.98 | (8.00) | 38.65 | 25.04 | |
| ii) Deferred tax | (1.46) | - | 2.80 | (1.46) | 1.74 | 21.76 | |
| Total Tax Expenses | 4.25 | (13.71) | 9.78 | (9.46) | 40.39 | 46.80 | |
| 7 | Net Profit/ (Loss) after Tax (5-6) | 7.58 | (30.52) | 12.79 | (22.94) | 87.02 | 120.87 |
| Other Comprehensive Income | |||||||
| Items that will not be reclassified to profit or loss (net of tax) | 0.53 | 0.22 | (0.77) | 0.74 | (0.89) | (1.73) | |
| 8 | Other Comprehensive Income, net of tax | 0.53 | 0.22 | (0.77) | 0.74 | (0.89) | (1.73) |
| 9 | Total Comprehensive Income for the period/ year (7+8) | 8.11 | (30.30) | 12.02 | (22.20) | 86.13 | 119.14 |
| 10 Paid Up Equity Share Capital (Face Value of the share ₹2/- | |||||||
| each) | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | |
| 11 Other equity | 830.43 | ||||||
| 12 Earnings Per Share (EPS) (in ₹) (not annualised) | |||||||
| a) Basic | 0.79 | (3.17) | 1.33 | (2.38) | 9.04 | 12.55 | |
| b) Diluted | 0.79 | (3.17) | 1.33 | (2.38) | 9.04 | 12.55 | |
| 13 Capital Redemption Reserve | 2.34 | 2.34 | |||||
| 14 Net Worth | 826.89 | 849.09 | |||||
| 15 Debt Service Coverage Ratio (DSCR) | 0.05 | 8.85 | |||||
| 16 Interest Service Coverage Ratio (ISCR) | 0.05 | 8.85 | |||||
| 17 Debt Equity Ratio | 1.05 | 0.59 |
NOTES:
1 The Audit Committee has reviewed and the Board of Directors has approved the above results at their respective meetings held on October 28, 2020.
2 Exceptional Items :
| ₹ in Crores | ||||||
|---|---|---|---|---|---|---|
| PARTICULARS | QUARTER ENDED(UNAUDITED) | HALF YEAR ENDED(UNAUDITED) | YEAR ENDED(AUDITED) | |||
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | |
| Platinum Jubilee Expenses* | - | - | (1.71) | - | (1.71) | (4.03) |
| Total | - | - | (1.71) | - | (1.71) | (4.03) |
* The Company commenced its Platinum Jubilee year on September 27, 2018. To mark the momentous milestone the Company held, throughout the previous year, various events and programmes, ran special media campaigns and printed special publications. Owing to the singular frequency of costs related to the milestone, such costs were recognised as exceptional.
3 The results for the quarter and half year ended September 30, 2020 are not comparable with those for the corresponding previous periods, owing to the impact of COVID-19 on the Company's operations. While the Company continues to monitor the economic effects of the pandemic, including recovery of assets, and take steps to improve operational and financial efficiencies, the ultimate impact may be different from that presently estimated and would be recognized in the financial results when material changes to economic conditions arise.
4 The Code on Social Security, 2020 ('the Code') received presidential assent on September 28, 2020. However, the date on which the Code will come into effect has not yet been notified. The Company will assess the impact of the Code on its books of account in the period(s) in which the provisions of the Code becomes effective.
5 Additional disclosure as per regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015.
i The Company has allotted unsecured redeemable non-convertible debentures (NCDs) on June 1, 2020. Total Non-Convertible Debenture of the Company outstanding as on September 30, 2020 are Rs. 350 crore. The asset cover in respect of the non-convertible debenture of the Company as on September 30, 2020 exceeds hundred percent of the principal amount of the said listed unsecured Non-Convertible Debentures.
| ii Details of Non - Convertible Debentures are as follows : | ₹ in Crores | ||||
|---|---|---|---|---|---|
| Previous Due Date | Next Due Date | ||||
| PARTICULARS | Amount | Date | Amount | Date | |
| 7.65% Non-Convertible Debenture (Series - I) - Principal | - | -175.00 | 01-Jun-23 | ||
| 7.65% Non-Convertible Debenture (Series - I) - Interest | - | - | 13.39 | 01-Jun-21 | |
| 7.65% Non-Convertible Debenture (Series - II) - Principal | - | -175.00 | 01-Jun-23 | ||
| 7.65% Non-Convertible Debenture (Series - II) - Interest | - | - | 13.39 | 01-Jun-21 |
iii The NCDs issued by the Company are rated CARE AA+ (Outlook : Negative)
iv Formula used for calculation of ratios :
Net worth as per section 2(57) of the Companies Act, 2013
DSCR = [Earnings before interest, Tax and Exceptional Items] / [Interest expenses + Principal repayments made during the period for long term loans] ISCR = [Earnings before Interest, Tax and Exceptional Items] / Interest expenses
6 Details of Commercial Papers are as follows : ₹ in Crores
Debt / Equity Ratio = Total Debt / Equity
| Period | AmountOutstanding | Rating |
|---|---|---|
| September 30, 2020 | 150.00 | CARE A1+, |
| CRISIL A1+ | ||
| March 31, 2020 | 50.00 | CARE A1+, |
| CRISIL A1+ |
Movement and repayment of Commercial Papers is given in "Annexure A".
