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Motilal Oswal Report
Blue Star Ltd. FY20 Annual Report highlights the company's focus on improving working capital, enhancing manufacturing facilities, deepening its reach, consolidating global presence in key markets like the Middle East, and increasing research and development/advertisement spends.
Blue Star was successful in reducing its working capital (WC) cycle in FY20. As percentage of sales, WC stood at 6.2% in F20 (versus 10.6% in FY19) due to debtor days declining to 57 days in FY20 (versus 78 days in FY19).
Free cash flow (FCF) generated stood at Rs 3.7 billion in FY20, implying FCF/Ebitda of 131% and FCF/adjusted profit after tax (PAT) of 252%. Over FY14-20, FCF generation stood strong at Rs 8.9 billion, implying 100% FCF/Adjusted PAT.
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