Blue Dart profit Rs. 77.70 crores up by 33.27%

Mumbai : October 16, 2007:

Blue Dart Express Limited, South Asia's largest integrated express courier and package distribution company, today declared its financial results for the 3rd Quarter ended September 30, 2007 at its Board Meeting held in Mumbai.

Income from operations for the 3rd quarter 2007 was Rs. 207.30 crores, an increase of 17.44% over the corresponding quarter of the previous year, and cumulative profit for nine months was Rs. 77.70 crores an increase of 33.27 % over the corresponding period of the previous year.

Anil Khanna, Managing Director, Blue Dart Express Limited said, " The results validate our customers' trust in us and we continue to be the most reliable distribution service provider in the country. To further this trust, last quarter we expanded our business profile to fortify our unique capability to offer the entire spectrum of express distribution solutions. With the reinforcement of 'Surfaceline', we have now expanded our reach to over 17,500 locations across the country".

Blue Dart, today, is firmly positioned as the unrivalled leader in the organised domestic air express space and has robust plans in place to sustain and augment its leadership position. Looking ahead Mr. Khanna said "We are adding 58 new warehouses which means 1 mn Sq ft of additional warehousing space, 596 new road-route connections, increase in workforce and enhancement of technology solutions. We also plan to strengthen our air infrastructure and would be adding a B757 in the last quarter. We stand committed to our role of a trade facilitator and would continue to enable growths for a greater India."

About Blue Dart:

Blue Dart, South Asia's premier courier, and integrated express package Distribution Company, offers secure and reliable delivery of consignments to over 17,500 locations in India.

As part of the DHL Group, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries, and offering an entire spectrum of distribution services, including express, air freight, ocean freight, supply chain solutions, freight forwarding, customs clearance, project handling and charters through the 4 Business Units in India - DHL Express, DHL Global Forwarding, DHL Exel Supply Chain and Blue Dart.

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. Blue Dart has won the award for Excellence in Financial Reporting from the Institute of Chartered Accountants. Blue Dart has received the Cargo Operator of the Year Award and has also received the Amity HR Excellence Award. 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, 2007

(All figures are in Rs Mn.)

Sr.No. Particulars Quarter Ended 30-09-2007 (Unaudited) Quarter Ended 30-09-2006 (Unaudited) Nine Months Ended 30-09-2007(Unaudited) Nine Months Ended 30-09-2006(Unaudited) Year Ended 31-12-2006(Audited)
1. Net Sales/Income from operations 2,073 1,765 5,764 4,858 6,680
2. Other Income 9 7 21 15 18
3. Total Income 2,082 1,772 5,785 4,873 6,698
4. Expenditure          
a. Freight, Handling and Servicing Costs 1,277 1,196 3,585 3,115 4,266
b. Employees Cost 329 257 813 676 957
c. Depreciation 44 64 178 159 220
d. Other Expenses 165 117 427 326 460
e. Total 1,815 1,634 5,003 4,276 5,903
5. Interest (net) 1 3 4 13 16
6. Profit from Ordinary Activities Before Tax 266 135 778 584 779
7. Tax Expense 92 48 268 203 277
8. Net Profit 174 87 510 381 502
9. Paid-up Equity Share Capital (Face value Rs 10/- per share) 237 237 237 237 237
10. Reserves - - - - 2,265
11. E P S (In Rupees)- Basic and Diluted 7.35 3.68 21.49 16.04 21.17
12. Aggregate of Public 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 income from operations has recorded an increase of 17.44% for the quarter ended September 30, 2007 as compared to the corresponding quarter of the previous year and increase of 18.65% for the nine months ended September 30, 2007 over the corresponding period of nine months ended September 30, 2006.
  2. Effective June 1, 2006 the Company inducted two Boeing 757 freighter aircraft and also connected Ahmedabad as its seventh aviation hub and made Hyderabad as an outbound gateway, which together resulted in increased Freight, Handling and Servicing costs over the corresponding nine months of the previous year.
  3. During the quarter ended September 30, 2006 the Company revised the estimated useful life of aircraft engines to more appropriately reflect the pattern in which the benefits are expected to be availed, resulting in certain aircraft engines being fully depreciated by January, 2007.Also, pursuant to the retirement of one Boeing 737 freighter aircraft, D-Check on the said aircraft was fully depreciated in the first quarter of the current year. These together resulted in the depreciation for the current quarter being lower vis-a-vis corresponding quarter of the previous year, and on a cumulative basis for the nine months ended September 30, 2007, depreciation is higher vis-a-vis corresponding nine months of the previous year.
  4. 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.
  5. The Company did not have any investor complaint pending as on September 30, 2007. There were two investors' complaints received and disposed off during the quarter ended September 30, 2007.
  6. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  7. 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, 2007. There are no qualifications in the limited review report issued for the above quarter.
  8. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on October 16, 2007.

By Order of the Board
For Blue Dart Express Limited



Anil Khanna
(Managing Director)

Date : October 16, 2007
Place : Mumbai

For further information contact :
Dated :October 16, 2007

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