Blue Dart Express gained 1.37% to Rs 2,435 after net profit soared 144.40% to Rs 14.64 crore on 1.69% increase in net sales to Rs 802.17 crore in Q2 September 2019 over Q1 June 2019.
Consolidated net profit, however, declined 35% to Rs 14.64 crore on a 0.3% rise in net sales to Rs 802.17 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after trading hours yesterday, 31 October 2019.Effective 1 April 2019, Blue Dart adopted the Ind AS 116 new accounting standard due to which there is higher impact on profit as these are long term leases related to air infrastructure.
Commenting on the results, Balfour Manuel, the managing director of Blue Dart Express, has stated that, "The economy continues to grow at its slowest pace in over six years, with both domestic spending and demand losing momentum. The second quarter has been challenging due to these factors, however with our clear focus on service quality and cost efficiencies, we have done reasonably well. Our customers will always remain the focal point of our business and therefore we will continue to invest ahead of the curve, in order to enhance our infrastructure and technological capabilities to stay relevant to their needs."
"We remain committed to serving Blue Dart country and sustaining our leadership position in the air and ground express industry in India, a vision which is strongly backed by our strategy that helps us reassess the business environment and readdress areas for improvement. We are thankful to our stakeholders, shareholders, customers, partners and our highly passionate team of Blue Darters who drive us to strive for excellence every day," he added.
The stock hit a 52-week high of Rs 3,650 on 29 March 2019. The stock hit a 52-week low of Rs 2,150.10 on 20 September 2019.
Blue Dart Express is engaged in the business of integrated air, ground transportation and distribution of time sensitive packages to various destinations, primarily within India. The firm provides courier and express services.
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