Blue Dart Sales at Rs. 2,268.45 crores

>The Company posted Rs. 126.84 cr profit after tax

Mumbai : May 07, 2015

Blue Dart Express Limited, South Asia's premier express air and integrated transportation & distribution company, declared its financial results for the quarter & year ended March 31, 2015, at the Board Meeting held in Mumbai.

The company posted Rs. 34.74 crores profit after tax for the quarter ended March 31, 2015 and Rs. 126.84 crores for the year ended March 31, 2015. Net Sales/Income from operations for the quarter ended March 31, 2015 stood at Rs. 570.99 crores and Rs. 2,268.45 crores for the year ended March 31, 2015.

Anil Khanna, Managing Director said, "The macroeconomic situation in the last 2-3 years has not been encouraging to support growth. Despite an adverse external situation and challenges, the company has been able to deliver a reasonable performance, aided by our clear focus on the e-commerce vertical although the core verticals have not shown much traction."

He adds, "We all have to work as one team to increase revenue, reduce cost and improve efficiency, productivity and service quality. We are a insanely customer centric and highly people focused company. The brand is our most critical asset. The "I love my Blue Dart" campaign will continue throughout the year to enable us to deliver superior brand experience. At the end of the day, we always bet on our people as part of our people first philosophy to make the brand stronger."

During the year ended March 31, 2015, Blue Dart handled over 1,396.84 lacs domestic shipments, 8.95 lacs international shipments and over 558,537 tonnes of documents and parcels across the nation and 220 countries worldwide.

About Blue Dart:

Blue Dart Express Ltd., South Asia's premier express air and integrated transportation & distribution company, offers secure and reliable delivery of consignments to over 34,257 locations in India. As part of the DP DHL Group (DHL Express, DHL Global Forwarding & DHL Supply Chain), Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions and customs clearance.

The Blue Dart team drives market leadership through its motivated people force, dedicated air and ground capacity, cutting-edge technology, wide range of innovative, vertical specific products and value-added services to deliver unmatched standards of service quality to its customers. Blue Dart's market leadership is further validated by numerous awards and recognitions from customers for exhibiting reliability, superior brand experience and sustainability. Some of these include Superbrand and 'Reader's Digest Most Trusted Brand Award', one of 'India's Best Companies to Work For' by The Great Place to Workï¾® Institute five times in a row, 'Outstanding Contribution to the Cause of Education' - Global HR Excellence Awards 2011-2012, BSE Best CSR Practice Award and 22nd CFBP Jamnalal Bajaj Fair Business Practices Award - 2010 in the category of Service Enterprises (Medium) to name a few.

Blue Dart accepts its social responsibility by supporting climate protection (GoGreen), disaster management (GoHelp) and education (GoTeach).

BLUE DART EXPRESS LIMITED

Regd.Office: Blue Dart Centre,Sahar Airport Road,Andheri(East),Mumbai-400 099. Website:www.bluedart.com e-Mail Id: communications@bluedart.com CIN:61074MH199IPLC061074


PART I
Statement of Audited
Financial Results for the Year Ended March 31,2015 (Rs in Lacs)

 

Statement of Assets and Liabilities at 31/03/2015

(Rs in Lakhs)

