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Dolat Capital Report
During Q1 FY23, Blue Star Ltd. exhibited 87% revenue growth (three year compound annual growth rate at 8%), mainly led by unitary products segment (up 122%), which was in line with Voltas Ltd.'s UCP (up 125%) and Lloyds (up 120%).
Room air conditioner category surged 163%, surpassed pre-pandemic sales.
We are enthused by the Ebit margin expansion of UCP segment (up 380 basis points), compared to Voltas (down 460 bps) and operating loss in Lloyds.
Management targets the segment to post 8-10% margins in short term.  Room AC market share was maintained at 13.2%, despite price hike of 2-3% in April 2022.
Another price hike is likely in Q2 due to BEE rating change. In commercial AC, Blue Star gained market share in all product categories.
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