Blue Star fell 1.82% to Rs 635 after the company's consolidated net profit slumped 59.6% to Rs 15.32 crore on 27.8% fall in net sales to Rs 902.12 crore in Q2 FY21 over Q2 FY20.
The company said that after a challenging first quarter, Q2FY21 witnessed an encouraging revival in business activities with unlocks and easing of restrictions and consequent improvement in the consumer sentiment, the business scale continues to be below pre-COVID levels.
On the segmental front, revenue of the electro-mechanical projects and commercial air conditioning systems was Rs 540.83 crore (down 31% YoY), unitary products revenues were Rs 318.65 crore (down 15.5% YoY) and the revenue of professional electronics and industrial systems business was Rs 42.64 crore (down 51.9% YoY) in Q2FY21.
Profit before tax (PBT) in Q2 September 2020 stood at Rs 22.46 crore, down by 58.4% from Rs 54.04 crore in Q2 September 2019. Current tax expense in the second quarter declined by 41.8% to Rs 7.54 crore from Rs 12.96 crore in the same period last year.
Vir Advani, vice chairman & managing director, Blue Star said, This quarter was relatively encouraging as we witnessed much needed demand revival with easing of government restrictions.
Consequently, we experienced a gradual recovery across all our business segments in Q2FY21 and we expect the revenue recovery to accelerate further underpinned by the festival season and backed by our comprehensive range of products and solutions including the newly launched ACs with Virus Deactivation Technology.
At the same time, our focus will continue to be on efficient management of working capital and operating costs. We are very optimistic about improving our performance for the forthcoming quarters of FY21.
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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
