Blue Dart announces Q1 financial results with sales clocking in at ₹8,648 million

Mumbai, August, 2021: Blue Dart Express Limited, South Asia’s premier express air and integrated transportation & distribution company, declared its financial results today for the quarter ended June 2021, at its Board Meeting held in Mumbai today.

The company posted ₹ 294 million profit after tax (previous year corresponding quarter loss of ₹1,279 million) for the quarter ended June 30, 2021; Revenue from operations for the quarter ended June 30, 2021 stood at ₹8,648 million.

Performance Highlights: Q1 FY2022 vs. Q1 FY2021 STANDALONE

Revenue from operations of ₹8,648 million, growth of 109% YOY
EBITDA of ₹892 million compared to ₹ -1160 million in Q1 FY2021
EBITDA margin at 10.24% compared to -27.86% in Q1 FY2021
PAT of ₹294 million compared to ₹ -1279 million in Q1 FY2021
EPS at ₹12.38 as compared to ₹-53.92 in Q1 FY2021

Performance Highlights: Q1 FY2022 vs. Q1 FY2021 CONSOLIDATED

Revenue from operations of ₹8,662 million, growth of 108% YOY
EBITDA of ₹1,657 million compared to ₹-399 million in Q1 FY2021
EBITDA margin at 18.98% compared to -9.52% in Q1 FY2021
PAT of ₹313 million compared to ₹-1,258 million in Q1 FY2021
EPS at ₹13.18 as compared to ₹-53.04 in Q1 FY2021

Balfour Manuel, Managing Director, Blue Dart says, “I am pleased to announce that the Blue Dart brand continues to stand out and delivered good results during the first quarter of the new financial year. Against the backdrop of the second wave of the pandemic and as we battle several new variants, Blue Dart’s business continues to remain agile and adaptive to the changing external environment. Our results mirror a recovering economy that is increasingly trusting the digitalization process and a sustainable eCommerce boom – we benefit strongly from both.”

Speaking about the business outlook, he says, “In the last quarter, Blue Dart’s innovation and customer centricity propelled further, as we continued to support the nation in its battle against COVID-19. Blue Dart Med-Express Consortium, will signify a new chapter in the newly digitalized logistics space, using drones to guarantee efficiency, reliability and wider reach. We even continued to leverage our market – differentiating Boeing 757-200 freighters to move oxygen concentrators, vaccines and other critical COVID relief material not only in the Indian terrain but also internationally. Support to our customers during their most challenging times, with our resilient first, middle and last – mile solutions, has ensured that we remain their preferred logistics partners.”

Commenting about the sustainability initiatives at Blue Dart, he says, “Under our credo, Connecting People, Improving Lives, the organization has set in motion a number of technological initiatives that will drive green logistics and ESG which is an integral part of Strategy 2025. Leveraging its digital footprint, the organization has reduced its dependence on paper and has also been consistently planting 1,00,000+ trees each year. The organization has set precedent well within its first quarter of the financial year 2021-22 by continuing to be a Provider of Choice, Employer of Choice and Investment of Choice for all its stakeholders.”

Elaborating further, Balfour Manuel says, “The outlook for the year remains cautiously optimistic, amid impending third wave predictions that could impact the economy. Accelerating the use of future-ready sustainable tech-based solutions, as part of the DPDHL Group; the organisation is committed towards achieving two important goals: Mission 2050 – Zero Emissions and Strategy 2025 – Delivering Excellence in a Digital World.”

Q1 FY 2022 performance was impacted by the second wave of the COVID-19. Localised lockdowns during the second wave kept economic activity from stalling to levels similar to those during 2020 which impacted movement of goods. 10 states that have been hit the hardest by the second wave, collectively accounted for more than 60% of the pre-pandemic level of India’s GDP. Manufacturing PMI and GST collections were also low during the quarter.

Blue Dart was better prepared to mitigate the pandemic impact on the business and operated every single day. As a result, the Company could achieve robust Revenue from Operations of ₹8,648 million during the quarter under review, a resilient financial performance despite very challenging market conditions. The company was able to successfully implement GPI with its customers.

The company, known for its reliable, responsive and resilient customer service team, continued to deliver superior customer experience through its service quality despite restrictions and lockdown measures which was highly appreciated by the customers. The Company carried 51.22 million shipments (last year 15.54 million shipments) weighing 1,84,431 tons (last year 90,188 tons) during the quarter.

The Company achieved EBITDA of ₹892 million with EBITDA margins of 10.24%. Due to the second wave of the pandemic and restrictions in movement, EBITDA margins was impacted on sequential basis primarily due to lower utilization levels and increase in employee costs due to merit increase. Volatility in foreign exchange rates specifically in Euro during the quarter also had impact on profitability due to ROU liability being M to M under IND AS 116. Profit after Tax stood at ₹294 million with a margin of 3.37%.

The organisations commitments of being a ‘Great Company to Work for’ All and a ‘Highly Trusted Company’ with a keen focus on Diversity & Inclusivity remains unfaltering. Blue Dart has always believed in providing equal employment opportunities to all those who are willing to contribute towards the brand’s success. The express logistics provider is keen to leverage the strengths of a diverse workforce and recognise, reward and include exceptional thought diversity. In order to safeguard employee interests, especially that of frontliners Blue Dart conducted an Internal Vaccination Drive that ensured 100% of teams are vaccinated with the first dose of the vaccine against COVID-19.