Blue Dart Sales up by 29.62%

Mumbai : July 19, 2005

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the first quarter ended June 30, 2005 at a Board Meeting held in the city today.

The company posted a Rs.16.98 crore profit before tax for the quarter ended June 30, 2005 compared to Rs. 13.23 crore for the quarter ended June 30, 2004. Net profit for the first quarter 2005 stood at Rs.10.40 crore, up from Rs.8.34 crore over the corresponding quarter of the previous year. Income from operations for the first quarter 2005 was Rs.129.35 crore, an increase of 29.62% over the same quarter last year.

Clyde Cooper, Managing Director, Blue Dart Express Limited said, " The start of the year has been encouraging for Blue Dart. The company's sales growths have been sustained and, with the nation's economy on a steady growth path, the outlook is positive. We have continued to invest in our infrastructure and people, which are our key differentiators, to support increased demand for delivery capability and enhanced services. New facilities have been added in Mumbai, Bangalore, Lucknow, Agra and Tirupur, further strengthening our presence across the country, specifically in the Tier II markets. Training has been pursued vigorously to focus on knowledge and customer-oriented skills, with a view to continuously evolve ways to actively participate in the customer's business and serve him better".

Blue Dart, South Asia's premier courier and integrated air express package distribution company, offers secure and reliable delivery of consignments to over 13,880 locations in India and 200 countries worldwide. Blue Dart was selected a Business Superbrand from over 854 brands across 82 product categories in India. The Blue Dart team drives marketplace leadership through its motivated people force, dedicated air capacity, cutting-edge technology, innovation and value-added services, to deliver unmatched standards of service quality to its customers.

Unaudited Financial Results for the Quarter ended June 30, 2005

Notes :

1. Income from operations has recorded an increase of 29.62% over the first quarter of the previous year.
2. On March 11, 2005 the Company disinvested 60% of its holding in Blue Dart Aviation Ltd. Accordingly, it ceased to be a subsidiary of the Company. The 40% holding in Blue Dart Aviation Ltd. has been accounted for in the Consolidated Financial Statements in accordance with the Accounting Standard on Accounting of Investments in Associates ( AS-23) as issued by the Institute of Chartered Accountants of India.
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 its subsidiaries, Skyline Air Logistics Ltd. and Concorde Air Logistics Ltd. The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statements (AS-21) issued by the Institute of Chartered Accountants of India.On account of the disinvestment in Blue Dart Aviation Limited during the fourth quarter of the year ended March 31,2005, the previous year's/period's consolidated results are not comparable.
5. The Company did not have any investor complaints pending as on April 1, 2005 and as on June 30,2005. There were five investors' complaints received and disposed off during the first quarter ended June 30, 2005.
6. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
7. Central Goverment approval is awaited in respect of provision for a one-time retention compensation payable to the Managing Director made in the Audited Financial Statments for the previous year end March 31,2005.
8. In accordance with the requirements of clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of Blue Dart Express Limited's financial results for the first quarter ended June 30, 2005. There are no qualifications in the limited review report issued for the above quarter.
9. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on July 19, 2005.

Date : July 19,2005
Place : Mumbai

For further information contact :

marketing@bluedart.com
Date : July 19,2005