7 Previous period / year's figures have been regrouped / rearranged, wherever necessary.
Date : October 28, 2020 Place : Mumbai
For BLUE STAR LIMITED
Vir S. Advani Vice Chairman and Managing Director (DIN : 01571278)
BLUE STAR LIMITED
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020
| ₹ in Crores | |||
|---|---|---|---|
| SR. | AS AT | AS AT | |
| NO | PARTICULARS | (UNAUDITED) | (AUDITED) |
| 30.9.20 | 31.3.20 | ||
| A | ASSETS | ||
| 1. Non-Current Assets | |||
| (a) Property Plant and Equipment | 236.06 | 250.65 | |
| (b) Right-of-use assets | 45.37 | 54.52 | |
| (c) Capital Work in Progress | 62.12 | 56.75 | |
| (d) Investment Property | 48.37 | 49.81 | |
| (e) Intangible Assets | 47.26 | 51.13 | |
| (f) Intangible Assets under development | 13.00 | 11.01 | |
| (g) Financial Assets | |||
| - Investments | 220.88 | 220.88 | |
| - Loans | 30.30 | 21.13 | |
| - Other Financial Assets | 4.97 | 4.58 | |
| (h) Income tax Asset (Net) | 110.87 | 93.44 | |
| (i) Deferred Tax Assets (Net) | 59.94 | 58.48 | |
| (j) Other non current assets | 57.42 | 60.56 | |
| Total - Non Current Assets | 936.56 | 932.94 | |
| 2. Current Assets | |||
| (a) Inventories | 629.02 | 849.65 | |
| (b) Financial Assets | |||
| -Investments | 196.81 | - | |
| -Loans | 15.63 | 13.87 | |
| -Trade Receivables | 555.09 | 745.83 | |
| -Cash and cash equivalents | 188.55 | 218.18 | |
| -Other bank balances | 3.57 | 7.79 | |
| -Other Financial Assets | 0.28 | 2.30 | |
| (c) Other Current Assets | 440.80 | 543.11 | |
| Asset held for sale | 0.08 | 0.08 | |
| Total Current AssetsTOTAL - ASSETS | 2,029.832,966.39 | 2,380.813,313.75 | |
| B | EQUITY AND LIABILITIES | ||
| 1. Equity | |||
| (a) Equity Share Capital | 19.26 | 19.26 | |
| (b) Other Equity | 808.23 | 830.43 | |
| Total Equity | 827.49 | 849.69 | |
| 2. Non-Current Liabilities | |||
| (a) Financial Liabilities | |||
| - Borrowings | 382.48 | 41.88 | |
| - Lease Liability | 32.60 | 37.72 | |
| (b) Provisions | 11.80 | 13.13 | |
| (c) Government Grants | 9.75 | 9.38 | |
| Total - Non-current liabilities | 436.63 | 102.11 | |
| 3. Current Liabilities | |||
| (a) Financial Liabilities | |||
| -Borrowings | 464.26 | 449.04 | |
| -Trade Payables | |||
| a. Total outstanding dues of Micro Enterprises and small enterprises | 32.20 | 44.08 | |
| b. Total outstanding dues of creditors other than Micro Enterprises and small | 757.27 | 1,394.49 | |
| enterprises | |||
| - Lease Liability | 18.47 | 21.42 | |
| -Other Financial Liabilities | 33.58 | 30.18 | |
| (b) Provisions | 56.32 | 53.19 | |
| (c) Government Grants | 2.11 | 3.52 | |
| (d) Other Current Liabilities | 338.06 | 366.03 | |
| Total - Current Liabilities | 1,702.27 | 2,361.95 | |
| TOTAL - EQUITY AND LIABILITIES | 2,966.39 | 3,313.75 |
For BLUE STAR LIMITED
Date : October 28, 2020 Place : Mumbai
Vir S. Advani Vice Chairman and Managing Director (DIN : 01571278)
0 0
BLUE STAR LIMITED STANDALONE CASH FLOW STATEMENT FOR HALF YEAR ENDED SEPTEMBER 30, 2020
| ₹ in CroresHALF YEAR ENDED | ||||
|---|---|---|---|---|
| (UNAUDITED) | ||||
| SEPTEMBER 30,2020 | SEPTEMBER 30,2019 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Profit/ (Loss) before Tax | (32.40) | 127.41 | ||
| Adjustments to reconcile profit before tax to net cash flows | ||||
| Depreciation/ amortization | 39.51 | 40.45 | ||
| Amortisation of Government Grant | (1.05) | (18.60) | ||
| Fair Value (Gain)/ loss on financial instruments | 2.08 | (3.11) | ||
| Loss on sale of property, plant and equipment | 0.34 | 0.14 | ||
