Blue Dart Net Up 23%

Mumbai : July 8, 2003

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the first quarter at a Board Meeting held in the city today.

The Company recorded a profit before tax of Rs. 8.66 crores, an increase of 24% over the previous year, and a net profit increase of 23% compared to the last year, at Rs. 5.55 crores.

The Company's income from operations, in the first quarter has increased by 19% as compared to the corresponding quarter of the previous year, though the total income has shown an increase of 5.4% after excluding the service income of 11% which was a part of the first quarter of the previous year, which the Company had earned from its erstwhile international alliance contract, which was allowed to expire by the Company on September 30, 2002.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "Our results reflect our focus on quality, creating a robust infrastructure to deliver on our promise to our customers, and developing our unparalleled technology and customer software to enable greater efficiencies and convenience. These, together with our unique aviation system and our professional and committed people have clearly differentiated Blue Dart in the domestic and regional space, and have succeeded in building strong loyalty to the Blue Dart brand. The Blue Dart results for the Quarter speak strongly of the success of its determined strategy towards the Indian and SAARC countries Vision direction for focus to deliver air express integrated distribution, logistics and Supply Chain management solutions based on the reality that the key savings for our customers is overnight distribution and not storage of inventory on the ground."

Blue Dart, South Asia's leading courier and integrated air express package distribution Company with dedicated aviation infrastructure, offers secure and reliable delivery of consignments to over 13,600 locations in the region. The Blue Dart team drives marketplace leadership through its unique aviation system, cutting-edge technology, innovation and value-added services to deliver unmatched standards of service quality to its customers.

Notes:

1. The Profit After Tax has recorded an increase of 23% over the first quarter of the previous year.
2. Income from operations in the first quarter has increased by 5.4% as compared to the corresponding first quarter of the previous year, excluding 11% of total service income for the same period which the Company had earned from its erstwhile international alliance contract, which was allowed to expire by the Company on 30th September 2002.
3. The Company entered into a Sales Alliance agreement effective 1st October, 2002 with DHL Worldwide Express, to provide Blue Dart customers the advantages of DHL's global reach, unmatched cross-border specialisation, greater network flexbility and hi-tech infrastructure, in replacement of its erstwhile alliance of 18 years for international outbound deliveries of Blue Dart's international customers.
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 (AS-17) issued by the Institute of Chartered Accountants of India.
5. The Consolidated Financial Results represent those of Blue Dart Express Limited and its wholly owned subsidiary, Blue Dart Aviation Limited.The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statements (AS-21) issued by the Institute of Chartered Accountants of India.
6. The Company has made provision for tax in compliance with the Accounting Standard relating to "Accounting for Taxes on Income" (As-22), which is inclusive of the deferred tax liablity.EPS for the year ended March31, 2003 was Rs. 7.08 after considering provision for tax for earlier years.
7. The Accounting Standard on Intangible Assets (AS-26) became mandatory effective accounting periods commencing on or after April 1,2003.Pursuant to the same the Company has eliminated Rs.227.92 lacs with a corresponding adjustment to the opening balance of reserves
8. There were no investor complaints pending at the beginning of the quarter. Five complaints were received during the quarter and were duly attended.
9. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current periods classification.
10. 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 Blue Dart Express Limited's financial results for the first quarter ended 30th June,2003. There are no qualifications in the limited review report issued for the above quarter.
11. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 8th July, 2003.

Place : Mumbai
Date : 8th July, 2003

For further information contact :

marketing@bluedart.com
Dated : July 8, 2003