Blue Dart Express (526612) Q4 01/02 earnings summary

Executive summary

• FY02 revenue from operations grew 12% to Rs 286.67 crore; standalone PBT was Rs 25.27 crore versus Rs 25.83 crore in FY01, amid economic slowdown and post-September 11 disruption.

• Expanded air and ground capacity, including a third Boeing 737 freighter, supported 24 million shipments at 99.95% reliability; domestic revenue mix reached 81%.

Financial highlights

• Standalone operating revenue was Rs 286.67 crore versus Rs 256.17 crore; operating profit was Rs 40.35 crore versus Rs 41.47 crore.

• Standalone PBT was Rs 25.27 crore versus Rs 25.83 crore; PAT was Rs 18.01 crore versus Rs 23.03 crore, including a Rs 3.32 crore deferred-tax charge under AS-22.

• Consolidated revenue was Rs 2,876,257 thousand versus Rs 2,579,186 thousand; consolidated PBT was Rs 256,669 thousand versus Rs 264,225 thousand, and net profit was Rs 182,851 thousand versus Rs 236,225 thousand.

• Operating cash flow was Rs 396,695 thousand standalone and Rs 424,884 thousand consolidated; standalone capital expenditure additions were Rs 141,544 thousand.

Outlook and guidance

• Management expected an industry recovery and was optimistic about maintaining double-digit growth in FY03; March 2002 trading was encouraging.

• Priorities included strengthening South Asian leadership, developing value-added services, and exploring expansion in Bangladesh, Sri Lanka and the Maldives.

• Air network capacity could expand to charter services and regional routes; the subsidiary received permission to add two aircraft to its existing three-aircraft fleet.