Blue Dart Sales up by 22%

Mumbai : July 22, 2004

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the first quarter ended June 30, 2004 at a Board Meeting held in the city today.

The company posted a Rs. 13.23 Crores profit before tax for the quarter ended June 30, 2004 compared to Rs. 8.66 Crores for the quarter ended June 30, 2003. Net profit for the first quarter 2004 stood at Rs. 8.34 Crores up from Rs. 5.55 Crores over the corresponding quarter of the previous year. Income from operations for the first quarter 2004 was Rs 99.79 Crores, an increase of 22% over the same quarter last year.

Clyde Cooper, Managing Director, Blue Dart Express Limited said, " Blue Dart has further enhanced capacity by investing into further facilities and has strengthened it's aviation infrastructure with a fourth aircraft induction and with the addition of Hyderabad as the sixth hub on its aviation network. This investment has already begun to yield results with higher volumes through our network. The new aviation hub reinforces Blue Dart's leadership and further consolidates the advantages ensured to Blue Dart's customers through it's unique infrastructure and unmatched standards of service quality."

Blue Dart, South Asia's leading courier and integrated air express package distribution Company and with a market share of 39%, 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 was 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.


Unaudited Financial Results for the Quarter ended June 30, 2004

(All figures are in Rs lacs)


Sr. No. Particulars B.D.E.L. Quarter ended 30-06-04 (Unaudited) B.D.E.L. Quarter ended 30-06-03 (Unaudited) B.D.E.L.Year ended 31-03-04 (Audited) Consolidated Quarter ended 30-06-04 (Unaudited) Consolidated Quarter ended 30-06-03 (Unaudited) Consolidated Year ended 31-03-04 (Audited)
1. Net Sales/ Income from operations 9,979 8,210 35,486 9,983 8,201 35,462
2. Other Income 8 8 47 14 7 74
3. Total Income 9,987 8,218 35,533 9,997 8,208 35,536
4. Staff Cost 1,486 1,279 5,589 2,128 1,712 7,554
5. Freight, Handling and Servicing Costs 5,966 5,168 21,402 4,980 4,359 18,142
6. Other Expenses 763 611 2,976 946 767 3,597
7. Total Expenditure 8,215 7,058 29,967 8,054 6,838 29,293
8. Interest (net) 125 94 435 170 156 637
9. Depreciation 324 200 1,001 430 298 1,417
10. Profit Before Tax 1,323 866 4,130 1,343 916 4,189
11. Provision for Taxation 489 311 1,482 505 311 1,486
12. Profit After Tax 834 555 2,648 838 605 2,703
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 - - 10,533
15. E P S (in Rupees) 3.51 2.34 11.16 3.53 2.55 11.34
16. Aggregate of Non-Promoter shareholdings: - - - - - -
-Number of Shares 11,576,382 11,581,382 11,576,382 - - -
-Percentage of Shareholding 48.79 48.81 48.79 - - -


  1. Income from operations has recorded an increase of 21.55% over the first quarter of the previous year.
  2. 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.
  3. The Company inducted its fourth Aircraft route with an additional capacity of 60 tonnes per night to its network,with the launch of its sixth Aviation Hub at Hyderabad effective 17th May,2004.
  4. The Consolidated Financial Results represent those of Blue Dart Express Limited and subsidiaries, Blue Dart Aviation Limited, Skyline Air Logistics Pvt.Ltd. and Concord Air Logistics Pvt.Ltd. 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. Due to the acquistion of Skyline Air Logistics Pvt.Ltd. and Concord Air Logistics Pvt.Ltd. during the period, the previous year's consolidated results may not be comparable.
  5. The Company did not have any investor complaints pending as on April 1'2004 and as on June 30, 2004. There were five investors' complaints received and disposed off during the quarter ended June 30, 2004.
  6. The prior period's figures have been regrouped and reclassified wherever necessary to conform to the current period's classification.
  7. In accordance with the requirements of clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of Blue Dart Express Limited's financial results for the first quarter ended 30th June,2004. There are no qualifications in the limited review report issued for the above quarter.
  8. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 22nd July, 2004.

By Order of the Board
For Blue Dart Express Limited

(Clyde Cooper)
Managing Director


Place : Mumbai
Date : 22nd July, 2004

For further information contact :
Dated : July 22, 2004

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