Total expenses rose 23.7% to Rs 1,201.83 crore. Freight, handling and servicing costs were up 38.57% to Rs 783.61 crore in Q2 FY23 over Q2 FY22.

EBITDA grew 2.1% year on year to Rs 2,507 crore in Q2 FY23. EBITDA margin declined to 18.91% as on 30 September 2022 as against 21.85% as on 30 September 2021.

The company said the geo-political scenario remained volatile. International crude prices and foreign currencies specifically witnessed high volatility which is leading to high inflationary ecosystem. ATF prices, which did not mirror the trend in the crude price, together with USD appreciation impacted the performance during the quarter.

The company added that it has witnessed correction in wages for the frontline which led to enhanced servicing costs. Further, enhancement in both air and ground package handling capacity is on track for which company has initiated actions to build infrastructure.

The logistics services provider added that it has witnessed healthy volume growth during the quarter and carried 81 million shipments weighing 300,000 metric tonnes in the quarter ended 30 September 2022.

Lastly, the company added that it has its presence in Tier I and II markets of Odisha, Assam, Haryana, Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, and Madhya Pradesh. This move has also accelerated the company's reach by providing strategic, scalable solutions to large customers, enabling economies of scale with end-to-end service offerings.

Balfour Manuel, managing director of Blue Dart Express said: “The company is dolng well due to a balanced mix of growth and transformational projects. As all our customers prepare to build business resilience to overcome disruptions, Blue Dart is leveraging this opportunity to deliver promised value. Growth through the quarter reflects our stepped-up business efforts towards further strengthening our customer and stakeholder promise”

Blue Dart Express is South Asia's premier express air and integrated transportation & distribution company.

Shares of Blue Dart Express declined 3.50% to Rs 7,675.80 on the BSE.