Air conditioning and commercial refrigeration major Blue Star Ltd is hopeful of business to improve from the second quarter of 2021-22 after being hit hard by the second wave of Covid-19, coupled with a 'bad summer season', according to company Chairman Shailesh Haribhakti. Having learnt lessons from the pandemic on the need to mitigate geographical concentration and seasonality risks, the company is now focussing to grow its exports, and is also planning to participate in the production linked incentive (PLI) schemes announced by the government through a newly formed subsidiary. It is also investing around Rs 130 crore on a new manufacturing facility for deep freezers and water coolers at Wada, Maharashtra which is likely to be commissioned towards the end of 2021. "The sudden turn of events consequent to the emergence of the second wave of COVID has crippled the economy and our businesses in Q1FY22, and we have had to cope with another bad summer season," Haribhakti wrote in his address to shareholders in the company's annual report for 2020-21. However, he said, "With a renewed national focus on strengthening the healthcare infrastructure and an accelerating vaccination drive, I am hopeful that things will begin to improve from Q2FY22."

Source: The North Africa Journal July 09, 2021 08:26 UTC