Mumbai : April 24, 2003

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, has registered a Rs. 31.19 Crores profit before tax compared to the corresponding figure of Rs. 25.27 Crores in the previous year, and a net of Rs. 21.08 Crores for the year ended March 31, 2003. Total sales have recorded an increase of 10% over the last fiscal. The Board has recommended a Dividend of 27.50% as compared to 22.50% of the previous year.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "We have managed our challenges of the past year well. The transition into our new alliance relationship with world #1, DHL, was seamless, devoid of any negative service impacts, and strategic, as DHL has now progressed to become the largest express company in the world. We have succeeded in neutralising the effects of soaring fuel prices that have had such disastrous consequences on airlines worldwide. We have emerged profitable despite a loss of an average of 9% of the total service income from our erstwhile international alliance, a substantial increase in the price of Aviation Turbine Fuel, and the year-end drop in distribution caused by the confusion over VAT, especially to the Drugs and Pharma industry. We look forward to consolidating our position in the coming year to focus on customer-centric services and productively exploiting opportunities created through a concentration and focus on our new found freedoms towards territory and product offerings expansions".

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.


Audited Financial Results for the Year ended March 31, 2003

(All figures are in Rs lacs)


  PARTICULARS B.D.E.L.31-03-03(Unaudited) B.D.E.L.QuarterEnded31(Unaudited) B.D.E.L.Year Ended31-03-03(Audited) B.D.E.L.Year 31-03-02(Audited) ConsolidatedYear Ended31-03-03(Audited) ConsolidatedYear Ended31-03-02(Audited)
1. Net Sales/ Income from operations 8,056 7,257 31,499 28,667 31,462 28,648
2. Other Income 18 32 38 59 101 115
3. Total Income 8,074 7,289 31,537 28,726 31,563 28,763
4. Staff Cost 1,357 1,206 4,925 4,511 6,599 5,896
5. Freight, Handling and Servicing Costs 4,915 4,243 19,440 17,527 16,469 14,910
6. Other Expenses 672 719 2,702 2,688 3,276 3,172
7. Total Expenditure 6,944 6,168 27,067 24,726 26,344 23,978
8. Interest (net) 81 194 569 852 858 1,185
9. Depreciation 218 177 782 621 1,166 1,033
10. Profit Before Tax 831 750 3,119 2,527 3,195 2,567
11. Provision for Taxation 186 238 1,011 726 1,011 738
12. Profit After Tax 645 512 2,108 1,801 2,184 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
14. Reserves - - 9,423 8,479 9,047 8,032
15. E P S (in Rs.)(refer note 8) 2.72 2.16 8.88 7.59 9.20 7.71
16. Aggregate of Non-Promoter shareholdings:            
-Number of Shares 11,600,332 11,610,138 11,600,332 11,610,138 - -
-Percentage of Shareholding 48.89 48.93 48.89 48.93 - -


  1. Income from operations has increased by 10% as compared to the previous year, excluding an average of 9% of total service income for the second half that 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 year has improved to 14.17% as compared to 13.92% of the previous year.
  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 Board of Directors have recommened a dividend of 27.50% for the financial year ended 31st March,2003.
  5. The Consolidated Financial Results represent those of Blue Dart Express Limited and its wholly owned subsidiary, Blue Dart Aviation Limited.
  6. 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 1st April,2001.
  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 ( AS-17 ) issued by the Institute of Chartered Accountants of India.
  8. The Company has made provision for tax in compliance with the Accounting Standard relating to "Accounting for Taxes on Income"(AS-22),which is inclusive of the deffered tax liablity. The reserves as at 31st March,2003 are net of provision for income tax of Rs. 428 lacs pertaining to earlier years. EPS has been computed based on the Profit After Tax for the year.
  9. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current periods classification.
  10. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 24th April, 2003.There are no qualifications in the Audit reports issued for the above year.

By Order of the Board
For Blue Dart Express Limited

(Clyde Cooper)
Managing Director


Date : 24th April, 2003.
Place : Mumbai

For further information contact :
Dated : April 24, 2003

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