Blue Star Ltd — Interim / Quarterly Report 2021

Oct 28, 2020

October 28, 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.: Outcome of the Board Meeting

With reference to our letter dated October 19, 2020 and in accordance with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations'), we wish to inform you that the Board of Directors at their Meeting held today, i.e. Wednesday, October 28, 2020, have inter alia approved and taken on the record the Unaudited Standalone and Consolidated Financial Results of the Company for the second quarter and half year ended September 30, 2020 along with Limited Review Reports, pursuant to Regulation 33 and Regulation 52 of the Listing Regulations.

A copy of the aforesaid Financial Results along with the Limited Review Reports are enclosed herewith.

The Board has approved the amendment to the Company's Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders and Code of Fair Disclosure of Unpublished Price Sensitive Information (the 'Code').

The aforesaid information is being made available on the Company's website at www.bluestarindia.com

The Company had closed its Trading Window from Wednesday, October 1, 2020, pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time and the Code, and the same will open from Monday, November 2, 2020.

The meeting commenced at 4:00 p.m. and concluded at 6:30 p.m.

Thanking you, Yours faithfully, For Blue Star Limited

Z:(01) Blue Star Limited\2020-21\Stock Exchange Compliances\Regulation 30 - Information and Updates\Outcome of BM\ 28.10.2020

Chartered Accountants One International Center Tower 3, 27th -32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai – 400 013 Maharashtra, India

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

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 (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and six months ended September 30, 2020 ("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 amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the 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 express a conclusion 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

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

Subsidiaries:

• i) Blue Star Engineering and Electronics Limited
• ii) Blue Star Qatar WLL
• iii) Blue Star International FZCO
• iv) Blue Star Systems and Solutions LLC
• v) BSL AC&R (Singapore) PTE. LTD

Joint Ventures:

• i) Blue Star M & E Engineering (Sdn) Bhd
• ii) Blue Star Oman Electro-Mechanical Co. LLC
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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 amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial information of a subsidiary included in the consolidated unaudited financial results, whose interim financial information reflects total assets of Rs. 138.70 crore as at September 30, 2020 and, total revenues of Rs. 32.35 crore and Rs. 71.44 crore for the quarter and six months ended September 30, 2020 respectively, total net profit after tax of Rs. 1.48 crore and Rs. 2.70 crore for the quarter and six months ended September 30, 2020 respectively, total comprehensive income of Rs. 1.48 crore and Rs. 2.70 crore for the quarter and six months ended September 30, 2020 respectively and net cash outflows of Rs. 14.25 crore for the six months ended September 30, 2020, as considered in the Statement. These interim financial information have been reviewed by the other auditor whose report has been furnished to us by the Management.

This subsidiary is located outside India whose interim financial information has been prepared in accordance with accounting principles generally accepted in its country and has been reviewed by the other auditor under generally accepted standards on review engagements applicable in such country. The Company's management has converted the interim financial information of this subsidiary from accounting principles generally accepted in its country to accounting principles generally accepted in India, where applicable. We have reviewed these conversion adjustments made by the Company's management. Our conclusion 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 auditor, the conversion adjustments prepared by the Management of the Company and reviewed by us and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

1. The consolidated unaudited financial results includes the Group's share of profit after tax of Rs. 0.36 crore and Rs. 0.71 crore for the quarter and six months ended September 30, 2020 respectively and total comprehensive income of Rs. 0.36 crore and Rs. 0.71 crore for the quarter and six months ended September 30, 2020 respectively, as considered in the Statement, in respect of two joint ventures, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on these interim financial information certified by the Management.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner (Membership No. 101708) (UDIN: 20101708AAAAEF8440)