    BLUE DART EXPRESS LIMITED BLUE DART EXPRESS LIMITED BLUE DART EXPRESS LIMITED BLUE DART EXPRESS LIMITED BLUE DART EXPRESS LIMITED CONSOLIDATED CONSOLIDATED     BLUE DART EXPRESS LIMITED BLUE DART EXPRESS LIMITED CONSOLIDATED CONSOLIDATED
  Particulars Quarter Ended 31/03/2015(Unaudited) Quarter Ended 31/12/2014(Unaudited) Quarter Ended 31/03/2014(Unaudited) Year Ended 31/03/2015(Audited) Year Ended 31/03/2014(Audited) Year Ended 31/03/2015(Audited) Year Ended 31/03/2014(Audited)   Particulars As at 31/03/2015(Audited) As at 31/03/2015(Audited) As at 31/03/2015(Audited) As at 31/03/2015(Audited)
                    A. EQUITY AND LIABILITIES        
1. Income from operations                 1.Shareholder's funds        
  (a)Net Sales/income from operations 57,100 58,885 50,289 226,845 193,251 227,210 193,664   (a)Share Capital 2,376 2,376 2,376 2,376
  (b)Other operating income 1 2 64 5 164 5 164   (b)Reserves and surplus 27,334 61,153 28,350 61,920
  Total income from operations(net) 57,101 58,887 50,353 226,850 193,415 227,215 193,828   Sub-total-Shareholder's funds 29,710 63,529 30,726 64,296
2. Expenses                 2.Non-current liabilities        
  (a)Freight,handling and servicing costs(net) 36,132 40,585 34,339 151,724 132,729 151,798 132,782   (a)Long-Term Borrowings 33,219   33,219  
  (b)Employee benefits expense 8,314 8,181 6,675 31,945 26,485 32,160 26,658   (b)Deferred tax liabilities (net) 1,028 1,754 1,017 1,746
  (c)Depreciation and amortisation expense 1,292 1,029 673 4,354 2,710 4,360 2,729   (c)Other long-term liabilities - - - -
  (d)Other expenses 5,865 5,283 4,516 20,798 16,948 20,833 16,976   Long-term provisions 1,450 916 1,484 942
  Total expenses 51,603 55,078 46,203 208,821 178,872 209,151 179,145   Sub-total - Non-current liabilities 35,697 2,670 35,720 2,688
3. Profit from operations before other income,finance costs and exceptional items 5,498 3,809 4,150 18,029 14,543 18,064 14,683   3.Current liabilities        
4. Other income 520 603 784 2,448 4,197 2,463 3,770   (a) Trade payables 12,480 10,588 12,802 10,733
5. Profit from ordinary activities before finance costs and exceptional items 6,018 4,412 4,934 20,477 18,740 20,527 18,453   Other current liabilities 12,711 11,700 12,735 11,714
6. Finance costs 768 352   1,121 3 1,121 3   Short-term provisions 6,824 4,589 6,828 4,591
7. Profit from ordinary activities after finance costs but before exceptional items 5,250 4,060 4,934 19,356 18,737 19,406 18,450   Sub-total -Current liabilities 32,015 26,877 32,365 27,038
8. Exceptional items - - - - - - -   TOTAL-EQUITY AND LIABILITIES 97,422 93,076 98,811 94,022
9. Profit from ordinary activities before tax 5,250 4,060 4,934 19,356 18,737 19,406 18,450   B. ASSETS        
10. Tax expense 1,776 1,347 1,869 6,672 6,297 6,688 6,348   1. Non-current assets        
11. Net Profit from ordinary activities after tax 3,474 2,713 3,065 12,684 12,440 12,718 12,102   (a) Fixed assets 24,078 23,618 24,104 23,647
12. Extraordinary items (net of tax expense) - - - - - - -   (b) Non-current investments 1,977 1,977 2,648 2,433
13. Share of Associate's Profit           215 158   (c) Long-term loans and advances 17,636 23,195 18,299 23,591
14. Net Profit for the period 3,474 2,713 3,065 12,684 12,440 12,933 12,260   (d) Other non-current assets 58 43 62 47
15. Paid-up equity share capital( Face value Rs 10/- per share) 2,373 2,373 2,373 2,373 2,373 2,373 2,373   Sub-total - Non-current assets 43,749 48,833 45,113 49,718
16. Paid-up Debit Capital       33,219   33,219     2. Current assets        
17. Reserves excluding Revaluation Reserve       27,334 61,153 28,350 61,920   (a)Current investments        
18. Debenture Redemption Reserve (included in Reserves excluding Revaluation Reserve above)       972 - 972 -   (b)Inventories 395 272 395 272
19.i Earnings per share(before extraordinary items)(of Rs.10/- each)                 (c)Trade receivables 29,140 26,672 29,098 26,672
  (a)Basic 14.65 11.43 12.92 53.46 52.43 54.51 51.67   (d)Cash and Bank balances 16,563 10,593 16,625 10,644
  (b)Diluted 14.65 11.43 12.92 53.46 52.43 54.51 51.67   (e)Short-term loans and advances 7,098 6,702 7,102 6,711
19.ii Earnings per share(after extraordinary items)(of Rs.10/- each)                 (f)Other current assets 477 4 478 5
  (a)Basic 14.65 11.43 12.92 53.46 52.43 54.51 51.67   Sub-total - Current assets 53,673 44,243 53,698 44,304
  (b)Diluted 14.65 11.43 12.92 53.46 52.43 54.51 51.67   TOTAL-ASSETS 97,422 93,076 98,811 94,022
20. Debt Equity Ratio       0.70   0.67              
21. Debt Service Coverage Ratio       22.15   22.20              
22. Interest Service Coverage Ratio       22.15   22.20              
PART II                            
A PARTICULARS OF SHAREHOLDING                          
1. Public shareholding:           Particulars 3 months Ended 31/03/2015            
  -Number of shares 5,931,984 5,931,984 5,931,984 5,931,984 5,931,984                
  -Percentage of shareholding 25 25 25 25 25                
2. Promoters and Promoter Group Shareholding           B. INVESTOR COMPLAINTS              
  a)Pledged/Encumbered           Pending at the beginning of the quarter -            
  -Number of shares - - - - - Received during the quarter 2            
  -Percentage of shares(as a % of the total shareholding of promoter and promoter group) - - - - - Disposed of the during the quarter 2            
  -Percentage of shares(as a % of the total share capital of the company) - - - - - Remaining unresolved at the end of the quarter -            
  b)Non-Encumbered                          
  -Number of shares 17,795,950 17,795,950 17,795,950 17,795,950 17,795,950                
  -Percentage of shares(as a % of the total shareholding of the promoter and promoter group) 100 100 100 100 100                
  -Percentage of shares(as a % of the total share capital of the company) 75 75 75 75 75                

