 "Blue Star")
Revenue from its segment that makes ACs and commercial refrigerators jumped 44 per cent.
Blue Star beat first-quarter profit estimates on Tuesday as the launch of dozens of new air conditioner models helped the appliance maker tap into customer demand during the summer’s unprecedented heatwaves.
Blue Star’s consolidated net profit rose 102.6 per cent to Rs 169 crore ($20.14 million) for the three months ended June 30, surpassing analysts’ expectations of Rs 141 crore, according to LSEG data.
Revenue from its segment that makes ACs and commercial refrigerators jumped 44 per cent, boosting its total revenue from operations by 28.7 per cent to Rs 2,865 crore.
KEY CONTEXT
Indians battled extreme heat during this summer from March to May, leading to a surge in demand for air-conditioners.
Analysts had previously said they expect AC and cooler makers’ sales to grow during the quarter, as more people sought ways to cool down.
They also flagged elevated prices of raw materials such as copper and aluminium.
Last month, peer Crompton Greaves beat quarterly profit estimates, helped by higher demand for fans and coolers, although Havells India missed estimates, weighed by increased costs.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 06 2024 | 4:52 PM IST
