Blue Star

May 19 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - TO BUY 51% IN BLUE STAR QATAR FOR UP TO 5 MILLION RUPEES

Source text: ID:nBSE56Hkjj

Further company coverage: BLUS.NS

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May 6 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - RECOMMENDS FINAL DIVIDEND OF 8.50 RUPEES PER SHARE FOR FY2026

• BLUE STAR LTD - RECOMMENDED FINAL DIVIDEND OF 8.5 RUPEES PER SHARE

Source text: ID:nBSE37YwMn

Further company coverage: BLUS.NS

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** Shares of India's Blue Star BLUS.NS rise 2.68% to 1,914.90 rupees

** Motilal Oswal ("neutral", TP:1,950 rupees) says improving demand outlook with rising temperatures and return of typical seasonal conditions likely to drive recovery in room air-conditioner demand

** Brokerage raises EBITDA estimates by about 5% each for FY27 and FY28, expects strong earnings growth over FY26–28

** Adds backward integration, operating leverage and cost-saving initiatives expected to support margin expansion

** BLUS rated "hold" on average by 24 analysts, median PT at 1910 rupees -- data compiled by LSEG

** YTD, stock up ~8%

(Reporting by Surbhi Misra in Bengaluru)

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** India's appliances and electronics industry, valued at $75 billion-$80 billion, is likely to grow at a 12% average annual growth through 2029, says HSBC

** Adds, the domestic appliances industry is not just a penetration or valuation story, but a growth story

** Initiates coverage of LG Electronics India LGEL.NS, ascribing a "buy" rating and Blue Star BLUS.NS with a "hold" rating

** LGEL, BLUS gain as much as 1.5% and 1.1% on the day

** HSBC says LGEL has multiple positive triggers such as capacity expansion, leadership in premium category, wider range of price points, exports

** Brokerage implies a 17% upside for LGEL, says valuations looks undemanding

** BLUS gets a "hold" and a projection of 10% upside from HSBC due to high valuations

** LGEL and BLUS up 0.3% and 0.2% for 2026 so far, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 5 (Reuters) - Zaggle Prepaid Ocean Services Ltd ZAGG.NS:

• ENTERS AGREEMENT WITH BLUE STAR LIMITED

Source text: ID:nBSE1K0XX7

Further company coverage: ZAGG.NS

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Adds analyst comments in paragraph 5, company comments in paragraph 9

Feb 11 (Reuters) - LG Electronics India LGEL.NS reported a near 62% drop in third-quarter profit on Wednesday, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products in Asia's third-largest economy.

The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.

Demand for room air conditioners remained subdued for most of the quarter as cooler-than-usual weather dampened sales, while elevated inventory levels at dealers curtailed fresh orders, analysts said.

LG said demand in its home appliances segment softened after the festival of Diwali, when Indians typically splurge on big-ticket items, but it chose not to cut prices to protect long‑term profitability.

Analysts at ICICI Securities expected a weaker third quarter for LG India. However they said, the company is prioritising margin protection over volume growth in a soft demand environment, positioning it well for when demand normalises.

Revenue from the company's home appliances and air solutions division fell 10% to 27.88 billion rupees, pushing overall revenue down 6% to 41.14 billion rupees.

AC makers Voltas VOLT.NS and Blue Star BLUS.NS posted a drop in third-quarter profit, hurt by weakness in their cooling products segment and charges related to India's new labour laws.

LG reported a 124.50 million rupee impact on its results from the labour code changes.

The company said that the reduction of U.S. tariffs and EU trade deal with India is expected to drive export-related opportunities, adding that it aims to double exports in the next financial year.

LG's revenue from the home entertainment segment rose nearly 2%, helped by the country's recent slashing of consumption tax.

Shares of the company closed 1.5% lower on the day and are down 11% since listing in October.

($1 = 90.6910 Indian rupees)

(Reporting by Nishit Navin and Urvi Dugar in Bengaluru; Editing by Tasim Zahid)

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By Praveen Paramasivam

Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.

Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.

"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.

Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.

Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.

ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.

Further commodity inflation could trigger additional price increases, Balan said.

U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.

It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.

Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.

Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.

