Blue Dart Profits Up At 39.04 Crores
Mumbai : April 26, 2005
Blue Dart Express Limited, South Asia's premium integrated air express, courier and logistics company, declared its financial results for the year ended March 31, 2005 at a Board Meeting held in the city today.
The Company posted a Rs. 60.13 crore profit before tax for the year ended March 31, 2005, compared to Rs. 41.30 crore for the year ended March 31, 2004. Net profit for the year 2004-05 stood at Rs. 39.04 crore, an increase of 47.44% over the previous year's net profit of Rs. 26.48 crore. Income from operations has increased by 29.16 % as compared to the previous year.
The Board has recommended a dividend of Rs 3.00 per share for the year ended March 31, 2005.
Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "The growth story for India that started in the year 2003-04 has continued in the year 2004-05, and is reflected in our results that are strongly influenced by the expanding Indian economic environment. We have continued to invest in our infrastructure and distribution network during the year, adding 30 new facilities in the metros of Ahmedabad, Bangalore, Chennai, Hyderabad and Mumbai, as well as in the secondary cities of India. Blue Dart's distribution network continues to support Indian Industry's vibrant growth. During the year, the Company carried over 42.5 million shipments across Blue Dart's various service offerings, weighing over 110,000 tonnes".
DHL Express (Singapore) Pte Ltd. acquired 68.21% of equity share capital from the Indian promoters along with persons acting in concert with the Indian promoters and Newfields Holding Ltd. (collectively known as the "Seller") and 12.82% from the public in an "Open Offer" aggregating 81.03% of equity share capital of the Company. The synergies of Blue Dart and DHL, both premium brands, provide customers with a formidable delivery capability and an entire range of complementary domestic and international express, freight and logistics services unavailable elsewhere in the country.
Blue Dart, South Asia's premier courier and integrated air express package distribution company, offers secure and reliable delivery of consignments to over 13,700 locations in India and 200 countries worldwide. Blue Dart was selected a Superbrand from over 700 brands across 98 categories in India. The Blue Dart team drives marketplace leadership through its motivated people force, dedicated air capacity, cutting-edge technology, innovation and value-added services, to deliver unmatched standards of service quality to its customers.
BLUE DART EXPRESS LIMITED
Audited Financial Results for the Year ended March 31, 2005(All figures are in Rs lacs)
|Particulars||B.D.E.L. Quarter Ended 31-03-05(Unaudited)||B.D.E.L.Quarter Ended 31-03-04(Unaudited)||B.D.E.L.Year Ended 31-03-05 (Audited)||B.D.E.L. Year Ended 31-03-04(Audited)||Consolidated Year Ended 31-03-05 (Audited)||Consolidated Year Ended 31-03-04 (Audited)|
|1.||Net Sales/ Income from operations||12,121||9,438||45,832||35,486||45,982||35,462|
|5.||Freight, Handling and Servicing Costs||6,965||5,537||27,005||21,402||23,052||18,143|
|10.||Profit Before Tax||1,321||1,135||6,013||4,130||6,097||4,189|
|11.||Provision for Tax(including Fringe Benefit Tax)||366||408||2,109||1,482||2,462||1,499|
|12.||Profit After Tax||955||727||3,904||2,648||3,635||2,690|
|13.||Paid-up Equity Share Capital (Face value Rs 10/- per share)||2,373||2,373||2,373||2,373||2,373||2,373|
|15.||E P S (In Rupees)(Refer Note 7)||4.02||3.06||16.45||11.16||15.32||11.34|
|16.||Aggregate of Non-Promoter shareholdings:|
|-Number of Shares||4,500,047||11,576,382||4,500,047||11,576,382||-||-|
|-Percentage of Shareholding||18.97||48.79||18.97||48.79||-||-|
- Income from operations has increased by 29.16% as compared to the previous year.
- Other Income includes Rs. 360 lacs of profit on disinvestment of 60% holding in Blue Dart Aviation Ltd. Pursuant to this disinvestent Blue Dart Aviation Ltd. has ceased to be a subsidiary of the Company. Accordingly, 40% investment in Blue Dart Aviation Ltd. has been accounted in the consolidated financial results in accordance with the Accounting Standard on Accounting of Investments in Associates ( AS-23 ) as issued by the Institute of Chartered Accountants of India.
- Staff Cost includes a one-time retention compensation payable to the Managing Director of the Company as approved by the Board of Directors and Shareholders, subject to approval of Central Government. The same is pursuant to the "Open Offer" made by DHL Express (Singapore) Pte. Ltd.
- DHL Express (Singapore) Pte. Ltd. acquired 68.21% of equity share capital of the Company from the Indian promoters along with persons acting in concert with the Indian promoters and Newfields Holdings Ltd. (collectively known as the "Sellers") and 12.82% from the public in an "Open Offer"aggregating 81.03% of equity share capital of the Company.
- The Profit After Tax has recorded an increase of 47.44% as compared to the previous year
- The Board of Directors have recommended a dividend of 30% for the financial year ended 31st March,2005.
- The Company is primarily engaged in a single segment business of integrated transportation and distribution of shipments and is managed as one entity , for its various service offerings and is governed by a similar set of risks and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting ( AS-17 ) issued by the Institute of Chartered Accountants of India.
- The Consolidated Financial Results represent those of Blue Dart Express Limited and subsidiaries, Skyline Air Logistics Ltd. and Concorde Air Logistics Ltd. The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statements ( AS-21 )issued by the Institute of Chartered Accountants of India. On account of the acquisitions of Skyline Air Logistics Ltd. and Concorde Air Logistics Ltd. during the 1st quarter 2004, the previous year's / period's consolidated results may not be comparable.
- The Company did not have any investor complaint pending as on March 31, 2005 and as on April 1, 2005.There were three investors' complaints received and disposed off during the quarter ended March 31, 2005.
- The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
- The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on April 26, 2005.There are no qualifications in the Audit reports issued for the above year,read with note 3 above.
By Order of the Board
For Blue Dart Express Limited
Date : April 26, 2005
Place : Mumbai
For further information contact :
Date : April 26, 2005