Buy Or Sell Opportunity • Jun 04
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to ₹4,720. The fair value is estimated to be ₹3,925, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Price Target Changed • May 15
Price target decreased by 9.0% to ₹5,774 Down from ₹6,346, the current price target is an average from 5 analysts. New target price is 14% above last closing price of ₹5,071. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₹141 for next year compared to ₹106 last year. Buy Or Sell Opportunity • Mar 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₹4,747. The fair value is estimated to be ₹6,000, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: ₹28.79 (down from ₹34.14 in 3Q 2025). Revenue: ₹16.2b (up 6.9% from 3Q 2025). Net income: ₹683.3m (down 16% from 3Q 2025). Profit margin: 4.2% (down from 5.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹6,376, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 33x in the Logistics industry in India. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹5,010 per share. Buy Or Sell Opportunity • Oct 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to ₹6,572. The fair value is estimated to be ₹5,385, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Aug 14
Blue Dart Express Limited Declares Dividend for the Financial Year Ended March 31, 2025 Blue Dart Express Limited announced at the AGM held on August 13, 2025, approved Declaration of Dividend of INR 25/- (Rupees Twenty Five Only) per Equity share for the financial year ended March 31, 2025. Upcoming Dividend • Jul 30
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.3%). Reported Earnings • Jul 22
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹106 (down from ₹127 in FY 2024). Revenue: ₹57.2b (up 8.6% from FY 2024). Net income: ₹2.52b (down 16% from FY 2024). Profit margin: 4.4% (down from 5.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jul 16
Blue Dart Express Limited to Report Q1, 2026 Results on Jul 29, 2025 Blue Dart Express Limited announced that they will report Q1, 2026 results on Jul 29, 2025 Buy Or Sell Opportunity • Jul 01
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to ₹6,847. The fair value is estimated to be ₹5,525, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Jun 24
Blue Dart Express Limited, Annual General Meeting, Aug 13, 2025 Blue Dart Express Limited, Annual General Meeting, Aug 13, 2025. Reported Earnings • May 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹106 (down from ₹127 in FY 2024). Revenue: ₹57.6b (up 9.3% from FY 2024). Net income: ₹2.52b (down 16% from FY 2024). Profit margin: 4.4% (down from 5.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 17
Blue Dart Express Limited Powers Economic Prosperity in the Northeast with Express Connectivity Blue Dart Express Limited announced the expansion of its network with the introduction of Guwahati as a direct flying location last year. This strategic move was driven by Blue Dart's vision to empower Northeast India, a zone that plays a pivotal role in the country's economic growth, to provide them with a window to scale business in the region. Known for its vast consumption base and emerging business hubs, Guwahati serves as a key centre for industries such as Tea, Handicrafts, Pharmaceuticals, and more. Through this strategic move, Blue Dart will offer a robust next-day service to the city and a 48- hour delivery timeline to neighbouring states, catering to the region's rapidly growing consumption ecosystem. This enhanced connectivity will help boost local businesses while also ensuring that companies in Northeast India can seamlessly reach customers across the country within 24 to 48 hours. This service also offers late cut-off times and early delivery options, maximizing flexibility for customers. With minimized delivery times and optimized transit schedules, businesses handling high-value or perishable goods will benefit from enhanced reliability, reduced damages, and quicker access to markets. New Risk • Jan 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jan 30
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: ₹34.14 (down from ₹37.46 in 3Q 2024). Revenue: ₹15.1b (up 9.3% from 3Q 2024). Net income: ₹810.1m (down 8.9% from 3Q 2024). Profit margin: 5.4% (down from 6.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 15
