India's Blue Dart Express' Q4 profit rises 12% on improved demand

Blue Dart Express

02/05/2024 16:28

May 2 (Reuters) - India's Blue Dart Express  BLDT.NS 
reported a rise in fourth-quarter profit on Thursday, aided by
strong demand for its logistics services.
        
  
        WHY IT'S IMPORTANT
  
    Blue Dart, barring a flat Q3, had posted a sequential drop
in its profit for the past four quarters, on account of higher
interest rates and increasing costs amid tough competition.
    The company said its full-year shipment volumes grew 9.5%,
signalling robust demand for its freight services. Last month,
peer Mahindra Logistics  MALO.NS  had also indicated a recovery
in volumes. 
    
    BY THE NUMBERS
        Blue Dart's consolidated net profit rose 12% over the
year earlier to 777.8 million Indian rupees ($9.3 million) in
the January-March quarter.
    It's revenue from operations rose 8.7% to 13.23 billion
rupees.
    The freight, handling and services costs also rose 7%,
taking the company's total expenses up 9%.
           
    KEY QUOTES 
    "With addition of network and capacities, growth in volumes
is picking up additional momentum," Managing Director Balfour
Manuel said.
    Addition of air route networks by means of acquiring two 737
freighters and some strategic partnerships aided the company's
operations in the financial year, he said.

($1 = 83.4516 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru; Editing by Shilpi
Majumdar)
 ((anisha.ajith@thomsonreuters.com;))