View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports

BLUE STAR is slightly downgraded to Slightly Positive due to an increa...

The independent financial analyst theScreener just slightly lowered the general evaluation of BLUE STAR (IN), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of ...

MOSL: BLUE STAR (Sell)-Weak operating performance; UCP disappoints

BLUE STAR: Weak operating performance; UCP disappoints (BLSTR IN, Mkt Cap USD1.1b, CMP INR857, TP INR730, 15% Downside, Sell)   Inventory levels to normalize over next two months Blue Star (BLSTR) posted weak revenue in 1QFY22, in line with expectations, with the two-year revenue CAGR in the Unitary Cooling Products (UCP) segment at -25%. EBITDA came in below our estimate as rising commodity costs, the lower off-take of RACs, and higher operating costs sequentially weighed on margins. Adj...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q3FY20 results (Neutral) - Weak quarter

3QFY20 result highlights Adj. PAT at Rs212mn (+239% yoy): on low base (3Q19 Rs140mn Oman JV loss). Revenues +12.5% yoy to Rs12.4bn, while margins +76bps yoy to 4.6% resulting in 34% yoy EBITDA growth to Rs570mn. Lower other income (-41% yoy to Rs61m), higher depreciation (+22% yoy to Rs223mn) and higher tax (36%) restricted PAT. RAC – weak performance: UCPL revenues +7.3% yoy to Rs4.2bn led by 10% yoy growth in RAC, while commercial refrigeration was stable (30% of segment revenues). Margins...

MOSL: BLUE STAR (Neutral)-Results miss expectation as higher ad-spends...

Blue Star: Results miss expectation as higher ad-spends dent margins (BLSTR IN, Mkt Cap USD1.1b, CMP INR836, TP INR855, 2% Upside, Neutral)   Margin miss leads to earnings cut in FY20; Reduce TP to INR855   Blue Star’s 3QFY20 top line performance was in line; however, earnings expectations fell short on account of margin miss, led by higher ad-spends in the UCP segment and lower margins in the EMP segment. We cut our FY20E earnings by 11% on account of higher effective tax rate this year...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q2FY20 results (Neutral) - Focus on working capital

2QFY20 result highlights Adj. PAT at Rs397mn (+78% yoy): Revenues +21% yoy to Rs21.5bn. Margins expanded 26bps yoy to 5.9% resulting in 27% yoy EBITDA growth to Rs736mn. Higher other income (+115% yoy to Rs106mn on receipt of incentives) and lower finance cost (-42% yoy to Rs57mn; effective working capital management) supported PAT. EMP – mixed performance: Revenues grew 24% yoy to Rs7.84bn led by pick-up in the central air conditioning business (especially chillers and VRFs). However, manag...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q1FY20 results (Neutral) - Mixed quarter

1QFY20 result highlights Adj. PAT at Rs770mn (flat yoy): Revenue +4.5% yoy to Rs15.75bn. Margins contracted 177bps yoy to 7.3% resulting in 16% yoy decline in EBITDA to Rs1.15bn. However, higher other income (5x yoy to Rs217mn on receipt of incentives) and lower finance cost (-32% yoy to Rs82mn; effective working capital management) supported PAT. EMP revenues muted on cautious billing: Revenues were +0.7% yoy growth to Rs6.2bn led by cautiousness in billing in view of ongoing liquidity issu...

MOSL: BLUE STAR (Neutral)- Results below est. impacted by weakness acr...

BLUE STAR: Results below est. impacted by weakness across segments (BLSTR IN, Mkt Cap USD1b, CMP INR709, TP INR760, 7% Upside, Neutral)   1QFY20 sales at INR16b grew 5% YoY (v/s est. INR17.7b) impacted by weak performance across segments. UCP segment sales (+9% YoY) were below our expectation of INR10b, while Electro Mechanical Project (EMP) segment sales were muted at INR6.2b (+1% YoY). EBITDA of INR1.1b (-16% YoY) was below our expectation of INR1.7b, impacted by weaker-than-estimated mar...

