Blue Dart announces second quarter results, delivers top line growth of 18%QoQ

 Blue Dart announces second quarter results, delivers top line growth of 18%QoQ

Revenue up by 18%; consolidated EBITDA margin at 19%

Mumbai, October 29, 2022: Blue Dart Express Limited, South Asia's premier express air, integrated transportation and distribution logistics Company, declared its financial results today for the quarter ended September 30 2022, at its Board Meeting held in Mumbai today.

Highlights of the Results

Standalone results for the Quarter ended September 30, 2022:

• Revenue from operations for the quarter was ₹1,325 crores with a growth of 18%
• EBITDA at ₹175 crores (previous year ₹169 crores)
• ₹92 crores profit after tax (previous year corresponding quarter was at ₹89 crores)
• Revenue from operations for the half year ended stood at ₹2,619 crores (32% growth)
• EBITDA for the half year ended at ₹376 crores (previous year ₹258 crores)
• Profit after tax for the half year ended at ₹209 crores (previous year ₹119 crores).

Consolidated revenues during the quarter stood at ₹1,325 Cr with a growth of 18% over previous year same quarter. EBITDA for the quarter is ₹251 Cr. Consolidated Revenues for the half year stood at ₹2,619 Cr with growth of 32% over previous year. EBITDA at ₹525 Cr. Consolidated EBITDA margin for the half year stood at 20%. 

During the quarter, the geo-political scenario remained volatile. International crude prices and foreign currencies specifically witnessed high volatility which is leading to high inflationary ecosystem. ATF prices, which did not mirror the trend in the crude price, together with USD appreciation impacted the performance during the quarter. The company also witnessed correction in wages for the frontline which led to enhanced servicing costs. Further, enhancement in both air and ground package handling capacity is on track for which company has initiated actions to build infrastructure.

Balfour Manuel, Managing Director, Blue Dart says, " The company is doing well due to a balanced mix of growth and transformational projects. As all our customers prepare to build business resilience to overcome disruptions, Blue Dart is leveraging this opportunity to deliver promised value. Growth through the quarter reflects our stepped-up business efforts towards further strengthening our customer and stakeholder promise.”

Blue Dart Aviation is looking to expand the fleet with two Boeing 737 aircraft. This aircraft is ideal as it can reach smaller airports to increase connectivity further and create value for stakeholders. The company also signed the UNFCCC Climate Neutral Now pledge as a step towards its sustainability roadmap, making significant strides towards creating technology that is future-ready, thereby opening the door for stakeholders to accept sustainable logistics that aim to reduce the ecological footprint.

The company is working on sustainable solutions to reduce carbon emissions, including deploying electric vehicles, reducing paper consumption, green facilities, etc. To date, the company has planted over 555,000 trees to offset its carbon footprint. As part of its ESG journey, Blue Dart is dedicated to upholding the highest standards of compliance

India's economic recovery from COVID-19, along with other current economic and geopolitical uncertainties in the world, is progressing well and the trajectory will continue further with newer developments in the logistics industry in India. Blue Dart’s presence in Tier I and II markets of Odisha, Assam, Haryana, Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, and Madhya Pradesh. This move has also accelerated the company's reach by providing strategic, scalable solutions to large customers, enabling economies of scale with end-to-end service offerings.

Exceptional Service Quality remains one of the company’s major pivots, alongside automation and technology, providing customers with a one-stop, hassle-free solution to all their logistics requirements. In its journey to delight customers, the company carried 81 million shipments weighing 3 lakh metric tonnes in the Quarter ending September 30, 2022.

Looking ahead, the National Logistics Policy and 5G launch will be revolutionary for the logistics ecosystem. These policy implementations will play a transformational role in the logistics industry by improving infrastructure and facilitating faster speed with an ability to connect up to 1 million devices and massive data consumption, accelerating the speed of the planning process in complex delivery operations. It will help to systematise the industry further, creating cumulative economic growth across sectors, thereby making India meticulously self-reliant. With its air and ground infrastructure, world-class service delivery and passionate team of Blue Darters, the company reaffirmed its commitment to yield this opportunity sustainably.

During the quarter, the company won a substantial number of accolades, with Balfour Manuel, Managing Director, Blue Dart, being acknowledged as one of the Influential Leaders of India 2022. Also, winning the titles of Brand of the Year 2022, Best Customer Experience in Logistics Award for its Contactless Delivery initiative at the CX Excellence Awards 2022, along with Brand Excellence in Supply Chain & Logistics Sector, and Trusted Brand 2022 by Reader’s Digest. Furthermore, the company also won a bronze award for its Go Help CSR initiative in the Best Public Health/Safety Initiative category.