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Consolidated net sales declined 7.1% to Rs 726.30 crore in Q4 March 2020 from Rs 781.55 crore in Q4 March 2019. The company reported a pre-tax loss of Rs 31.38 crore in Q4 March 2020 as against a pre-tax profit of Rs 18.40 crore in Q4 March 2019. Tax expense declined 33.7% to Rs 8.64 crore during the period under review. The result was announced after market hours yesterday, 26 May 2020.
On a consolidated basis, the firm reported net loss of Rs 41.86 crore in the year ended March 2020 (FY20) compared with net profit of Rs 89.76 crore in the year ended March 2019 (FY19). Net sales rose 0.02% to Rs 3,175.13 crore in FY20 over FY19. Pre-tax loss stood at Rs 39.12 crore in FY20 from pre-tax profit of Rs 134.14 crore in FY19. Tax expense slumped 75.67% to Rs 12.83 during the year.
The business environment has been challenging during the FY20 with the overall profitability being impacted due to adoption of Ind AS 116 new accounting standard (which led to a higher impact on profit as these are long term leases related to air infrastructure), restructuring exercise undertaken in the quarter ended 31 December 2019 to improve efficiency and lockdown due to global pandemic Covid19.
Commenting on company's performance, Balfour Manuel, Managing Director, Blue Dart Express said, "Lockdown due to Covid19 in second fortnight of March impacted our revenues and bottom line. We expect to see our operations coming to near normal soon after the lockdown is lifted."
Blue Dart Express is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages to various destinations, primarily within India.
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