Price target decreased by 7.8% to ₹7,684 Down from ₹8,338, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹7,658. Stock is up 12% over the past year. The company is forecast to post earnings per share of ₹132 for next year compared to ₹127 last year. Reported Earnings • Nov 12
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ₹26.49 (down from ₹30.79 in 2Q 2024). Revenue: ₹14.6b (up 10.0% from 2Q 2024). Net income: ₹628.4m (down 14% from 2Q 2024). Profit margin: 4.3% (down from 5.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 17
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₹9,254. The fair value is estimated to be ₹7,178, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 4.3%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Aug 23
Blue Dart Express Limited Announces Resignation of Sebastian Paebens as Non-Executive Director Blue Dart Express Limited announced that Mr. Sebastian Paebens, Non-Executive Director has tendered his resignation as Non-Executive Director of the Company with effect from the close of business hours on August 23, 2024. Reason for change: Mr. Sebastian PaeRens tendered his resignation as Non-Executive Director of the Company with effect from close of business hours on August 23, 2024, due to his pre-occupation. Announcement • Aug 01
Blue Dart Express Limited Announces Management Changes Blue Dart Express Limited informed that on the basis of recommendation of the Nomination & Remuneration Committee, the Board of Directors of the Company have on August 01, 2024: Noted retirement of Mr. B.C. Kalappa, Regional Head - South, a Senior Management Personnel with effect from close of business hours on September 30, 2024; Noted appointment of Mr. Sandeep Petkar, a Senior Management Personnel, currently Regional Head-West II, who would assume the role of Regional Head-South Region, with effect from August 19, 2024, and will work parallelly with the current Regional Head for smooth transition; Approved appointment of Mr. Samir Ahuja currently Regional Sales Head-West ll as Business Head -West II and a Senior Management Personnel with effect from August 19, 2024. Mr. Sandeep Petkar, currently leading the rapidly growing West II region as Regional Head, has been identified as a suitable successor to continue growth journey and it is proposed to give him charge of new role of Mr. Sandeep Petkar, who embodies the Company's DNA with over 33 years in various roles-including Regional Systems Head, Regional Sales Head, Regional Business Head has been instrumental in the growth of the West II region over the past seven years. His strategic, process-oriented, and people-focused leadership has consistently driven the Region's Success. Term: full time employment. Mr. Samir Ahuja, currently serving as Regional Sales Head of West II Region would assume role and responsibilities as Business Head- West-II. Mr. Samir Ahuja has been a key leadership earn member and played a pivotal role in charting growth trajectory for the West II Region in the last few years. He has worked earlier in the North Region and had moved to West II Region to take on Regional Sales Head's responsibility. Term: full time employment. New Risk • Jul 21
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jul 20
Blue Dart Express Limited Announces Board Changes Blue Dart Express Limited announced that Board of Directors of the Company in its Meeting held July 19, 2024: Noted retirement of Mr. Sharad Upasani, Independent Director (DIN: 01739334) with close of business hours on July 22, 2024, on account of completion of his second term of the office as an Independent Director. Consequently, he will cease to be a 'Non-Executive Chairman and Independent Director' of the Company with effect from close of business hours on July 22, 2024. Approved appointment of Mr. Prakash Apte, Independent Director (DIN: 00196106) as 'Non-Executive Chairman' of the Company with effect from July 23, 2024. Mr. Apte is an Independent Director of Blue Dart Express Limited with effect from July 28, 2022. Mr. Apte brings a wealth of experience, currently serving as a Member of the Audit Committee and Nomination & Remuneration Committee of the Board. Mr. Prakash Apte, aged 70 years, has a B.E. (Mechanical) degree from the University of Pune and holds Diploma in the Business Management rom The University of Mumbai. He has attended various executive & leadership development programs at Harvard Business School, INSEAD and IMD. Mr. Apte's professional career spans over 41
