Blue Dart Revenue Up at 182.31Crores

Mumbai :April 17, 2007

Blue Dart Express Limited, South Asia's largest integrated air express courier and package distribution company, today declared its financial results for the first quarter ended March 31, 2007 at their Board Meeting.

Income from operations for the 1st quarter 2007 was Rs. 181.66 crores, an increase of 19.53% over the corresponding quarter of the previous year, and profit before tax for the quarter was Rs. 23.43 crores despite the induction of two Boeing 757 aircraft in the 2nd quarter of 2006.

Anil Khanna, Managing Director, Blue Dart Express Limited said, "Strengthening of our infrastructure, especially our aviation system, is critical to meet increasing demand and ensuring service excellence. The induction of two B757 freighters provides greater capability to service our customers, and reinforces our commitment to facilitate India's trade and commerce. In the last quarter Blue Dart handled approximately 17 million shipments weighing over 42,000 tonnes.

"This year we have also planned to add 57 new facilities, 11 of which have already been made operational in the last quarter. Further, our ground network is being fortified to offer customers a one-stop distribution capability unmatched in the country. Currently, we are the only player in the domestic air express segment offering an unrivalled payload of 250 tonnes each night through our dedicated fleet of 2 B757s and 4 B737s", Anil Khanna added.

About Blue Dart:

Blue Dart, South Asia's premier courier, and integrated air express package Distribution Company, offers secure and reliable delivery of consignments to over 14,400 locations in India.

As part of the DHL Group, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries, and offering an entire spectrum of distribution services, including express, air freight, ocean freight, supply chain solutions, freight forwarding, customs clearance, project handling and charters through the 4 Business Units in India - DHL Express, DHL Global Forwarding, DHL Exel Supply Chain and Blue Dart.

Blue Dart was recently selected a Superbrand for the third time for 2006-07, from over 1,699 brands across 169 product categories, received the Readers Digest's Most Trusted Brand Gold Award, and is listed amongst the Dun & Bradstreet top 500 companies in India. The Blue Dart team drives marketplace leadership through its motivated people force, dedicated air capacity, cutting-edge technology, innovation, and value-added services, to deliver unmatched standards of service quality to its customers.

BLUE DART EXPRESS LIMITED

Unaudited Financial Results for the Quarter ended March 31, 2007

_{(All figures are in Rs Mn.)}

Notes :

1. Income from operations has recorded an increase of 19.53% over the corresponding quarter of the previous year.
2. Effective June 1, 2006 the Company inducted two Boeing 757 freighter aircraft and also connected Ahmedabad as its seventh aviation hub and made Hyderabad as an outbound gateway, which together resulted in increased Freight, Handling and Servicing costs over the corresponding quarter of the previous year.
3. During the year ended December 31, 2006 the Company had revised the estimated useful life of certain assets under the block of Office Equipment, Electrical Equipment, Computers, and Aircraft Engines, and during the current quarter revised the estimated useful life of D-Check on aircraft, to more appropriately reflect the pattern in which these assets economic benefits are expected to be availed. As a result of this change,depreciation during the current quarter is higher by Rs. 48.54 Million vis-à-vis corresponding quarter of the previous year.
4. The Company is primarily engaged in a single segment business of integrated transportation and distribution of shipments and is managed as one entity for its various service offerings and is governed by a similar set of risks and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting ( AS-17 ) issued by the Institute of Chartered Accountants of India.
5. The Company did not have any investor complaints pending as on December 31, 2006 and March 31, 2007. There was one investors' complaint received and disposed off during the quarter ended March 31, 2007.
6. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
7. In accordance with the requirements of Clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of the Company's financial results for the quarter ended March 31, 2007. There are no qualifications in the limited review report issued for the above quarter.
8. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on April 17, 2007.

Date : April 17, 2007
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated : April 17, 2007