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Blue Star Ltd Interim / Quarterly Report 2023
61425_rns_2023-01-31_a85512ef-e432-4a3d-a911-fb2c2539e7e2.pdf
Interim / Quarterly Report
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Blue Star Limited Kasturi Buildings. Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai 400 020, India. T : +9 1 22 6665 4000 F: +912266654151 www.bluestarindia.com
January 31, 2023
| BSE LimitedPhiroze Jeejeebhoy Towers,Dalal Street,Mumbai -400 001 | National Stock Exchange of India LtdExchange Plaza, C-1, Block G,Sandra Kurla Complex, Bandra (East),Mumbai -400 051 | ||||
|---|---|---|---|---|---|
| BSE Scrip Code: 500067 | NSE Symbol: BLUESTARCO |
Dear Sir/Madam,
Sub.: Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations') - Outcome of the Board Meeting
With reference to our letter dated December 28, 2022, and in accordance with Regulation 30 of the Listing Regulations, we hereby inform you that the Board of Directors (the 'Board') at its Meeting held today, i.e. Tuesday, January 31, 2023, have inter alia approved and taken on record the Un-audited Standalone and Consolidated Financial Results of the Company for the Third Quarter and Nine Months ended December 31, 2022, along with the Limited Review Reports, pursuant to Regulation 33 and 52 of the Listing Regulations.
The copies of aforesaid Financial Results along with the Limited Review Reports and Press Release issued by the Company in respect of the same are enclosed herewith.
The Company had closed its Trading Window from Sunday, January 1, 2023, pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct on Prohibition of Insider Trading, and the Trading Window shall remain closed till Thursday, February 2, 2023 (both days inclusive).
The meeting commenced at 11 :00 a.m. and concluded at ~ 25' p.m.
The above information is also available on the website of the Company at www.bluestarindia.com.
Thanking you, Yours faithfully, For Blue Star Limited
Company Raj~~rte ~ Secretary & Compliance Officer Membership No.: A10700
Deloitte Haskins 8r. Sells LLP
Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 01 3 Maharashtra, India
Tel: +91 22 6185 4000 Fax: +91 22 61 85 4101
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED
-
- We have reviewed the accompanying Statement of Unaudited Consolidated 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 net loss after tax and total comprehensive loss of its joint ventures for the quarter and nine months ended December 31, 2022 (the "Statement") being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
- 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 la id 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, and in compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Our responsibility is to express a conclusion on the Statement based on our review.
-
- 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.
- The Statement includes the results of the following entities:
Parent:
Blue Star Limited
Subsidiaries:
- i) Blue Star Engineering and Electronics Limited
- ii) Blue Star Climatech Limited
- iii) Blue Star Qatar WLL
- iv) Blue Star International FZCO
- v) Blue Star Systems and Solutions LLC
- vi) BSL AC&R (Singapore) PTE. LTD
- vii) Blue Star North America Inc.
- viii) Blue Star Europe B.V.
Joint Ventures:
- i) Blue Star M & E Engineering (Sdn) Bhd.
- ii) Blue Star Oman Electro-Mechanical Co. LLC
Deloitte Haskins Ir. Sells LLP
-
- 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 and Regulation 52 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.
-
- We did not review the interim financial information I financial results of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information I financial results reflect total revenues of z 20.35 crore and z 107.27 crore for the quarter and nine months ended December 31, 2022 respectively, total net profit after tax of z 0.08 crore and 3.90 crore for the quarter and nine months ended December 31, 2022 respectively, total comprehensive income of z 0.08 crore and z 3.90 crore for the quarter and nine months ended December 31, 2022 respectively, as considered in the Statement. These interim financial information I financial results have been reviewed by other auditors whose reports have been furnished to us by management.
These subsidiaries are located outside India whose interim financial information I financial results have been prepared in accordance with accounting principles generally accepted in their countries and which have been reviewed by their respective auditors under generally accepted standards on review engagements applicable in their respective countries. The Company's management has converted the interim financial information I financial results of these subsidiaries from accounting principles generally accepted in respective countries to accounting principles generally accepted in India. 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 these subsidiaries, is based solely on the reports of the other auditors, 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.
- The consolidated unaudited financial results includes the unaudited financial information I financial result of two subsidiaries which have not been reviewed by its auditors, whose financial information I financial result reflects total revenue of z Nil and z Nil for the quarter and nine months ended December 31, 2022 respectively, total net loss after tax of z 0.97 crore and z 0.97 crore for the quarter and nine months ended December 31, 2022 respectively, total comprehensive loss of z 0.97 crore and z 0.97 crore for the quarter and nine months ended December 31, 2022 respectively, as considered in the Statement.