years, most of which has been with global multinationals viz; Ciba Geigy, Novartis and Syngenta in various positions related to Specialty Chemicals, Pharma & Agri business industries respectively. He was the Country Head & Managing Director of Syngenta India for over a decade from 2000 to 2011 & thereafter its Non-Executive Chairman till September 2021. Mr. Apte takes keen interest in developmental initiatives. He was instrumental in setting up Syngenta Foundation India focusing on providing resources to poor farmers & rural entrepreneurship in 2005. In 2016, he catalyzed setting up of the lndo Swiss Centre of Excellence which aims to provide world-class
·raining in advanced vocational skills. Mr. Apte has served on the Boards of both these not-for profit entities till mid 2021. Mr. Apte served as a Non-Executive Chairman of Kotak Mahindra Bank Limited till December 31, 2023. Mr. Prakash Apte serves on the Boards of Fine Organic Industries Limited, GMM Pfaudler Ltd., Kotak Mahindra Investments
Limited and Kotak Mahindra Prime Limited. Upcoming Dividend • Jul 05
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.8%). Reported Earnings • Jun 28
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹127 (down from ₹156 in FY 2023). Revenue: ₹52.7b (up 1.8% from FY 2023). Net income: ₹3.01b (down 19% from FY 2023). Profit margin: 5.7% (down from 7.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Announcement • Jun 10
Blue Dart Express Limited Appoints Dipanjan Banerjee as Chief Commercial Officer, with Effect from June 12, 2024 The Board of Directors of Blue Dart Express Limited have approved appointment of Mr. (CCO) and a Senior Management Personnel of the Company with effect from June 12, 2024. Mr. Dipanjan Banerjee has around 15 yearsof experience in Business Development and growth of market share for express delivery and logistics Company. Mr. Dipanjan is a specialist in the Supply chain domain with exposure in the Domestic & International Express products, B2C & contract logistics. Mr. Dipanjan Banerjee is MBA in Marketing & Sales. In his previous stint, Mr. Dipanjan has supported in developing & implementing strategic business plan, driving growth and improving overall performance. Prior to ·oining Blue Dart Express Limited, Mr. Dipanjan was working with Ecom Express Limited as 'Chief Business Officer' and has worked with FedEx Express as Vertical Head and National Account Manager (E Commerce & Retail). Declared Dividend • May 04
Dividend reduced to ₹25.00 Dividend of ₹25.00 is 17% lower than last year. Ex-date: 12th July 2024 Payment date: 18th August 2024 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 03
Blue Dart Express Limited, Annual General Meeting, Jul 19, 2024 Blue Dart Express Limited, Annual General Meeting, Jul 19, 2024. Reported Earnings • May 03
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹127 (down from ₹156 in FY 2023). Revenue: ₹53.2b (up 2.8% from FY 2023). Net income: ₹3.01b (down 19% from FY 2023). Profit margin: 5.7% (down from 7.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Announcement • May 03
Blue Dart Express Limited Recommends Dividend for the Financial Year Ended March 31, 2024 Blue Dart Express Limited at its board meeting held on May 2, 2024, recommended the payment of Dividend of INR 25 per share on the Equity Capital for the Financial Year ended March 31, 2024, subject to necessary approval by the Members at the up coming Annual General Meeting. The dividend, if approved at the upcoming Annual General Meeting of the Company, shall be paid within 30 days of upcoming Annual General Meeting. Announcement • Apr 26
Blue Dart Express Limited to Report Q4, 2024 Results on May 02, 2024 Blue Dart Express Limited announced that they will report Q4, 2024 results on May 02, 2024 Buy Or Sell Opportunity • Mar 20
Now 21% overvalued Over the last 90 days, the stock has fallen 22% to ₹5,617. The fair value is estimated to be ₹4,632, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Feb 28
Blue Dart Express Limited Announces Retirement of K. Gopakumar as Regional Head - South I Blue Dart Express Limited informed that, Mr. K. Gopakumar, Regional Head - South I, a Senior Management Personnel of the Company will retire from his position effective close of business hours on February 29, 2024. Buy Or Sell Opportunity • Feb 16
