INDIA: Blue Star, India’s largest air conditioning manufacturer, has reported a 22% sales increase for the year ended March 31.
Sales of Rs4424.72 crores ($685m) created an operating profit of Rs256.99 crores ($40m), an increase of 20% on the previous year.
Blue Star operates as a manufacturer, contractor and after-sales service provider. With a current market share of 11.5%, it is estimated that every third commercial building in India has a Blue Star product installed. Aside from air conditioning and refrigeration, Blue Star’s other businesses include marketing and maintenance of imported professional electronics and industrial products and systems.
Sales from its electro-mechanical projects and packaged air conditioning systems business increased by 19% to Rs2233.68 crores ($346m), while the unitary products revenues increased by 27% to Rs 1999.56 crores ($309m).
Blue Star joint managing director B Thiagarajan told reporters in India that the company was aiming to increase its market share to 12.5% in the room air conditioner market this year.