Blue Dart profit up at 182.19 million

Mumbai :April 27, 2006

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the first quarter ended March 31, 2006 at a Board Meeting held in the city today.

The Company posted a Rs. 260.07 million profit before tax for the quarter ended March 31, 2006, compared to Rs. 132.10 million for the quarter ended March 31, 2005. Net profit for the quarter 2006 stood at Rs. 182.19 million, up from Rs. 95.52 million over the corresponding quarter of the previous year. Income from operations for the quarter 2006 was Rs. 1519.74 million an increase of 25.15% over the corresponding quarter of the previous year.

Malcolm Monteiro, Managing Director, Blue Dart Express Ltd., said, "The year 2006 will be one of consolidation and expansion. In this quarter, we have initiated our investments in infrastructure and services, which will continue through the year, to strengthen our position as the market leader, and provide our customers with innovative services and accessible locations. Geographically, we are expanding our presence. We have announced the launch of our new facilities at Delhi, Bangalore and Chennai, eight new offices and a new service centre at Pune to strengthen our integrated air and surface operations, and to provide customers with more convenient access to our services."

"We continue to innovate, and enhanced our mobile tracking, MobileDart", offering via SMS in January this year, to provide the status of shipments for customers on the move," added Mr. Monteiro. "Our aim is to strengthen our leadership through innovation built on a solid foundation of service excellence for tangible customer benefit. Our customers have, once again, endorsed the value of our services and selected us as a Superbrand from amongst 1,699 brands across 169 categories".

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 220 countries worldwide. Blue Dart was selected a Superbrand from over 1,699 brands across 169 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.



Unaudited Financial Results for the Quarter ended March 31, 2006

(All figures are in Rs Mn.)

  PARTICULARS Quarter Ended 31-03-2006 (Unaudited) Quarter Ended 31-03-2005 (Unaudited) Nine Months Ended 31-12-2005 (Audited)
1. Net Sales/Income from operations 1,520 1,214 4,151
2. Other Income 7 42 76
3. Total Income 1,527 1,256 4,227
4. Staff Cost 212 273 597
5. Freight, Handling and Servicing Costs 903 696 2,482
6. Other Expenses 100 104 332
7. Total Expenditure 1,215 1,073 3,411
8. Interest (net) 6 7 23
9. Depreciation 46 43 131
10. Profit Before Tax 260 133 662
11. Provision for Tax (including Fringe Benefit Tax) 78 37 228
12. Profit After Tax 182 96 434
15. Paid-up Equity Share Capital (Face value Rs 10/- per share) 237 237 237
16. Reserves - - 1,789
17. E P S (In Rupees.) 7.68 4.02 18.29
18. Aggregate of Non-promoter shareholdings:  
-Number of Shares 4,500,047 4,500,047 4,500,047
-Percentage of Shareholding 18.97 18.97 18.97

Notes :

  1. Income from operations has recorded an increase of 25.15% over the corresponding quarter of the previous year ended March 31, 2005.
  2. The Company changed its accounting year from financial year to calendar year basis and had closed its accounting year for the period of nine months ended December 31, 2005, accordingly results for the quarter ended March 31, 2006 are for the first quarter of the year 2006.
  3. Corresponding quarter of the previous year ended March 31,2005 included Rs.36 million in "Other Income" on account of profit on disinvestment of 60% holding in Blue Dart Aviation Ltd. The "Staff costs " included Rs.68 million as a one-time retention compensation payable to the then Managing Director of the Company which was subsequently reversed during the quarter ended September 30, 2005.
  4. The Company has initiated the process of major investments to further strengthen its infrastructure and service offerings.
  5. 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.
  6. The Company did not have any investor complaint pending as on March 31, 2006. There were five investors' complaints received and disposed off during the quarter ended March 31, 2006.
  7. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  8. In accordance with the requirements of Clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of the Company's financial results for the quarter ended March 31, 2006.There are no qualifications in the limited review report issued for the above quarter.
  9. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on April 27,2006.

By Order of the Board
For Blue Dart Express Limited



Malcolm Monteiro
(Managing Director)

Date : April 27, 2006
Place : Mumbai

For further information contact :
Dated : April 27, 2006

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