Blue Dart Express Ltd

Blue Dart Express is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages to various destinations, primarily within India.

Pros:
Company has a good return on equity (ROE) track record: 3 Years ROE 21.60%
Company has been maintaining a healthy dividend payout of 26.78%
Cons:
Stock is trading at 8.19 times its book value
The company has delivered a poor growth of 10.37% over past five years.

Peer Comparison Sector: Logistics // Industry: Couriers

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
663 720 676 667 703 705 717 733 798 855 779 787
588 662 621 621 626 624 660 688 758 795 751 742
Operating Profit 75 58 55 46 77 80 57 45 40 60 29 45
OPM % 11% 8% 8% 7% 11% 11% 8% 6% 5% 7% 4% 6%
Other Income 7 7 6 6 6 6 5 5 5 4 5 4
Interest 8 8 8 8 8 6 4 4 4 4 3 8
Depreciation 11 11 11 11 11 11 11 11 11 13 13 34
Profit before tax 63 45 42 32 63 69 47 34 30 48 17 7
Tax % 32% 38% 42% 35% 35% 34% 28% 35% 29% 34% 24% 33%
Net Profit 43 28 25 21 41 45 34 22 21 31 13 5
EPS in Rs 18.04 11.87 10.33 8.89 17.44 19.17 14.39 9.30 8.99 13.21 5.42 1.93
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
809 974 905 1,147 1,493 2,167 1,933 2,268 2,552 2,681 2,791 3,165 3,219
679 849 801 993 1,313 1,889 1,762 2,045 2,221 2,416 2,531 2,992 3,046
Operating Profit 129 125 104 155 180 277 171 224 331 264 260 174 173
OPM % 16% 13% 11% 13% 12% 13% 9% 10% 13% 10% 9% 5% 5%
Other Income 2 11 8 5 21 29 44 24 31 28 23 18 18
Interest 0 1 1 0 0 0 0 11 31 31 26 15 20
Depreciation 24 17 18 19 22 34 27 44 40 44 45 48 70
Profit before tax 107 119 93 140 179 271 187 194 290 217 212 128 101
Tax % 34% 35% 35% 33% 32% 30% 34% 34% 34% 36% 33% 32%
Net Profit 70 77 61 94 122 189 124 127 190 140 142 88 70
EPS in Rs 29.26 32.38 25.38 39.55 51.12 53.88 52.36 20.66 79.96 58.74 59.81 36.87 29.55
Dividend Payout % 3% 3% 4% 3% 4% 89% 96% 300% 38% 26% 21% 34%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.50%
5 Years:10.37%
3 Years:7.45%
TTM:12.68%
Compounded Profit Growth
10 Years:1.25%
5 Years:-6.53%
3 Years:-22.72%
TTM:-51.00%
Stock Price CAGR
10 Years:14.99%
5 Years:-14.19%
3 Years:-24.16%
1 Year:-18.23%
Return on Equity
10 Years:23.88%
5 Years:26.80%
3 Years:21.60%
Last Year:13.64%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
24 24 24 24 24 24 24 24 24 24 24 24
Reserves 294 368 426 518 634 626 612 273 447 498 597 641
Borrowings 0 0 0 0 0 0 0 332 332 332 166 146
115 121 129 154 183 399 303 354 370 414 452 569
Total Liabilities 432 513 579 696 841 1,049 938 984 1,173 1,268 1,239 1,380
160 173 172 183 233 220 228 215 243 234 219 247
CWIP 3 9 17 27 3 12 8 25 21 33 47 46
Investments 63 70 105 96 71 20 20 20 73 144 144 144
205 261 286 390 534 797 682 723 836 856 829 943
Total Assets 432 513 579 696 841 1,049 938 984 1,173 1,268 1,239 1,380

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
82 55 40 37 105 182 120 153 271 143 210 157
-51 -33 -59 -25 -99 22 43 32 -61 -58 -5 -46
-13 -3 -3 -3 -3 -6 -294 -126 -89 -117 -235 -71
Net Cash Flow 18 18 -22 9 3 199 -131 60 121 -32 -30 40

Ratios Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 38% 34% 22% 28% 30% 43% 29% 32% 45% 30% 29% 18%
Debtor Days 50 44 51 49 46 38 50 47 42 49 55 56
Inventory Turnover 425.64 460.74 432.09 550.32 623.26 871.84 762.33 680.21 559.02 500.63 557.61 610.50