BLUE DART EXPRESS 2023-24 Annual Report Analysis

Thu, 27 Jun

BLUE DART EXPRESS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

BLUE DART EXPRESS Income Statement Analysis

• Operating income during the year rose 1.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 9.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.2% in FY24 as against 18.1% in FY23.
• Depreciation charges increased by 9.7% and finance costs increased by 16.8% YoY, respectively.
• Other income grew by 62.9% YoY.
• Net profit for the year declined by 18.8% YoY.
• Net profit margins during the year declined from 7.2% in FY23 to 5.7% in FY24.

BLUE DART EXPRESS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	51,722	52,678	1.8%
Other income	Rs m	324	528	62.9%
Total Revenues	Rs m	52,046	53,206	2.2%
Gross profit	Rs m	9,371	8,508	-9.2%
Depreciation	Rs m	3,945	4,329	9.7%
Interest	Rs m	669	781	16.8%
Profit before tax	Rs m	5,082	3,927	-22.7%
Tax	Rs m	1,377	917	-33.4%
Profit after tax	Rs m	3,705	3,010	-18.8%
Gross profit margin	%	18.1	16.2
Effective tax rate	%	27.1	23.3
Net profit margin	%	7.2	5.7

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BLUE DART EXPRESS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 15 billion as compared to Rs 11 billion in FY23, thereby witnessing an increase of 33.6%.
• Current assets rose 21% and stood at Rs 13 billion, while fixed assets rose 3% and stood at Rs 28 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 41 billion as against Rs 38 billion during FY23, thereby witnessing a growth of 8%.

BLUE DART EXPRESS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	11,789	13,645	15.7
Current Liabilities	Rs m	11,159	14,910	33.6
Long-term Debt	Rs m	2,500	0	-100.0
Total Liabilities	Rs m	38,364	41,356	7.8
Current assets	Rs m	10,604	12,859	21.3
Fixed Assets	Rs m	27,760	28,497	2.7
Total Assets	Rs m	38,364	41,356	7.8

BLUE DART EXPRESS Cash Flow Statement Analysis

• BLUE DART EXPRESS's cash flow from operating activities (CFO) during FY24 stood at Rs 8 billion, an improvement of 18.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 709 million from the Rs -888 million net cash flows seen during FY23.

BLUE DART EXPRESS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	7,167	8,467	18.1%
Cash Flow from Investing Activities	Rs m	-5,141	-3,746	-
Cash Flow from Financing Activities	Rs m	-2,915	-4,012	-
Net Cash Flow	Rs m	-888	709	-

Current Valuations for BLUE DART EXPRESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 126.8, an decline from the EPS of Rs 156.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 7,850.0, stands at 61.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 13.7 times, while the price to sales ratio stands at 3.5 times.
• The company's price to cash flow (P/CF) ratio stood at 21.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	2,179.6	2,219.9
TTM Earnings per share	Rs	156.1	126.8
Diluted earnings per share	Rs	156.2	126.9
Price to Cash Flow	x	19.2	21.2
TTM P/E ratio	x	39.7	61.9
Price / Book Value ratio	x	15.6	11.4
Market Cap	Rs m	183,685	155,891
Dividends per share (Unadj.)	Rs	30.0	25.0

Ratio Analysis for BLUE DART EXPRESS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.9x during FY24, from 1.0x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 6.0x during FY24, from 8.6x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 22.1% during FY24, from 31.4% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 34.5% during FY24, from 40.2% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 9.2% during FY24, from 11.4% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.0	0.9
Debtors’ Days	Days	449	465
Interest coverage	x	8.6	6.0
Debt to equity ratio	x	0.2	0.0
Return on assets	%	11.4	9.2
Return on equity	%	31.4	22.1
Return on capital employed	%	40.2	34.5

To see how BLUE DART EXPRESS has performed over the last 5 years, please visit here.

BLUE DART EXPRESS Share Price Performance

Over the last one year, BLUE DART EXPRESS share price has moved up from Rs 7,199.8 to Rs 7,850.0, registering a gain of Rs 650.3 or around 9.0%.

Overall, the S&P BSE SENSEX is up 24.8% over the year.

(To know more, check out historical annual results for BLUE DART EXPRESS and quarterly results for BLUE DART EXPRESS)