| Bad debts written off and provision for doubtful debts | 20.92 | 14.24 | ||
| Unrealized foreign exchange loss/ (gain) | (6.71) | 6.10 | ||
| Liabilities written back | (4.40) | (3.45) | ||
| Finance cost | 37.98 | 16.05 | ||
| Interest income | (4.73) | (5.16) | ||
| Income from mutual funds | (1.74) | (0.85) | ||
| Dividend income | (2.40) | (3.05) | ||
| OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES | 47.40 | 170.17 | ||
| Increase/ (Decrease) in working capital : | ||||
| Trade payables | (638.36) | (438.41) | ||
| Provisions | 2.94 | (2.37) | ||
| Other current liabilities | (35.02) | 17.39 | ||
| Trade receivables | 168.10 | 263.90 | ||
| Inventories | 220.61 | 284.71 | ||
| Loans | (10.93) | (1.47) | ||
| Other assets | 108.11 | (26.98) | ||
| Cash generated from operations | (137.15) | 266.94 | ||
| Direct taxes paid (net of refunds) | (9.81) | (49.55) | ||
| Net cash flow from/ (used in) operating activities (A) | (146.96) | 217.39 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase of Property plant and equipment, including Capital work-in-progress and capital | ||||
| advances | (15.50) | (16.59) | ||
| Payment for obligation towards guarantee for Joint Venture | - | (19.24) | ||
| Purchase of investments | (196.81) | (9.50) | ||
| Proceeds from sale of Property, Plant and Equipment | 0.16 | 0.33 | ||
| Interest received | 4.36 | 5.08 | ||
| Income from mutual funds | 1.74 | 0.85 | ||
| Dividends received | 2.40 | 3.05 | ||
| Net cash flow from/ (used in) investing activities (B) | (203.65) | (36.02) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds/ (Repayment) from Short Term Borrowings (net) | (14.78) | (57.55) | ||
| Proceeds from Long Term Borrowings | 350.00 | 50.00 | ||
| Repayment of Long Term Borrowings | (1.87) | - | ||
| Inter Corporate Deposit Received from Subsidiary | 30.00 | 35.00 | ||
| Repayment of Lease Liabilities | (10.67) | (7.81) | ||
| Interest and Bank charges | (29.81) | (16.91) | ||
| Dividend paid on equity shares (including Dividend Distribution Tax) | (1.89) | (115.65) | ||
| Net cash flow from/ (used in) in financing activities (C) | 320.98 | (112.92) | ||
| NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C) | (29.63) | 68.45 | ||
| Cash and cash equivalents at the beginning of the period | 218.18 | 21.79 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 188.55 | 90.24 |
For BLUE STAR LIMITED
Date : October 28, 2020 Place : Mumbai
Vir S. Advani Vice Chairman and Managing Director (DIN : 01571278)
Annexure A Additional disclosure on Commercial Papers as per regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, for the half year ended September 30, 2020
| Sr.No. | ISIN | Date of Issue | Maturity Date | Principal Amount(₹ in Crores) | Whether paidon due date ornot | OutstandingAmount as onSeptember 30, 2020(₹ in Crores) |
|---|---|---|---|---|---|---|
| 1 | INE472A14LO4 | 24-03-2020 | 12-06-2020 | 50.00 | Yes | - |
| 2 | INE472A14LQ9 | 07-04-2020 | 29-06-2020 | 50.00 | Yes | - |
| 3 | INE472A14LQ9 | 08-04-2020 | 29-06-2020 | 25.00 | Yes | - |
| 4 | INE472A14LS5 | 09-04-2020 | 30-06-2020 | 25.00 | Yes | - |
| 5 | INE472A14LS5 | 13-04-2020 | 30-06-2020 | 50.00 | Yes | - |
| 6 | INE472A14LR7 | 09-04-2020 | 28-08-2020 | 25.00 | Yes | - |
| 7 | INE472A14LV9 | 17-06-2020 | 15-09-2020 | 50.00 | Yes | - |
| 8 | INE472A14LT3 | 29-04-2020 | 23-10-2020 | 50.00 | Not due | 50.00 |
| 9 | INE472A14LU1 | 10-06-2020 | 15-03-2021 | 100.00 | Not due | 100.00 |
BLUE STAR LIMITED 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 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020