($1 = 90.3700 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)

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** Motilal Oswal initiates coverage with "neutral rating", sets PT at 1,950 rupees

** Blue Star BLUS.NS shares down 1% to 1766 rupees on the day

** Says co leading player in commercial refrigeration with steady market share gains in room air-conditioner segment

** Expects operating margins expansion by ~40-50 bps in FY27 and FY28 each led by positive operating leverage and cost-saving initiatives

** Estimates revenue growth of 16% over FY26-28 fueled by continued healthy growth in the Mechanical, Electrical

and Plumbing) and commercial air conditioning businesses and a recovery in the unitary cooling product business

** Says stock fairly valued at current levels given the strong re-rating in its valuation multiples in the last few years

** YTD, BLUS down 17%

(Reporting by Komal Salecha)

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Nov 5 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR - WITH ENERGY LABEL CHANGE SCHEDULED, SEES RISE IN DEMAND IN CHRISTMAS, NEW YEAR PERIOD

Source text: ID:nNSE6d5sbM

Further company coverage: BLUS.NS

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By Praveen Paramasivam

Aug 25 (Reuters) - India's Blue Star BLUS.NS expects its room air conditioner sales to beat the company's previous forecast this financial year, thanks to new government plans to slash consumption taxes, a top executive said.

In the nation's biggest tax overhaul since 2017, Prime Minister Narendra Modi this month announced plans to cut taxes on the purchase of everyday goods and appliances from October, a move aimed at boosting consumption in the world's most populous nation as trade tensions with the U.S. grow.

Blue Star, which had forecast growth of 10% to 15% in room AC sales volumes for the year to March, now expects an increase of up to 20% in India's price-sensitive market, Managing Director B. Thiagarajan told Reuters on Friday.

The eventual tax rate on ACs is not clear but it is now at the maximum 28%, so the planned cut should help dealers and manufacturers, who have struggled this year due to a cooler summer.

"From 28% for ... air conditioner to (potentially) 18% is something which nobody would have dreamt of," Thiagarajan said by phone. "Now this is an extraordinary step, and it will boost demand especially in a year where summer season has failed."

Blue Star's unitary products business, which sells room ACs and commercial refrigeration systems, made up nearly half its revenue of 119.77 billion rupees ($1.37 billion) last year, when it commanded a market share of close to 14% in room ACs.

But there is going to be short-term pain for Blue Star and the $4 billion sector that also includes Tata Group's Voltas VOLT.NS and Japan's Daikin 6367.T, as consumers postpone AC purchases until the tax cuts take effect.

Industry watchers say electronics retailers could experience slow sales in the run-up to the Hindu festival of Deepavali in October, by which time Modi said the cuts would take effect.

($1 = 87.3260 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by William Mallard)

(([email protected]; +91 867-525-3569;))

** Shares of cooling solutions provider Blue Star BLUS.NS down as much as 3.6% to their lowest since August 12
** BLUS among top losers in the Nifty 500 index .NIFTY500, which is down 0.2%
** Co on Wednesday reported Q4 profit below estimates, hurt by higher raw material expenses
** In a post-earnings call with analysts on Thursday, co flagged higher inventories, moderate summer as factors impacting April sales
** BLUS now expects Q1 sales to rise 10%–15%, compared to the previously expection of 25%–30%
** Higher inventory could hurt sales of room air conditioners in Q1 – Investec
** BLUS down 23.3% YTD vs a 1.5% drop in the Nifty 500 index and a 30% YTD fall at rival Voltas VOLT.NS

(Reporting by Sethuraman NR in Bengaluru)

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BENGALURU, May 7 (Reuters) - Diary of India economic, corporate events on May 7

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

(([email protected]))

** Brokerage PhillipCapital expects India's Blue Star BLUS.NS, Godrej and Havells India's HVEL.NS Lloyd brand to gain domestic air conditioner market share, while Voltas VOLT.NS and Daikin 6367.T further lose market share

** Blue Star to gain market share in South India on strong brand recall; strong value proposition to drive growth for Godrej, it says

** Adds Lloyd to gain volume share and margin benefits in near term because of operating leverage

** Brokerage sees organic price hikes for Indian domestic air conditioner makers in Q1 FY26

** Voltas to lose market share on price disparity, average product quality, poor after-sales service, and strong competition and Daikin 6367.T to lose because of its high cost product and lower ability to take price cuts, PhillipCapital says

(Reporting by Vijay Malkar)

(([email protected];))

** Emkay Global initiates coverage on India's air-conditioner makers Voltas VOLT.NS and Blue Star BLUS.NS with "buy" rating

** Shares of Voltas up 1.8% at 1,318.2 rupees, and Blue Star up 1.1% at 1,984.1 rupees amid a broader market rebound

** Brokerage's PT on VOLT at 1,600 rupees and on BLUS at 2,400 rupees, an upside of ~21% for both

** Analysts at Emkay Global believes India's room AC penetration is at ~14% against global average of 40%-45%, which represents a "long growth runway"

