'The company was able to successfully conclude the sale of a land parcel at Thane, thus realising a gain of Rs 170.81 crore,' said Blue Star in a stock exchange filing AC maker Blue Star on Thursday reported 196% rise in net profit at Rs 225 crore the quarter ending March 31, 2023. It reported net profit of Rs 76 crore in the year-ago period.
"The company was able to successfully conclude the sale of a land parcel at Thane, thus realising a gain of Rs 170.81 crore (net of tax Rs 139.24 crore), which is reported as exceptional income for Q4FY23," the company said in a stock exchange filing.
The company’s revenue from operations increased by 16.4% to Rs 2,624 crore for the quarter ended March 31, 2023, compared to Rs 2,254 crore during the same period in the previous year.
The Board of Directors has recommended a dividend of Rs 12 per equity share of face value Rs 2 each for FY23 and also 1:1 equity bonus issue to the shareholders.
"As and when the bonus issue is approved, the dividend post bonus for FY23 will stand revised as Rs 6 per equity share of face value Rs 2 each," the firm said.
Vir S Advani, Vice Chairman & Managing Director, Blue Star Limited said, “We are delighted to report record financial performance in FY23. During the fiscal year, we improved our market share in all the businesses, commissioned the Deep Freezer manufacturing plant at Wada and the Room Air Conditioner manufacturing unit in Sri City, enhanced our R&D capabilities, deepened our distribution reach, and set up wholly-owned subsidiaries in the US, Europe, and Japan in pursuit of expanding our global footprint.
"Blue Star is in its 80th year of operations, and as in the past, it has not only reinvented itself post the pandemic, but has emerged stronger. With the weather forecast indicating a strong summer combined with a strong carry forward order book for our B2B businesses, we are optimistic about the prospects for Q1FY24 and FY24.”
On Thursday, the company's scrip on BSE closed flat at Rs 1,437.6.