Effective April 1, 2018, Blue Star has adopted Ind AS 115 and accordingly, has realigned its revenue recognition policies appropriately. The accounting changes have been applied with retrospective effect to each of the prior reporting periods presented.
Consolidated Performance for Q1FY19
The company has reported Revenue from Operations of Rs 1507.83 crore for the quarter ended June 30, 2018 on a consolidated basis, compared to Rs 1519.94 crore during the same period in the previous year. Prior to GST going live on July 1, 2017, the revenue reported for previous periods included excise duty. On a comparable basis the company’s revenue from operations for Q1FY18 was Rs 1405.05 crores, a growth of 7%.
The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 136.66 crores compared to Rs 110.60 crores in Q1FY18, a growth of 24%. Net Profit for the quarter increased by 20% to Rs 91.58 crores compared to Rs 76.15 crores in Q1FY18.
Other Income (including finance income) for Q1FY19 was Rs 3.34 crores compared to Rs 8.62 crores in Q1FY18. Other income in Q1FY18 was higher on account of net forex gain and interest on income tax refunds.
Financial Expenses for the quarter increased to Rs 12.10 crores from Rs 4.81 crores in Q1FY18 on account of increased working capital requirements in Q1FY19 and increased cost of funding due to tighter liquidity conditions.
Suneel M Advani, Chairman of the Board, Blue Star adds, “I am happy to see evidence of demand revival in the corporate, institutional and industrial sectors. We expect the forthcoming festival season to be good for the cooling products segment, and order finalisation in electro-mechanical projects and the professional electronics & industrial systems businesses are both looking healthy.”