Blue Dart Express (526612) Q4 99/00 earnings summary

Executive summary

• FY 1999-00 operating income grew 22% YoY; profit after tax doubled to Rs 123,120 thousand, supported by revenue growth and cost efficiencies.

• Domestic market leadership was reinforced by network strength, technology investment and service quality; the Superhub near Sahar Airport was completed.

Financial highlights

• Services revenue was Rs 2,053,059 thousand versus Rs 1,686,724 thousand; total revenue was Rs 2,054,559 thousand versus Rs 1,760,219 thousand.

• Operating profit before tax, interest and depreciation rose to Rs 265,713 thousand from Rs 191,165 thousand; PBT increased to Rs 140,120 thousand from Rs 70,105 thousand.

• Net profit was Rs 123,120 thousand versus Rs 60,032 thousand; tax provision was Rs 17,000 thousand versus Rs 10,073 thousand.

• Operating cash flow after tax was Rs 224,013 thousand versus Rs 92,268 thousand; cash and cash equivalents ended at Rs 70,558 thousand.

Outlook and guidance

• Plans called for expanding network capacity to capture express-market growth; the subsidiary expected to add aircraft, with capacity available for use in the second half of the next financial year.

• Prepared to launch Internet e-commerce support and logistics for supply-chain management; leadership cited Indian economic growth and e-commerce potential as demand drivers.