Mumbai : January 30, 2003

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the quarter ended December 31, 2002 at a Board Meeting held in the city today.

The Company's Income from operations for the third quarter of the year has increased by 4.51 % as compared to the corresponding quarter of the previous year. This excludes a service income of 9% which the company used to earn from the contract, which was allowed to expire by the Company on 30th September 2002, with its erstwhile international alliance.

Blue Dart has increased its profit margin for the quarter to 15.38% from 14.02% in the immediate preceding second quarter ended 30th September 2002. The increase in operating margin is on account of higher growth of its domestic core products by 23% over the previous corresponding period, and discontinuance of low yield service income from the erstwhile international alliance contract, thereby increasing profit before tax to Rs. 8.32 crores for the current quarter.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "Our overnight transition into our new alliance relationship with global #1, DHL Worldwide Express has been smooth, seamless and successful, with gainful redeployment of manpower resource, physical infrastructure and facilities from their old commitments without any cost pressures across the system. The core products of the company have grown at 23% resulting in a PBT of 8.32 crores from 7.65 crores in the same period last year, despite a loss of average of 9% of the total service income from our erstwhile international alliance (whose contract the company had allowed to expire on the 30th September, 2002), a substantial increase in the price of Aviation Turbine Fuel, and poor global economic conditions. Blue Dart today is not constrained by any terms of exclusivity, and its revenue is created from its own loyal customer base which is growing month over month."

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 to over 13,000 locations in the region. Through its sales alliance with world #1, DHL Worldwide Express, Blue Dart offers its customers the DHL advantage of global reach, unmatched cross-border specialisation and greater network flexibility. Blue Dart has been re-certified recently, as one of a handful of Indian companies, to the new global ISO 9001-2000 standards. 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 to its customers.


Unaudited Financial Results for the Quarter and Nine months ended

December 31, 2002

(All figures are in Rs lacs)


  PARTICULARS B.D.E.L.QuarterEnded31(Unaudited) B.D.E.L.QuarterEnded31-12-01(Unaudited) B.D.E.L.Nine mths.Ended31-12-02(Unaudited) B.D.E.L.Nine mths.Ended31-12-01(Unaudited) B.D.E.L.YearEnded31-03-02(Audited) ConsolidatedNine mths.Ended31-12-02(Unaudited) ConsolidatedNine mths.Ended 31(Unaudited) ConsolidatedYear Ended31-03-02(Audited)
1. Net Sales/ Income from operations 7,645 7,314 23,444 21,410 28,667 23,434 21,419 28,648
2. Other Income 6 11 19 27 59 17 29 115
3. Total Income 7,651 7,325 23,463 21,437 28,726 23,451 21,448 28,763
4. Staff Cost 1,187 1,136 3,568 3,304 4,511 4806 4421 5,868
5. Freight, Handling and Servicing Costs 4,669 4,364 14,525 13,284 17,527 12,304 11,127 14,910
6. Other Expenses 618 682 2,017 1,940 2,653 2,423 2,405 3,200
7. Total Expenditure 6,474 6,182 20,110 18,528 24,691 19,533 17,953 23,978
8. Interest (net) 137 221 502 688 887 718 944 1,185
9. Depreciation 208 157 563 444 621 856 710 1,033
10. Profit Before Tax 832 765 2,288 1,777 2,527 2,344 1,841 2,567
11. Provision for Taxation 300 238 824 488 726 722 488 738
12. Profit After Tax 532 527 1,464 1,289 1,801 1,622 1,829 1,829
13. Paid-up Equity Share Capital (Face value Rs 10/- per share) 2,373 2,373 2,373 2,373 2,373 2,373 2,373 2,373
14. Reserves - - - - - - - -
15. E P S (in Rs.) 2.24 2.22 6.17 5.43 7.59 6.83 5.70 7.71
16. Aggregate of Non-Promoter shareholdings:                
-Number of Shares 11,610,138 11,610,138 11,610,138 11,610,138 11,610,138 - - -
-Percentage of Shareholding 48.93 48.93 48.93 48.93 48.93 - - -


  1. Income from operations has increased by 4.51% as compared to the corresponding quarter of the previous year,excluding average of 9% of total service income which the Company used to earn from its erstwhile international alliance contract, which was allowed to expire by the Company on 30th September 2002.
  2. Operating Profit Margin for the quarter has increased to 15.38% from 14.02% as compared to the immediate preceding second quarter ended 30th September 2002 on discontinuance of the average of 9% of the total service income from its erstwhile International Service contract.
  3. The Company entered into a Sales Alliance agreement effective 1st October,2002 with DHL Worldwide Express,to provide Blue Dart customers the advantages of DHL's global reach,unmatched cross -border specialisation,greater network flexibility and hi-tech infrastructure,in replacement of its erstwhile alliance of 18 years for international outbound deliveries of Blue Dart's international customers.
  4. The Consolidated Financial Results represent those of Blue Dart Express Limited and its wholly owned subsidiary, Blue Dart Aviation Limited.
  5. 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 which became mandatory effective accounting year commencing on or after April 1,2001.
  6. 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 ( AS-17 ) issued by the Institute of Chartered Accountants of India.
  7. The prior period's figures have been regrouped and reclassified wherever necessary,to make it comparable with the current period figures.
  8. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 30th January, 2003.

By Order of the Board
For Blue Dart Express Limited

(Clyde Cooper)
Managing Director


Date : 30th January, 2003.
Place : Mumbai

For further information contact :
Dated : January 30, 2003.

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