Notes :

  1. Net Sales/income from operations (inclusive of fuel surcharge and currency adjustment factor) has recorded an increase of 17.38% for the year ended March 31, 2015 and by 13.54% for the quarter ended March 31, 2015 as compared to corresponding previous year's period
  2. During the quarter ended June 30, 2014, the management reassessed the remaining useful life of assets as prescribed in Schedule II of the Companies Act, 2013, and has taken additional depreciation charge of Rs. 942 Lacs for the year ended March 31, 2015 including Rs. 215 Lacs for the quarter ended March 31, 2015 in addition to Rs. 298 Lacs (net of tax) adjusted to General Reserve being the carrying value of assets having a Nil revised remaining useful life as of April 1, 2014.
  3. Freight, handling and servicing costs include Rs. 962 Lacs for the quarter ended March 31, 2015 and Rs. 3,843 Lacs for the year ended March 31, 2015, towards additional depreciation on account of reassessment of useful life of certain fixed assets and impairment of certain aviation related assets.
  4.  
  5. Other expenses includeRs. 400 Lacs towards amount spent on Corporate Social Responsibility Activities for the year ended March 31, 2015 and Rs. 374 Lacs for the quarter ended March 31, 2015.
  6. During the year, the company has reassessed the useful life of one of the aircraft and accelerated depreciation by Rs. 548 Lacs for the year ended March 31, 2015 , including a charge of Rs. 319 Lacs for the quarter ended March 31,2015. As at 31st March 15, the company has decided to sell the asset and accordingly it has been classified as held for sale' under current assets in the balance sheet at Rs. 438 Lacs which is the lower of the book and net realisable value.
  7. Ratios have been computed as ; Debt Equity Ratio = (Long term borrowings Cash & Bank Balances excluding amounts held on behalf of customers and Dividend Accounts ) / Net Worth (including DRR), Debt Service Coverage Ratio = EBITDA / (Finance Cost + Principal Payment due on Long term borrowings during the period , if any) and Interest Service Coverage Ratio = EBITDA /Finance Cost
  8. The Board of Directors have recommended a dividend of Rs. 20/- per share for the year ended March 31, 2015.
  9. The Company is primarily engaged in a single segment business of integrated air and ground transportation and distribution of time sensitive packages in India 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) as notified under the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
  10. The Consolidated Financial results represent those of Blue Dart Express Limited and its Wholly Owned Subsidiary Company, Concorde Air Logistics Limited. The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statements (AS-21) as notified under section 211(3C) of the Companies Act, 1956. The 49% holding in Blue Dart Aviation Limited, its Associate Company has been consolidated in accordance with the Accounting Standard on Accounting for Investments in Associates in Consolidated Financial Statements (AS-23) as notified under the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
  11. The results for the quarter ended March 31, 2015 are the balancing figures between audited figures in respect of financial year ended March 31, 2015 and the published year to date figures up to the third quarter of the current financial year.
  12. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
  13. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on May 7, 2015. There are no qualifications in the Auditors' Report issued in the financial statements as of and for the financial year ended March 31, 2015.

By Order of the Board
For Blue Dart Express Limited

 

sd/-

Anil Khanna
(Managing Director)
DIN: 01334483

 

Date :May 7,2015
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated :May 7,2015

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