The consolidated unaudited financial results also includes (i) the Group's share of net loss after tax of z 0.35 crore and z 0.87 crore for the quarter and nine months ended December 31, 2022 respectively and total comprehensive loss of z 0.35 crore and z 0.87 crore for the quarter and nine months ended December 31, 2022 respectively, as considered in the Statement, in respect of a joint venture based on its interim financial information I financial results, and (ii) the Group's share of profit I loss after tax of z Nil and z Nil for the quarter and nine months ended December 31, 2022 respectively and total comprehensive income of z Nil and ~ Nil for the quarter and six months ended December 31, 2022, as considered in the statement, in respect of a joint venture whose carrying amount of investment is fully provided for by the Group. The financial information I financial results of these joint ventures have not been reviewed by their auditors, as informed to us by the Management.
Deloitte Haskins & Sells LLP
According to the information and explanations give to us by the Management, these interim financial information I financial results are not material to the Group.
Our Conclusion on the Statement is not modified in respect of the above matters including our reliance on the interim financial information I financial results certified by the Management.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Firm's Registration No. 117366W/W-100018
(\ . Q. ~ ~--<-
Place : Mumbai Date : January 31, 2023
Samir R. Shah Partner Membership No. 101708 UDIN: 23101708BGYJAI9536
| UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022₹ in Crores | |||||||
|---|---|---|---|---|---|---|---|
| SR.NO. | PARTICULARS | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | NINE MONTHSENDED(UNAUDITED) | NINE MONTHSENDED(UNAUDITED) | YEAR ENDED(AUDITED) |
| 31.12.2022 | 30.09.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.03.2022 | ||
| $\mathbf{1}$ | Income | ||||||
| Revenue from operations | 1,788.20 | 1,576.24 | 1.506.22 | 5.334.76 | 3,798.00 | 6.045.58 | |
| Other IncomeTotal Income | 5.16 | 8.55 | 13.38 | 24.22 | 29.45 | 35.72 | |
| $\overline{2}$ | Expenses | 1,793.36 | 1,584.79 | 1,519.60 | 5,358.98 | 3,827.45 | 6,081.30 |
| a) Cost of materials consumed (including direct project andservice cost) | 1,209.42 | 1,037.54 | 1,024.73 | 3,404.66 | 2,309.80 | 3,661.98 | |
| b) Purchase of Stock in trade | 262.09 | 245.16 | 303.26 | B47.48 | 701.86 | 1.103.64 | |
| c) Changes in Inventories of Finished Goods, Stock-in-Trade andwork-in-progress | (85.42) | (73.20) | (146.49) | (101.86) | (80.86) | (50.94) | |
| d) Employee Benefits Expense | 144.64 | 142.22 | 125.33 | 421.71 | 363.09 | 508 55 | |
| e) Depreciation and Amortisation Expanse | 15.55 | 24.47 | 22.45 | 62.06 | 62.93 | 85.98 | |
| f) Finance Cost | 13.92 | 12.09 | 11.56 | 36.63 | 33.47 | 46.40 | |
| g) Other Expenses | 152.76 | 138 93 | 108.80 | 449.16 | 300.59 | 475.88 | |
| Total Expenses | 1,712.96 | 1,527.21 | 1,449.64 | 5,119.84 | 3,690.88 | 5,831.49 | |
| $\overline{\mathbf{3}}$$\ddot{a}$ | Profit before share of Profit/(Loss) of Joint Ventures (1-2)Share in Profit/(Loss) of Joint Ventures | 80.40(0.35) | 57.58(0.05) | 69.960.36 | 239.14(0.87) | 136.570.42 | 249.811.09 |
| 5 | Profit before tax (3+4) | 80.05 | 57.53 | 70.32 | 238.27 | 136.99 | 250.90 |
| 6 | Tax Expanse | ||||||