** Brokerage believes players are well poised to handle an expected ~20%-25% y/y rise in demand during 2025 summer

** Industry is exhibiting a more cohesive approach toward price hikes, mitigating any cost pressure, which augurs well for overall profitability - Emkay Global

** On YTD basis, VOLT is down ~26% while BLUS is down ~8%

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

March 6 (Reuters) - Blue Star Ltd BLUS.NS:

• EXPANDS RANGE OF COMMERCIAL REFRIGERATION SOLUTIONS

Source text: [ID:]

Further company coverage: BLUS.NS

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** Shares of Blue Star BLUS.NS rise 2.6% to 1,927.2 rupees

** The air conditioners and air purifiers maker said on Tuesday it is commissioning a new assembly line for manufacturing of room air conditioners at unit

** Co plans to invest around 2 billion rupees ($22.9 million) on the same; expects capacity addition of 20,000 units per month

** 17 analysts covering the stock on avg have a "Buy" rating; median PT is 1,930.5 rupees - LSEG data

** Stock up ~4% so far this year

($1 = 87.1900 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Jan 29 (Reuters) - Blue Star Ltd BLUS.NS:

• Q3 CONSOL NET PROFIT 1.33 BILLION RUPEES; IBES PROFIT EST. 1.23 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 28.07 BILLION RUPEES; IBES EST. 26.56 BILLION RUPEES

Source text: [ID:]

Further company coverage: BLUS.NS

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Jan 7 (Reuters) - Blue Star Ltd BLUS.NS:

• TWO VEHICLES CARRYING RAW MATERIALS DETAINED BY OFFICER OF STATE TAX

• GETS TAX ORDER OF PENALTY OF 3.6 MILLION RUPEES

Source text: ID:nNSExCx6H

Further company coverage: BLUS.NS

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Nov 13 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - TAX LIABILITY REDUCED FROM 912.40 MILLION RUPEES TO 4.50 MILLION RUPEES

Source text: ID:nBSE1WVfYn

Further company coverage: BLUS.NS

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** Shares of Blue Star BLUS.NS fall 7% to 1,749.6 rupees, eyes worst one-day pct fall since July 10

** Co posted a 36% rise in Q2 consol net profit to 961.9 mln rupees ($11.4 mln), but fell short of analysts' estimate of 965.6 mln rupees, as per data compiled by LSEG

** Rev from water coolers, deep freezers rose just 5% as quality control regulations hurt sales, alongside delays in ramping up production of new range of deep freezers

** More than 680,000 shares change hands in early trade, 1.6x the 30-day avg

** Seventeen analysts covering the stock on avg have a "buy" rating; median PT is 1,707.5 rupees - LSEG data

** Day's losses trim stock's YTD gains to ~85%

($1 = 84.2975 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Nov 6 (Reuters) - Blue Star BLUS.NS on Wednesday reported second-quarter profit that missed estimates as it struggled to increase sales of commercial refrigeration appliances such as water coolers and deep freezers.

The company's consolidated net profit rose 36% to 961.9 million rupees ($11.4 million) in the three months ended Sept. 30, but missed analysts' expectations of 965.6 million rupees, according to estimates compiled by LSEG.

Revenue from its segment which makes water coolers and deep freezers rose just 5% as new quality control regulations crimped sales. The segment contributes about a third to the total revenue.

Delays in ramping up production of a new range of deep freezers also slowed revenue growth, the company said.

"The commercial refrigeration business faced setbacks in the first half of the year due to regulatory changes and we expect this impact to be temporary," said Chairman and MD Vir Advani.

Still, Blue Star's overall revenue jumped to 22.76 billion rupees, beating expectations of 22.2 billion rupees, helped by a 32% growth in the segment that makes commercial air conditioning systems.

