Blue Dart's Sales up 15%
- Absorbs induction of 3rd aircraft

Mumbai : January 15, 2002

Blue Dart Express Limited, India's leading air express company and logistics service provider, reported a sales growth for the first nine months ended December 31, 2001.

The Company posted a 15% increase in its income from operations for the first nine months of the current financial year, compared to the first nine months of the previous year; it has maintained its operating profits, despite challenging times for Indian and Global Industry.

Declaring the financial results at a Board Meeting in the city today, Clyde Cooper, Managing Director, Blue Dart, commented, "The Company has successfully absorbed the induction of its third aircraft, Vision III, into its operating system and into a breakeven in the shortest possible time. Returns on this investment would become increasingly tangible over a period of time. More importantly, the strengthening of our air infrastructure fulfills a vital demand for quality capacity in JIT distribution and Supply Chain Management Solutions".

Blue Dart is the only express company in the country today with a dedicated aviation infrastructure to support time-definite logistics and Supply-Chain requirements. It has a dominant market share, servicing over 11,940 locations integrated with innovative technology, to deliver unmatched standards of service quality with 99.98 per cent reliability levels.

Notes:

1.The Consolidated Accounts represents those of Blue Dart Express Limited and Blue Dart Aviation Limited.

2.Freight, handling and servicing costs are up vis a vis previous year on account of enhanced capacity and infrastructure comprising of mainly one aircraft addition, which would support the Company to leverage its growth over a period of time.

3.The provision for taxation for the nine months ended December 31, 2001 has been made consequent to the new Accounting Standard (AS-22), Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, which is effective from April 1, 2001, relating to compulsory provision for deferred taxation. The deferred tax provision relating to previous years amounting to Rs. 9.59 crores has been adjusted against the reserves as on April 1, 2001.

4.The increase in Share Capital from Rs. 11.89 crores to Rs. 23.73 crores is on account of allotment of 1,18,63,967 bonus equity shares on September 4, 2001 in the ratio of one equity share for each share held by the shareholders and accordingly, EPS has been computed and adjusted.

5.The Company has forfeited 52,700 equity shares of Rs. 10/- each on account of non-payment of allotment and / or call money on shares..

6.The Accounting Standard on Consolidation of Financial Statements, became mandatory effective accounting periods commencing on or after April 1, 2001. The Company adopted the above Standard from the year ended March 31, 2001, and has consolidated its current nine months results based on the said Standard.

7.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 ( AS-17 ) on Segment Reporting.

8.The prior year's figures have been regrouped and reclassified to make it comparable with the current year figures.

9.The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on January 15, 2002

By Order of the Board
for Blue Dart Express Limited

For further information contact :

marketing@bluedart.com
15th January, 2002.