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:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.