| Current tax | 19.96 | 15.40 | 17.34 | 62.78 | 34.51 | 62.98 | |
| ii) Deferred tax | 1.68 | (0.51) | 5.41 | 0.09 | 10.75 | 19.92 | |
| Total Tax Expense | 21.64 | 14.89 | 22.75 | 62.87 | 45.26 | 82.90 | |
| $\tau$ | Profit for the periods / year, (5-6) | 58.41 | 42.64 | 47.57 | 175.40 | 91.73 | 168.00 |
| Other Comprehensive Income/(Loss) | |||||||
| A. (i) Items that will not be reclassified to profit/(loss) | (0.01) | (0.13) | (0.14) | 0.44 | (0.56) | (0.13) | |
| (ii) Income Tax relating to items that will not be reclassified toProfil and Loss | (0.01) | 0.03 | 0.02 | (0.12) | 0.16 | ||
| B. (i) items that will be reclassified to profit/(loss) | 2.80 | 2.90 | 0.81 | 9.78 | 1.64 | 3.35 | |
| (ii) Income Tax relating to items that will be reclassified toProlit/(Loss) | |||||||
| 8 | Other Comprehensive Income | 2.78 | 2.80 | 0.69 | 10.10 | 1.24 | 3.22 |
| $\overline{9}$ | Total Comprehensive Income for the periods / year (7+8) | 61.19 | 45.44 | 48.26 | 185.50 | 92.97 | 171.22 |
| 10 | Profits for the period attributable to: | ||||||
| - Owners of the Company | 58.41 | 42.55 | 47.50 | 175.21 | 91.55 | 167.71 | |
| - Non-controlling interest | $\boldsymbol{\sharp}$ | 0.09 | 0.07 | 0.19 | 0.18 | 0.29 | |
| 11 | Other Comprehensive Income for the period attributable to: | ||||||
| - Owners of the Company | 2.73 | 2.71 | 0.68 | 9.85 | 1.19 | 3.13 | |
| - Non-controlling interest | 0.05 | 0.09 | 0.01 | 0.25 | 0.05 | 0.09 | |
| 12 Total Comprehensive Income for the period attributable to: | |||||||
| - Owners of the Company | 61.14 | 45.26 | 48.18 | 185.06 | 92.74 | 170.84 | |
| - Non-controlling interest | 0.05 | 0.18 | 0.08 | 0.44 | 0.23 | 0.38 | |
| 13 Paid Up Equity Share Capital (Face Value of the share - ₹, 2/- each) | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | |
| 14 | Reserve excluding Revaluation Reserves as per balance sheet of | 998.32 | |||||
| 15 | previous accounting yearEarnings Per Share (EPS) (in ₹.) (not annualised") | ||||||
$6.06$ 6.06
$\begin{array}{r} \n \text{+8.06} \ \text{2.34} \ \text{1,105.97} \ \text{766.71} \ \text{+7,73} \ \text{+8.35}\n \end{array}$
$\frac{0.69}{1.08}$ $0.80$
$0.92$
$\begin{array}{r} \n 0.16 \ \hline\n 0.16 \ \hline\n 55.75 \ \hline\n 85.14 \ \hline\n 5.86% \ \hline\n 3.26% \ \end{array}$
$\begin{array}{r} \n \textbf{4.43} \ \textbf{4.43} \ \textbf{2.34} \ \textbf{1.044.79} \ \textbf{724.55} \ \textbf{4.62} \ \textbf{4.79} \ \textbf{5.8} \ \textbf{6.9} \ \textbf{0.69} \ \textbf{1.09}\n \end{array}$
$\frac{1.09}{0.75}$
$0.92$
$0.16$ $\frac{60.50}{87.48}$ $\frac{5.43%}{2.69%}$ $4.94$ $4.94$
$\frac{2.34}{938.83}$
$\frac{8.54}{9.37}$
$\frac{0.51}{1.25}$ 0.63
$0.84$
$\begin{array}{r} 0.13 \ \hline 51.71 \ \hline 77.41 \end{array}$
$\frac{6.01%}{3.13%}$
$'18.21$ $'18.21$
$\begin{array}{r} 18.21 \ 2.34 \ 1.105.97 \ \hline 766.71 \ \underline{1.30} \ \underline{1.062} \end{array}$
$0.69$ $1.08$ 0.80
$0.92$
$0.16$
$\frac{59.94}{83.10}$ 5.88%
$3.27%$
BLUE STAR LIMITED Registered Office : Kasturi Buildings, Mohan T. Advani Chowk, Jamshedji Tata Road, Mumbal 400 020, CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152
al assist 16 Capital Redemption Reserve 17 Net Worth 18 Paid up debt capital / Outstanding debt 19 Debt Service Coverage Ratio (DSCR) (not annualised*) 20 Interest Service Coverage Ratio (ISCR) (not annualised*) 21 # Indicates amount less than ₹ 1 Lakh
a) Basicb) Diluted