Bhoomika Nair
  • Bhoomika Nair

Management Speak: Blue Star (Neutral) - Strong start to summer

We met Blue Star (BLSTR) management. Below are key takeaways: FY20 starts on strong note: The summer season for RAC (room air conditioner) is expected to grow at 20%+, with Apr-19 seeing 15%/20% yoy growth in primary/ secondary sales. While East demand has been quite weak due to adverse weather, other regions are witnessing strong growth, with North typically seeing summers till Jun/July. Some markets are witnessing shortage of fixed speed AC reflecting demand from aspirational middle class fi...

MOSL: BLUE STAR (Neutral)-A cool start to the summer season! Aims to i...

Blue star: A cool start to the summer season! Aims to increase market share to 13.5% (BLSTR IN, Mkt Cap USD1b, CMP INR751, TP INR770, 3% Upside, Neutral)   We met Mr B. Thiagarajan, Joint Managing Director at Blue Star (BLSTR). Key takeways: UCP segment: Targets to achieve market share of 13.5%, margins of 9-9.5% Market to grow at 10-15% in FY20: The summer season has started well, with April primary sales growth of 15% and secondary sales growth of 20%. BLSTR expects RAC industry growth ...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q4FY19 results (Neutral) - Strong quarter

Q4FY19 result highlights Adj. PAT at Rs825mn (+212% yoy): Revenue +18.5% yoy to Rs16bn. Margins expanded 237bps yoy to 6.9%, driving 81% yoy growth in EBITDA to Rs1.09bn. Moreover, higher other income and one-time deferred tax credit (1% tax rate) led to strong PAT. EMP revenues +20.6% yoy growth: to Rs8.42bn led by uptick in execution.  However, margins fell 24bps yoy to 4.3% on execution of low margin orders. Cooling performance strong: Revenues +19% yoy to Rs7bn driven by sustained tract...

MOSL: BLUE STAR (Neutral)-Results ahead of expectation-UCP margins sur...

Blue Star: Results ahead of expectation; UCP margins surprise (BLSTR IN, Mkt Cap USD1b, CMP INR698, TP INR770, 10% Upside, Neutral) 4QFY19 sales at INR16b grew 19% YoY (v/s our est. of INR15.2b) on strong pick-up in UCP segment sales (+19% YoY) and timely execution of projects in the EMP segment (+21% YoY). EBITDA of INR1.1b (+81% YoY) was ahead of our estimate of INR839m, supported by better-than-estimated margins in the UCP segment (+350bp YoY; 10.4%). Adj. Net Profit increased 212% YoY to...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q3FY19 results (Neutral) - Sharp margin deterioration

Q3FY19 result highlights Adj. PAT at Rs62mn (-53% yoy): Revenue +18% yoy to Rs11bn led by strong growth across segments. However, margins declined 70bps yoy to 3.9%, driving flat EBITDA on yoy basis to Rs423mn. However, higher interest cost and Rs145mn loss in Oman subsidiary impacted PAT. EMP revenues +16% yoy growth: to Rs6.5bn led by uptick in execution.  However, margins fell 79bps yoy to 4.6% on execution of low margin orders. Cooling revenue strong, but margins drop: 22% yoy growth in...

MOSL: BLUE STAR (Neutral)-Results below expectation-Margins disappoint

Blue Star: Results below expectation; Margins disappoint (BLSTR IN, Mkt Cap USD0.8b, CMP INR587, TP INR620, 6% Upside, Neutral)   Results below expectation: 3QFY19 sales at INR11b grew 18% on YoY basis, ahead of our estimate of INR10.5b. It was supported by strong pick-up in UCP segment sales (+22% YoY), and timely execution of projects in the EMP segment (+16% YoY). EBITDA of INR423m (-0.2% YoY) was below our estimate of INR585m, impacted by weaker-than-estimated margins in UCP segment (-2...

