For the Quarter, Blue Dart recorded topline growth of 26% to Rs 319.03 crore. Increase in freight handling charge dragged OPM down by 180 bps to 12.4% limiting the operating profit growth to 10% to Rs 39.65 crore. However, zero interest cost against Rs 53 lakh in the corresponding period was more than offset by 20% increase in depreciation cost to Rs 5.23 crore thereby leading to PBT growth of 10 % to Rs 36.08 crore. However, Tax rate fell by 222 bps to 33.51% which lifted the net profit by 14 % to Rs 23.99 crore.

During the year 2010, Blue Dart handled over 87 million domestic shipments, 0.74 million international shipments and over 3,38,990 tonnes of documents and parcels across the nation and 220 countries worldwide.

Quarterly Performance

The company's Total operating income grew by 26 % to Rs 319.03 crore during quarter ended December 2010. Net sales/Income from operations grew by 26 % to Rs 318.88 crore and Other operating income stood at Rs 15 lakh against Rs 7 lakh in the corresponding period.

Freight handling expenses increased by 31.51 % to 213.47 crore which led the 180 bps fall in the operating profit margin (OPM) to 12.4 % limiting the growth in operating profit to 10 % to Rs 39.65 crore. In terms of cost, as % to sales, freight handling and servicing costs grew by 289 bps to 66.91 %. On the other hand, other expenditure and staff cost reduced by 67 bps to 8.39 % and 45 bps to 12.27 % respectively.

The PBT grew by 10 % to Rs 36.08 crore which was pulled down by fall of 6 % in Other income to Rs 1.66 crore but positively impacted by zero interest cost against Rs 0.53 crore. The PBT growth was also impacted by increase in depreciation cost by 20 % to Rs 5.23 crore.

Effective tax rate fell by 222 bps to Rs 33.51 % (though increased marginally by 3 % Y-o-Y to Rs 12.09 crore) which lifted the net profit by 14 % to Rs 23.99 crore.

FY 10 Performance

For the year ended December 2010, the Total operating income grew by 27 % to Rs 1148.26 crore. Net sales/Income from operations grew 27 % to Rs 1147.41 crore but Other operating income fell by 61 % to Rs 0.85 crore.

Spurt in OPM by 180 bps to 13.5 % boosted the operating profit by impressive 46 % to Rs 155.02 crore. The operating profits were largely benefited by 188 bps decline to 12.97 % of sales despite 63 bps increase in freight handling and service costs to 65.17 % of sales.

While other income fell by 18 % to Rs 4.47 crore, Interest costs fell by 98 % to Rs 1 lakh and depreciation costs increased by a modest 8 % to Rs 19.22 crore which led the PBT growth to Rs 140.26 crore, up by whopping 51 %.

Further crash in effective tax rate by 202 bps to 32.72 % boosted the net profit by impressive 55 % to Rs 94.37 crore.

Anil Khanna, Managing Director, Blue Dart Express Ltd. said,

"The 2010 results have been in sync with our outlined expectations for the year. Going forward, we are committed to remain the 'Express & Logistics Provider of Choice' for Indian industries. While continuing to be the `Trade Facilitators' in the country, we shall continue our focus on addressing specific needs of the customers delivering customized solutions.
Blue Dart stands for Quality, Consistency, Reliability, Passion and Commitment. I thank every Blue Darter, associates, our customers and stakeholders for their support and being our brand ambassadors. Blue Dart has robust plans for India and we are delighted to serve in "Blue Dart country" with a business and human conscience to remain the customer's First Choice".

The promoters' shareholding stood unchanged at 81.03 % for the quarter ended December 2010. None of the shares' held by promoters are pledged.

The Scrip closed at Rs 1044.85 on BSE on 1^st February 2011.