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Blue Dart Profit up at 43.41 Crores

Mumbai :February 7, 2006

Blue Dart Express Limited, South Asia's largest integrated air express courier and logistics company, declared its financial results for the quarter and nine-months period ended December 31, 2005 at a Board Meeting held in the city today.

The company posted a Rs 15.35 crore Profit After Tax for the quarter ended December 31, 2005, as compared to Rs. 11.12 crore for the same period of the previous year and the turnover for the quarter ended December 31, 2005 was at Rs 149.11 Crore, an increase of 22.73 % over the corresponding quarter of the previous year.

For the nine-month period ended December 31, 2005, Net Profit stood at 43.41 crore, up from Rs 29.49 crore over the corresponding period of the previous year. The company posted a turnover of Rs. 422.67 crore, as compared to Rs. 337.41 crore for the same period of the previous year, an increase of 25.27% over the corresponding period of the previous year.

"Reliable, quality distribution is the lifeline of trade and commerce, and it has been Blue Dart's constant endeavour to bring in world class services since inception. We have added 30 service and operation centres across the country during the year, and 4 modern, warehouse facilities at Delhi, Bangalore, Ahmedabad and Jaipur. Technology support was further augmented with enhanced bandwidth and connectivity for improved user experience. Our strengthened capacity enabled us to outpace market growth and carry 37.67 million shipments weighing 96,024 tonnes during April to December 2005 compared to 30.84 million shipments weighing 81,676 tonnes for the same period in 2004.We continue to upgrade and expand our infrastructure to deliver service excellence to Indian business not available elsewhere in the domestic express industry". said Clyde Cooper, Managing Director, Blue Dart Express Limited.

Blue Dart, South Asia's premier courier and integrated air express package distribution company, offers secure and reliable delivery of consignments to over 13,880 locations in India and 200 countries worldwide. Blue Dart was selected a Business Superbrand from over 854 brands across 82 product 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 Nine Months ended December 31, 2005

(All figures are in Rs Mn.)

  PARTICULARS B.D.E.L. Quarter Ended 31-12-05 (Unaudited) B.D.E.L. Quarter Ended 31-12-04 (Unaudited) B.D.E.L. Nine Mths. Ended 31-12-05 (Audited) B.D.E.L. Nine Mths. Ended 31-12-04 (Unaudited) B.D.E.L. Year Ended 31-03-05 (Audited) Consolidated Nine Mths. Ended 31-12-05 (Audited) Consolidated Nine Mths. Ended 31-12-04 (Unaudited) Consolidated Year Ended 31-03-05 (Audited)
1. Net Sales/Income from operations 1,485 1,215 4,151 3,371 4,583 4,166 3,374 4,598
2. Other Income 6 0 76 3 47 76 3 53
3. Total Income 1,491 1,215 4,227 3,374 4,630 4,242 3,377 4,651
4. Staff Cost 205 177 597 496 769 603 691 1,029
5. Freight, Handling and Servicing Costs 883 715 2,482 2,004 2,701 2,481 1,698 2,305
6. Other Expenses 138 91 332 256 359 333 315 438
7. Total Expenditure 1,226 983 3,411 2,756 3,829 3,417 2,704 3,772
8. Interest (net) 7 14 23 39 47 22 53 64
9. Depreciation 37 41 131 110 153 133 142 193
10. Profit Before Tax 221 177 662 469 601 670 478 622
11. Provision for Tax (including Fringe Benefit Tax) 67 66 228 174 211 231 178 246
12. Profit After Tax 154 111 434 295 390 439 300 376
13. Share of Associate's Profit/ (Loss)and Share of Minority Intrests - - - - - 5 - (12)
14. Net Profit 154 111 434 295 390 444 300 364
15. Paid-up Equity Share Capital (Face value Rs 10/- per share) 237 237 237 237 237 237 237 237
16. Reserves - - 1,789 - 1,396 1,791 - 1,387
17. E P S (In Rupees.) 6.47 4.68 18.29 12.43 16.45 18.71 12.64 15.32
18. Aggregate of Non-promoter shareholdings:  
-Number of Shares 4,500,047 11,576,382 4,500,047 11,576,382 4,500,047 - - -
-Percentage of Shareholding 18.97 48.79 18.97 48.79 18.97 - - -

Notes :

  1. The Company has changed its financial year to calendar year basis. Accordingly, the current accounting period of the Company is for the nine months ended December 31, 2005.
  2. The income from operations has recorded an increase of 22.28 % in the quarter ended December 31, 2005 as compared to the corresponding quarter of the previous year and by 23.13 % in the nine months ended December 31, 2005 over the corresponding nine months ended December 31, 2004.
  3. The sale for the nine months period ended December 31,2005 was adversely impacted by approximately Rs.30 Million on account of the Mumbai floods on July 26, 2005 and its aftermath,including the infrastructure breakdown experienced by the city, disrupting and negatively affecting general economic activity.
  4. Other income includes the reversal of provision of Rs.68 Million made in the earlier year for one-time retention compensation to the Managing Director, on account of rejection of application by the Central Government of India.
  5. On March 11, 2005 the Company disinvested 60% of its holding in Blue Dart Aviation Ltd. Accordingly, it ceased to be a subsidiary of the Company. The 40% holding in Blue Dart Aviation Ltd. has been accounted for in the Consolidated Financial Statements in accordance with the Accounting Standard on Accounting for Investments in Associates ( AS-23) issued by the Institute of Chartered Accountants of India.
  6. The Board of Directors have recommended a dividend of 15% for the accounting period ended December 31,2005
  7. 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.
  8. The Consolidated Financial Results represent those of Blue Dart Express Limited and its 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 disinvestment in Blue Dart Aviation Limited during the fourth quarter of the year ended March 31, 2005, the previous year's / period's consolidated results are not comparable.
  9. The Company did not have any investor complaints pending as on October 1,2005 and as on December 31, 2005. There were six investors' complaints received and disposed off during the quarter ended December 31,2005.
  10. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  11. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on February 7,2006. There are no qualifications in the Audit reports issued for the above accounting period.
 

By Order of the Board
For Blue Dart Express Limited

 

sd/-

Clyde Cooper
(Managing Director)

Date : February 7, 2006.
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated : February 7, 2006.

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