Mumbai (Maharashtra) [India], Aug 4 (ANI): Air conditioning and commercial refrigeration major Blue Star said on Wednesday its net profit for the quarter ended June was Rs 13 crore compared to a net loss of Rs 20 crore in Q1 FY21.
The company's revenue from operations increased by 68 per cent to Rs 1,052 crore compared to Rs 626 crore during the same period of previous year.
Operating profit (PBIDTA excluding other income and finance income) for the quarter was Rs 42 crore compared to Rs 1.36 crore in Q1 FY21.
Despite the business disruption, expansion of conventional channels and increase in share of business from e-commerce portals coupled with favorable summer conditions in the northern region enabled revenue growth in the room ACs business.
Increased demand from healthcare, pharma, food processing and food delivery segments enabled growth in revenue for commercial refrigeration business during the quarter.
Professional electronics and industrial systems business revenue grew by 7 per cent to Rs 41 crore in Q1 FY22 compared to Rs 39 crore in Q1 FY21 on the back of continued opportunities from the BFSI sector for data security solutions and order inflow for medical diagnostic equipment from healthcare sector.
Vir S Advani, Vice Chairman and Managing Director, said with capital investment cycle playing out in a significant manner, the demand for company's products and services is expected to be robust.
"Consumer spending has resumed and we expect to witness healthy growth in demand. We will continue to focus on controlling operating costs and improving working capital efficiencies and operating cash flows," he said in a statement.