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Blue Dart sales up by 21%

Mumbai : February 11, 2008:

Blue Dart Express Limited, South Asia's #1 integrated air express, courier and logistics company, today announced its annual result for the year ended December 31, 2007 at its board meeting held in Mumbai.

The Company posted a Rs 69.93 crore profit after tax for the year ended December 31, 2007, up by 39% from the corresponding period of the previous year. Income from operations for the year ended December 31, 2007 was 808.72 crore up by 21.06 % from the corresponding period of the previous year.

Speaking on the occasion Anil Khanna, Managing Director, Blue Dart Express Ltd said, "Our results are a validation of our customer's faith in us and of our commitment to serve their business. We are proud to be positioned as the only service provider with a distinctive capability to offer the entire gamut of express distribution solutions. We have seen consistent high results in the past and expect the trend to continue this year as well."

"The launch of our new fortified ground express product - Dart Surfaceline last year, is a strong step towards achieving our aim of being the first choice for all our customers, however our focus from our core air express product remains unwavered. We aim to continue setting standards in the Indian express industry and facilitating trade and commerce 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 of India. 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.

BLUE DART EXPRESS LIMITED

Audited Financial Results for the Year ended December 31, 2007

(All figures are in Rs Mn.)

 

Sr. No. Particulars BDEL Quarter Ended 31-12-2007 (Unaudited) BDEL Quarter Ended 31-12-2006 (Unaudited) BDEL Year Ended 31-12-2007(Audited) BDEL Year Ended 31-12-2006(Audited) Consolidated Year Ended 31-12-2007(Audited) Consolidated Year Ended 31-12-2006(Audited)
1. Net Sales/ Income from operations 2,323 1,822 8,087 6,680 8,115 6,708
2. Other Income 11 3 31 18 32 10
3. Total Income 2,334 1,825 8,118 6,698 8,147 6,718
4. Expenditure            
a. Freight, Handling and Servicing Costs 1,435 1,148 5,019 4,265 5,018 4,264
b. Employee Cost 351 281 1164 957 1173 965
c. Depreciation 67 61 240 220 242 222
d. Other Expenses 193 137 625 461 628 463
e. Total 2,046 1,627 7,048 5,903 7,061 5,914
5. Interest (net) 0.27 3 4 16 3 15
6. Profit from Ordinary Activities Before Tax 288 195 1,066 779 1,083 789
7. Tax Expense 99 74 367 277 373 283
8. Profit After Tax 189 121 699 502 710 506
9. Share of Associate's Profit - - - - 2 5
10. Net Profit 189 121 699 502 712 511
11. Paid-up Equity Share Capital (Face value Rs 10/- per share) 237 237 237 237 237 2,37
12. Reserves - - 2,935 2,265 2,958 2,274
13. E P S (In Rupees)- Basic and Diluted 7.98 5.13 29.47 21.17 30.01 21.55
14. Aggregate of Public shareholding: - - - - -  
-Number of Shares 4,500,047 4,500,047 4,500,047 4,500,047 - -
-Percentage of Shareholding 18.97 18.97 18.97 18.97 - -

Notes:

  1. The income from operations has recorded an increase of 21.06% for the year ended December 31, 2007 over the corresponding year ended December 31, 2006.
  2. As per an Ordinance dated October 27, 2007 the amount of bonus payable to eligible employees under the Payment of Bonus Act 1965 has been retrospectively increased. Accordingly, the Employee Costs for the current quarter and the year includes an additional charge of Rs 30 Million for the same.
  3. Effective June 1, 2006 the Company inducted two Boeing 757 freighter aircraft and connected Ahmedabad as its seventh aviation hub and made Hyderabad as an outbound gateway. Effective November 23, 2007 the Company inducted the third 757 freighter aircraft, which together resulted in increased Freight, Handling and Servicing costs in the current year ended December 31, 2007 over the corresponding year ended December 31, 2006.
  4. During the year ended December 31, 2007 the Company revised the estimated useful life of certain assets under the block of Furniture & Fittings, Office Equipments, Electrical Equipments, D-Check on Aircraft and Aircraft Components & Overhaul to more appropriately reflect the pattern in which these assets are expected to be availed. As a result of this change depreciation for the year is higher by Rs 58 Million.
  5. The Board of Directors have recommended a dividend of 10% for the year ended December 31, 2007.
  6. The Company did not have any investor complaint pending as on December 31, 2007. There were two investors' complaints received and disposed off during the quarter ended December 31, 2007.
  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 subsidiary Concorde Air Logistics Limited. 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. The 40% holding in Blue Dart Aviation Limited has been consolidated in accordance with the Accounting Standard on Accounting for Investments in Associates (AS-23) issued by the Institute of Chartered Accountants of India.
  9. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  10. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on February 11, 2008. There are no qualifications in the Auditors' Report issued for the financial year ended December 31, 2007.

By Order of the Board
For Blue Dart Express Limited

sd/-

 

Anil Khanna
( Managing Director)

 

Date : February 11, 2008
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated : February 11, 2008

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