| ₹ in Crores | |||||||
|---|---|---|---|---|---|---|---|
| SR.NO. | PARTICULARS | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | YEAR ENDED(AUDITED) |
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | ||
| Revenue from operations | 902.12 | 626.02 | 1,249.47 | 1,528.14 | 2,824.92 | 5,360.19 | |
| Other Income | 5.86 | 8.61 | 10.60 | 14.47 | 32.26 | 44.70 | |
| 1 | Total Income | 907.98 | 634.63 | 1,260.07 | 1,542.61 | 2,857.18 | 5,404.89 |
| 2 | Expenses | ||||||
| a) Cost of raw materials consumed (including direct project andservice cost) | 489.20 | 209.15 | 718.38 | 698.35 | 1,492.55 | 3,108.84 | |
| b) Purchase of Stock in trade | 85.43 | 153.37 | 178.31 | 238.80 | 414.54 | 917.22 | |
| c) Changes in Inventories of Finished Goods, Work-in-progress andStock-in-Trade | 105.99 | 116.55 | 37.38 | 222.54 | 211.46 | (7.95) | |
| d) Employee Benefits Expense | 90.84 | 69.88 | 119.50 | 160.72 | 234.15 | 484.51 | |
| e) Depreciation and Amortisation Expense | 20.63 | 20.90 | 21.64 | 41.53 | 41.96 | 87.99 | |
| f) Finance Cost | 17.85 | 18.54 | 6.79 | 36.39 | 15.02 | 29.47 | |
| g) Other Expenses | 75.58 | 75.71 | 122.32 | 151.29 | 283.79 | 574.79 | |
| Total Expenses | 885.52 | 664.10 | 1,204.32 | 1,549.62 | 2,693.47 | 5,194.87 | |
| 3 | Profit/ (Loss) before Exceptional Items (1-2) | 22.46 | (29.47) | 55.75 | (7.01) | 163.71 | 210.02 |
| 4 | Exceptional Items (Refer note 3) | - | - | (1.71) | - | (1.71) | (4.03) |
| 5 | Profit/ (Loss) before Tax (3+4) | 22.46 | (29.47) | 54.04 | (7.01) | 162.00 | 205.99 |
| 6 | Tax Expense | ||||||
| i) Current tax | 7.54 | (11.40) | 12.96 | (3.86) | 44.89 | 37.27 | |
| ii) Deferred tax | (0.12) | 1.88 | 3.92 | 1.76 | 4.51 | 28.05 | |
| Total Tax Expense | 7.42 | (9.52) | 16.88 | (2.10) | 49.40 | 65.32 | |
| 7 | Net Profit/ (Loss) after Tax (5-6) | 15.04 | (19.95) | 37.16 | (4.91) | 112.60 | 140.67 |
| 8a | Share in Profit/ (Loss) of Joint Ventures | 0.36 | 0.35 | 0.93 | 0.71 | 2.41 | 3.03 |
| 8b | Profits attributable to Non-controlling interest | (0.08) | (0.06) | (0.15) | (0.14) | (0.23) | (0.45) |
| 9 | Net Profit/ (Loss) for the Period, (7+8) | 15.32 | (19.66) | 37.94 | (4.34) | 114.78 | 143.25 |
| Other Comprehensive Income, net of tax | |||||||
| A. Items that will not be reclassified to profit or loss (net of tax) | 0.63 | 0.14 | (0.88) | 0.77 | (1.00) | (2.01) | |
| B. Items that will be reclassified to profit or loss (net of tax) | (0.98) | (0.09) | 1.05 | (1.07) | 0.78 | 4.47 | |
| 10 | Other Comprehensive Income, net of tax | (0.35) | 0.05 | 0.17 | (0.30) | (0.22) | 2.46 |
| 11 | Total Comprehensive Income for the period/ year (9+10) | 14.97 | (19.61) | 38.11 | (4.64) | 114.56 | 145.71 |
| 12 | Paid Up Equity Share Capital (Face Value of the share - Rs. 2/-each) | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 |
| 13 | Other Equity | 763.11 | |||||
| 14 | Earnings Per Share (EPS) (in Rs.) (not annualised) | ||||||
| a) Basic | 1.59 | (2.04) | 3.94 | (0.45) | 11.92 | 14.87 | |
| b) Diluted | 1.59 | (2.04) | 3.94 | (0.45) | 11.92 | 14.87 | |
| 15 | Capital Redemption Reserve | 2.34 | 2.34 | ||||
| 16 | Net Worth | 777.11 | 781.77 | ||||
| 17 | Debt Service Coverage Ratio (DSCR) | 0.70 | 10.84 | ||||
| 18 | Interest Service Coverage Ratio (ISCR) | 0.78 | 12.72 | ||||
| 19 | Debt Equity Ratio | 1.00 | 0.59 |
NOTES:
1 The Audit Committee has reviewed and the Board of Directors has approved the above results at their respective meetings held on October 28, 2020.
