Shares of Blue Star jumped nearly 6% to a high of Rs 1,505 in intra-day deals on Friday after the company announced strong Q4 numbers and a liberal bonus issue. On Tuesday, the stock had reached its 52-week high at Rs 1,550. The company’s board approved the issue of bonus equity shares in a 1:1 ratio, meaning one free share for every share held as per the record date. The company has yet to announce the record date.
Blue Star’s Q4 net profit grew three-fold to Rs 225.29 crore for the quarter ended March 2023 compared to Rs 76.27 crore in the quarter ended March 2022. Total income rose 16.4% YoY to Rs 2,630.48 crore. The sharp growth in Q4 net was aided by profit on the sale of freehold land. During the quarter, the company registered a profit of Rs 170.81 crore on the sale of freehold land, which has been reported as an exceptional item.
For FY23, consolidated net profit was up 138.5% at Rs 400.69 crore compared to Rs 168 crore in FY22. Revenue from operations grew by 31.6% YoY to Rs 7,977.32 crore. At 09:35 AM, the stock had pared gains but was still up 1.2% at Rs 1,452. Around 10,000 shares had been traded so far compared to the two-week average traded volume of around 6,500-odd shares. Meanwhile, the BSE Sensex was down 0.5% at 61,470.