Place: Mumbai Date: October 28, 2020

ـــــــــــــــــــــــــــــــــــــ

							₹ in Crores
SR.NO.	PARTICULARS	QUARTERENDED	QUARTERENDED(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)	QUARTERENDED	HALF YEARENDED	HALF YEARENDED(UNAUDITED)	YEAR ENDED(AUDITED)
		30.9.20	30.6.20	30.9.19	30.9.20	30.9.19	31.3.20
							5,360.19
	Revenue from operations	902.12	626.02	1,249.47	1,528.1414.47	2,824.9232.26	44.70
	Other Income	5.86	8.61	10.60	1,542.61	2,857.18	5,404.89
1	Total Income	907.98	634.63	1,260.07
$\mathbf{2}$	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	5,194.87210.02
3	Profit/ (Loss) before Exceptional Items (1-2)	22.46	(29.47)	55.75	(7.01)	163.71	(4.03)
4	Exceptional Items (Refer note 3)			(1.71)		(1.71)162.00	205.99
5	Profit/ (Loss) before Tax (3+4)	22.46	(29.47)	54.04	(7.01)
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
$\overline{7}$	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(0.45)
8b	Profits attributable to Non-controlling interest	(0.08)	(0.06)	(0.15)	(0.14)(4.34)	(0.23)114.78	143.25
9	Net Profit/ (Loss) for the Period, (7+8)	15.32	(19.66)	37.94
	Other Comprehensive Income, net of tax						(2.01)
	A. Items that will not be reclassified to profit or loss (net of tax)	0.63	0.14	(0.88)	0.77(1.07)	(1.00)0.78	4.47
	B. Items that will be reclassified to profit or loss (net of tax)	(0.98)	(0.09)	1.05	(0.30)	(0.22)	2.46
10	Other Comprehensive Income, net of tax	(0.35)	0.05(19.61)	0.1738.11	(4.64)	114,56	145,71
11	Total Comprehensive Income for the period/ year (9+10)	14.97
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	14.872.34
	15 Capital Redemption Reserve				2.34		781.77
16	Net Worth				777.110.70		10.84
17	Debt Service Coverage Ratio (DSCR)				0.78		12.72
18	Interest Service Coverage Ratio (ISCR)				1.00		0.59
19	Debt Equity Ratio

NOTES:

$\epsilon$

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) :

		STANDALONEYEAR ENDED
PARTICULARS		QUARTER ENDED(UNAUDITED)			HALF YEAR ENDED(UNAUDITED)
	30.9.20	30.6.20	30.9.19	30,9,20	30.9.19	31.3.20
	803.77	526,20	1.056,23	,329.97	2,526,90	4,786.49
Revenue from operations	11.83	(44.23)	22.57	(32.40)	127.41	167.67
Profit before tax (after exceptional item)	7.58	(30.52)	12.79	(22.94)	87.02	120.87
Profit after tax	8.11	(30.30)	12.02	(22.20)	86.13	119.14
Total Comprehensive Income

₹ in Crores

$$B$

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		$\blacksquare$	(1.71)		(1.71)	(4.03)
Total		$\blacksquare$	(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.

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.

Details of Non - Convertible Debentures are as follows :				₹ in Crores
	Previous Due Date		Next Due Date
PARTICULARS	Amount	Date	Amount	Date
17.65% 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 :

DQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ		₹ 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

SAS

For BLUE STAR LIMITED

Vir S. Advani

Vice Chairman and Managing Director (DIN: 01571278)

www.bluestarindia.com

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
Ŧ	SEGMENT REVENUEa. Electro- Mechanical Projects and Commercial Air ConditioningSystemsb. Unitary Products	540.83318,65	312.44274.85	783.54377.21	853.27593,50	1,407.481,284.10	2,826.672,300.61
	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
н	SEGMENT RESULTPROFIT/ (LOSS) BEFORE INTEREST & TAXa. Electro- Mechanical Projects and Commercial Air ConditioningSystems	34.41	(10.53)	44.56	23.88	78.09	120.26
	b. Unitary Products	11.73	(3.76)	11.96	7.97	110,87	162.27
	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)54.04	(7.01)	(1.71)162.00	(4.03)205.99
	PROFIT/ (LOSS) BEFORE TAXATION	22.46	(29.47)
Ш	SEGMENT ASSETSa. Electro- Mechanical Projects and Commercial Air ConditioningSystems	1,535.53	1,571.20	1,705.34	1.535,53	1.705.34	1,737,05
	b. Unitary Products	684.78	868.49	726.97	684.78	726.97	1.001.4576.29
	c. Professional Electronics and Industrial Systems	58.80	69.20	132.23	58.80	132.23	624.47
	d. Un-allocable Corporate Assets	769.29	837.89	464.44	769.293,048.40	464.443,028.98	3,439.26
	TOTAL SEGMENT ASSETS	3,048.40	3,346.78	3,028.98
IV	SEGMENT LIABILITIESa. Electro- Mechanical Projects and Commercial Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate LiabilitiesTOTAL SEGMENT LIABILITIES	981.16326.3367.77892.932.268,19	968.82478.6782.361,051.642.581.49	1.157.24396.64129.21476.352,159.44	981.16326.3367.77892.932,268.19	1,157.24396.64129.21476.352,159.44	1.288.63697.0083.52585,432,654.58
$\mathbf{V}$	CAPITAL EMPLOYED(Segment Assets - Segment Liabilities)a. Electro- Mechanical Projects and Commercial Air ConditioningSystemsb. Unitary Productsc. Professional Electronics and Industrial Systems	554.37358.45(8.97)(123.64)	602.38389.82(13.16)(213.75)	548.10330.333.02(11.91)	554.37358.45(8.97)(123.64)	548.10330.333.02(11.91)	448.42304.45(7.23)39.04
	d. Un-allocable Corporate Assets less Liabilities	780.21	765.29	869.54	780,21	869,54	784.68
	TOTAL CAPITAL EMPLOYED IN THE COMPANY

Note:

$41$

l1. 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 performan

1. Unitary product segment is seasonal in nature.3. Previous period / year's figures have been regrouped / rearranged, wherever necessary.

