Blue Star Q1 Results Review - Satisfactory, Growth Plans In Place: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Blue Star Ltd.’s Q1 FY24 revenue was ahead, profitability was in line with estimates. Unitary Products segment grew 6% driven by strong traction in commercial refrigeration business. Electro-mechanical projects and corporate and commercial segment saw healthy 19% growth. While room AC industry de-grew 10% in Q1 due to unseasonal rain, decline in room AC sales for Blue Star was much lesser. MS in room AC was maintained at 13.5%. Unitary products declined 60 basis points to 7.5% in Q1. However, management maintained margin guidance of 8-8.5% in the segment for FY24E. Focus on value engineered products, cost control measures and scale improvement will drive profitability going ahead.With healthy order inflow and execution pace in EMP segment, expected demand revival in room AC during festive season, and strong backward integration plans, growth prospects for Blue Star remain promising. We have revised our FY24/25E earnings per share estimates to Rs 19/25 respectively. Maintain 'Buy' with a revised target price of Rs 888 (35 times FY25E EPS)..Click on the attachment to read the full report:.Devyani International Q1 Review - Deceleration In Pizza Category Continues; Maintain 'Sell': Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Blue Star Q1 Results Review - Satisfactory, Growth Plans In Place: Dolat Capital

Revenue ahead, Ebitda and profit after tax in line with estimates.

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