(Reporting by Aleef Jahan and Chris Thomas; Editing by Eileen Soreng)

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Oct 2 (Reuters) - Blue Star Ltd BLUS.NS:

• WJT'S ARBITRATION CLAIM REVISED TO OMR 21.2 MILLION FROM OMR 10.3 MILLION

• CLAIMS BY WJT WILL NOT HAVE MATERIAL FINANCIAL IMPACT ON CO

Further company coverage: BLUS.NS

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** Shares of Zaggle Prepaid Ocean Services ZAGG.NS rise 3.5% to 360 rupees, set to snap a six-session losing streak

** The fintech co partners with Blue Star BLUS.NS to provide expense management platform and employee benefits to the appliance maker's staff

** Cos did not provide further details about the deal

** BlUS last up ~0.6%

** ZAGG up ~61% YTD

(Reporting by Yagnoseni Das in Bengaluru)

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Aug 6 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR Q1 CONSOL NET PROFIT 1.69 BILLION RUPEES; IBES PROFIT EST. 1.41 BILLION RUPEES

• BLUE STAR Q1 CONSOL REVENUE FROM OPERATIONS 28.65 BILLION RUPEES; IBES EST. 29.38 BILLION RUPEES

Source text for Eikon: ID:nBSE4ww3WC

Further company coverage: BLUS.NS

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BENGALURU, July 18 (Reuters) - Home appliances maker Havells India HVEL.NS reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans.

Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts' expectations of 4.31 billion rupees, as per LSEG data.

The water heater maker's revenue from operations rose 20.2% to 57.98 billion rupees, while total expenses rose 18.1% to 53.22 billion rupees.

For further earnings highlights, click nFWN3JA0SB

KEY CONTEXT

India's summer lasts from March to May, yet many Indian cities saw warmer nights during June. Hot weather increases consumer spending on electrical appliances.

Analysts said that the country's consumer durables sector experienced healthy demand during the quarter due to severe summer and despite price increases.

Prices of raw material such as copper and aluminium rose, they added.

Havells India, biggest among its peers by market capitalisation, is the first to report first-quarter results.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.6170 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala)

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July 12 (Reuters) - Blue Star Ltd BLUS.NS:

• GOT TAX DEMAND TOTALLING 12.6 MILLION RUPEES

Source text for Eikon: ID:nBSEb48YHt

Further company coverage: BLUS.NS

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By Praveen Paramasivam

BENGALURU, June 28 (Reuters) - Demand for beer in India is at a multi-year high and air conditioner sales are skyrocketing as the intense, unprecedented heat scorching parts of the country becomes a boon for some consumer businesses.

Temperatures in the Indian capital Delhi and the western state of Rajasthan soared to almost 50 degrees Celsius in recent weeks, with scientists saying the hot summer has become even more intense due to human-driven climate change. While rains lashed Delhi on Friday, many northern areas such as Punjab recorded temperatures above 40 C on Thursday.

Beer sales volume are expected to jump 10% this summer and demand is at its highest since the onset of the COVID-19 pandemic, said Vinod Giri of Brewers' Association of India which represents leading beer makers Carlsberg, Anheuser-Busch InBev ABI.BR and United Breweries UBBW.NS.

Beer in this scorching heat, Giri said, makes Indians "feel better without getting too high on alcohol."

The heat has also driven power demand to a record peak as more people seek ways to cool down.

B. Thiagarajan, managing director at ACs-to-air purifier maker Blue Star BLUS.NS, said he has not witnessed such strong sales for air conditioners in the more than 30 years he has worked in the industry.

It's been a "mad rush ... anything called air conditioner would have got sold," he said.

The number of affluent people in India is rising rapidly, and Thiagarajan said overall air conditioner sales will grow 50% in the April-June summer months, outstripping the industry's expected demand increase of 25% to 30%.

Other businesses are also enjoying a strong summer.

Quick delivery service Swiggy Instamart said it is seeing a sharp rise in orders for ice cream and cold beverages.

Walmart-owned WMT.N Indian e-commerce website Flipkart said demand for top-end sunscreen products jumped 40% between February-May 2024 versus the previous year, with products such as sunscreen sticks proving particularly popular.

"Heatwaves made me use sunscreens very frequently, like, 3 to 4 times a day," said S. Dinesh, 27, whose job demands him to stay out in the sun during the day.

But even as the heat pushes up demand for some online products, it is causing logistical challenges as more delivery workers fall ill due to the high temperatures, said Ajay Rao, CEO of Emiza, a logistics company which counts Flipkart and Mamaearth HONA.NS among its customers.

"People are not able to actually cope with the outside temperatures," he said.

(Reporting by Praveen Paramasivam; Editing by Aditya Kalra and Miral Fahmy)

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May 2 (Reuters) - Blue Star Ltd BLUS.NS:

• DIVIDEND 7 RUPEES PER SHARE

• MARCH-QUARTER CONSOL NET PROFIT 1.61 BILLION RUPEES VERSUS PROFIT 2.25 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 33.28 BILLION RUPEES VERSUS 26.24 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: BLUS.NS

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By Praveen Paramasivam and Ashna Teresa Britto

CHENNAI/BENGALURU, April 15 (Reuters) - Indian consumer goods companies such as makers of cooling systems, beer and ice cream are attempting to capitalise on a hotter-than-usual summer season by cranking up output, launching new products and ramping up spending on marketing.

