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Motilal Oswal Report
Blue Dart Express Ltd.'s topline grew 30% YoY to ~Rs 11.2 billion (up 30% QoQ).
Revenue growth was driven primarily by healthy volume growth of 29% QoQ to 0.24 million tonne in Q2.
Ebitda grew 35% YoY to Rs 2 billion (up 138% QoQ). The Ebitda margin jumped to a near-record high of 17.7% (up 61 basis points YoY); it improved on account of better realisation and steps undertaken to increase efficiency.
Blue Dart Express offered a one-time payment of Rs 360 million rewarding its employees for their outstanding efforts during the Covid-19 crisis.
Strong operating performance and lower depreciation resulted in 66% YoY growth in adjusted profit after tax to Rs 1.3 billion.
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