BLUE STAR LTDResult Update (CONSOLIDATED BASIS): Q2 FY19
CMP: 650.00 DEC 15th, 2018
Overweight ISIN:INE472A01039
Index Details SYNOPSIS
Blue Star Ltd is India's leading air conditioning andcommercial refrigeration company.
Consolidated revenue for the 2nd quarter registeredat Rs. 10322.00 mn from Rs. 8498.20 mn, in thecorresponding period of the previous year, up by21.46%.
During Q2 FY19, consolidated EBIDTA was Rs.630.00 mn as against Rs. 534.40 mn in thecorresponding period of the previous year, up by17.89%.
Consolidated PBT of the company for Q2 FY19registered at Rs. 317.00 mn as against Rs. 318.00mn in Q2 FY18.
Consolidated net profit stood at Rs. 195.50 mn inthe current quarter as against Rs. 227.40 mn in Q2FY18.
EPS of the company registered at Rs. 2.03 as againstRs. 2.37 in the corresponding period of previousyear.
The Revenue of the company registered a growth ofRs. 25400.30 mn in H1 FY19 as compared to Rs.23697.60 mn in H1 FY18, up by 7.19%.
During H1 FY19, PAT of the company rose by12.38% at Rs. 1111.30 mn against Rs. 988.90 mn inH1 FY18.
Carry-forward order book as at Sep 30, 2018 was Rs22166.0 mn as compared to Rs 20739.5 mn as atSep 30, 2017.
Net Borrowings of the company registered at Rs.4690 mn in H1 FY19 compared to Rs. 2990 mn inH1 FY18.
Net Sales and PAT of the company are expected togrow at a CAGR of 11% and 17% over 2017 to2020E, respectively.
Stock DataSector Consumer ElectronicsBSE Code 500067Face Value 2.0052wk. High / Low (Rs.) 845.00/507.30Volume (2wk. Avg.) 1856Market Cap (Rs. in mn.) 62595.00
h) Income Tax Assets (net) 394.10 456.10 396.81 369.03i) Deferred Tax Assets (net) 1076.60 939.70 770.55 716.62j) Other Non Current Assets (net) 297.40 333.20 516.46 712.71Sub - Total Non- Current Assets 6287.30 6503.30 6437.43 6812.54
2) Current Assetsa) Inventories 5955.80 8331.00 6248.25 5123.57b) Financial Assets
i) Loans 40.10 93.60 51.48 41.18ii) Trade Receivables 9389.80 11003.50 12323.92 13433.07iii) Cash and Cash equivalents 965.70 808.80 1116.14 1428.66iv) Bank Balances Other than Cash 0.00 0.00 26.90 28.25v) Other Financial Assets 2470.60 2835.60 3629.57 4536.96
c) Other Current Assets 1374.80 2203.30 1894.84 1800.10d) Assets Held for Sale 17.70 52.20 1.04 0.75Sub - Total Current Assets 20214.50 25328.00 25292.14 26392.54
Total Assets (1+2) 26501.80 31831.30 31729.57 33205.08EQUITY AND LIABILITIES1) EQUITY
a) Equity Share Capital 191.10 192.00 192.60 192.60b) Other Equity 7380.20 8120.80 9802.97 11717.50
Total Equity 7571.30 8312.80 9995.57 11910.102) Non – Controlling Interests 12.20 15.30 17.60 20.233) Non Current Liabilities
a) Financial Liabilitiesi) Borrowings 202.00 259.00 212.38 191.14ii) Other Financial Liabilities 0.00 33.20 39.18 45.05
b) Long Term Provisions 111.70 125.40 90.29 74.04c) Government Grants 34.90 29.50 25.08 22.57d) Income Tax Liabilities (Net) 5.90 7.50 4.88 3.66Sub - Total Non Current Liabilities 354.50 454.60 371.79 336.45
b) Government Grants 6.50 5.40 4.59 4.13c) Provisions 398.50 401.90 466.20 522.15d) Other Current Liabilities 4250.50 3581.90 4298.28 4943.02Sub - Total Current Liabilities 18563.80 23048.60 21344.61 20938.29
Total Equity and Liabilities (1+2+3+4) 26501.80 31831.30 31729.57 33205.08
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