Airconditioning and commercial refrigeration manufacturer Blue Star has reported a growth of 13 per cent in net profit to Rs 41.17 crore for the first quarter ended June 30, compared to the same period a year ago.
“Our continued focus on value engineering and stringent cost control has enabled us to significantly enhance margins and profitability,” Blue Star Executive Chairman Ashok M Advani said.
However, during the April-June period of the current fiscal (2009-10), the company witnessed a fall of over 14 per cent in its total income to Rs 539.81 crore from Rs 631.04 crore in the same quarter last year, Blue Star said in a statement.
“The dull economic situation continues to affect demand in several market segments, leading to delays in project execution and decline in topline growth,” Advani said.
On outlook, however, the company is confident that in the future it will post better performance.
“Though the overall economic scenario is not very clear, I am confident that our diverse experience, leadership position and strong credentials will see us through the current conditions and enhance our prospects for the future,” Advani added.
Shares of Blue Star were trading at Rs 364, down 2.22 per cent in the afternoon trade on the Bombay Stock Exchange.