Blue Star reports revenues plunge

The leading Indian air conditioning and refrigeration manufacturer Blue Star has reported a big drop in revenues due to COVID-19 pandemic.

The company has reported revenue from operations of Rs 626.02 crore for the quarter ended June 30 on a consolidated basis, compared to Rs 1,575.45 crores during the same period in the previous year.

“The financial performance for the quarter needs to be viewed in the context of it being a challenging period for the economy as a whole, and the HVAC&R industry in particular due to the economic disruption caused by the on-going pandemic. Most part of the summer season was lost and a majority of the project sites remained shut. Therefore, the results for Q1FY21 are not comparable with that of Q1FY20,” a statement issued by Blue Star said.

“The Operating Profit (PBIDTA excluding Other Income and Finance Income) for the quarter was Rs 1.36 crores compared to Rs 114.85 crores in Q1FY20. Net loss for the quarter was Rs 19.66 crores compared to net profit of Rs 76.84 crores in Q1FY20. Swift actions taken to reduce operating costs helped mitigate the adverse profitability impact to a large extent,” it adds.