Blue Dart consolidated Q2 profit dips 35% to Rs 14.6 cr
News Clip: Money Control
31st October, 2019
Logistics firm Blue Dart Express Ltd on October 31 reported a 35 per cent decline in consolidated net profit to Rs 14.64 crore for the July-September quarter. The express air and integrated transportation, distribution and logistics company had clocked a net profit of Rs 22.53 crore in the corresponding quarter of the previous fiscal.
Its total income during the quarter under review was almost flat at Rs 808.69 crore on a consolidated basis against Rs 805.07 in the year-ago quarter, it said in a regulatory filing to BSE.
Total expenses of the company rose to Rs 787.95 crore during the quarter against Rs 773.73 crore in the corresponding quarter of the previous fiscal.
"Effective April 1, 2019, Blue Dart has adopted the Ind AS 116 new accounting standard due to which there is higher impact on profit as these are long term leases related to air infrastructure," the company said in a statement.
Balfour Manuel, Managing Director, Blue Dart said: "The economy continues to grow at its slowest pace in over six years, with both domestic spending and demand losing momentum. The second quarter has been challenging due to these factors, however with our clear focus on service quality and cost efficiencies, we have done reasonably well. Our customers will always remain the focal point of our business and therefore we will continue to invest ahead of the curve, in order to enhance our infrastructure and technological capabilities to stay relevant to their needs”.