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Press Release
Blue Dart Net up 58.40% at Rs 11.12 Crores
Mumbai : January 21, 2005

Blue Dart Express Limited, South Asia's leading integrated air express, courier and premium logistics company, declared its financial results for the third quarter ended December 31, 2004 at a Board Meeting held in the city today.

The Company's Income from operations for the third quarter of the year at Rs. 121.45 Crores has increased by 35.21% over the corresponding quarter of the previous year. The Company posted a Rs. 17.70 Crores profit before tax for the quarter ended December 31, 2004 compared to Rs. 10.94 Crores for the quarter ended December 31, 2003. Net profit for the third quarter 2004 stood at Rs. 11.12 Crores showing a 58.40% increase over the corresponding quarter of the previous year.

Commenting on the results, Clyde Cooper, Managing Director, Blue Dart Express Limited said, " The Company has shown consistent growth over the past year, reflecting the positive impact of our expanding economy and the value addition of Blue Dart Services to our customer's distribution needs. We have added quality capacity in the past quarter to support increased demand, especially for our air package services, that play an important role in distribution for the B2B segment. Our customers have grown with us and we value their loyalty. Blue Dart shall continue to invest in its distribution and infrastructure network in India and in the region in support of our customer's growing needs for trade and commerce support."

Blue Dart, South Asia's leading courier and integrated air express package distribution company offers secure and reliable delivery of consignments to over 13,700 locations in India and 800 locations in Bangladesh, Bhutan, Nepal, and Sri Lanka, and 220 countries worldwide. Blue Dart was selected a Superbrand from over 700 brands across 98 categories in India. The Blue Dart team drives marketplace leadership through its motivated people force, unique aviation system, cutting edge technology, innovation and value-added services, to deliver unmatched standards of service quality to its customers.



     BLUE DART EXPRESS LIMITED

 
         Unaudited Financial Results for the Quarter and Nine Months ended
December 31, 2004

                                                                                                                                                                          (All figures are in Rs lacs)
Sr.No. PARTICULARS B.D.E.L.
Quarter
Ended
31-12-04
(Unaudited)
B.D.E.L.
Quarter
Ended
31-12-03
(Unaudited)
B.D.E.L.
Nine Mths.
Ended
31-12-04
(Unaudited)
B.D.E.L.
Nine Mths.
Ended
31-12-03
(Unaudited)
B.D.E.L.
Year
Ended
31-03-04
(Audited)
Consolidated
Nine Mths.
Ended
31-12-04
(Unaudited)
Consolidated
Nine Mths.
Ended
31-12-03
(Unaudited)
Consolidated
Year
Ended
31-03-04
(Audited)
1. Net Sales/Income from operations 12,145 8,982 33,712 26,049 35,486 33,738 26,039 35,462
2. Other Income 4 6 29 19 47 32 8 74
3. Total Income 12,149 8,988 33,741 26,068 35,533 33,770 26,047 35,536
4. Staff Cost 1,767 1,407 4,960 4,119 5,589 6,907 5,550 7,554
5. Freight, Handling and Servicing Costs 7,151 5,393 20,040 15,865 21,402 16,975 13,443 18,142
6. Other Expenses 906 728 2,555 2,095 2,976 3,154 2,586 3,597
7. Total Expenditure 9,824 7,528 27,555 22,079 29,967 27,036 21,579 29,293
8. Interest (net) 144 117 394 306 435 533 463 637
9. Depreciation 412 249 1,100 687 1,001 1,421 1,004 1,417
10. Profit Before Tax 1,769 1,094 4,692 2,996 4,130 4,780 3,001 4,189
11. Provision for Taxation 657 392 1,743 1,075 1,482 1,781 1,075 1,486
12. Profit After Tax 1,112 702 2,949 1,921 2,648 2,999 1,926 2,703
13. Paid-up Equity Share Capital (Face value Rs 10/- per share) 2,373 2,373 2,373 2,373 2,373 2,373 2,373 2,373
14. Reserves - - - - 10,866 - - 10,533
15. E P S (In Rupees.) 4.69 2.96 12.43 8.10 11.16 12.64 8.12 11.34
16. Aggregate of Non-promoter shareholdings:
-Number of Shares 11,576,382 11,576,382 11,576,382 11,576,382 11,576,382 - - -
-Percentage of Shareholding 48.79 48.79 48.79 48.79 48.79 - - -

Notes :
  1. The Income from operations has recorded an increase of 35.21% in the third quarter as compared to the corresponding quarter of the previous year and by 29.42 % for the nine months period as compared to the nine months period of the previous year.
  2. The Profit After Tax has recorded an increase of 58.40% in the third quarter as compared to the corresponding quarter of the previous year and by 53.51% in the nine months period over the corresponding period of the previous year.
  3. The Company is primarily engaged in a single segment business of integrated transportation and distribution of shipments and is managed as one entity, for its various service offerings and is governed by a similar set of risks and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard on Segment Reporting ( AS-17 ) issued by the Institute of Chartered Accountants of India.
  4. The Consolidated Financial Results represent those of Blue Dart Express Limited and subsidiaries, Blue Dart Aviation Limited, Skyline Air Logistics Pvt Ltd. and Concorde Air Logistics Pvt.Ltd. The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statments (AS-21 ) issued by the Institute of Chartered Accountants of India. On account of the acquisitions of Skyline Air Logistics Pvt.Ltd. and Concorde Air Logistics Pvt.Ltd. during the 1st quarter 2004, the previous year's / period's consolidated results may not be comparable.
  5. The Company did not have any investor complaints pending as on October 1,2004. As on December 31, 2004 there were three investors' complaints received and disposed off during the quarter ended December 31,2004.
  6. The prior period's figures have been regrouped and reclassified wherever necessary to conform to the current period's classification.
  7. In accordance with the requirments of clause 41 of the listing agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of financial results of Blue Dart Express Limited for the third quarter ended December 31, 2004 and had performed the audit for the half year ended September 30,2004. There were no qualifications in the audit report for the half year ended September 30, 2004 and in the limited review report issued for the above quarter.
  8. The Indian promoters along with persons acting in concert with the Indian promoters and Newfields Holdings Ltd. (collectively known as the "Sellers") have separately informed the Company that they have entered into separate/definitive sale/purchase agreements to sell their equity shares collectively constituting 68.21% of the total paid up equity share capital of the Company to DHL Express(Singapore)Pte.Ltd.at Rs.350 per share.This is subject to necessary regulatory approvals. As a result of the definitive sale of shares by the Sellers, DHL Express (Singapore) Pte. Ltd. have informed the company that they shall be making an "Open Offer" to acquire equity shares of the Company in accordance with SEBI ( Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as amended.
  9. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on January 21, 2005.

         By Order of the Board
For Blue Dart Express Limited

Sd/-         

Clyde Cooper    
(Managing Director)

Date : January 21, 2005.
Place : Mumbai

For further information contact :

marketing@bluedart.com
Dated : January 21 2005

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