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Blue Dart profit up by 10.62%

Mumbai : January 28, 2009:

Blue Dart Express Limited, South Asia's number one express air and integrated transportation, distribution and logistics Company, today announced its annual result for the year ended December 31, 2008 at its board meeting held in Mumbai.

The Company posted a Rs 773.53 Mn profit after tax for the year ended December 31, 2008, up by 10.62% from the corresponding period of the previous year. Income from Operations for the quarter ended December 31, 2008 was Rs 2,273.37 Mn lower by 2.34% as compared to the corresponding quarter of the previous year.

Speaking on the occasion Anil Khanna, Managing Director, Blue Dart Express Ltd said, "We are a customer-led company, and continue to be driven by their needs. The year 2008 marked the completion of Blue Dart's 25 years of innovating and providing quality service to our customers. The softening trends that commenced in the first quarter of 2008 worsened towards the last quarter of the year with a global depressed economic and financial environment. With the Company having essentially a 'fixed cost' based business model, the deceleration in volume growth is having an adverse impact on margins."

"Going forward our focus would be to consolidate our leadership position in the air express products while strengthening our ground express product offering. In the coming year we would continue to set benchmarks and standards in the Indian express market and facilitate trade and commerce for a greater India." added Anil Khanna.

Blue Dart handled 79.73 million shipments weighing 2,31,923 tonnes servicing to over 21,100 locations across India. To augment its robust infrastructure, Blue Dart inducted one more B-757 freighter to its fleet of 3 B737s & 3 B757s. Blue Dart is committed to 25 initiatives to be rolled out in the next one year's time, focusing on customized requirements for specific verticals and to better its already best-in-class service quality, by pursuing programs like First Choice & Net Promoter Approach.

About Blue Dart:

Blue Dart, South Asia's premier number one express air and integrated transportation, distribution and Logistics Company, offers secure and reliable delivery of consignments to over 21,100 locations in India.

As part of the DHL Group (DHL Express, DHL Global Forwarding & DHL Exel Supply Chain), Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and offers an entire spectrum of distribution services including air express, freight forwarding supply chain solutions and customs clearance.

Blue Dart was selected a Business Superbrand for the fourth time consecutively from over 1,699 brands and received the Readers Digest's Most Trusted Brand Gold Award, three years in a row. It has been listed twice in the Dun & Bradstreet top 500 companies in India. Blue Dart has been awarded the NDTV Business Leadership Award 2008 and the Asia Brand Congress Brand Leadership Award 2008. It has also been listed as one of the Forbes 'Best under Billion' companies.

The Blue Dart team drives market 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, 2008

(All figures are in Rs.Lacs)

 

Sr. No. Particulars BDELQuarter Ended 31-12-2008 (Unaudited) Quarter Ended 30-06-2007 (Unaudited) BDELYear Ended 31-12-2008(Audited) BDELYear Ended 31-12-2007(Audited) Consolidated Year 31-12-2008(Audited) Consolidated Year Ended 31-12-2007(Audited)
1.a Net Sales/Income from operations 22,734 23,229 97,447 80,872 97,666 81,151
b. Other Operating Income 194   495 55 495 55
c. Total 22,928 23,229 97,942 80,927 98,161 81,206
2. Expenditure            
a. Freight, Handling and Servicing Costs 15,270 14,346 63,592 50,194 63,597 50,178
b. Employee Cost 3,029 3,505 13,265 11,636 13,380 11,731
c. Depreciation 439 620 1,657 2,403 1,675 2,421
d. Other Expenditure 2,324 1,971 8,078 6,253 8,112 6,281
e. Total 21,062 20,442 86,592 70,486 86,764 70,611
3. Profit from Operations before Other Income & Interest 1,866 2,787 11,350 10,441 11,397 10,595
4. Other Income 70 96 311 256 326 260
5. Profit before Interest 1,936 2,883 11,661 10,697 11,723 10,855
6. Interest (net) -150 3 -214 40 -217 32
7. Profit from Ordinary Activities Before Tax 2,086 2,880 11,875 10,657 11,940 10,823
8. Tax Expense 845 986 4,140 3,664 4,163 3,725
9. Profit After Tax 1,241 1,894 7,735 6,993 7,777 7,098
10. Share of Associate's Profit         19 24
11. Net Profit 1,241 1,894 7,735 6,993 7,796 7,122
12. Paid-up Equity Share Capital (Face value Rs 10/- per share) 2,373 2,373 2,373 2,373 2,373 2,373
13. Reserves     36,811 29,354 37,095 29,576
14. Earnings Per Share(In Rupees)- Basic and Diluted 5.23 7.98 32.60 29.47 32.86 30.01
15. 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 20.49% for the year ended December 31, 2008 over the corresponding year ended December 31, 2007. The softening trends that commenced in the first quarter of 2008 worsened towards the last quarter of the year. With a global depressed economic environment, income from operations for the current quarter are lower by 2.34% vis-à-vis corresponding quarter of the previous year. With the Company having essentially a fixed cost based business model, the deceleration in volume growth is having an adverse impact on margins.
  2. During the quarter ended September 30, 2008 the Company acquired 21,60,000 equity shares of Blue Dart Aviation Limited and thereby increased its holding from 40% to 49%.
  3. The Board of Directors have recommended a dividend of 10% for the year ended December 31, 2008.
  4. The Company did not have any investor complaint pending as on December 31, 2008. There was one investors' complaint received and disposed off during the quarter ended December 31, 2008.
  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) as notified under Section 211(3C) of the Companies Act,1956 (the 'Act').
  6. 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) as notified under section 211(3C) of the Companies Act, 1956. The 49% holding in Blue Dart Aviation Limited has been consolidated in accordance with the Accounting Standard on Accounting for Investments in Associates in Consolidated Financial Statements (AS-23) as notified under section 211(3C) of the Companies Act, 1956.
  7. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  8. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on January 28, 2009. There are no qualifications in the Auditors' Report issued for the financial year ended December 31, 2008.

By Order of the Board
For Blue Dart Express Limited

sd/-

 

Anil Khanna
( Managing Director)

 

Date : January 28, 2009
Place : Mumbai

For further information contact :

marketing@bluedart.com
Date : January 28, 2009

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