Blue Star sees revenues plunge 60%
INDIA: The effects of the Covid-19 pandemic has seen revenue for leading Indian air conditioning and refrigeration manufacturer Blue Star crash by more than 60%.
The latest figures for the quarter ended June 30 were Rs626.02 crores ($83.6m), compared to Rs1575.45 crores ($210.3m) in the same period last year.
Operating profit for the quarter was Rs1.36 crores ($181.570), a huge drop on last year’s Rs114.85 crores ($15.3m). This resulted in a net loss for the quarter of Rs19.66 crores ($2.6m) compared to net profit of Rs76.84 crores ($10.3m) last year.
“While Q1FY21 was an extremely challenging quarter, we have been swiftly navigating and responding to the prevailing difficult situation with prudent and proactive measures,” commented Vir S Advani, Blue Star’s vice chairman and managing director.
However, he revealed that the carried forward order book was healthy, and the company had maintained share in its unitary cooling products business. Demand was growing on month to month and the situation was expected to normalise by the end of the financial year.
Blue Star is India’s leading air conditioning and commercial refrigeration company, with a network of 32 offices and five manufacturing plants, and a presence in 18 countries.