Now 21% overvalued Over the last 90 days, the stock has fallen 7.6% to ₹6,341. The fair value is estimated to be ₹5,232, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. New Risk • Jan 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 70% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • Jan 26
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: ₹37.46 (up from ₹37.36 in 3Q 2023). Revenue: ₹14.1b (up 5.3% from 3Q 2023). Net income: ₹888.9m (flat on 3Q 2023). Profit margin: 6.3% (down from 6.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jan 06
Blue Dart Express Limited to Report Q3, 2024 Results on Jan 24, 2024 Blue Dart Express Limited announced that they will report Q3, 2024 results on Jan 24, 2024 Reported Earnings • Oct 29
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ₹30.75 (down from ₹39.47 in 2Q 2023). Revenue: ₹13.3b (flat on 2Q 2023). Net income: ₹730.6m (down 22% from 2Q 2023). Profit margin: 5.5% (down from 7.1% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Blue Dart Express Limited Announces Resignation of Tulsi N.Mirchandaney as Non-Executive Director Blue Dart Express Limited announced that Tulsi N.Mirchandaney, Director has tendered resignation as Non-Executive Director of the Company with effect from December 31, 2023. Announcement • Oct 10
Blue Dart Express Limited to Report Q2, 2024 Results on Oct 27, 2023 Blue Dart Express Limited announced that they will report Q2, 2024 results on Oct 27, 2023 Announcement • Aug 10
Blue Dart Express Limited Approves Dividend for the Financial Year Ended March 31, 2023 Blue Dart Express Limited announced at the AGM held July 27, 2023, approved Declaration of Dividend of INR 30/- (Rupees Thirty Only) per Equity share for the financial year ended March 31, 2023. New Risk • Jul 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 72% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.1% net profit margin). Announcement • Jul 29
Blue Dart Express Limited, Annual General Meeting, Jul 27, 2023 Blue Dart Express Limited, Annual General Meeting, Jul 27, 2023, at 16:00 Indian Standard Time. Agenda: To consider Adoption of Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2023; to consider Adoption of Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023; to consider Declaration of Dividend; to consider Re-appointment of Mr. Florian Ulrich Bumberger (DIN 09045904) as a Director, liable to retire by rotation; to consider approval for revision in remuneration of Mr. Balfour Manuel, Managing Director (DIN: 08416666) for the period April 01, 2023 to March 31, 2024. New Risk • Jul 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.1% Last year net profit margin: 9.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.1% net profit margin). Announcement • Jul 12
Blue Dart Express Limited to Report Q1, 2024 Results on Jul 27, 2023 Blue Dart Express Limited announced that they will report Q1, 2024 results on Jul 27, 2023 Upcoming Dividend • Jul 12
Upcoming dividend of ₹30.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 26 August 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Reported Earnings • Jul 08
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹156 (down from ₹161 in FY 2022). Revenue: ₹51.8b (up 17% from FY 2022). Net income: ₹3.71b (down 3.1% from FY 2022). Profit margin: 7.2% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • Jun 09
Blue Dart Express Limited Announces CFO Changes Blue Dart Express Limited informed that in the Meeting of the Board of Directors of the Company held on June 08, 2023, the Board of Directors noted/approved inter-alia the following; Pursuant to approval and recommendation of the Nomination & Remuneration Committee and Audit Committee, Ms. Sudha Pai, has been appointed as Chief Financial Officer (CFO) and as Key Managerial Personnel (KMP) of the Company. She will be the KMP under the provisions of the Companies Act, 2013. Ms. Sudha Pai will assume charge as CFO of the Company with effect from 1st September, 2023. Ms Sudha Pai, is a qualified Cost Accountant, currently working as Chief Financial Officer, in DHL Global Forwarding, India, a DHL group company. She also held the responsibility as Finance Director