•Joins the league of 40 companies out of a total of around 6000 listed on the Indian stock exchanges, which have completed 75 years in business, and have crossed Rs 4000 crores in annual revenue.
Mumbai, 27 September, 2018 (GPN) : Air conditioning and commercial refrigeration major, Blue Star Limited has achieved a significant landmark by completing 75 successful years of operations. To commemorate this historic milestone, the Company rang the ‘Opening’ and ‘Closing’ bells at the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), respectively. Blue Star also released a Special Cover with a cancelled stamp issued by the Department of India Post to mark this momentous occasion.
Founded during World War II on September 27, 1943 by Mohan T Advani as a three-member team repairing and reconditioning air conditioners and refrigerators, Blue Star is today a market leader in the air conditioning and commercial refrigeration industry in India, with a strong foothold in International markets. It is well on its way to establishing itself in new lines of businesses such as water and air purifiers, air coolers, and Engineering Facility Management. The Company’s integrated business model of manufacturer, installer and after-sales service provider, offers comprehensive solutions for the residential, commercial and infrastructure segments, which has proved to be a significant differentiator in the market place. The traditional central air conditioning business has successfully morphed into a full-fledged electro-mechanical turnkey solutions provider delivering superior project delivery. This leading B2B Company has in recent years acquired a B2C profile as well as Blue Star has become a name to reckon with in the residential segment with a range of consumer durables. With a turnover of over Rs 4600 crores, it has a network of 32 offices, five modern manufacturing facilities, over 2800 employees, and a robust channel management system comprising 3000 channel partners and 1000 retailers as well as 800 service associates reaching out to customers in over 800 towns. It exports to 19 countries across the Middle East, Africa, SAARC and ASEAN regions, where its products stand the test of time in some of the most difficult and extreme climatic conditions in the world.
Blue Star Limited was listed on the Bombay Stock Exchange on September 18, 1969 and over the last 49 years has ensured dividend pay-outs every single year. In this Platinum Jubilee year, the Company increased its basic dividend from Rs 7.50 to Rs 8.50 per share, and added a special Platinum Jubilee Rs 1.50 dividend, to give its shareholders a record Rs 10 for each Rs 2 share.
As Blue Star takes its first steps from Platinum Jubilee towards its centenary, the Company has ambitious growth plans. Its rolling, 3-year strategic plan has a strong emphasis on revenue growth, profitability improvement and productivity enhancement. The Company aspires to grow faster than the market; improve profitability through backward integration; harness the power of digital technologies for greater customer intimacy and efficiency; differentiate itself through excellence programmes; continue to improve its return on capital employed; and invest in human capital.
Commenting on the Platinum Jubilee, Suneel M. Advani, Chairman of the Board, Blue Star Limited adds, “We are proud to ring in 75 years of engineering excellence. We are witnessing a paradigm shift in consumer expectations and hence our credo: ‘I am Blue Star. I take pride in delivering a world-class customer experience.’ I am honoured to have served this Company for almost 50 years now and the journey has been really exhilarating. Over the years, Blue Star has sustained steady growth and profitability. We are confident that our business model which is as strong and robust as the products and services we offer, combined with the vigour and agility of our young leadership, will lead our way to our centennial.” ENDS