Blue Dart Sales increase 28.61%

Mumbai : October 26, 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 September 30th 2006 at a Board Meeting held in the city today.

Income from operations for the 3rd quarter 2006 was Rs. 1765 million, an increase of 28.61% over the corresponding quarter of the previous year, and cumulative profit for nine months was Rs. 381 million. However, profitability has been impacted owing to the induction of the two Boeing 757 aircraft.

Malcolm Monteiro, Managing Director, Blue Dart Express Ltd., said, "We are a customer-led company, and continue to be driven by their needs. Our results are an endorsement of our customers' faith in us. We augmented capacity through the induction of two Boeing 757 freighters in June this year. We are now focusing on further strengthening our infrastructure, including our air and ground fleet as well as our facilities for the long term, for example, 45 new facilities would be added to the existing 217 across the country. Moreover, with Technology serving as the backbone of our operations, a back- up technology hub was set up in Bangalore during the last quarter, to serve as a hot standby site with real time switchover, in the event of any eventuality at our Mumbai Headquarters, to provide uninterrupted services to our customers. We shall continue to provide unmatched delivery capability and service excellence as the only single service provider in the country with a complete range of distribution solutions that encompass air express - both domestic and international, air freight, ground services and charters."

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, received the Readers Digest's Most Trusted Brand Gold Award, and is listed in the Dun & Bradstreet top 500 companies 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 and Nine Months ended September 30, 2006

(All figures are in Rs Mn.)

Sr. No. Particulars Quarter Ended 30-09-2006 (Unaudited) Quarter Ended 30-09-2005 (Unaudited) Nine Months Ended 30-09-2006(Unaudited) Nine Months Ended 30-09-2005(Unaudited) Nine Months Ended 31-12-2005(Audited)
1. Net Sales/Income from operations 1,765 1,373 4,858 3,881 4,151
2. Other Income 7 67 15 111 76
3. Total Income 1,772 1,440 4,873 3,992 4,227
4. Staff Cost 257 195 676 665 597
5. Freight, Handling and Servicing Costs 1,196 820 3,115 2,296 2,482
6. Other Expenses 117 96 326 297 332
7. Total Expenditure 1,570 1,111 4,117 3,258 3,411
8. Interest (net) 3 8 13 23 23
9. Depreciation 64 50 159 138 131
10. Profit Before Tax 135 271 584 573 662
11. Provision for Tax (including Fringe Benefit Tax ) 48 94 203 197 228
12. Profit After Tax 87 177 381 376 434
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) 3.68 7.44 16.04 15.85 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. 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 the above results are for the nine months period ended September 30, 2006.
  2. The income from operations has recorded an increase of 28.61% for the quarter ended September 30, 2006 as compared to the corresponding quarter of the previous year and increase of 25.19% for the nine months ended September 30, 2006 over the corresponding period of nine months ended September 30, 2005.
  3. Effective June 1, 2006 the Company has inducted two Boeing 757 freighter aircraft on its routes connecting Hyderabad as an outbound gateway and adding Ahmedabad as its seventh aviation hub, which has resulted in increased Freight, Handling and Servicing costs.
  4. Other income for the quarter ended September 30, 2005 included a reversal of provision of Rs. 68 million which was made during the year ended March 31, 2005 for one-time retention compensation to the then Managing Director, on account of rejection of application by the Central Government.
  5. The Company divested 100% of its equity holding in Skyline Air Logistics Limited, on August 10, 2006. Pursuant to this divestment Skyline Air Logistics Limited has ceased to be a subsidiary of the Company.
  6. In view of the deployment plans for the 737 and 757 aircraft fleet, the Company has re-evaluated the remaining useful life of -9A aircraft engines resulting in accelerated depreciation of Rs. 22 million during the quarter.
  7. At an Extra Ordinary General Meeting of the shareholders held on September 20, 2006, shareholders of the Company approved the delisting of the shares of the Company from the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited pursuant to the SEBI Guidelines.
  8. 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.
  9. The Company did not have any investor complaints pending as on September 30, 2006. There was one investor complaint received and disposed off during the quarter ended September 30, 2006.
  10. 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 September 30, 2006. There are no qualifications in the limited review report issued for the above quarter.
  11. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  12. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on October 26, 2006.

By Order of the Board
For Blue Dart Express Limited



Malcolm Monteiro
(Managing Director)

Date : October 26, 2006
Place : Mumbai

For further information contact :
Dated :October 26, 2006

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