Blue Star Q4 Review - Uncertain Outlook, Margin Stress: ICICI Securities
Air coolers manufactured by Blue Star Ltd. (image: Company website)

Blue Star Q4 Review - Uncertain Outlook, Margin Stress: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Blue Star Ltd. has reported strong 24% YoY growth in revenue led by early arrival of summer.

Room air conditioner segment witnessed robust growth of 33% YoY versus industry growth of 27% YoY, implying a marginal increase in market share to 13.3%.

Despite 5%-8% price hikes, margin were low due to high indirect taxes and high marketing expenses.

Covid-19 second wave is likely to impact overall growth traction.

Factoring-in the higher other income in Q4 FY21, we raise earnings by 2.2% and 2.2% for FY22E and FY23E respectively.

Click on the attachment to read the full report:

ICICI Securities Blue Star Q4FY21 Result Update.pdf


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