Dolat Capital: Blue Star Logs Improved Quarter; Q4 Is Vital For FY21
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Dolat Capital Report
Blue Star Ltd.’s Q2 was a gradual improvement over Q1 with revenues down 28% YoY, driven by a dip of 16% in the unitary cooling business at Rs 3 billion.
The project business was down 31%, impacted due to sites with sites operating at 65-70% levels in Q2 as they open up.
While revenues came in line, Ebitda and profit after tax were better than estimates.
Both the businesses are expected to show improvement as the economy opens up, with company expecting better H2 margins.
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