Bhoomika Nair
  • Bhoomika Nair

Management Speak: Blue Star (Neutral) - Laying the foundation for stro...

Key takeaways of our meeting with the Blue Star management: Strategy for 25% PAT CAGR over next 5 years: Blue Star outlined its long-term business strategy to surpass market growth and gain market share across segments. The company expects to support growth through differentiated and innovative products and services. In a bid to achieve profitable growth, Blue Star intends to enhance backward integration, value add manufacturing process to de-risk against imports and also improve quality and pr...

MOSL: BLUE STAR (Neutral)-Prioritizing profitable growth with market s...

Blue Star: Prioritizing profitable growth with market share gains; Products, backward integration, service and distribution as the key growth pillars (BLSTR IN, Mkt Cap USD0.9b, CMP INR634, TP INR610, 4% Downside, Neutral)   We met senior management team of Blue Star (BLSTR) to understand the initiatives and plans that are taking hold at the company as it attempts to identify the important growth pillars. Key takeaways: Successful outcome starts with identifying the right path…: BLSTR has ...

Bhoomika Nair
  • Bhoomika Nair

Blue Star's Q2FY19 results (Neutral) - Market share gains

Q2FY19 result highlights Adj. PAT at Rs223 mn (-2% yoy): Revenue +21.5% yoy to Rs10.3bn led by EMP and PE segments. Margins declined 20bps yoy to 5.6%, with EBITDA +18.7% yoy to Rs581mn. However, higher interest cost and loss in Oman subsidiary impacted PAT. EMP +27%yoy growth in revenues: led by uptick in execution. Margins were flat yoy at 7.1%, albeit expanded 70bps qoq led by cost efficiency and execution of high margin orders. Cooling revenue +9% to Rs3.43bn: RAC industry saw moderate ...

MOSL: BLUE STAR (Neutral)-Results ahead of expectation, UCP segment di...

BLUE STAR: Results ahead of expectation, UCP segment disappoints (BLSTR IN, Mkt Cap USD0.7b, CMP INR565, TP INR550, 3% Downside, Neutral)   Results ahead of expectation: Sales at INR10.3b grew 21.5% on YoY basis, ahead of our estimate of INR9.1b. Sales growth was supported by strong execution in the EMP segment (+27% YoY). EBITDA of INR581m (+18.7% YoY) was driven by better margin performance in the professional electronics segment (21.6% v/s 7.4% in 2QFY18), which offset the 270bp YoY decl...

MOSL: BLUE STAR (Neutral)-Results impacted by implementation of INDAS ...

Blue Star: Results impacted by implementation of INDAS 115 (BLSTR IN, Mkt Cap USD1.0b, CMP INR699, TP INR695, 1% Downside, Neutral)   INDAS 115 distorts 1QFY19 results: Sales grew 7.3% to INR15.1b on a like-to-like basis. Implementation of INDAS 115 has led to restatement of the 1QFY18 numbers, given retrospective changes in the sales recognition method. Starting 1QFY19, sales as per INDAS 115 are booked on (a) delivery to customer as against dispatch earlier, and (b) multiple expenses (dea...

1 director bought

A director at Blue Star Limited bought 5,000 shares at 683.490INR and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...

MOSL: BLUE STAR (Neutral)-Unseasonal rain hurts 1QFY19 room AC sales; ...

BLUE STAR: Unseasonal rain hurts 1QFY19 room AC sales; Industry likely to grow 15% in FY19 (BLSTR IN, Mkt Cap USD1.0b, CMP INR701, TP INR790, 13% Upside, Neutral)   We met Mr B Thiagarajan, Blue Star’s Joint Managing Director. Our key takeaways from the meeting:  Unseasonal rain, weak summer to hurt 1QFY19 sales Sales in April were weak and demand was subdued on rain/hailstorms across the country. This continued into May, but finally, the weather has turned warm in Telangana, Maharashtra,...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch