ECONOMY

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

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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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