$\begin{array}{r} \n \text{·}9.52 \ \hline\n \text{·}9.52 \ \hline\n 2.34\n \end{array}$
$\begin{array}{r} 2.34 \ \hline 938.83 \ 483.45 \ \hline 5.84 \ \hline 6.39 \ \hline 0.64 \end{array}$
$\frac{0.51}{1.25}$ 0.63
$0.84$
$\frac{0.13}{61.23}$ 96.14
5.36%
$2.40%$
$\frac{17.44}{17.44}$
$\begin{array}{r} \n 17.44 \ \hline\n 2.34 \ \hline\n 1.016.98 \ \hline\n 477.83 \ \hline\n 7.82 \ \hline\n 8.37 \ \hline\n \end{array}$
$\frac{0.47}{1.17}$ 0.61
$\begin{array}{r} 0.90 \ \hline 0.90 \ \hline 0.02 \ \hline 0.11 \ \hline 60.40 \ \hline 78.45 \ \hline 5.73% \ \hline \end{array}$
2.76%
NOTES-
1 The Audit Committee has reviewed and the Board of Directors has approved the above results at their respective meetings held on January 31, 2023 2 Financial Results of Blue Star Limited (Standalone Information)
| Cin Crores | |||||||
|---|---|---|---|---|---|---|---|
| STANDALONE | |||||||
| PARTICULARS | QUARTER ENDED | NINE MONTHS ENDED(UNAUDITED) | YEAR ENDED(AUDITED) | ||||
| 31.12.2022 | 30.09.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.03.2022 | ||
| Revenue from operations | .648.59 | 1,411.14 | .328.13 | 4.907.63 | 3,376.87 | 5,376.99 | |
| Profit/(Loss) before tax | 70.10 | 40.80 | 57.87 | 202.10 | 104.53 | 195.75 | |
| Profit after tax | 52.09 | 30.12 | 38.05 | 149.52 | 68.37 | 127.74 | |
| Total Comprehensive Income | 52.11 | 30.04 | 37.00 | SR 03.5 | 68.06 | 127.74 |
3 The Group continues to monitor the economic effects of COVID-19 on its business. Based on the current evaluation by the management, the carrying amounts of the assets are considered recoverable
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 Group will record any related financial impact of the Code in the books of account, in the period(s) in which the Code becomes effective.
5 Additional disclosure as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015. i The Group has allotted unsecured redeemable non-convertible debentures (NCDs) on June 1, 2020. Total Non-Convertible Debenture of the Company outstanding as on December31, 2022 are Rs.175 crore.
ii Net worth as per section 2(57) of the Companies Act. 2013
DSCR = [Earnings before interest and Tax ] / [Interest expenses + Principal repayments made during the period for long term loans]
ISCR = [Earnings before Interest and Tax ] / Interest expensesDebt / Equity Ratio = Total Debt (Non-current borrowings + current borrowings) / EquityCurrent Ratio = Current Assets / Current Liabilities
Long term debt to working capital = [Non-Current Borrowings + Current Maturities of Non-Current Borrowings] / [Current Assets less Current Liabilities (Excluding Current Matunties of Non-Current Borrowings)]
Current liability ratio = Current liabilities / Total liabilities
Current inaulty ratio = Current inaulties / Iotal liabilities /Bad debt to Account receivable ratio = Bad debt / Average gross account receivableTotal debt to total assets = Total debt (Non-current borrowings + current b
Operating margin (%) = Operating EBITDA (Profil before tax - Other income + Finance charges + Depreciation) / Revenue from operations X 100Net profil margin (%) = Profit/(Loss) for the period / Total income X 100
New products and margin (%) = Promotions and machinery and factory buildings in the current financial period. Based on review of the expected pallern of consumptionThe Group has capitalised new capacities including plant change of the method.
7 Previous periods' / year's figures have been regrouped / rearranged wherever necessary.
HASKINS Date : January 31, 2023 For BLUE STAR LIMITED Place Mumhai ্হ SRS $\delta$ HALL MUIVILLED il Creu e ς, $TP*$ Vir S. Advan www.bluestarIndla.com Vice Chairman and Managing Director(DIN: 01571278)
| ₹ in Crores | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated | ||||||||
| SR.NO | PARTICULARS | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | QUARTERENDED(UNAUDITED) | NINE MONTHSENDED(UNAUDITED) | NINE MONTHSENDED(UNAUDITED) | YEAR ENDED(AUDITED) | |
| 31.12.2022 | 30.09.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.03.2022 | |||
| SEGMENT REVENUEa. Electro-Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial SystemsTOTAL SEGMENT REVENUE | 1.000.09701.9086.211,788.20 | 959.07524.7992.381,576.24 | 829.85609.6866.691,506.22 | 2.752.592,350.90231.275,334.76 | 2.058.491,569.76169,753,798.00 | 3,194.462,603.77247.356,045.58 | ||
| $\mathbf{u}$ | SEGMENT RESULTPROFIT BEFORE INTEREST & TAXa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unilary Productsc. Professional Electronics and Industrial SystemsTOTAL SEGMENT RESULTLess: i) Interest and Other Financial Chargesa) Un-allocable Expenditure | 71.6851.8310.98134.4913.9240.17 | 60.7232.4013.80106 9212.0937.25 | 52.4138.7812.76103.9511.5622:43 | 177.57175.3630.67383.6036.63107.83 | 118.9883.8123.15230.9433.4760.90 | 194.82155.8642.49393.1746.4096.96 | |
| PROFIT BEFORE SHARE OF PROFIT/(LOSS) OF JOINT VENTURE | 80.40 | 57.58 | 69.96 | 239.14 | 136.57 | 249.31 | ||
| ш | SEGMENT ASSETSa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate AssetsTOTAL SEGMENT ASSETS | 2,089.901,707.39254.55823.194,875.03 | 1,956,451,490.40194.06770.294,411.20 | 1,706.461,390.67155.70583.223,836.05 | 2,089.901,707.39254.55823.194,875.03 | 1,706.461,390.67155.70583.223,836.05 | 1,860.721.655.44156.42640.064,312.64 | |
| IV | SEGMENT LIABILITIESa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate LiabilitiesTOTAL SEGMENT LIABILITIES | 1.594.091,059.61216.06895.553,765.31 | 1,543.78769.84174.65874.393,362.66 | 1,297.56821.68141.73632.792,893.76 | 1,594.091.059.61216.06895.553,765.31 | 1,297.56821.68141.73632.792,893.76 | 1,527.92999.10142.22622.863,292.10 | |
| $\mathbf v$ | CAPITAL EMPLOYED | |||||||
| (Segment Assets - Segment Liabilities)a. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate Assets less LiabilitiesTOTAL CAPITAL EMPLOYED IN THE COMPANY | 495.81647.7838.49(72.36)1,109.72 | 412.67720.5619.41(104, 10)1,048.54 | 408.90568.9913.97(49.57)942.29 | 495.81647.7838 49(72.36)1,109.72 | 408.90568 9913.97(49.57)942.29 | 332.80656.3414.2017.201.020.54 |
BLUE STAR LIMITED
UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
Note:1 Based on the "management approach" as defined in Ind AS 108-Operating Segments, the Chief Operating Decision Maker evaluates the Company's performance andallocates resources based on an analysis of various perform $\overline{1}$
Date : January 31, 2023Place : Mumbal
segments. 2 Unilary product segment is seasonal in mature. 3 Previous periods' / year's figures have been the company of / rearranged wherever necessary. 3 Previous periods' / year's figures have been the company of / EREDACCOUNT
AR
$\sqrt{\frac{1}{2}}$
For BLUE STAR LIMITED
Vir S. Advani Vice Chairman and Managing Director(DIN: 01571278)
Deloitte Haskins & Sells LLP
Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 01 3 Maharashtra, India
Tel: +91 22 61 85 4000 Fax: +91 22 61 85 4101
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED
-
- We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Blue Star Limited (the "Company"), for the quarter and nine months ended December 31, 2022 (the "Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
- 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, and in compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended . Our responsibility is to express a conclusion on the Statement based on our review.
-
- 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.
-
- 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 and Regulation 52 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 : 23101708BGYJAH6984
Place : Mumbai Date : January 31, 2023
| | | | | QUARTER | <b>NINE MONTHS</b> | <b>NINE MONTHS</b> | |
|----------------|------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|----------------------------------------|-----------------------------|-----------------------------|-----------------------------|--------------------------------|
| SR.<br>NO. | <b>PARTICULARS</b> | <b>QUARTER</b><br><b>ENDED</b><br>(UNAUDITED) | QUARTER<br><b>ENDED</b><br>(UNAUDITED) | <b>ENDED</b><br>(UNAUDITED) | <b>ENDED</b><br>(UNAUDITED) | <b>ENDED</b><br>(UNAUDITED) | <b>YEAR ENDED</b><br>(AUDITED) |
| | | 31.12.2022 | 30.09.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31,03.2022 |
| ٠ | Income | | | | | | |
| | Revenue from operations | | | | | | |
| | Other Incorne | 1.648.59 | 1,411.14 | 1,328.13 | 4,907.63 | 3,376.87 | 5,376.99 |
| | <b>Total Income</b> | 5.53<br>1,654.12 | 8.28<br>1,419.42 | 11.82<br>1,339.95 | 23.07<br>4,930.70 | 30.85 | 36.10 |
| | 2 Expenses | | | | | 3,407.72 | 5,413.09 |
| | a) Cost of malerials consumed (including direct project and | 1,172.22 | 1,002.37 | 931.01 | 3,286.77 | 2,135.26 | 3,379.01 |
| | service cost) | | | | | | |
| | b) Purchase of Stock In Irade | 191.87 | 153.73 | 255.90 | 631 87 | 555.27 | 868 41 |
| | c) Changes in Inventories of Finished Goods, Stock-In-Trade and | (77.40) | (63.84) | (145.62) | (73.71) | (74.23) | (48.60) |
| | work-in-progress | | | | | | |
| | d) Employee Benefits Expense | 123.68 | 118.48 | 105.60 | 356.05 | 305.52 | 421.90 |
| | o) Depreciation and Amortisation Expense | 14.76 | 23.60 | 20.37 | 60 18 | 59.04 | 80.49 |
| | f) Finance Cost | 15.86 | 13 93 | 12.96 | 42.32 | 36.66 | 51.41 |
| | g) Other Expenses | 143.03 | 130.35 | 101.86 | 423.12 | 285.67 | 444.72 |
| | <b>Total Expenses</b> | 1,584.02 | 1,378.62 | 1,282.08 | 4,728.60 | 3,303.19 | 5,217.34 |
| з | Profit before tax (1-2) | 70.10 | 40.80 | 57.87 | 202.10 | 104.53 | 195.75 |
| $\overline{4}$ | <b>Tax Expense</b> | | | | | | |
| | i) Current tax | 1641 | 11.13 | 14.22 | 52.53 | 25.32 | 48.01 |
| | ii) Deferred tax | 1.60 | (0.45) | 5.60 | 0.05 | 10.84 | 20.00 |
| | <b>Total Tax Expense</b> | 18.01 | 10.68 | 19.82 | 52.58 | 36.16 | 68.01 |
| 5 | Profit for the periods/year, (3-4) | 52.09 | 30.12 | 38.05 | 149.52 | 68.37 | 127.74 |
| | Other Comprehensive Income | | | | | | |
| | A. (i) items that will not be reclassified to profit/(loss) | 0.03 | (0.11) | (0.08) | 0.48 | (0.47) | Ħ. |
| | (ii) Income Tax relating to items that will not be reclassified to | (0.01) | 0.03 | 0.02 | (0.12) | 0.16 | ¥ |
| | Profil and Loss | | | | | | |
| 6 | Other Comprehensive Income | 0.02 | (0.08) | (0.06) | 0.36 | (0.31) | ä. |
| $\overline{7}$ | Total Comprehensive income for the periods / year (5+6) | 52.11 | 30.04 | 37.99 | 149.88 | 68.06 | 127.74 |
| 8 | Paid Up Equity Share Capital (Face Value of the share - ₹ 2/- each) | 19.26 | 19.26 | 19.26 | 19 26 | 19.26 | 19.26 |
| 9 | Reserve excluding Revaluation Reserves as per balance sheel of | | | | | | 989.05 |
| | previous accounting year | | | | | | |
| 10 | Earnings Per Share (EPS) (in ₹) (not annualised*) | | | | | | |
| | a) Basic | 5.41 | 3.13 | 3.95 | *15.52 | 7.10 | 13.26 |
| | b) Diluted | 5.41 | '3.13' | '3.95 | 15.52 | $*7.10$ | 13.26 |
| 11 | Capital Redemption Reserve | 2.34 | 2.34 | 2.34 | 2.34 | 2 3 4 | 2.34 |
| 12 | Net Worth | 1.061.29 | 1,009.18 | 947.98 | 1,061.29 | 947.98 | 1,007.71 |
| 13 | Paid up debt capital / Outstanding debt | 685.20 | 684.20 | 595.26 | 685.20 | 595 26 | 539.94 |
| 14<br>15 | Debt Service Coverage Ratio (DSCR) (not annualised*)<br>Interest Service Coverage Ratio (ISCR) (not annualised*) | $-6,38$ | \$5.57 | $*6.75$ | .13 | *4.55 | 5.88 |
| 16 | Debt Equity Ratio | 6.38 | 5.57 | 6.75 | 7.55 | 4.55<br>0.63 | 5.88<br>0.54 |
| 17 | Current Ratio | 0.65 | 0.68<br>1.05 | 0.63<br>1.19 | 0.65<br>1.02 | 1.19 | 1.12 |
| 18 | Long term debt to working capital | 1.02<br>0.73 | 0.55 | 0.80 | 0.73 | 0.80 | 0.69 |
| 19 | Current liability ratio | 0.98 | 0.97 | 0.85 | 0.98 | 0.85 | 0.92 |
| 20 | Bad debts to Account receivable ratio | | | | $\overline{\phantom{a}}$ | | 0.03 |
| 21 | Total debt to total assets | 0.16 | 0.17 | 0.16 | 0.16 | 0.16 | 0.13 |
| 22 | Debtors turnover (No. of days) | 49.05 | 55,47 | 46.89 | 54.60 | 57.62 | 58.76 |
| 23 | Inventory turnover (No. of days) | 86.34 | 94.00 | 85.99 | 85.02 | 105.80 | 86.26 |
| 24 | Operating margin (%) | 5,77% | 4.96% | 5.98% | 5.74% | 5.02% | 5:42% |
| 25 | Net profit margin (%) | 3.15% | 2.12% | 2.84% | 3.03% | 2.01% | 2.36% |
**BLUE STAR LIMITED** Registered Office : Kasturi Buildings, Mohan T. Adveni Chowk, Jamshedji Tata Road, Mumbal 400 020,<br>CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152
# Indicates amount less than ₹1 Lakh
NOTES:
1 The Audit Commillee has reviewed and the Board of Directors has approved the above results at their respective meetings held on January 31, 2023.<br>2 The Company continues to monitor the economic effects of COVID-19 on its
considered recoverable. 3 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
In Long an Social Security, 2020 (the Coole) received presentential assent on September 24, 2000. However, the dete on which condense effective.<br>Additional disclosure as per Regulation 52(4) of SEBI (Listing Obligations an
Net worm as per section 2(>7) of the Companies Act, 2013<br>IDSCR = [Eamings before Interest and Tax ] / [Interest expenses + Principal repayments made during the period for long term toans}<br>ISCR = [Eamings before Interest a Non-Current Borrowings)]<br>Current liability ratio = Current liabilities / Total liabilities
Bad debts to Account receivable ratio = Bad debts / Average gross account receivable
and weak to the allotted to the accusts of the period increments of the period increments of the period included to the accust received a state of the period increment borrowings + current borrowings) / Total assets<br>Deblor
Net provides and machinery and factory buildings in the current financial period. Based on review of the expected pattern of<br>The Company has capitalised new capacities including plant and machinery and factory buildings in aforesaid change of the method.
6 From FY23, the Company is availing the prescribed tax rate provision applicable under section 115BAA of the Income Tax Act, 1961<br>7 Previous periods' / year's figures have been regrouped / rearranged wherever necessary.
i.
| Date : January 31, 2023<br>Place : Mumbai | .<br>HASKIN. | For BLUE STAR LIMITED |
|-------------------------------------------|-----------------------------------|-------------------------------------------------------------------------|
| www.bluestarindla.com | ш<br><b>MUMBAI</b><br>▭<br>ᠣ<br>∽ | Vir S. Advani<br>Vice Chairman and Managing Director<br>(DIN: 01571278) |
| | | |
**Blue Star Limited**
# **PRESS RELEASE**
# **Blue Star's Q3FY23 Net Profit increases by 22.79% to Rs 58.41 crores, Revenue for the quarter increases by 18.72% to Rs 1788.20 crores**
With healthy order inflows in the B2B segment and robust demand in the B2C segment, Blue Star maintained the growth momentum and ended the quarter on a healthy note with good financial performance across all segments.
## **Consolidated Financial Performance for Q3FY23**
- The Company's Revenue from Operations increased by 18.72% to Rs 1788.20 crores for the quarter ended December 31, 2022, on a consolidated basis, compared to Rs 1506.22 crores during the same period in the previous year.
- The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 104.71 crores compared to Rs 90.59 crores in Q3FY22.
- During the current financial period the Company has capitalized new capacities including plant and machinery and factory buildings. The Company was hence required to review the expected pattern of consumption of future economic benefits embodied in Property, Plant and Equipment. After the review it was decided to change the depreciation method from 'Written Down Value' method to 'Straight Line Method' with effect from October 1, 2022. This led to a lower depreciation charge for the quarter by Rs 10.80 crores.