2 Financial Results of Blue Star Limited (Standalone Information) :
| ₹ in Crores | ||||||
|---|---|---|---|---|---|---|
| STANDALONE | ||||||
| QUARTER ENDED | HALF YEAR ENDED | YEAR ENDED | ||||
| PARTICULARS | (UNAUDITED) | (UNAUDITED) | (AUDITED) | |||
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | |
| Revenue from operations | 803.77 | 526.20 | 1,056.23 | 1,329.97 | 2,526.90 | 4,786.49 |
| Profit before tax (after exceptional item) | 11.83 | (44.23) | 22.57 | (32.40) | 127.41 | 167.67 |
| Profit after tax | 7.58 | (30.52) | 12.79 | (22.94) | 87.02 | 120.87 |
| Total Comprehensive Income | 8.11 | (30.30) | 12.02 | (22.20) | 86.13 | 119.14 |
| 3 | Exceptional Items : | ||||||
|---|---|---|---|---|---|---|---|
| ₹ in Crores | |||||||
| QUARTER ENDED | HALF YEAR ENDED | YEAR ENDED | |||||
| PARTICULARS | (UNAUDITED) | (UNAUDITED) | (AUDITED) | ||||
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | ||
| Platinum Jubilee Expenses | - | - | (1.71) | - | (1.71) | (4.03) | |
| Total | - | - | (1.71) | - | (1.71) | (4.03) |
* The Group commenced its Platinum Jubilee year on September 27, 2018. To mark the momentous milestone the Parent held, throughout the previous year, various events and programmes, ran special media campaigns and printed special publications. Owing to the singular frequency of costs related to the milestone, such costs were recognised as exceptional.
4 The results for the quarter and half year ended September 30, 2020 are not comparable with those for the corresponding previous periods, owing to the impact of COVID-19 on the Company's operations. While the Company continues to monitor the economic effects of the pandemic, including recovery of assets, and take steps to improve operational and financial efficiencies, the ultimate impact may be different from that presently estimated and would be recognized in the financial results when material changes to economic conditions arise.
5 The Code on Social Security, 2020 ('the Code') received presidential assent on September 28, 2020. However, the date on which the Code will come into effect has not yet been notified. The Company will assess the impact of the Code on its books of account in the period(s) in which the provisions of the Code becomes effective.
6 Additional disclosure as per regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015.
i The Company has allotted unsecured redeemable non-convertible debentures (NCDs) on June 1, 2020. Total Non-Convertible Debenture of the Company outstanding as on September 30, 2020 are Rs. 350 crore. The asset cover in respect of the non-convertible debenture of the Company as on September 30, 2020 exceeds hundred percent of the principal amount of the said listed unsecured Non-Convertible Debentures.
| ii Details of Non - Convertible Debentures are as follows : | ||||
|---|---|---|---|---|
| Previous Due Date | Next Due Date | |||
| PARTICULARS | Amount | Date | Amount | Date |
| 7.65% Non Convertible Debentures (Series - I) - Principal | - | - | 175.00 | 01-Jun-23 |
| 7.65% Non Convertible Debentures (Series - I) - Interest | - | - | 13.39 | 01-Jun-21 |
| 7.65% Non Convertible Debentures (Series - II) - Principal | - | - | 175.00 | 01-Jun-23 |
| 7.65% Non Convertible Debentures (Series - II) - Interest | - | - | 13.39 | 01-Jun-21 |
iii The NCDs issued by the Company are rated CARE AA+ (Outlook : Negative)
iv Formula used for calculation of ratios :
Net worth as per section 2(57) of the Companies Act, 2013
DSCR = [Earnings before interest, Tax and Exceptional Items] / [Interest expenses + Principal repayments made during the period for long term loans] ISCR = [Earnings before Interest, Tax and Exceptional Items] / Interest expenses
Debt / Equity Ratio = Total Debt / Equity
7 Details of Commercial Papers are as follows :
| ₹ in Crores | ||
|---|---|---|
| Period | AmountOutstanding | Rating |
| September 30, 2020 | 150.00 | CARE A1+, |
| CRISIL A1+ | ||
| March 31, 2020 | 50.00 | CARE A1+, |
| CRISIL A1+ |
Movement and repayment of Commercial Papers is given in "Annexure A".