Ezyhaul India Pvt. Ltd., CFO & Compliance Officer of DHL Logistics Pvt Ltd. (Freight Forwarding division), heading finance for INR 80,000 million turnover with 4 major divisions and 800+ employees strength. Ms.Sudha Pai is part of the Senior Management team at DHL Global Forwarding, with direct reporting to Regional CFO and dotted line to the Country CEO. Except Ms. Sudha Pai, none of the Directors and Key Managerial Personnel of the Company and their respective relatives is concerned or interested, financially or otherwise in the above. Pursuant to approval and recommendation of the Nomination & Remuneration Committee and Audit Committee, Mr. V.N.Iyer, `Acting Interim Chief Financial Officer' and Key Managerial Personnel (KMP) of the Company has been appointed as `Group Chief Financial Officer' of the Company. Mr. V.N.Iyer will assume charge as Group CFO w.e.f. 1st September, 2023. Mr. Iyer would continue to be the KMP of the Company as per provisions of the Companies Act, 2013. Mr. V.N.Iyer is BSc (Statistics) and qualified Cost Accountant with more than three decades of experience in Accounts, Finance, Taxation, Treasury Operations, Financial Analysis, Internal Controls Framework. He was deputed as CFO of Blue Dart Aviation Ltd. for Five years and has exposure in Aviation Finance as well. Except Mr. V.N.Iyer, none of the Directors and Key Managerial Personnel of the Company and their respective relatives is concerned or interested, financially or otherwise in the above. Price Target Changed • May 08
Price target decreased by 12% to ₹6,687 Down from ₹7,590, the current price target is an average from 5 analysts. New target price is 17% above last closing price of ₹5,702. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₹187 for next year compared to ₹156 last year. Reported Earnings • May 06
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹156 (down from ₹161 in FY 2022). Revenue: ₹52.0b (up 18% from FY 2022). Net income: ₹3.71b (down 3.1% from FY 2022). Profit margin: 7.1% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • May 06
Blue Dart Express Limited Approves Recommendation of Dividend for the Financial Year Ended March 31, 2023 Blue Dart Express Limited announced that at its board meeting held on May 5, 2023, approved recommendation of dividend of INR 30 per share on the equity capital for the financial year ended March 31, 2023, subject to necessary approval by the members at the upcoming Annual General Meeting. Reported Earnings • Jan 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹37.36 (down from ₹52.01 in 3Q 2022). Revenue: ₹13.4b (up 6.6% from 3Q 2022). Net income: ₹886.6m (down 28% from 3Q 2022). Profit margin: 6.6% (down from 9.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Jan 21
Blue Dart Express Limited Announces Executive Changes Blue Dart Express Limited announced that at its Meeting of the Board of Directors of the company held on January 20, 2023, the Board of Directors noted/approved following: Mr. Aneel Gambhir, Chief Financial Officer (KMP) has tendered his resignation vide letter dated January 18, 2023 on account of his desire to pursue other opportunities. Pursuant to the approval and recommendation by the Nomination & Remuneration Committee and Audit Committee, Mr. V. N. Iyer, Sr. Vice President, Finance & Accounts of the Company, has been appointed as Acting Interim Chief Financial Officer and as Key Managerial Personnel (KMP) of the Company. He will be KMP under the provisions of the Companies Act, 2013. Mr. V. N. Iyer is BSc (Statistics) and qualified Cost Accountant with more than three decades experience in Accounts, Finance, Taxation, Treasury Operations, Financial Analysis, Internal Control Framework. He was deputed as CFO of Blue Dart Aviation Ltd. for Five years and has exposure in Aviation Finance. Except Mr. V.N.Iyer, none of the Directors and Key Managerial Personnel of the Company and their respective relatives is concerned or interested, financially or otherwise in the above. Reported Earnings • Oct 30
Second quarter 2023 earnings released: EPS: ₹39.47 (vs ₹38.16 in 2Q 2022) Second quarter 2023 results: EPS: ₹39.47 (up from ₹38.16 in 2Q 2022). Revenue: ₹13.3b (up 18% from 2Q 2022). Net income: ₹936.4m (up 3.4% from 2Q 2022). Profit margin: 7.1% (down from 8.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth.