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Blue Star Q4 - Strong Growth Across Segments With Continued Share Gains In Room ACs: Yes Securities

Blue Star Q4 - Strong Growth Across Segments With Continued Share Gains In Room ACs: Yes Securities

<div class="paragraphs"><p>A close up of a room air conditoner. (Source: Unsplash)</p></div>
A close up of a room air conditoner. (Source: Unsplash)

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Yes Securities Report

Room air conditiner segment for Blue Star Ltd. has once again outperformed in Q4 after seeing strong growth in Q3 with solid growth of 47% thereby surpassing pre‐Covid-19 level sales.

March has seen good demand for RAC after difficult start to the quarter amid Covid third wave. Management is confident of strong growth in upcoming summer season and are targeting 30% growth.

The work done in expanding distribution and extending product portfolio into mass premium segment is now bearing fruits resulting in market share gains.

Commercial refrigeration is seeing increased traction on back of demand from industries like quick service restaurant and data centers.

Electro-mechanical projects segment continues to witness improved pace of execution as capex has increased in manufacturing space. Considering improved execution in the project business and market share gains in RAC, we remain upbeat on Blue Star’s performance.

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Yes Securities Blue Star Q4FY22.pdf

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