Blue Star gained 1.30% to Rs 826.30 after the company announced the launch of a new range of commercial refrigeration products and solutions which are ideal for storing vaccines.
The company has launched ice lined refrigerators (+2C to +8C) and vaccine transporters (+8C to -20C). These products comprise specifically designed, temperature controlled refrigerators and transporters, which are integral for building a robust ecosystem for vaccine distribution in India.Ice lined refrigerators are Ideal for vaccination programmes due to their ability to maintain a desired temperature even without power for up to as long as 48 hours, ensuring lower spoilage of vaccines while in storage through inevitable power cuts.
Vaccine transporters are perfect for transport of vaccines to remote corners of the country since they maintain desired low temperatures even while in transit by working off the battery of any four-wheel vehicle.
Further, the company also announced the launch of touchless storage water coolers and softpush bottled water dispensers, which are designed to help maintain hygiene.
The company, with a CAPEX of around Rs 130 crore, is in the process of setting up a new plant at its existing facility at Wada (Thane District) in Maharashtra to expand the manufacturing capacity of its deep freezers and storage water coolers, to cater to the rising demand for commercial refrigeration products. With the new plant, Blue Star will be doubling its production capacity for deep freezers. This new plant, being constructed on a built-up area of around 19,300 sq m, will have a capacity to produce around 2,00,000 deep freezers and 1,00,000 storage water coolers per annum. It is in the advanced stages of completion and is likely to be commissioned towards the end of this year.
B Thiagarajan, managing director, Blue Star, said, The need for commercial refrigeration in India is increasingly becoming vital across industries be it for Pharmaceutical or Healthcare, Agriculture, Hospitality, Food Processing, or Dairy, amongst others. In fact, compared to the developed countries, commercial refrigeration adoption in India is only at a sub-5% level, which translates into huge opportunities for us. Currently, with India's Pharmaceutical and Healthcare sectors witnessing heightened momentum due to the roll out of the vaccination drive and enhanced thrust by the Government to build a future-ready robust healthcare ecosystem, the demand for these products and equipment is witnessing a rapid uptick. With our proven prowess in this arena, we have been successfully catering to the varied and evolving needs of cold chains across industries.
The company's consolidated net profit soared 82% to Rs 35.86 crore on 9.1% fall in net sales to Rs 1,123.89 crore in Q3 FY21 over Q3 FY20.
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.
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