Blue Dart announces Q2 results with new all-time highs for revenue and earnings

Blue Dart Express Limited declared its financial results recently for the quarter ended September 30 at a board meeting held in Mumbai.

The company posted Rs 895 million profit after tax (previous year corresponding quarter was at Rs 414 million) for the quarter ended September 30. Revenue from operations for the quarter ended September 30 stood at Rs 11,236 million.

Revenue from operations for the half year ended September 30 stood at Rs 19,884 million and profit after tax at Rs 1,189 million, the company said.

Balfour Manuel, managing director at Blue Dart said: “The company witnessed strong pull back in demand during the quarter as wave II of pandemic started slowing down. All economic indicators like GDP growth, Index for Industrial Production, GST collections etc. reflected strong recovery. Growth during the quarter is testimony to heightened business activities of key industrial verticals.”

Revenues during the quarter stood at Rs 11,236 million with a growth of 30% over previous year same quarter, sequentially quarter revenue growth is at 30%. EBITDA for the quarter is Rs 1,690 million, a growth of 46.6% over last year. EBITDA margin was also improved to 14.96% as compared to previous year at 13.31%.

Healthy top-line growth with better realization, continued cost efficiency program and financial re-engineering helped the company to improve its margin. The company together with its wholly owned subsidiary paid off majority of bank borrowings during the quarter which would help company in reducing its finance cost. Recently, Blue Dart Aviation purchased one more leased aircraft in its pursuit of improving efficiency to create value for stakeholders.

Pandemic during last quarter created unprecedented situation in the country. Without much bothering about adverse situation, Blue Darters played vital role in reaching medicines, testing equipment and other emergency material which was highly appreciated by the customers, the company said.

To appreciate their efforts, the company has proposed a token ex-gratia payment of €300 equivalent in rupee term to all employees except senior management. A cost of ₹359.50 million towards ex-gratia has been recognised in the current quarter financials as exceptional item.

During the quarter, the company successfully launched the Blue Dart Med-Express Consortium, which leverages the use of drone technology to provide a robust healthcare infrastructure to the interiors of the nation.

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