Blue Star advanced 1.89% to Rs 1006.45 after the company said that it has secured water projects orders totaling Rs 375 crore, thereby successfully marking its foray into the water projects business.
The company has secured three rural water supply orders from the Department of Rural Water Supply and Sanitation (RWSS), Government of Odisha.
The first order, worth Rs 126.51 crore, is for the execution of mega piped water supply (PWS) to 144 villages in Baliapal Block of Balasore District, Odisha, including five years of operation & maintenance.
Another order, worth Rs 62.16 crore, is for the execution of mega PWS to 72 villages under 11 Gram Panchayats of Nischintakoili block of Cuttack district, Odisha, including five years of operation & maintenance.
A third order, worth Rs 186.68 crore, is for the execution of mega PWS to 13 Gram Panchayats (GPs) of Banki, 17 GPs of Dampada, and two GPs of Baranga Block, in Cuttack district, Odisha, including 5 years operation & maintenance.
The scope of all the above orders comprises field investigation and total station survey; soil investigation; hydraulic and structural design; procurement, construction, and erection of electro-mechanical equipment; testing and commissioning; and operation & maintenance; with a completion period of 24 months.
With the company's foray into the water business, Blue Star has entered into its next phase of expansion in the projects business category.
B Thiagarajan, managing director, Blue Star, adds, We are already an established player in both the products and the projects businesses.
For quite some time now, we have been focusing on capitalising on our project management expertise to expand our project management credentials by venturing into new/related projects, and our entry into the water projects business is a step forward in this direction. We intend to significantly, further spread our wings in the projects space in the coming years.
Blue Star is an air-conditioning and commercial refrigeration company. The company conducts various activities, such as electrical, plumbing and fire-fighting services. Its segments include electro-mechanical projects and packaged air conditioning systems, and unitary products.
On consolidated basis, the company's net profit surged to Rs 74.25 crore in Q1 FY23 from Rs 12.69 crore recorded in Q1 FY22. Consolidated net sales climbed 87.3% to Rs 1,970.32 crore in Q1 FY23 as against Rs 1,052.04 crore posted in the corresponding quarter previous year.
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