BLUE DART EXPRESS 2019-20 Annual Report Analysis

Tue, 31 Mar

BLUE DART EXPRESS has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

BLUE DART EXPRESS Income Statement Analysis

• Operating income during the year rose 0.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 44.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.9% in FY20 as against 8.9% in FY19.
• Depreciation charges increased by 171.6% and finance costs increased by 175.2% YoY, respectively.
• Other income declined by 24.0% YoY.
• Net profit for the year declined by 146.6% YoY.
• Net profit margins during the year declined from 2.8% in FY19 to 1.3% in FY20.

BLUE DART EXPRESS Income Statement 2019-20

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*	% Change
Net Sales	Rs m	31,744	31,751	0.0%
Other income	Rs m	208	158	-24.0%
Total Revenues	Rs m	31,952	31,909	-0.1%
Gross profit	Rs m	2,839	4,098	44.3%
Depreciation	Rs m	1,279	3,473	171.6%
Interest	Rs m	427	1,174	175.2%
Profit before tax	Rs m	1,341	-391	-129.2%
Tax	Rs m	444	27	-93.8%
Profit after tax	Rs m	898	-419	-146.6%
Gross profit margin	%	8.9	12.9
Effective tax rate	%	33.1	-7.0
Net profit margin	%	2.8	-1.3

Revealing on April 30: Are You Ready for the Upcoming Election Surprise?

BLUE DART EXPRESS Balance Sheet Analysis

• The company's current liabilities during FY20 stood at Rs 9 billion as compared to Rs 8 billion in FY19, thereby witnessing an increase of 19.9%.
• Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY19, a fall of 3.5%.
• Current assets fell 16% and stood at Rs 7 billion, while fixed assets rose 60% and stood at Rs 26 billion in FY20.
• Overall, the total assets and liabilities for FY20 stood at Rs 33 billion as against Rs 25 billion during FY19, thereby witnessing a growth of 33%.

BLUE DART EXPRESS Balance Sheet as on March 2020

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*	% Change
Networth	Rs m	5,777	4,908	-15.0
Current Liabilities	Rs m	7,867	9,435	19.9
Long-term Debt	Rs m	4,250	4,100	-3.5
Total Liabilities	Rs m	24,877	33,169	33.3
Current assets	Rs m	8,632	7,213	-16.4
Fixed Assets	Rs m	16,245	25,956	59.8
Total Assets	Rs m	24,877	33,169	33.3

BLUE DART EXPRESS Cash Flow Statement Analysis

• BLUE DART EXPRESS's cash flow from operating activities (CFO) during FY20 stood at Rs 4 billion, an improvement of 49.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY20 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY20 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY20 stood at Rs -2 billion from the Rs 425 million net cash flows seen during FY19.

BLUE DART EXPRESS Cash Flow Statement 2019-20

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-19	Mar-20
Cash Flow from Operating Activities	Rs m	2,433	3,641	49.6%
Cash Flow from Investing Activities	Rs m	-2,800	-1,926	-
Cash Flow from Financing Activities	Rs m	792	-3,401	-
Net Cash Flow	Rs m	425	-1,686	-

Current Valuations for BLUE DART EXPRESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -17.6, an decline from the EPS of Rs 37.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,173.2, stands at -123.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.5 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at 21.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*
Sales per share (Unadj.)	Rs	1,337.7	1,338.0
TTM Earnings per share	Rs	37.8	-17.6
Diluted earnings per share	Rs	37.8	-17.6
Price to Cash Flow	x	39.1	21.3
TTM P/E ratio	x	97.0	-123.2
Price / Book Value ratio	x	13.8	13.2
Market Cap	Rs m	79,714	64,955
Dividends per share (Unadj.)	Rs	12.5	0.0

Ratio Analysis for BLUE DART EXPRESS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY20, from 1.1x during FY19. 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 0.7x during FY20, from 4.1x during FY19. 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 -8.5% during FY20, from 15.5% during FY20. 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 8.7% during FY20, from 17.6% during FY19. 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 2.3% during FY20, from 5.3% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*
Current ratio	x	1.1	0.8
Debtors’ Days	Days	565	607
Interest coverage	x	4.1	0.7
Debt to equity ratio	x	0.7	0.8
Return on assets	%	5.3	2.3
Return on equity	%	15.5	-8.5
Return on capital employed	%	17.6	8.7

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 down from Rs 3,582.6 to Rs 2,173.2, registering a loss of Rs 1,409.5 or around 39.3%.

Overall, the S&P BSE SENSEX is down 24.2% over the year.

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

Read: Latest Annual Report Analysis of BLUE DART EXPRESS