Mumbai : April 27, 2004

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, posted a Rs. 41.30 crore profit before tax for the year ended March 31, 2004 compared to Rs. 31.19 crore for the year ended March 31, 2003. Net profit for the year ended March 31, 2004 stood at Rs. 26.48 crore, an increase of 25.62 % over previous years net profit of Rs 21.08 crore. The Board has recommended a Dividend of Rs 4.50 per share for the year ended March 31, 2004 as compared to Rs 2.75 per share for the year ended March 31, 2003.

Income from operations has increased by 13% as compared to the previous year. The Income has increased by 19% on a comparative basis without considering the income that the Company had earned from its erstwhile international alliance contract, which was allowed to expire by the Company on 30th September 2002.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "Blue Dart has maintained its consistent strong performance in the year 2003-04 despite the concerns of spiraling oil prices. The year was one of consolidation for the company and Blue Dart made significant investments for the future. We have strengthened our distribution network with the setting up of new retail, customer service and distribution facilities across the country, which includes the inauguration of our state-of-the-art distribution complexes in Bhiwandi, Hyderabad and Mumbai, and an integrated facility at Kolkata Airport. We also added a fourth aircraft, which will be inducted shortly on a full time basis, into our fleet. These investments have already begun to yield results. Blue Dart shall continue to invest in strengthening its infrastructure and will expand its facilities for its customers".

Mr. Cooper added "Blue Dart was awarded Super Brand status and the Brand Excellence and Leadership Award at the India Brand Summit in 2003-04 - a vote for trust which endorses Blue Dart's promise of complete solutions and peace of mind for its customers"

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 13,700 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 recently been selected a Superbrand from over 700 brands across 98 categories in India. The Blue Dart team drives marketplace leadership through its motivated people force, 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, 2004

(All figures are in Rs lacs)


  PARTICULARS B.D.E.L.QuarterEnded31(Unaudited) B.D.E.L.QuarterEnded31-03-03(Unaudited) B.D.E.L.Year Ended31-03-04(Audited) B.D.E.L.Year 31-03-03(Audited) ConsolidatedYear Ended31-03-04(Audited) ConsolidatedYear Ended31-03-04(Audited)
1. Net Sales/ Income from operations 9,438 8,056 35,486 31,499 35,462 31,462
2. Other Income 28 18 47 38 74 101
3. Total Income 9,466 8,074 35,533 31,537 35,536 31,563
4. Staff Cost 1,470 1,357 5,589 4,925 7,554 6,599
5. Freight, Handling and Servicing Costs 5,537 4,915 21,402 19,440 18,142 16,469
6. Other Expenses 881 672 2,976 2,702 3,597 3,276
7. Total Expenditure 7,888 6,944 29,967 27,067 29,293 26,344
8. Interest (net) 130 81 435 569 637 858
9. Depreciation 313 218 1,001 782 1,417 1,166
10. Profit Before Tax 1,135 831 4,130 3,119 4,189 3,195
11. Provision for Taxation 408 186 1,482 1,011 1,486 1,011
12. Profit After Tax 727 645 2,648 2,108 2,703 2,184
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 - - 10,866 9,423 10,556 9,047
15. E P S (In Rupees)(Refer Note 7) 3.06 2.72 11.16 8.88 11.39 9.20
16. Aggregate of Non-Promoter shareholdings:            
-Number of Shares 11,576,382 11,600,332 11,576,382 11,600,332 - -
-Percentage of Shareholding 48.79 48.89 48.79 48.89 - -


  1. Income from operations has increased by 13% as compared to the previous year. The income has increased by 19 % on a comparative basis without considering the income that the Company had earned from its erstwhile international alliance contract,which was allowed to expire by the Company on 30th September 2002.
  2. The Profit After Tax has recorded an increase of 26% as compared to 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 recommended a dividend of 45% for the financial year ended 31st March,2004.
  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 ) issued by the Institute of Chartered Accountants of India.
  6. The Consolidated Financial Results represent those of Blue Dart Express Limited and its wholly owned subsidiary, Blue Dart Aviation 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.
  7. 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. EPS for the year ended March 31,2003 was Rs.7.08 after considering provision for tax for earlier years.
  8. The Company did not have any investor complaints pending as on January 1, 2004 and as on March, 31 2004. There were seven investors' complaints received and disposed off during the quarter ended March 31, 2004.
  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 27th April, 2004.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 : 27th April, 2004.
Place : Mumbai

For further information contact :
Dated : April 27, 2004

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