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Blue Star Q4 Review: ICICI Securities Maintains 'Add' On Healthy Results, But Cuts Target Price — Here's Why
While ICICI Securities remains positive on Bluestar due to its healthy growth potential in the RAC industry and established competitive advantages, near-term performance shall be challenging.
08 May 2025, 10:50 AM IST 
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Due to up-stocking by channel partners and harsh summer conditions, there was strong growth in Blue Star's room AC business in Q4 FY25 YoY.
(Photo: Media Gallery)
Blue Star reported revenue/Ebitda/adjusted PAT growth of 20.8%/15.5%/20.6% YoY. Gross and Ebitda margin contracted 59 bps and 32 bps due to change in revenue mix primarily led by revenue decline of professional electronics. With 346 bps lower effective tax rate, PAT growth was 20.6% YoY.
