Mid Cap Stock Declares 1:1 Bonus Share, Rs 12/ Share Dividend, Profit Up 196%

Mid cap stock operating in consumer durables sector, Blue Star Ltd on May 4 declared bonus share in the proportion of 1:1 and Rs 12 per share dividend. Net profit of Blue Star Ltd witnessed a jump of 196% to Rs 225 crore for the quarter ended March 31, 2023. The company reported its net profit at Rs 76 crore in the year ago period.

According to the BSE filing of Blue Star, "The company was able to successfully conclude the sale of a land parcel at Thane, thus realising a gain of Rs 170.81 crore (net of tax Rs 139.24 crore), which is reported as exceptional income for Q4FY23."
Dividend: The Board has recommended a final dividend of Rs 12/- (Rupees Twelve) per equity share of Rs 2/- (Rupees Two) each, on pre-bonus share capital, for the financial year ended March 31, 2023. Consequent to approval of the proposed bonus issue by the shareholders, the dividend shall be adjusted proportionately i.e. Rs 6/- (Rupees Six) per equity share on the increased paid up share capital (i.e. post-bonus share capital).

Revenue from operations soared by 16.4% to Rs 2,624 crore for the quarter ended March 31, 2023 as against Rs 2,254 crore declared during the same period in the previous year.

Bonus Share: The regulatory filing stated, "Issue of Equity Bonus Shares in proportion of 1:1 i.e. 1 (One) equity share of Rs 2/- each for every 1 (One) existing equity share of Rs 2/- each held by the shareholders of the Company as on record date, subject to the approval of shareholders by way of Postal Ballot and other statutory/regulatory approvals, consents, permissions, conditions, and sanctions, as may be necessary."

Stock Performance & Return: The last trading price of Blue Star is Rs 1437.60 per share on BSE. Its 52-week high price is Rs 1550.00 per share and 52-week low price is Rs 860.00 per share, respectively. Market capitalisation is Rs 13,846.08 crore. The stock gave 17% return in last 6-months, 28% return in last 1-year, 72% return in last 2-years, and 182% return in last 3-years.

About Blue Star: Blue Star is India's leading heating, ventilation, air conditioning and commercial refrigeration (HVAC&R) Company. The Company has 7500 stores for room ACs, packaged air conditioners, chillers, cold rooms as well as refrigeration products and systems, along with 1172 service associates reaching out to customers in over 900 towns, according to its official website.

Disclaimer:The stock declared quarterly results, bonus share, and dividend. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.