8 Previous period / year's figures have been regrouped / rearranged, wherever necessary.
Date : October 28, 2020 Place : Mumbai For BLUE STAR LIMITED
Vir S. Advani (DIN : 01571278) Vice Chairman and Managing Director
BLUE STAR LIMITED
UNAUDITED CONSOLIDATED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020
| ₹ in Crores | |||||||
|---|---|---|---|---|---|---|---|
| SR.NO. | PARTICULARS | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | HALF YEARENDED(UNAUDITED) | YEAR ENDED(AUDITED) |
| 30.9.20 | 30.6.20 | 30.9.19 | 30.9.20 | 30.9.19 | 31.3.20 | ||
| I | SEGMENT REVENUE | ||||||
| a. Electro- Mechanical Projects and Commercial Air ConditioningSystems | 540.83 | 312.44 | 783.54 | 853.27 | 1,407.48 | 2,826.67 | |
| b. Unitary Products | 318.65 | 274.85 | 377.21 | 593.50 | 1,284.10 | 2,300.61 | |
| c. Professional Electronics and Industrial Systems | 42.64 | 38.73 | 88.72 | 81.37 | 133.34 | 232.91 | |
| TOTAL SEGMENT REVENUE | 902.12 | 626.02 | 1,249.47 | 1,528.14 | 2,824.92 | 5,360.19 | |
| II | SEGMENT RESULTPROFIT/ (LOSS) BEFORE INTEREST & TAXa. Electro- Mechanical Projects and Commercial Air ConditioningSystemsb. Unitary Products | 34.4111.73 | (10.53)(3.76) | 44.5611.96 | 23.887.97 | 78.09110.87 | 120.26162.27 |
| c. Professional Electronics and Industrial Systems | 8.15 | 10.18 | 24.43 | 18.33 | 28.85 | 54.34 | |
| TOTAL SEGMENT RESULT | 54.29 | (4.11) | 80.95 | 50.18 | 217.81 | 336.87 | |
| Less: i) Interest and Other Financial Charges | 17.85 | 18.54 | 6.79 | 36.39 | 15.02 | 29.47 | |
| ii) Un-allocable Expenditure | 13.98 | 6.82 | 18.41 | 20.80 | 39.08 | 97.38 | |
| TOTAL PROFIT/ (LOSS) BEFORE TAXATION AND EXCEPTIONALITEM | 22.46 | (29.47) | 55.75 | (7.01) | 163.71 | 210.02 | |
| Exceptional items | - | - | (1.71) | - | (1.71) | (4.03) | |
| PROFIT/ (LOSS) BEFORE TAXATION | 22.46 | (29.47) | 54.04 | (7.01) | 162.00 | 205.99 | |
| III | SEGMENT ASSETS | ||||||
| a. Electro- Mechanical Projects and Commercial Air Conditioning | 1,535.53 | 1,571.20 | 1,705.34 | 1,535.53 | 1,705.34 | 1,737.05 | |
| Systemsb. Unitary Products | 684.78 | 868.49 | 726.97 | 684.78 | 726.97 | 1,001.45 | |
| c. Professional Electronics and Industrial Systems | 58.80 | 69.20 | 132.23 | 58.80 | 132.23 | 76.29 | |
| d. Un-allocable Corporate Assets | 769.29 | 837.89 | 464.44 | 769.29 | 464.44 | 624.47 | |
| TOTAL SEGMENT ASSETS | 3,048.40 | 3,346.78 | 3,028.98 | 3,048.40 | 3,028.98 | 3,439.26 | |
| IV | SEGMENT LIABILITIES | ||||||
| a. Electro- Mechanical Projects and Commercial Air Conditioning | 981.16 | 968.82 | 1,157.24 | 981.16 | 1,157.24 | 1,288.63 | |
| Systemsb. Unitary Products | 326.33 | 478.67 | 396.64 | 326.33 | 396.64 | 697.00 | |
| c. Professional Electronics and Industrial Systems | 67.77 | 82.36 | 129.21 | 67.77 | 129.21 | 83.52 | |
| d. Un-allocable Corporate Liabilities | 892.93 | 1,051.64 | 476.35 | 892.93 | 476.35 | 585.43 | |
| TOTAL SEGMENT LIABILITIES | 2,268.19 | 2,581.49 | 2,159.44 | 2,268.19 | 2,159.44 | 2,654.58 | |
| V | CAPITAL EMPLOYED | ||||||
| (Segment Assets - Segment Liabilities)a. Electro- Mechanical Projects and Commercial Air Conditioning | |||||||
| Systems | 554.37 | 602.38 | 548.10 | 554.37 | 548.10 | 448.42 | |
| b. Unitary Products | 358.45 | 389.82 | 330.33 | 358.45 | 330.33 | 304.45 | |
| c. Professional Electronics and Industrial Systems | (8.97) | (13.16) | 3.02 | (8.97) | 3.02 | (7.23) | |
| d. Un-allocable Corporate Assets less Liabilities | (123.64) | (213.75) | (11.91) | (123.64) | (11.91) | 39.04 | |
| TOTAL CAPITAL EMPLOYED IN THE COMPANY | 780.21 | 765.29 | 869.54 | 780.21 | 869.54 | 784.68 |
Note :
-
Based on the "management approach" as defined in Ind AS 108-Operating 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.
