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ANALYST MEET Presentation by Ashok M Advani, Chairman & Managing Director May 28, 2007

ANALYST MEET Presentation by Ashok M Advani, Chairman & Managing Director May 28, 2007. Agenda. About Blue Star Financial Highlights Business Highlights Construction boom Retail boom and cold chain Outlook. About Blue Star. Introduction.

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ANALYST MEET Presentation by Ashok M Advani, Chairman & Managing Director May 28, 2007

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  1. ANALYST MEET Presentation by Ashok M Advani, Chairman & Managing Director May 28, 2007

  2. Agenda • About Blue Star • Financial Highlights • Business Highlights • Construction boom • Retail boom and cold chain • Outlook

  3. About Blue Star

  4. Introduction • Blue Star is India’s largest central airconditioning and commercial refrigeration company • Founded by Mohan T Advani in 1943 • Listed on Bombay Stock Exchange in 1969 • Only 50 Indian companies listed on BSE are more than 60 years old- Blue Star is one of them • Professionally managed; largest pool of HVAC engineers in the country • Focused on corporate, commercial, and institutional customers • Unbroken record of profits and dividend payment

  5. Blue Star today

  6. Market Capitalisation (Rs crores) - -

  7. Financial Highlights

  8. Blue Star Financial Performance (Rs crores)

  9. Key Ratios

  10. Carry Forward Order Book (Rs. crores)

  11. Total Income (Rs crores) CAGR = 30.9%

  12. Profit After Tax (Rs crores) CAGR = 29.8%

  13. Return on Capital Employed

  14. Return on Shareholders’ Funds

  15. Rs. Earnings Dividend (* Face value Rs 2.00 per share. Previous years’ figures on a like-to-like basis) Earnings Per Share & Dividend Per Share

  16. Shareholding Pattern (as on March 31, 2007) 40.30% Promoters 37.65% Indian Public 8.39% Financial Institutions/Banks/ Mutual Funds 8.44% FII holdings 5.22% Bodies Corporate

  17. Institutional Investor Holding

  18. Business Highlights

  19. Blue Star Differentiators • Focused on corporate and commercial customers • Differentiated products and value added services • Technical, engineering and contracting expertise • Employees and business partners tuned to customer oriented specialist/expert culture • Delivering a world-class customer experience • Value-driven work ethics

  20. Achievements in FY07 • Consolidation of leadership in central and packaged airconditioning segment • Over 150 Blue Star screw chillers installed and commissioned • Dominated the telecom shelter airconditioning business with over 50% market share • Volumes of split airconditioners grew 75% • Tie-up with ISA, Italy for supermarket refrigeration equipment • Several new customer accounts in the cold chain business

  21. Business Segments • Central and Packaged Airconditioning Systems • Cooling Products • Professional Electronics and Applied Industrial Systems

  22. Central and Packaged Airconditioning Systems • Design, manufacturing, installation, commissioning and maintenance of large central airconditioning plants • Wide range of chillers, air handling units and fan coil units • Comprehensive range of packaged airconditioning systems • Energy efficiency as the technology platform; pioneers of products which save power

  23. Central and Packaged Airconditioning Systems – Revenue (Rs crores) CAGR = 32.8%

  24. Central and Packaged Airconditioning Systems – Segment Result (Rs crores) CAGR = 30.2%

  25. Opportunities from National Accounts • 40% of central airconditioning revenues from National/Major Account customers • All of them have significant growth potential • Blue Star expected to garner a major portion of the HVAC requirement from these customers

  26. Cooling Products • Comprises • Room Airconditioners • Commercial Refrigeration Products & Systems • Wide range of window and split airconditioners • Comprehensive range of commercial refrigeration equipment • Cold Chain equipment • Deep Freezers • Water Coolers / Bottled Water Dispensers • Bottle/ Milk Coolers • Contemporary products with power saving design

  27. Cooling Products – Revenue (Rs crores) CAGR = 30.3%

  28. Cooling Products – Segment Result (Rs crores)

  29. Service Business • Blue Star is India’s largest AC&R service provider • Maintains over 1.5 million TR of equipment • 25,000 customers • Service Portfolio includes • System maintenance • Spare Parts • Energy Management • Air Management • Water Management • Upgrades/Enhancements/Revamp/Retrofit • Remote Monitoring • Integrated Engineering Facilities Management Services

