Blue Dart Express (526612) Q2 24/25 earnings summary

Executive summary

• Q2 FY24 profit after tax was INR 608 million, with revenue from operations at INR 14,485 million.

• 96.6 million shipments and 343,676 tons were carried during the quarter.

• Consolidated revenue from operations for the half year ended September 30, 2024, was ₹2,79,117 lakhs, up from ₹2,56,203 lakhs year-over-year.

• Net profit for the half year was ₹8,491 lakhs, compared to ₹7,203 lakhs in the same period last year.

• The group operates a single segment: integrated air and ground transportation and distribution, with all assets and revenue based in India.

Financial highlights

• Margins remained at 15%-15.1%, down from 17% year-over-year, despite 11% volume growth.

• EBIT margin, excluding recent investments, is around 6.6%.

• Fixed costs represent about 50% of the total cost base.

• Total income for the half year reached ₹2,80,892 lakhs, up from ₹2,57,746 lakhs year-over-year.

• Earnings per share (not annualised) for the half year were ₹49.00 basic and diluted, up from ₹30.79 year-over-year.

Outlook and guidance

• Festive season expected to drive better results in Q3 and Q4 compared to previous quarters.

• Management aims to achieve 8% PBT margin, supported by improved utilization and festive demand.

• Price hikes of 10%-12% are planned for the next year to offset inflationary pressures.

• The Board and Audit Committee reviewed and approved the results on November 11, 2024.