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For the Sep 10 quarter, Blue Dart - South Asia's premier number one express air and integrated transportation, distribution and Logistics Company; recorded net profit growth of 27% to Rs 20.98 crore. The topline grew by 25% to Rs 294.23 crore. Increase in freight handling charge dragged down OPM by 20 bps limiting the operating profit growth to 23% to Rs 34.67 crore. Nevertheless, flat interest cost, marginal depreciation cost growth and fall in effective tax rate lifted the net profit by 27% to Rs 20.98 crore.
Anil Khanna, Managing Director, Blue Dart Express Ltd. said, "As always, our teams have worked very hard and I would like to thank our passionate and dedicated employees, our loyal customers and the governmental agencies and the industry bodies for their unstinted support and backing. Blue Dart is committed to provide customers world-class and benchmarked services, we are steadfast in our efforts to remain an employer of choice and be a trend-setter in the industry" He further added "Blue Dart is in its 27th year of its operations and it has been our constant endeavour to provide the best quality services to our customers. Since our inception, we have used advanced technology, innovative products and services, one-stop-shop capabilities to provide the Indian customer with a competitive edge and an enhanced customer experience."
Quarterly Performance
The company's operating income grew by 25% to Rs 294.23 crore in Sep 2010 quarter. Increase in freight handling expenses led to 20 bps fall in the operating profit margin (OPM) to 11.8% limiting the growth in operating profit to 23% to Rs 34.67 crore. In terms of cost, as % to sales, freight handling and servicing costs grew by 370 bps to 66%. On the other hand, other expenditure and staff cost reduced by 50 bps to 8% and 300 bps to 14% respectively.
The PBT grew by 24% to Rs 31.07 crore on marginal depreciation cost growth and flat interest cost. The interest cost stood unchanged at Rs 0.01 crore while the depreciation cost grew only by 7% to Rs 4.68 crore. Only the other income fell by 3% to Rs 1.09 crore. Further fall in effective tax rate by 150 bps lifted the net profit by 27% to Rs 20.98 crore.
Nine Month Performance
In nine month ended Sep 2010, the operating income grew by 27% to Rs 829.24 crore. Spurt in OPM by 320 bps to 13.9% boosted the operating profit by impressive 65% to Rs 115.38 crore. Flat interest cost and meager depreciation cost growth led to PBT of Rs 104.17 crore, up by whopping 73%. Further crash in effective tax rate by 180 bps boosted the net profit by impressive 78% to Rs 70.38 crore.
The promoters' shareholding stood unchanged at 81.03% for the quarter ended Sep 10. None of the shares' held by promoters are pledged.
The Scrip is hovering at Rs 1055 on BSE.
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