  30. Product Portfolio

  31. Product Portfolio

  32. Product Portfolio

  33. Manufacturing • Specialize in manufacturing a variety of highly engineered and custom-built products • High level of product development capabilities • Over 225 models manufactured across 25 product lines • Lean manufacturing and world-class practices • Globally competitive • Capacity expansion underway in line with growth

  34. Exports • Exporting water coolers for over five decades • Window and split ACs for high ambient temperature conditions have been well received in the Middle East and Iraq • Customised ducted systems and heat pumps for the Middle East and Europe • Central airconditioning products such as AHUs and FCUs also exported • Opened office in Doha recently for project and product requirements from the region

  35. Exports - Revenue (Rs crores)

  36. Professional Electronics & Applied Industrial Systems • Import-Distribution of professional electronic equipment from world-renowned manufacturers • Wide range of complex, hi-tech and large value equipment in • Medical Electronics • Material Testing Equipment and Systems • Data Communication Products and Systems • Test and Measuring Instruments • Analytical Instruments • Industrial Products and Systems • Catering to Healthcare, Manufacturing, R&D, Quality Control, Petrochemicals, Banking etc

  37. Professional Electronics & Applied Industrial Systems – Revenue (Rs crores) CAGR = 27.6%

  38. Professional Electronics & Applied Industrial Systems – Segment Result (Rs crores) CAGR = 22.6%

  39. Construction boom

  40. Trends • Construction boom driven by IT/ITES, Retail and Infrastructure projects • Major growth plans announced by several players in these segments • Special Economic Zones (SEZs) are also expected to drive growth • The above trends will translate into significant airconditioning and even refrigeration opportunities

  41. IT/ITES • IT/ITES services expected to grow in excess of 25% per annum over the next 3 years • An estimated 1.4 million people will be added till FY10 • Office space of over 100 million sq ft will be needed • Translates into airconditioning requirement of over Rs 1500 crores • Blue Star enjoys a preferred partner status with Infosys, HP, Satyam, Wipro, HCL, Cognizant, Microsoft - major players driving growth

  42. Retail, Malls & Multiplexes • Based on plans announced by major players, 150 million sq feet of space will be added • Translates into an airconditioning requirement of over Rs 2250 crores • In addition, multiplexes expected to add 700 screens over the next 3 years • Blue Star enjoys strong relationships with Reliance, Pantaloon, Shoppers’ Stop, Bharati, DLF, RPG, PVR, Adlabs and Vishal Megamart - main players driving growth

  43. Opportunities from Telecom Segment • Blue Star’s telecom business for airconditioning cell sites grew 185% in FY07 • Blue Star enjoys a dominant 50% market share • Subscriber base expected to double over the next 3 years to 500 million necessitating 150,000 additional cell sites • Translating into an airconditioning opportunity of Rs 1000 crores

  44. Opportunities from Industrial Segment • XI Fifth year plan includes addition of 48,000 MW of thermal power • Blue Star has already executed major power plant projects for NTPC, NPCIL and Jindal • Blue Star expects significant power plant project orders in the medium term • Another fast-growing segment is pharma • Blue Star has strong credentials and expertise in the pharma segment as well

  45. Contracting Opportunities • The construction boom will fuel growth in HVAC contracting business • Currently, 15% of mega projects involve integrated mechanical, electrical and plumbing contracting • Blue Star has developed capabilities in this area

  46. Retail boom and cold chain

  47. Retail Revolution: Where?

  48. Production Logistics Retail Sales to Consumer Exports Bulk Usage by Eateries & Restaurants The Cold Chain Driver = Super Markets Driver = Entry of Corporates Driver = Increasing eat-out culture

  49. Large-scale Super Market Investments Planned

  50. Retail Format Airconditioning Refrigeration % Investment Investment Format Per Store Per Store Hyper Market (100,000 sq.ft.) Rs.200 lakhs Rs.150 lakhs 4% Super Market (20,000 sq.ft.) Rs. 32 lakhs Rs. 30 lakhs 16% Convenience Store (2500sq.ft.) Rs. 4 lakhs Rs. 6 lakhs 80% Distribution CentresOne for every 50 stores Rs.100 lakhs Bulk StoragesMany Transport Refrigeration UnitsMany Supermarkets will drive cold chain…

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