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Blue Star Ltd - Q3FY14 - First Cut - Microsec
Posted On : 2014-01-26 08:50:22( TIMEZONE : IST )
Blue Star Ltd announced its Q3FY14 standalone results on 23rd January, 2014.
The company posted Q3FY14 results much below than our as well as consensus estimates. The company's net sales arrived at INR541.1 crore, which was down by 8.76% and 6.87% on YoY and QoQ basis on back of poor performance in all the segments. The EBITDA for the quarter took a hit, falling by 41.45% and 34.12% on YoY and QoQ basis at INR14.9 crore on back of higher expenses and lower revenue. The EBITDA Margin, thus, got eroded by 152bps and 113bps on YoY and QoQ basis and arrived at 2.73%. The company registered a net profit of INR2.8 crore, which was down by 47.67% YoY and 62.63% QoQ.
Carry Forward Order Book (CFOB) as on December 31, 2013 increased to INR1737 crores as compared to INR1628 crores as at December 31, 2012, hence, up by 6.7%. On QoQ basis, the carry forward order book was flat. CFOB as on September 30, 2013 stood at INR1744 crores.
Segmental Highlights:
1. The EMP & PAC (Electromechanical Projects and Packaged air conditioners) segment, which constituted 63.9% of the total revenue, fell by 11.9% YoY and 6.7% QoQ mainly due to slower execution of projects as well as correction in the estimates of project revenues and costs based on revised quantity estimates. The segment results fell even more drastically by 21.1% YoY and 9.5% QoQ.
2. The cooling products segment, which constituted 28.5% of the total revenue, also, fell by 0.2% YoY and 1.9% QoQ. The segmental results was although up by 21.2% YoY, but down by 43.8% QoQ. Better market penetration, proactive revision in selling prices as well as a higher mix of in-house manufactured products resulted in the increase in profitability on YoY basis.
3. The PE & IS (Professional electronic and Industrial systems) segment, contributing 7.6% to the revenue fell by 11.4% YoY and 1.9% QoQ. The results fell by 9.9% YoY.
Further detailed quarterly analysis will be followed soon post the conference call scheduled on 27th January, 2014.
At the CMP of INR159 per share, the stock is trading at P/E of 27.69x its TTM EPS of INR5.74.
Despite a poor set of numbers, we continue to remain positive on the stock based on strong visibility of earnings in near term. BUY on dips with a TP of INR220.
