Blue Star Shares Fall After Q3 Earnings Miss, Labor Code Impact

• Blue Star shares declined after Q3 earnings missed Street expectations, with profit falling 39% YoY to ₹81 crore.
• Consolidated revenue rose 4% YoY to ₹2,925 crore but was below estimates of ₹3,057 crore.
• Profit was significantly impacted by a ₹56 crore charge due to new labor codes.
• Both Unitary Cooling Products (UCP) and Electro Mechanical Projects (EMP) segments showed lower than expected revenue growth.
• Jefferies maintained a 'Hold' rating with a price target of ₹2,000, noting operational performance was better than expected excluding the labor code impact.

Why It Matters: Blue Star's Q3 profit missed estimates due to new labor codes and weaker segment revenue, causing share decline.