-
Unitary product segment is seasonal in nature.
-
Previous period / year's figures have been regrouped / rearranged, wherever necessary.
For BLUE STAR LIMITED
Date : October 28, 2020
Place : Mumbai Vir S. Advani Vice Chairman and Managing Director
(DIN : 01571278)
BLUE STAR LIMITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020
| ₹ in Crores | |||||
|---|---|---|---|---|---|
| SR. | AS AT | AS AT | |||
| NO. | PARTICULARS | (UNAUDITED) | (AUDITED) | ||
| 30.9.20 | 31.3.20 | ||||
| A | ASSETS | ||||
| 1. Non-Current Assets | |||||
| (a) Property Plant and Equipment | 257.72 | 274.24 | |||
| (b) Right-of-use assets | 46.17 | 55.45 | |||
| (c) Capital Work in Progress | 61.64 | 56.35 | |||
| (d) Investment Property | 60.80 | 62.71 | |||
| (e) Intangible Assets | 47.49 | 51.39 | |||
| (f) Intangible Assets under development | 13.00 | 11.01 | |||
| (g) Investment in Associate and Joint Venture | 18.10 | 16.87 | |||
| (h) Financial Assets | |||||
| -Loans | 28.49 | 19.28 | |||
| -Other Financial Assets | 4.97 | 4.62 | |||
| (i) Income tax Asset | 110.90 | 91.46 | |||
| (j) Deferred Tax Assets (Net) | 79.43 | 81.75 | |||
| (k) Other Non Current Assets | 61.51 | 62.92 | |||
| Total - Non Current Assets | 790.22 | 788.05 | |||
| 2. Current Assets | |||||
| (a) Inventories | 642.22 | 869.82 | |||
| (b) Financial Assets | |||||
| -Investments | 196.81 | - | |||
| -Loans | 17.92 | 14.63 | |||
| -Trade Receivables | 644.59 | 837.67 | |||
| -Cash and cash Equivalents | 227.61 | 286.15 | |||
| -Other Bank Balances | 3.58 | 7.79 | |||
| -Other Financial Assets | 0.16 | - | |||
| (c) Other Current Assets | 525.21 | 635.07 | |||
| Asset held for sale | 0.08 | 0.08 | |||
| Total - Current Assets | 2,258.18 | 2,651.21 | |||
| TOTAL - ASSETS | 3,048.40 | 3,439.26 | |||
| B | EQUITY AND LIABILITIES | ||||
| 1. Equity | |||||
| (a) Equity Share Capital | 19.26 | 19.26 | |||
| (b) Other Equity | 758.45 | 763.11 | |||
| Equity attributable to equity holders of the company | 777.71 | 782.37 | |||
| 2. Non Controlling Interest | 2.50 | 2.31 | |||
| Total Equity | 780.21 | 784.68 | |||
| 3. Non-Current Liabilities | |||||
| (a) Financial Liabilities | |||||
| -Borrowings | 386.53 | 47.71 | |||
| -Lease Liability | 32.96 | 38.54 | |||
| (b) Long term Provisions | 11.93 | 13.26 | |||
| (c) Government Grant | 9.75 | 9.38 | |||
| Total - Non-current liabilities | 441.17 | 108.89 | |||
| 4. Current Liabilities | |||||
| (a) Financial Liabilities | |||||
| -Borrowings | 366.22 | 401.23 | |||
| -Trade Payables | |||||
| a. Total Outstanding dues of Micro Enterprises and Small Enterprises | 32.20 | 44.08 | |||
| b. Total Outstanding dues of creditors other than Micro Enterprises and | |||||
| Small Enterprises | 886.44 | 1,538.28 | |||
| -Lease Liability | 18.68 | 21.24 | |||
| -Other Financial Liabilities | 36.70 | 33.37 | |||
| (b) Provisions | 68.25 | 64.98 | |||
| (c) Government Grants | 2.11 | 3.52 | |||
| (d) Income Tax Liabilities (Net) | 12.71 | 1.43 | |||
| (e) Other Current Liabilities | 403.71 | 437.56 | |||
| Total - Current liabilities | 1,827.02 | 2,545.69 | |||
| TOTAL - EQUITY AND LIABILITIES | 3,048.40 | 3,439.26 |
For BLUE STAR LIMITED
Vir S. Advani Vice Chairman and Managing Director (DIN : 01571278)
BLUE STAR LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR HALF YEAR ENDED SEPTEMBER 30,2020
| ₹ in Crores | |||
|---|---|---|---|
| HALF YEAR ENDED | |||
| (UNAUDITED) | |||
| SEPTEMBER 30, | SEPTEMBER 30, | ||
| 2020 | 2019 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Profit/ (Loss) before Tax | (7.01) | 162.00 | |
| Adjustments to reconcile profit before tax to net cash flows | |||
