Blue Dart Profit At Rs 111 Mn

Bangalore : July 13, 2006:

Blue Dart Express Limited, South Asia's largest integrated air express courier and package distribution company, declared its financial results for the quarter ended June 30th 2006 at their Board Meeting.

The Company posted a Rs. 111 million profit after tax for the quarter ended June 30, 2006, compared to Rs. 104 million for the quarter ended June 30, 2005. Income from operations for the 2nd quarter 2006 was Rs. 1,574 million, an increase of 21.60% over the corresponding quarter of the previous year.

Malcolm Monteiro, Managing Director, Blue Dart Express Ltd., said, "This quarter we have focused on strengthening and expanding our air infrastructure with a view to support India's economic growth and increasing demand for distribution. Two Boeing 757-200 freighters have been inducted into our existing fleet of five Boeing 737-200s, taking our air capacity to 250 tonnes per night across 60 route connections. This provides Blue Dart's distribution network with an enhanced capability, giving us a major edge in the time-critical express market. We are the only express service provider in the country that has the capability to accommodate such large volumes and dimensions on our aircraft, directly benefiting our customers."

"A seventh aviation hub has been added in Ahmedabad for dedicated access and service to the growing Gujarat region, and the Hyderabad outbound gateway has been connected. This facilitates faster and more reliable shipment of larger loads into and from these regions, connecting them to the major metros of Mumbai, Delhi, Kolkata, Chennai and Bangalore which together account for 90% of the air cargo distribution across the country. Today, we are the only ones in the country with a delivery capability encompassing the entire range of services: express both domestic and international (through our alliance with global leader, DHL), air freight, ground and charters." He added.

About Blue Dart:

Blue Dart, South Asia's premier courier and integrated air express package Distribution Company, offers secure and reliable delivery of consignments to over 14,000 locations in India and 220 countries worldwide. Blue Dart was selected a Business Superbrand from over 1699 brands across 169 product categories and a Readers Digest's Most Trusted Brand across 42 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 & Six Months ended June 30, 2006

(All figures are in Rs Mn.)

Sr. No. Particulars Quarter Ended 30-06-2006 (Unaudited) Quarter Ended 30-06-2005 (Unaudited) Six Months Ended 30-06-2006(Unaudited) Six Months Ended 30-06-2005(Unaudited) Nine Months Ended 31-12-2005(Audited)
1. Net Sales/Income from operations 1,574 1,294 3,093 2,508 4,151
2. Other Income 1 3 8 44 76
3. Total Income 1,575 1,297 3,101 2,552 4,227
4. Staff Cost 207 197 418 470 597
5. Freight, Handling and Servicing Costs 1,018 780 1,921 1,476 2,482
6. Other Expenses 109 98 209 202 332
7. Total Expenditure 1,334 1,075 2,548 2,148 3,411
8. Interest (net) 4 8 10 15 23
9. Depreciation 49 44 95 88 131
10. Profit Before Tax 188 170 448 301 662
11. Provision for Tax (including Fringe Benefits Tax ) 77 66 155 102 228
12. Profit After Tax 111 104 293 199 434
13. Paid-up Equity Share Capital (Face value Rs 10/- per share) 237 237 237 237 237
14. Reserves - - - - 1,789
15. E P S (In Rupees) 4.69 4.38 12.37 8.40 18.29
16. Aggregate of Non-promoter shareholding: - - - - -
-Number of Shares 4,500,047 4,500,047 4,500,047 4,500,047 4,500,047
-Percentage of Shareholding 18.97 18.97 18.97 18.97 18.97

Notes :

  1. Income from operations has recorded an increase of 21.60 % in the quarter ended June 30, 2006 as compared to the corresponding quarter of the previous year.
  2. Effective June 1, 2006, the Company inducted two Boeing 757 freighter aircraft on its routes earlier serviced by Boeing 737 freighter aircraft.
  3. The Company effective June 1, 2006 added Ahmedabad as its seventh aviation hub and connected Hyderabad as an outbound gateway to its air network.
  4. The Freight, Handling and Servicing costs includes Rs. 40.90 million towards additional operating cost on account of introduction Boeing 757 freighter aircraft and Rs 23.17 million on account of one time cost for inducting these aircraft.
  5. 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 period ended June 30, 2006 are for the first half of the year 2006.
  6. 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.
  7. The Company did not have any investor complaint pending as on June 30, 2006. There were four investors' complaints received and disposed off during the quarter ended June 30, 2006.
  8. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  9. 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 June 30, 2006. There are no qualifications in the limited review report issued for the above quarter.
  10. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on July 13, 2006.

By Order of the Board
For Blue Dart Express Limited



Malcolm Monteiro
(Managing Director)

Date : July 13, 2006
Place : Bangalore

For further information contact :
Dated :July 13, 2006

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