Blue Dart Express slips as Q3 PAT declines 28% YoY

Blue Dart Express fell 2.95% to Rs 6,544.25 after the company's consolidated net profit slipped 28.2% to Rs 88.66 crore despite of 6.6% increase in revenue from operations to Rs 1,337.08 crore in Q3 FY23 over Q3 FY22.

The logistics services provider's profit before tax (PBT) decreased by 26.5% year on year to Rs 121.48 crore in the quarter ended 31 December 2022.

EBITDA grew 6.56% year on year to Rs 1,337.1 crore in Q3 FY23. EBITDA margin declined to 17.7% as on 31 December 2022 as against 23% as on 31 December 2021.

The company said the geo-political scenario remained volatile. International crude prices and foreign currencies specifically witnessed high volatility which is leading to high inflationary ecosystem. Higher ATF prices, Forex volatility and correction in minimum wages continue to keep the costs at escalated levels. Further, the company has been working on enhancing its package handling capacity both on air and ground to handle increased volume and improve service quality.

The logistics services provider added that it has carried 246 million shipments weighing 880,370 tons during the nine month period ended 31 December 2022.

Balfour Manuel, managing director of Blue Dart Express said: We look forward to embarking on a journey with newer challenges, delivering the best services through reach and best in class transit time. With a focus on Bharat we are expanding our presence in Tier II & III markets. We have about 700 retail stores (with DHL) across India, offering customers a quick turnaround time and an enhanced direct reach to pin-codes in the country. Additonally, we plan to set up about 100 new stores in the near future to aggressively expand our channel footprint.

Blue Dart Express is South Asia's premier express air and integrated transportation & distribution company.

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