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Blue Dart Express has opened its account with fabulous performance for CY'10. Net profit has more than doubled (up 103%) to Rs 23.78 crore on moderate growth of 23% in income from operations to Rs 257.70 crore for the quarter ended March 2010. Coupled with rise in topline, sturdy expansion in margins by 570 bps to 15.6% boosted growth in net profit.
Anil Khanna, Managing Director, Blue Dart Express said, "We have always taken every possible step to ensure that our delivery promise continues to extend beyond just 'delivering a shipment' and encompasses the values that our brand stands for - service excellence, quality and reliability. We have been constantly upgrading our products to provide customized and value-added services to our customers. This in the long run will be an added advantage in terms of providing the entire gamut of solutions possible to our customers, who stand to benefit immensely, along with the fact that they would bring in sustained and increased revenues for the organization. Blue Dart as a customer-centric organization is focused on continuous innovation and will keep delivering beyond the expectations of its stakeholders."
Quarterly Performance
Net sales of Bluedart registered moderate growth of 23% to Rs 257.61 crore for the quarter ended March 2010. The sales includes fuel surcharge. Other operating income declined by 83% to Rs 0.09 crore totaling income from operations grew by 23% to Rs 257.70 crore. Operating profit margins expanded by 570 bps to 15.6% due to fall in all overheads as percentage to sales, net of stock adjustment. Thus operating profit registered robust growth of 92% to Rs 40.08 crore. Freight, handling and services costs declined by 250 bps to 63.8%, employee cost fell by 260 bps to 12.2% and other expenditure decreased by 50 bps to 8.5%. Other income declined by 40% to Rs 0.85 crore and depreciation rose by mere 7% to Rs 4.67 crore, respectively. This led PBT rose by 103% to Rs 36.26 crore. The effective tax rate has declined only by 30 bps to 34.4%, which led net profit to post a growth of 103% at net level to Rs 23.78 crore.
Yearly Performance
Total income from operations for the year ended December 2009 declined by 7% to 907.40 crore. During the year, Bluedart handled 77.98 million shipments weighing 267533 tonnes, servicing over 21479 locations across India. Operating profit margins contracted 160 bps to 11.7% leading operating profit to decline by 19% to Rs 105.90 crore. Further increase in interest cost and depreciation by 8% to Rs 0.55 crore and 7% to Rs 17.76 crore led PBT to decline by 22% to Rs 93.02 crore. The marginal decline in the effective tax rate by 30 bps to 34.7% had resulted net profit to decline by 22% to Rs 60.71 crore.
Valuation
The scrip closed at Rs 755.40 on BSE. Currently, Bluedart is trading at TTM PE of 24.6 times. The first quarter annualised EPS is Rs 40.1 and PE works out to be 18.8 times.
The promoter stake remains at 81.03%.
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