R G, Ш $\sqrt{2}$

For BLUE STAR LIMITED

Vir S. Advani Vice Chairman and Managing Director(DIN : 01571278)

$\infty$

Date : October 28, 2020Place : Mumbai

$\bar{z}$

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020

			₹ in Crores
SR.		AS AT	AS AT
	PARTICULARS	(UNAUDITED)	(AUDITED)
NO.		30.9.20	31.3.20
A	ASSETS
	1. Non-Current Assets	257.72	274.24
	(a) Property Plant and Equipment
	(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
	(i) 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	642.22	869.82
	(a) Inventories
	(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
в	EQUITY AND LIABILITIES
	1. Equity	19.26	19.26
	(a) Equity Share Capital	758.45	763.11
	(b) Other Equity	777.71	782.37
	Equity attributable to equity holders of the company	2.50	2.31
	2. Non Controlling Interest	780.21	784.68
	Total Equity
	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	886.44	1,538.28
	Small Enterprises
	-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

$\sqrt{\frac{2}{2}}$ Crobre

$91$

Vir S. AdvaniVice Chairman and Managing Director(DIN: 01571278)

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
Net cash flow from/ (used in) investing activities (B)	(204.24)	(36.37)
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

Date: October 28, 2020 $515$ Place : Mumbai

For BLUE STAR LIMITED

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)
	INE472A14LO4	24-03-2020	12-06-2020	50,00	Yes
$\overline{2}$	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

SAS

$IVSA$

Chartered Accountants One International Center Tower 3, 27th -32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai – 400 013 Maharashtra, India

Tele: + 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 six months ended September 30, 2020 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the 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 express a conclusion on the Statement based on our review.

3. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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 amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah (Partner) (Membership No. 101708) (UDIN: 20101708AAAAEE7600)

Place: Mumbai Date: October 28, 2020

صاحات المحمد المحمد المحمد 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 4152UNAUDIT

							₹ 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
	Other Income	7.81	526.20	1,056.23	1,329.97	2,526.90	4,786.49
1	Total Income	811.58	7.54	9.49	15.35	33.10	73,43
$\overline{2}$	Expenses		533.74	1,065.72	1,345.32	2,560.00	4,859.92
	a) Cost of raw materials consumed (including direct project andservice cost)
	b) Purchase of Stock in trade	455.81	171.68	643.95	627.49
	c) Changes in Inventories of Finished Goods, Work-in-progress	56.26	120.86	107.18	177.12	1,369.69	2,866.96
	and Stock-in-Trade	101.26	114.45			313.81	738.98
	d) Employee Benefits Expense	77.20	58,98	41.87	215.71	216.22	0.53
	e) Depreciation and Amortisation Expensef) Finance Cost	19.62	19,89	103,89	136.18	201.83	414.95
	g) Other Expenses	18.81	19.17	20,80	39.51	40.46	84.34
	Total Expenses	70.79	72.94	7.37116.38	37.98	16.05	32.37
3		799.75	577.97	1,041.44	143.73	272.82	550.09
	Profit/ (Loss) from Operations before Exceptional Items$(1-2)$				1,377.72	2,430.88	4,688.22
4	Exceptional Items (Refer note 2)	11.83	(44.23)	24.28	(32.40)	129.12
5	Profit/ (Loss) before Tax (3+4)			(1.71)		(1.71)	171.70
6	Tax Expense	11.83	(44.23)	22,57	(32.40)	127.41	(4.03)167.67
	i) Current tax
	ii) Deferred tax	5.71	(13.71)	6.98	(8.00)	38.65
	Total Tax Expenses	(1.46)		2.80	(1.46)	1.74	25.04
$\overline{7}$	Net Profit/ (Loss) after Tax (5-6)	4.25	(13.71)	9.78	(9.46)		21.76
	Other Comprehensive Income	7.58	(30.52)	12.79	(22.94)	40.39	46.80
	Items that will not be reclassified to profit or loss (net of tax)					87,02	120.87
8	Other Comprehensive Income, net of tax	0.53	0.22	(0.77)	0.74
9		0.53	0.22	(0.77)	0.74	(0.89)	(1.73)
10	Total Comprehensive Income for the period/ year (7+8)	8.11	(30.30)	12.02	(22.20)	(0.89)	(1.73)
	Paid Up Equity Share Capital (Face Value of the share ₹2/-each)					86.13	119.14
11	Other equity	19.26	19.26	19.26	19.26	19.26
12 2	Earnings Per Share (EPS) (in ₹) (not annualised)						19.26
	a) Basic						830.43
	b) Diluted	0.79	(3.17)	1.33	(2.38)
	13 Capital Redemption Reserve	0.79	(3.17)	1.33	(2, 38)	9.04	12.55
	14 Net Worth				2.34	9.04	12.55
	15 Debt Service Coverage Ratio (DSCR)				826.89		2.34
	16 Interest Service Coverage Ratio (ISCR)				0.05		849.09
	17 Debt Equity Ratio				0.05		8.85
					1.05		8.850.59