The world's most populous nation expects 10 to 20 heatwave days, which it describes as temperatures hitting at least 40 degree Celsius in the plains, from April through June this year, versus the normal four to eight days. Already temperatures have crossed 40 degrees in a few cities in the western Maharashtra and Gujarat states.

The searing heat is why appliances maker Blue Star BLUS.NS has launched dozens of new home airconditioner products as it targets a 25% jump in revenue from that business this summer versus just a 5% increase last year, according to its Managing Director B. Thiagarajan.

And U.S.-based ice cream brand Baskin Robbins has launched 20 new products in India ahead of the summer season.

"An unusually hot year will significantly impact the sector and uplift consumer discretionary companies' demand for selling airconditioners, fans, fridges, etc," said Akshay Mokashe, senior research analyst at Axis Securities, adding that they will report robust growth numbers for the first quarter of the current fiscal year.

Cooling systems providers are one of the main beneficiaries of summer, with the season contributing up to 60% of their annual revenue.

While the industry has previously estimated that less than 10% of Indian households have airconditioners, the hotter summer season and new product launches from companies such as appliances maker Voltas VOLT.NS and Johnson Controls-Hitachi Air Conditioning India JCHA.NS are expected to lift that number.

"People generally plan for airconditioner purchases a couple of months in advance. But harsher summer expectations have triggered fence-sitters also into buying," said Deepak Jasani, head of retail research at HDFC Securities.

Roughly nine in 10 customers this year are first-time buyers as they long for airconditioners after getting used to temperature-controlled spaces in offices, banks and theaters, Blue Star's Thiagarajan told Reuters.

G. Hariharan is one of them.

The software engineer from Thiruvananthapuram city in the southern state of Kerala bought his family of four their first airconditioner last month.

"We have always muscled through the hot January-May months, but this year, it is too hot, and it has become too difficult to sleep," Hariharan said. "Even two fans are not enough."

Ceiling fans are India's go-to during summer, while airconditioners are still considered a luxury for its majority.

Companies are stretching their production and distribution capabilities to meet the increase in demand.

Graviss Foods, which runs Baskin Robbins stores in India, is ensuring its "factory is running at full throttle" after opening more distribution centres to reach retailers and distributors faster, said CEO Mohit Khattar.

Advertising budgets are also up this summer, partly because slots on the popular Indian Premier League cricket games have become more expensive as they coincide with India's massive general elections.

Blue Star is nearly tripling its summer advertising budget to 400 million rupees, while Baskin Robbins' marketing budget is being raised by up to a quarter as it aims to reach twice the number of people through TV and online advertising.

SUMMER BUMP

It is not just manufacturers that are cashing in on the summer, but delivery and other services companies too.

Grocery delivery app Zepto shows a banner on its home page to highlight "hydration heroes" with images of tender coconut, watermelon, and muskmelon, while rivals Swiggy and Zomato's ZOMT.NS Blinkit are doubling down on fruits, beverages, and ice creams.

Swiggy has seen a 28% surge in demand for cold drinks and juices, along with a 43% increase in orders for ice cream since the summer began, according to its spokesperson, while orders for instant drink mixes and ice cubes have shot up.

Demand for beer is likely to go up as well.

"With the arrival of summer, beer consumption naturally increases, necessitating careful planning in production and distribution ... as brewery capacities are stretched to their limits," Carlsberg India Managing Director Nilesh Patel said.

The harsher weather is expected to increase the prices of vegetables, which could eat into discretionary budgets, and curtail outdoor spending. Some analysts, nevertheless, expected consumers to find ways to spend on the small joys.

"Drinking beverages or eating ice cream gives some sort of a satisfaction, although temporary, to people," HDFC Securities' Jasani said.

(Reporting by Praveen Paramasivam in Chennai and Ashna Teresa Britto in Bengaluru; Editing by Dhanya Skariachan and Muralikumar Anantharaman)

(([email protected]; +91 867-525-3569;))

April 3 (Reuters) - Blue Star Ltd BLUS.NS:

• GETS ORDER FROM INCOME TAX DEPARTMENT RAISING DEMAND OF 242.1 MILLION RUPEES

Further company coverage: BLUS.NS

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