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Bluestar Conference Call Highlights

Bluestar Conference Call Highlights

Published on 10 August 2021 Views 15 Comments 0
  • Due to localized lockdown in Q1 it was not such a bad quarter as compared to Q1FY21. But it was a bad quarter compared to Q4FY21.
  • Muted government spending in the infrastructure sector affected the sales
  • Demand from the factories and light industry has been positive
  • Continue to focus in infrastructure sector like metro railways, electrical subsector, water distribution, factories, data centers and warehousing.
  • Market share in Ducted Air conditioning-1
  • Market share in VRS- 2 and Market share in chiller products- 3.
  • International projects like Qatar have shown a positive trend.
  • Room AC- 13% market share, they are planning to increase it to 15% by next one to two years.
  • Capital intensive sector is playing out well. Demand has been positive.
  • Consumer sector has shown an increasing spend despite the raw material increase.
  • In unitary segment, they are expanding the range of products and solutions in purification, cooling. Revenue mix in unitary segment is 60% (Room AC) and rest- cooling, refrigeration (40%)
  • Margins in unitary segment is expected to be around 8% by the end of FY22.
  • Price increase has been around 5% in Q4 and 3% in Q1FY22.
  • Online sales at the market level is 15% while at the company level it is 13-14%.
  • North India revenue mix is 40%, especially because of the prolonged summer.
  • South India sales were affected due to early monsoon, pandemic impacts because of localized lockdown.
  • Commercial Refrigeration consists of 40% sales in the Unitary segment
  • Inventory levels will settle down in the coming quarters.
  • Project Business: They have a healthy order book. Margins (4.5 to 5%).
  • Professional Electronics and Industrial Systems: In this segment Margins are high (13.5 to 15%) as compared to other segments.
  • Inverter AC – 58% and Non-Inverter is 42% in terms of sales.
  • PLI scheme: They are evaluating the components in which they will like to enter.
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