Blue Dart Express Q4 Results Review - Capacity Utilisation Picking Up; Outlook Bright: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Blue Dart Express Ltd.’s revenue grew 8.7% YoY to Rs 13.2 billion in Q4 FY24 (in line). The company handled 0.29 million tonnes of cargo volume (+8.7% YoY). The realisation remained flat YoY at Rs 44.5/kg. It carried 91 million shipments in Q4. Ebitda margin came in at 10.5% in Q4 (our estimate 10.3%). The margin was flat YoY and increased by ~80 basis points QoQ, mainly due to price hike by Blue Dart and improved utilization of newly added aircraft. Ebitda increased by 9% YoY to Rs 1.4 billion (in line). Adjusted profit after tax grew 8% YoY to Rs 761 million (our estimate: Rs 813 million). In FY24, Blue Dart reported revenue of Rs 32.7 billion (+2% YoY), Ebitda of Rs 5.2 billion (18% YoY), and adjusted profit after tax of Rs 2.9 billion (-21% YoY). In FY24, Blue Dart carried 1.2 million tons of shipments (+4.4% YoY). Realization per kg stood at Rs 43.7 (-2.4% YoY). Volumes are improving as new aircraft are stabilising and routes like Guwahati have been added to the network. As overall demand improves, a further pickup in volumes is anticipated in FY25 and FY26. The standalone Ebitda margin has started to expand as capacity utilisation has improved and Blue Dart has shifted some volumes from third-party cargo to its own aircraft. We largely retain our estimates for FY25/FY26 and maintain Buy with a revised target price of Rs 7,860 (based on 20 times FY26E enterprise value/Ebitda). With high capacity in place, Blue Dart is well placed to capitalize on the growth opportunity ahead. .Click on the attachment to read the full report:.Blue Star Q4 Results Review - Continues To Positively Surprise Us: Nirmal Bang.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Blue Dart Express Q4 Results Review - Capacity Utilisation Picking Up; Outlook Bright: Motilal Oswal

Performance in line with estimates

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