Blue Dart Express Ltd

Blue Dart Express Ltd

₹ 7,197 -1.36%
28 May - close price
About

Blue Dart Express Limited, incorporated in 1983, is involved in transportation and door-to-door distribution of time-sensitive shipments, through an integrated ground and air transportation network. The company is regarded as South Asia’s leading courier and integrated air express package distribution company. [1]

Key Points

History
In FY2005, DHL Express Singapore Pte Ltd. (a 100% subsidiary of Deutsche Post AG, or DP DHL) acquired an 81% stake in BDEL from its erstwhile promoters - Mr. Clyde Cooper, Mr. Tushar Jani, and Mr. Khushroo Dubash, and other shareholders. In November 2012, to meet the SEBI’s requirements for promoter holding in public listed companies, DP DHL reduced its shareholding to 75% through an offer for sale (OFS). [1]

  • Market Cap 17,078 Cr.
  • Current Price 7,197
  • High / Low 7,650 / 5,487
  • Stock P/E 56.7
  • Book Value 576
  • Dividend Yield 0.42 %
  • ROCE 19.9 %
  • ROE 23.6 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 27.3% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.1%
  • Company has been maintaining a healthy dividend payout of 25.4%

Cons

  • Stock is trading at 12.5 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Logistics Industry: Couriers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
968 866 1,124 1,255 1,166 1,293 1,325 1,337 1,217 1,238 1,324 1,383 1,323
720 707 848 981 874 1,026 1,082 1,109 1,017 1,047 1,102 1,170 1,097
Operating Profit 248 159 275 274 292 267 243 228 199 191 223 213 226
OPM % 26% 18% 24% 22% 25% 21% 18% 17% 16% 15% 17% 15% 17%
7 7 -30 14 4 7 8 9 9 10 5 24 11
Interest 26 25 23 20 20 18 18 16 15 19 20 20 19
Depreciation 108 99 101 103 93 97 101 100 96 99 111 111 113
Profit before tax 122 42 122 165 183 159 131 121 97 82 98 108 105
Tax % 26% 25% 26% 25% 25% 25% 29% 27% 28% 26% 25% 17% 26%
90 31 91 123 137 119 94 89 69 61 73 89 78
EPS in Rs 37.93 13.18 38.16 52.01 57.73 50.06 39.46 37.37 29.27 25.83 30.79 37.46 32.78
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,172 1,937 2,272 2,563 2,690 2,799 3,174 3,175 3,288 4,410 5,172 5,268
1,892 1,764 2,048 2,157 2,348 2,447 2,888 2,701 2,602 3,410 4,235 4,415
Operating Profit 280 172 224 406 342 352 286 475 686 1,000 938 853
OPM % 13% 9% 10% 16% 13% 13% 9% 15% 21% 23% 18% 16%
29 39 25 35 26 20 19 -49 -6 -5 32 51
Interest 0 0 11 43 45 40 43 117 111 87 67 78
Depreciation 35 27 44 102 104 114 128 347 430 395 394 433
Profit before tax 274 184 194 296 219 217 134 -39 140 512 508 393
Tax % 30% 34% 34% 33% 36% 33% 33% -7% 27% 25% 27% 23%
193 123 129 197 140 145 90 -42 102 382 371 301
EPS in Rs 81.46 51.67 54.51 82.95 58.93 60.99 37.83 -17.64 42.91 161.08 156.16 126.86
Dividend Payout % 87% 29% 294% 36% 25% 21% 33% 0% 35% 37% 19% 20%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 17%
TTM: 2%
Compounded Profit Growth
10 Years: 10%
5 Years: 27%
3 Years: 37%
TTM: -16%
Stock Price CAGR
10 Years: 6%
5 Years: 22%
3 Years: 6%
1 Year: 18%
Return on Equity
10 Years: 30%
5 Years: 30%
3 Years: 35%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 636 619 284 358 406 508 554 467 568 848 1,156 1,344
0 0 332 397 491 418 573 530 1,522 1,066 1,120 1,073
391 297 349 486 477 553 661 1,620 783 891 923 1,021
Total Liabilities 1,051 940 988 1,265 1,397 1,503 1,811 2,641 2,897 2,829 3,223 3,461
221 228 216 453 471 518 654 1,665 1,583 1,437 1,437 1,823
CWIP 12 8 25 21 67 99 91 18 7 69 439 73
Investments 23 24 26 0 0 0 0 0 150 207 171 307
795 679 721 790 860 885 1,066 958 1,158 1,115 1,176 1,257
Total Assets 1,051 940 988 1,265 1,397 1,503 1,811 2,641 2,897 2,829 3,223 3,461

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
183 120 153 361 225 317 243 364 750 860 717 847
25 39 32 -149 -228 -190 -280 -193 -529 11 -514 -375
-6 -294 -126 -95 -33 -152 79 -340 -235 -772 -291 -401
Net Cash Flow 202 -136 60 118 -36 -25 42 -169 -14 99 -89 71

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 38 50 47 41 49 55 56 61 57 48 45 46
Inventory Days
Days Payable
Cash Conversion Cycle 38 50 47 41 49 55 56 61 57 48 45 46
Working Capital Days -14 12 8 1 5 -4 -14 -37 -16 -15 -8 7
ROCE % 43% 28% 32% 48% 31% 28% 17% 13% 17% 31% 26%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
2.47% 3.25% 3.21% 3.25% 3.50% 5.13% 5.08% 4.85% 4.24% 4.73% 5.29% 5.40%
10.18% 9.63% 9.39% 9.51% 9.59% 7.90% 8.45% 9.86% 11.10% 11.76% 11.76% 11.73%
12.35% 12.12% 12.40% 12.24% 11.91% 11.97% 11.45% 10.29% 9.64% 8.50% 7.94% 7.88%
No. of Shareholders 33,54832,45030,60829,76829,44934,40436,62836,65636,84035,01929,29434,031

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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