BLUE DART NET UP 32% AT RS 7.02 CRORES

Mumbai : January 20, 2004

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the quarter ended December 31, 2003 at a Board Meeting held in the city today.

The Company's Income from operations for the third quarter of the year has increased by 17.5% over the corresponding quarter of the previous year. Blue Dart has increased its Operating profit margin for the quarter to 16.25% from 15.34% in the same period of the previous year. The improving Economic scenario in India and an increase in trade and commerce has supported the Company's continuing strong performance.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, "Blue Dart has shown consistent growth over the past year and this has continued into the last quarter. The strengthening of our distribution network with the setting up of twelve new retail, customer service and distribution facilities including the inauguration of our state-of-the-art Distribution complexes in Bhiwandi, Hyderabad and Mumbai, and an integrated facility at Kolkata Airport have already begun to yield results."

Mr. Cooper added, "We are continuing to invest in our retail and service facilities with 14 more under commission in different parts of the country. We added a fourth aircraft to our B737 freighter fleet to enhance our carrying capacity. The returns from these investments should be evident from the next financial year. Blue Dart has been selected as a Super Brand by a jury of eminent marketing and advertising professionals in the country, and has also received the Brand Excellence and Leadership Award at the India Brand Summit this year".

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 13,700 locations in the region. Through its sales alliance with world #1, DHL Worldwide Express, Blue Dart offers its customers the DHL advantage of global reach unmatched cross-border specialisation and greater network flexibility. Blue Dart has recently been selected a Superbrand from over 700 brands across 98 categories in India. 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 Income from operations in the third quarter has increased by 17.5% as compared to the corresponding prior period.
2. The Profit After Tax has recorded an increase of 32% in the third quarter as compared to the corresponding previous quarter and by 31% for the period ended nine months over the corresponding previous period.
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 flexibility 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 on Segment Reporting ( 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 Statments (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 liability. EPS for the year ended March 31,2003 was Rs. 7.08 after considering provision for tax for earlier years.
7. The Company did not have any investor complaints pending as on October 1,2003 and as on December 31, 2003. There were four investors' complaints received and disposed off during the quarter ended December 31,2003.
8. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
9. In accordance with the requirments 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 third quarter ended 31st December, 2003 and had performed the audit for the half year ended 30th September 2003. There were no qualifications in the audit report for the half year ended 30th September, 2003 and in the limited review report issued for the above quarter.
10. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on 20th January, 2004.

Date : 20th January, 2004.
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated : January 20 2004