Blue Dart's Sales up 18%
Mumbai : October 23, 2001:

Blue Dart Express Limited, India's leading integrated air express and logistics service provider, declared its Audited financial results for the first half year ended September 30, 2001 at the Board Meeting held in the city today.

The Company's Income from operations for the first half of the current financial year 2001-2002 has increased by 18% as compared to the first half of the previous year. Blue Dart has improved its earnings by recording a Profit Before Tax of Rs.1012 Lacs as against Rs. 951 Lacs of the corresponding first half of the previous financial year.

Commenting on Blue Dart's performance for the first quarter, Mr. Clyde Cooper, Managing Director, Blue Dart Express Limited said, "The Company has added infrastructure, network connectivity and enhanced capacity, mainly by the addition of a third aircraft to its air fleet, so as to sustain quality service and operational efficiency for future growth. In Q2, leveraging of the enhanced capacity was impacted by the economic slowdown and grossly compounded by the tragic events of 11th September 2001. Blue Dart is committed to support Indian Industry in air integrated distribution solutions and supply chain management, based on the fastest cycle from the production bases to the end Customer on JIT concepts."

Blue Dart Express Limited is India's leading air express transportation company and logistics services provider and offers a comprehensive range of services and products for both domestic and international shippers. Blue Dart's continuous commitment towards identifying and addressing the needs and concerns of the customer has enabled it to provide unmatched standards of service quality with over 99.98% reliability levels in the express industry. Over the years, Blue Dart has continuously evolved to meet the growing demands of business and the customer, innovating new products and expanding its network and infrastructure, thereby increasing its market share in the country.

Notes:

1.The Consolidated Accounts represents those of Blue Dart Express Limited and Blue Dart Aviation Limited.

2.Freight, handling and servicing costs is up vis a vis previous year on account of enhanced capacity and infrastructure comprising of mainly one aircraft addition, which would support the Company to leverage its growth over a period of time.

3.The provision for taxation for the half year ended September 30, 2001 has been made consequent to the new Accounting Standard (AS-22), Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, which is effective from April 1, 2001, relating to compulsory provision for deferred taxation. The deferred tax provision relating to previous years amounting to Rs. 9.59 crores has been adjusted against the reserves as on April 1, 2001.

4.Increase in Share Capital from Rs. 11.89 crores to Rs. 23.73 crores is on account of allotment of 1,18,63,967 bonus equity shares on September 4, 2001 in the ratio of one equity share for each share held by the shareholders and accordingly, EPS has been computed and adjusted.

5.The Company has forfeited 52,700 equity shares of Rs. 10/- each on account of non-payment of allotment and / or call money on shares.

6.The Accounting Standard on Consolidation of Financial Statements, became mandatory effective accounting periods commencing on or after April 1, 2001. The Company adopted the above Standard from the year ended March 31, 2001, and has consolidated its current first half year results based on the said Standard.

7.Prior year's figures have been regrouped and reclassified to make it comparable with the current year figures.

8.The above audited results were reviewed by the Audit Committee, these were thereafter approved by the Board at its meeting held on October 23, 2001

By Order of the Board
for Blue Dart Express Limited

For further information contact :

marketing@bluedart.com
23rd October, 2001