Blue Dart Q3 Review - Newly Acquired Aircraft To See Gradual Improvement In Utilisation Levels: Motilal Oswal

Motilal Oswal Reports

Blue Dart Express Ltd.'s revenue grew 3% YoY to Rs 13.8 billion in Q3 FY24 (in line). The company handled 0.31 million tonnes of cargo volume (plus 3% YoY), while the realisation improved ~1% YoY to Rs 44/kg. It carried 92 million shipments in 3Q.

Blue Dart Express' Ebitda margin came in at 9.7% in Q3 FY24 (versus our estimate of 9.9%). The margin was lower by ~160 basis points YoY, mainly due to higher other expenses and employee costs. Ebitda declined ~11% YoY to Rs 1.3 billion (versus our estimate. of Rs 1.5 billion).

Profit after tax dipped 6% YoY to Rs 816 million (versus our estimate of Rs 841million).

The soft operating performance was partially offset by high other income and a lower tax outgo.

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