Blue Dart Express (526612) Q4 03/04 earnings summary

Executive summary

• FY 2003-04 delivered record standalone net profit of Rs 26.48 crore; consolidated profit after tax was Rs 27.04 crore, up from Rs 21.84 crore.

• Domestic organized-segment market share was 39%; the network handled over 36.4 million domestic and 0.5 million international shipments at 99.95% reliability.

• Recommended dividend rose to Rs 4.50 per share, or 45%; payout including dividend tax was Rs 12.05 crore.

Financial highlights

• Consolidated income was Rs 355.36 crore versus Rs 315.64 crore; operating profit before interest, depreciation and tax was Rs 62.42 crore versus Rs 52.19 crore.

• Consolidated PBT was Rs 41.89 crore versus Rs 31.95 crore; PAT was Rs 27.04 crore versus Rs 21.84 crore.

• Consolidated EPS was Rs 11.34 versus Rs 7.38; standalone EPS was Rs 11.16 versus Rs 7.08.

• Operating income grew 13% on the reported standalone basis; management cited 19% topline growth on a like-to-like basis and 26% bottomline growth.

Outlook and guidance

• Management expected improved performance, supported by projected FY 2004-05 GDP growth of 6.7% and ongoing investment in retail and service facilities.

• Fourteen additional service facilities were under commission; returns from these investments were expected from the next financial year.

• Plans included adding aircraft capacity over time, extending air-charter coverage around India, and consolidating presence in Sri Lanka, Bangladesh, Bhutan and Nepal.