- absorbs induction of 3rd aircraft

Mumbai : May 07, 2002

Blue Dart Express Limited, South Asia's leading express company, has registered a Rs. 25.27 crores profit before tax for the year ended March 31 2002, as compared with the corresponding figure of Rs. 25.83 crores in the previous year. The total sales have registered an increase of 12% over the last fiscal year compared to over 20% growths in the previous years. This has been attributed to a sluggish Indian economy, and the unfortunate September 11 incident which accelerated the impacts of an already slowing world and Indian economy on the travel trade, aviation transportation and communications industries, in particular.

Commenting on the results, Mr. Clyde Cooper, Managing Director, Blue Dart Express Limited, said, "The company has successfully absorbed the induction of its third aircraft into its operating system, and has achieved a breakeven in the shortest possible time. Delivery capability has been enhanced by Blue Dart's air capacity, creating new markets. Blue Dart is now geared to fully leverage its infrastructure and capacity in what is predicted to be a year when global and Indian industry will begin to grow again".

Blue Dart Aviation, the 100% subsidiary of Blue Dart Express Limited, has recorded a profit before tax of Rs. 0.31 crores for the financial year ended March 31 2002.

Blue Dart, South Asia's leading courier and integrated air express package distribution company, with dedicated aviation infrastructure, offers secure and reliable delivery of consignments across almost 13,000 locations in the region. The Blue Dart team drives marketplace leadership through its unique aviation system, cutting edge technology, innovation and value-added services, to deliver unmatched standards of service quality.

Audited Financial Results for the Year ended March 31, 2002

(All figures in Rs. lacs)

  Particulars B.D.E.L. Year ended 31-03-02 (Audited) B.D.E.L. Year ended 31-03-01 (Audited) Consolidated Year ended 31-03-02 (Audited) Consolidated Year ended 31-03-01 (Audited)
.1 Net Sales/ Income from operations 28,667 25,617 28,648 25,621
.2 Other Income 59 54 115 171
.3 Total Income 28,726 25,671 28,763 25,792
.4 Staff Cost 4,511 3,892 5,868 5,095
.5 Freight, Handling and Servicing Costs 17,527 15,308 14,910 12,985
.6 Other Expenses 2,653 2,324 3,200 2,918
.7 Total Expenditure 24,691 21,524 23,978 20,998
.8 Interest (net) 887 1,004 1,185 1,329
.9 Depreciation 621 560 1033 823
.10 Profit (+)/ Loss (-) before Tax 2,527 2,583 2,567 2,642
.11 Provision for Taxation
-Current Year(net)
395 280 395 280
- Deferred 331   343  
.12 Net Profit (+)/ Loss (-) 1,801 2,303 1,829 2,362
.13 Paid-up Equity Share Capital (Face value Rs.10/- per share) 2,373 1,189 2,373 1,189
.14 Reserves 8,479 9,579 8,032 8,771
.15 E P S (in Rs.)
(Unadjusted )
- 19.32 - 19.82
( Adjusted, Refer note 4 & 5 below) 7.59 9.70 7.71 9.96
.16 Aggregate of Non-Promoter shareholdings:
-Number of Shares 11,610,138 5,870,669 - -
-Percentage of Shareholding 48.93 49.26 - -


1. The Consolidated Accounts represents those of Blue Dart Express Limited and Blue Dart Aviation Limited.

2. Freight,handling and servicing costs are up vis a vis previous year on account of enhanced capacity and infrastructure comprising of mainly one aircraft addition, which would support the Company to leverage its growth over a period of time.

3. In compliance with the Accounting Standard relating to "Accounting for Taxes on Income "( AS-22 ), issued by the Institute of Chartered Accountants of India, the Company has adjusted the net deferred tax liability arising out of prior year's amounting to Rs. 11.82 crores against the opening general reserves as on April 1,2001 and Deferred tax liability for the year is Rs. 3.67 crores which has been provided in the current year's Profit and Loss account.

4. The increase in Share Capital from Rs. 11.89 crores to Rs. 23.73 crores is on account of allotment of 1,18,63,967 bonus equity shares on September 4, 2001 in the ratio of one equity share for each share held by the shareholders and accordingly, EPS has been computed and adjusted.

5. The Company has forfeited 52,700 equity shares of Rs. 10/- each on account of non-payment of allotment and / or call money on shares.

6. The Board of Directors have recommended a dividend for the year of 22.50% on the enhanced Share Capital after the issue of Bonus Shares which is equivalent to 45% in comparison to 35% of previous year.

7. The Accounting Standard on Consolidation of Financial Statements ( AS-21 ) became mandatory effective accounting period commencing on or after April 1, 2001. The Company adopted the above Standard from the year ended March 31, 2001, and has consolidated its current year's results based on the said Standard.

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. Certain Accounting Standards became mandatory for accounting periods commencing on or after April 1, 2001. The company adopted the Accounting Standards on Segment Reporting, Related Party Disclosures and Earnings Per Share as well, apart from Consolidation of Financial Statements and Accounting for Taxes on Income.

10. The prior year's figures have been regrouped and reclassified, to make it comparable with the current year figures.

11. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 7th May, 2002. There are no qualifications in the Audit reports issued for the above year.


By Order of the Board
for Blue Dart Express Limited



Place: Mumbai
Date: 7th May, 2002
(Clyde Cooper)
Managing Director



For further information contact :
Dated : July 18, 2000

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