Shares of Blue Star Ltd. rose over 4% during trade on Friday after the company ended the fiscal year 2023 on a strong note with record revenue and profits and a robust carried forward order book.
The company's net profit rose 196% year-on-year to Rs 225.25 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 104.80 crore consensus estimate of analysts tracked by Bloomberg.
The company's March quarter revenue was up 16.4% to Rs 2,623.83 crore, compared with Rs 2,254.21 crore in the same period a year ago. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 2,535.31 crore.
The board also approved a bonus issue of about 9.63 crore shares in a 1:1 ratio, for a security premium of Rs 210.15 crore. After the issuance of bonus shares, the paid-up share capital of the company will double to Rs 38.53 crore. The bonus shares shall be dispatched within two months from the date of the board's approval, or by July 3, 2023.
The carried forward order book for the fiscal ended March 31 grew by 55% to a record Rs 5,042.27 crore, compared to Rs 3,253.30 crore in the previous fiscal.
“We are delighted to report record financial performance in FY23... Blue Star is in its 80th year of operations, and as in the past, it has not only reinvented itself post-pandemic, but has emerged stronger," said Vir S. Advani, vice chairman and managing director, Blue Star Ltd.
Blue Star Q4 FY23 (Consolidated, YoY)
Revenue is up 16.4% at Rs 2,623.83 crore. (Bloomberg estimate: Rs 2,535.31 crore).
Ebitda is up 25.34% at Rs 179.17 crore. (Bloomberg estimate: Rs 172.49 crore).
Ebitda margin at 6.83% vs. 6.34% (Bloomberg estimate: 6.8%).
Net profit is up 195.76% at Rs 225.25 crore. (Bloomberg estimate: Rs 104.80 crore).
The board approved a final dividend of Rs 12 per share for the year ended March 2023. It also approved the issue of bonus shares in a 1:1 ratio.
Shares of Blue Star Ltd. rose 0.80% to Rs 1,448.25 apiece, compared to a 0.22% decline in the NSE Nifty 50 as of 10:45 a.m.
The stock rose as much as 4.26% intraday, the most since May 2. Total traded volume stood at 9.9 times its 30-day average. The relative strength index was 48.9.
Out of the 23 analysts tracking the company, 18 maintain a 'buy' rating and five recommend a 'hold' on the stock, according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 2.6%.
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