- Net Profit for the quarter was Rs 58.41 crores compared to Rs 47.57 crores in Q3FY22.
- Other Income for Q3FY23 was Rs 5.16 crores compared to Rs 13.38 crores in Q3FY22. Other Income for Q3FY22 was higher on account of a subsidy received for one of the Company's manufacturing plants.
- The Tax expense for the quarter was Rs 21.64 crores compared to Rs 22.75 crores in Q3FY22.
- Earnings per share (not annualized) for Q3FY23 (Face value of Rs 2.00) was Rs 6.06 compared to Rs 4.94 in Q3FY22.
- Carried Forward Order Book as on December 31, 2022, grew by 47.27% to a record Rs 4861.99 crores compared to Rs 3301.33 crores as on December 31, 2021.
- Net Borrowing as on December 31, 2022, stood at Rs 395.85 crores (net debt equity ratio of 0.36) compared to Rs 165.11 crores as at December 31, 2021 (net debt equity ratio of 0.18). During the current financial period the Company and its subsidiary Blue Star Climatech Limited have invested in capacity expansion projects which has caused the debt levels to increase.
## **Consolidated Segment Performance for Q3FY23**
- Revenue from the Electro-Mechanical Projects and Commercial Air Conditioning Systems segment grew by 20.51% to Rs 1000.09 crores in Q3FY23 compared to Rs 829.85 crores in Q3FY22. The Segment Result for Q3FY23 grew by 36.77% to Rs 71.68 crores compared to Rs 52.41 crores in Q3FY22. In the Electro-Mechanical Projects business, the Company continued to witness healthy order inflows from all segments including Infrastructure, Factories and Data Centers. The Company booked significant orders from the newly entered Railway Electrification segment. In the Commercial Air Conditioning business, revenue growth and the consequent scale impact enabled improvement in margins.
- Unitary Products revenue grew by 15.13% to Rs 701.90 crores in Q3FY23 compared to Rs 609.68 crores in Q3FY22. The Segment Result grew by 33.65% to Rs 51.83 crores in Q3FY23 compared to Rs 38.78 crores in Q3FY22. In the Room Air Conditioner business, despite subdued festive demand, the business registered growth with channels beginning to stock up for the upcoming season in the month of
December. The Commercial Refrigeration business continued to witness traction across all segments with a substantial increase in consumption levels. Demand from Tier 3, 4 and 5 cities, was strong enabling growth in revenue for this business.
The Professional Electronics and Industrial Systems Business revenue grew by 29.27% to Rs 86.21 crores in Q3FY23 compared to Rs 66.69 crores in Q3FY22 driven by strong demand for Healthcare solutions on the backdrop of increasing awareness and investments in the Healthcare sector. The demand for Non-Destructive Testing business from the Industrial sector and Data Security Solutions from the BFSI sector also continued to be encouraging. Segment Result was Rs 10.98 crores compared to Rs 12.76 crores in Q3FY22.
# **Consolidated Financial Performance for the nine months ended December 31, 2022**
- For the nine months ended December 31, 2022, the Company reported Revenue from Operations of Rs 5,334.76 crores compared to Rs 3798.00 crores over the same period in the previous year, a growth of 40.46%.
- Operating Profit (PBIDTA excluding Other Income and Finance Income) was Rs 313.61 crores compared to Rs 203.52 crores during the same period last year.
- Net Profit for the nine months ended December 31, 2022, at Rs 175.40 crores has crossed the Net Profit of Rs 168.00 crores earned for the full year ended March 31, 2022. Net Profit for the nine months ended December 31, 2021, was Rs 91.73 crores.
## **Outlook**
Vir S. Advani, Vice Chairman & Managing Director, Blue Star Limited adds, "This is the fifth consecutive quarter of good performance, and we expect to maintain the growth momentum in the coming quarters as well. We will continue to stay focused on rejigging our product portfolio in line with customer preferences, deepening our distribution penetration in the domestic market and expansion of our footprint in international
geographies. Simultaneously, we will continue to invest in enhancing our R&D capabilities, manufacturing capacity expansion and various programs to mitigate the supply chain risks in order to improve our competitiveness. We are optimistic about the prospects for the fourth quarter."
Place: Mumbai
Date: January 31, 2023
For additional information, please contact: R S Priya, Senior General Manager-Corporate Communications & Marketing Services, Blue Star Limited. Email: [[email protected]](mailto:[email protected]) Telephone: +91 44 42444027/ +91 98401 99941