| Depreciation/ amortization | 41.53 | 41.96 | |
| Amortisation of Government Grant | (1.05) | (18.60) | |
| Fair Value (Gain)/ loss on financial instruments | 2.08 | (2.56) | |
| Loss/(Profit) on sale of Property, plant and equipment | 0.38 | (0.07) | |
| Bad debts written off and provision for doubtful debts | 22.14 | 15.12 | |
| Unrealized foreign exchange loss/ (gain) | (6.77) | 4.70 | |
| Liabilities written back | (4.97) | (3.87) | |
| Finance cost | 36.39 | 15.04 | |
| Interest income | (5.85) | (5.48) | |
| Income from mutual fund | (1.74) | (0.86) | |
| OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES | 75.13 | 207.38 | |
| Increase/ (Decrease) in working capital : | |||
| Trade Payables | (652.27) | (380.02) | |
| Provisions | 2.03 | (1.09) | |
| Other current liabilities | (40.82) | 27.53 | |
| Trade receivables | 169.12 | 197.91 | |
| Inventories | 227.60 | 279.96 | |
| Loans | (12.51) | (1.81) | |
| Other assets | 111.74 | (54.99) | |
| Cash generated from operations | (119.98) | 274.87 | |
| Direct taxes paid (net of refunds) | (4.13) | (52.20) | |
| Net cash flow from/ (used in) operating activities (A) | (124.11) | 222.67 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of Property Plant and equipment, including Capital work-in-progress and | (14.81) | (17.43) | |
| capital advances | |||
| Purchase of investments | (196.81) | (9.50) | |
| Payment for obligation towards guarantee given for Joint Venture | - | (19.24) | |
| Proceeds from sale of Property, Plant and Equipment | 0.16 | 2.34 | |
| Interest received | 5.48 | 5.40 | |
| Dividends received from Joint Venture | - | 1.20 | |
| Income from mutual fund | 1.74 | 0.86 | |
| (204.24) | (36.37) | ||
| Net cash flow from/ (used in) investing activities (B) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds/ (repayment) from Short Term Borrowings | (35.01) | (53.51) | |
| Proceeds from Long Term Borrowings | 350.00 | 50.00 | |
| Repayment of Long Term Borrowings | (3.77) | (1.52) | |
| Repayment of Lease Liabilities | (11.21) | (7.16) | |
| Interest and Bank charges | (28.31) | (15.86) | |
| Dividend paid on equity shares (including Dividend Distribution Tax) | (1.89) | (115.65) | |
| Net cash flow from/ (used in) in financing activities (C) | 269.81 | (143.70) | |
| NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C) | (58.54) | 42.60 | |
| Cash and cash equivalents at the beginning of the period | 286.15 | 83.86 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 227.61 | 126.46 |
For BLUE STAR LIMITED
Date : October 28, 2020 Place : Mumbai
Vir S. Advani Vice Chairman and Managing Director (DIN : 01571278)
Annexure A Additional disclosure on Commercial Papers as per regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, for the half year ended September 30, 2020
| Sr.No. | ISIN | Date of Issue | MaturityDate | Principal Amount(₹ in Crores) | Whether paidon due dateor not | Outstanding Amountas on September 30,2020 (₹ in Crores) |
|---|---|---|---|---|---|---|
| 1 | INE472A14LO4 | 24-03-2020 | 12-06-2020 | 50.00 | Yes | - |
| 2 | INE472A14LQ9 | 07-04-2020 | 29-06-2020 | 50.00 | Yes | - |
| 3 | INE472A14LQ9 | 08-04-2020 | 29-06-2020 | 25.00 | Yes | - |
| 4 | INE472A14LS5 | 09-04-2020 | 30-06-2020 | 25.00 | Yes | - |
| 5 | INE472A14LS5 | 13-04-2020 | 30-06-2020 | 50.00 | Yes | - |
| 6 | INE472A14LR7 | 09-04-2020 | 28-08-2020 | 25.00 | Yes | - |
| 7 | INE472A14LV9 | 17-06-2020 | 15-09-2020 | 50.00 | Yes | - |
| 8 | INE472A14LT3 | 29-04-2020 | 23-10-2020 | 50.00 | Not due | 50.00 |
| 9 | INE472A14LU1 | 10-06-2020 | 15-03-2021 | 100.00 | Not due | 100.00 |