The Company has changed its year-end date to 31^st December as against 31^st March in the previous year. Consequently the financials stand incomparable with that of the corresponding previous period.

Blue Dart, South Asia's premier courier and integrated air express package distribution company, offers secure and reliable delivery of consignments to over 14,000 locations in India and 220 countries worldwide. Blue Dart was selected a Business Super brand from over 1699 brands across 169 product categories and a Readers Digest's Most Trusted Brand across 42 product categories in India.

Performance for the quarter ended December 2006:

Blue Dart for the fourth quarter-ended December 2006 registered a net sales growth of 23% to Rs 182.20 crore. Despite decent growth in sales, increase in staff and freight handling and servicing cost reduced the OPM by 330 bps to 14%. However, the operating profit for the period marginally declined by 1% to Rs 25.60 crore.

The freight, handling and service cost as a proportion to sales increased by 300 bps to 63.1%. The staff cost also increased by 160 bps to 15.4% for the period. The company has inducted two Boeing 757 freighter aircraft and also connected Ahmedabad as its seventh aviation hub and made Hyderabad as an outbound gateway, which together resulted in increased freight, handling and servicing costs. However, the other expenses for the quarter declined by 200 bps to 7.4% respectively.

The other income for the period declined by 50% to Rs 0.30 crore. Also, depreciation provision for the period increased by 65% to Rs 6.10 crore. Nevertheless, the interest cost for the quarter reduced by 57% to Rs 0.30 crore. Despite decline in the interest cost, the PBT dropped by 12% to Rs 19.50 crore. Further, the tax provision including FBT increased by 9% to Rs 7.30 crore thus, pushing net profit down by 21% to Rs 12.20 crore compared to Rs 15.40 crore in the corresponding previous year.

For the year ended December 2006, net sales of the company increased by 21% to Rs 668 crore. The company has changed its year-end date to 31^st December as against 31^st March in the previous year. Consequently, the financials for the year ended December 2005 has not been YTD figure but aggregated to facilitate comparison. Despite the operating margin declining by 250 bps to 15.3%, the operating profit advanced marginally by 3% to Rs 102.02 crore. The other income for the period stood increased by 69% to Rs 1.80 crore.

The interest cost declined by 48% to Rs 1.60 crore. However, the 26% increase in depreciation cost at Rs 22 crore restricted the PBT at Rs 80.22 crore, up by marginal 1% on year-on-year (y-o-y) basis. As part of its prudent accounting practice, the company voluntarily adopted the revised Accounting Standard, Employee Benefits (AS-15) issued by the Institute of Chartered Accountants of India.The variables for valuing the liability for leave encashment has been amended. Accordingly, employee costs for the year are higher by Rs. 40 Million and profit before tax is lower by a similar amount.

The extraordinary expenses stood at Rs 2.32 crore owing one time expense on new Boeing added to the fleet compared to income of Rs 6.80 crore on reversal of provision on account of one-time retention compensation to the then managing director in the corresponding previous quarter. Further, despite 9% decline in tax element, the net profit declined by 13% to Rs 50.20 crore.

The consolidated year ended result for December 2006 posted a net sale growth of 21% to Rs 670.80 crore and net profits stood at Rs 50.60 crore compared to Rs 43.90 crore in the corresponding previous period. The Consolidated Financial Results represent those of Blue Dart Express Limited and its subsidiaries, Concorde Air Logistics Limited and Skyline Air Logistics Limited (upto August 10, 2006). 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. The 40% holding in Blue Dart Aviation Limited has been consolidated in accordance with the Accounting Standard on Accounting for Investments in Associates (AS-23) issued by the Institute of Chartered Accountants of India. On account of divestment of equity shares of Skyline Air Logistics Limited during the year ended December 31, 2006, the previous period's consolidated results are not comparable.

During the year ended December 31, 2006, Blue Dart revised the estimated useful life of certain assets under the block of office equipment, electrical equipment, computers and aircraft engines to more appropriately reflect the pattern in which these assets economic benefits are expected to be availed. As a result of this change, profit before tax and the net book value of fixed assets are lower by Rs. 41 million.

Keeping in view the plans for strengthening and expanding the company's infrastructure including air and ground fleet, as well as facilities for the long term, the Board of Directors has recommended a dividend of 10% for the year ended December 31,2006.

The company’s share price is trading at Rs 435.