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 year-ended 31^st December 2005 are for 9 months as against 12 months in Financial Year 2005.

While addressing to the shareholders the chairman said that the company performed extremely well on its sales during the nine-month period from April 1, 2005 to December 31, 2005 with a turnover of Rs. 423 crore as compared to Rs 337 crore, an increase of 25.5% over the corresponding period of the previous year. The board of directors has recommended a dividend of 15% for the period nine months ended December 2005.

All the resolutions were supported by the shareholders and have been passed.

Following are some major points from chairman speech:

• In 2006, Blue Dart plans to further augment its domestic air and operational capacity with the addition of 45 new, world class facilities, and with the induction of two Boeing 757 freighter aircraft by Blue Dart Aviation in mid-2006, as part of its fleet modernization initiative and strengthening of its critical air infrastructure. This would be a maiden operation of Boeing 757 by an Indian Air operator.
• Company recently launched a unique SMS based service that enables customers to track their shipments via SMS from anywhere in the country. This service is a first of its kind in the express industry in India.
• Some of the concerns are volatile and increasing prices of fuel, though it has a fuel mechanism surcharge to counter this to some extent.
• Additionally, the proposed amendments to the Postal Act have been under discussion for some time, and any changes that would have negative repercussions on the express industry and Blue Dart, could be a potential risk. The Company views the proposals in its present form as regressive, which does not reflect modern societal needs and is not in line with global best practices. With increased competition and the induction of more low-cost capacity and players into the market, pressures on yields are expected to be a challenge in the coming years.

• In the year 2005 the company was awarded 'Business Superbrand' trophy, having been selected from over 854 brands across 82 product categories in India, adding to its Consumer Superbrand Status in 2003-04 and its brand leadership Award in 2003.

Queries from the shareholders

In response to the queries from the shareholders following response came from the management desk:

• The company is going for large capital expenditures. Investment has been started from beginning of this year.
• Company is going to acquire two Boeing 757 aircraft to supplement its current fleet of five Boeing 737-200 aircraft that it operates in the domestic skies to transport cargo. The infrastructure, pilots and other equipments would be required for such aircrafts so all this need financial resources.
• In response to a question regarding response from SMS based courier service, which the company launched in January 2006, the chairman said that the service is being popular but it would be too early to give any comment.
• Company has good brand image in the market.
• While commenting on proposed The Indian Post Office (amendment) Bill, he said that Express Courier Council of India (ECCI) is dealing with the Government on the matter. The amendment has not been passed and it has been just put. The whole industry is concerned about that.
• In response to a question that would DHL Express (Singapore) Re-brand name the company like a custom in industry, Greg Tanner (Director) said that there is no such reason which will lead to Re-brand name of the company.
• Chairman said that ex-managing director of the company has resigned due to some personal reasons.
• He also said that the compensation of the Clyde Cooper, which was disallowed by the Government of India, has been reversed and added to other incomes during the year.
• While answering for the impact of proposed Post Office (amendment) Bill on the revenue of the company, he said that company is yet to study the impact and will see what they can do for overcome to the situation.
• He told that company has internal audit system from internal sources as well as from outside professionals.
• In response to a question regarding contingent liability regarding corporate guarantee for Blue dart Aviation he said that as their aircraft fly for the company so it has to give guarantee for them and keep proper track of that
• On the issue of 25% public shareholding as per SEBI he said that formal notification has not come and after that management will see what to do.

Outlook

Blue Dart displayed an unusual foresight in building its own unique integrated air and surface infrastructure to chart a leadership position for itself in the domestic air express space. In 2006, Blue Dart plans to further augment its domestic air and operational capacity with the addition of 45 new, world class facilities, and with the induction of two Boeing 757 freighter aircraft by Blue Dart Aviation in mid-2006, as part of its fleet modernization initiative and strengthening of its critical air infrastructure. This would be a maiden operation of Boeing 757 by an Indian Air operator. Finally, in close collaboration with DHL Worldwide Express, Blue Dart provides a one-stop complete spectrum of services that is easy to access and manage instead of multiple, fragmented service providers