NOTES:

È

$\overline{2}$

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.

PARTICULARS	QUARTER ENDED(UNAUDITED)					HALF YEAR ENDED(UNAUDITED)			₹ in CroresYEAR ENDED
Platinum Jubilee Expenses*	30.9.20	30.6.20	30.9.19	30.9.20	(AUDITED)
Total			(1.71)		30.9.19	31.3.20
			(1.71)		(1.71)	(4.03)(4.03)
* The Company commenced its Platinum Jubilee year on September 27, 2018. To mark the momentous milestone the Company held, throughout the previousyear, various events and programmes, ran special media campaigns and printed special publications. Owing to the singular frequency of costs related to the
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 ofCOVID-19 on the Company's operations. While the Company continues to monitor the economic effects of the pandemic, including recovery of assets, and takesteps to improve operational and financial efficiencies, the ultimate impact may be different from that presently estimated and would be recognized in the financial

$S_{12}$

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 hasnot yet been notified. The Company will assess the impact o

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 :

$\sim$	Previous Due Date		Next Due Date
PARTICULARS	Amount	Date	Amount	Date
17.65% Non-Convertible Debenture (Series - I) - Principal			175.00	$01$ -Jun-23
17.65% 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 expensesDebt / Equity Ratio = Total Debt / Equity

6 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".

7 Previous period / year's figures have been regrouped / rearranged, wherever necessary.

Date: October 28, 2020 Place: Mumbai

www.bluestarindia.com

For BLUE STAR LIMITED

Vir S. Advani Vice Chairman and Managing Director (DIN: 01571278)

obre

₹ in Crores

SP

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020

SR.		AS ATAS 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
		110.87	93.44
	(h) Income tax Asset (Net)	59.94	58.48
	(i) Deferred Tax Assets (Net)	57.42	60.56
	(i) Other non current assets	936.56	932.94
	Total - Non Current Assets
	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 Assets	2,029.83	2,380.81
	TOTAL - ASSETS	2,966.39	3,313.75
в	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	382.48	41.88
	- Borrowings		37.72
	- Lease Liability	32.60
	(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	464.26	449.04
	-Borrowings
	-Trade Payables	32.20	44.08
	a. Total outstanding dues of Micro Enterprises and small enterprises
	b. Total outstanding dues of creditors other than Micro Enterprises and small	757.27	1,394.49
	enterprises	18.47	21.42
	- Lease Liability	33.58	30.18
	-Other Financial Liabilities	56.32	53.19
	(b) Provisions	2.11	3.52
	(c) Government Grants		366.03
	(d) Other Current Liabilities	338.06	2,361.95
	Total - Current Liabilities	1,702.27
	TOTAL - EQUITY AND LIABILITIES	2,966.39	3,313.75

Date : October 28, 2020Place : Mumbai

$80$

For BLUE STAR LIMITED U $\overline{c}$ Vir S. AdvantVice Chairman and Managing Director(DIN : 01571278) m

BLUE STAR LIMITED STANDALONE CASH FLOW STATEMENT FOR HALF YEAR ENDED SEPTEMBER 30, 2020

		₹ in Crores
	HALF 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
	220.61	284.71
Inventories	(10.93)	(1.47)
Loans	108.11	(26.98)
Other assets	(137.15)	266.94
Cash generated from operationsDirect 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

Date: October 28, 2020 Place: Mumbai

$$1,$

				Annexure A
				Additional disclosure on Commercial Papers as per regulation 52(4) of SEBI (Listing Obligations andDisclosure 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)
	INE472A14LO4	24-03-2020	12-06-2020	50.00	Yes
$\overline{2}$	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

$15 - 03 - 2021$

10-06-2020

$100.00$

AR $\mathbb{A}$

Not due

$\frac{100.00}{100.00}$

SAS

$\overline{9}$

INE472A14LU1