BLUE DART EXPRESS 2019-20 Annual Report Analysis

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BLUE DART EXPRESS 2019-20 Annual Report Analysis
Fri, 23 Oct

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 0.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 66.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.9% in FY20 as against 9.0% in FY19.
  • Depreciation charges increased by 171.6% and finance costs increased by 175.1% YoY, respectively.
  • Other income declined by 19.3% 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 Ending12 Mar-19*12 Mar-20*% Change
Net SalesRs m31,74431,7510.0%
Other incomeRs m192155-19.3%
Total RevenuesRs m31,93631,907-0.1%
Gross profitRs m2,8554,74266.1%
DepreciationRs m1,2793,473171.6%
InterestRs m4271,174175.1%
Profit before taxRs m1,341250-81.4%
TaxRs m44427-93.8%
Profit after taxRs m898-419-146.6%
Gross profit margin%9.014.9
Effective tax rate%33.111.0
Net profit margin%2.8-1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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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 126% and stood at Rs 17 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 26 billion as against Rs 18 billion during FY19, thereby witnessing a growth of 46%.

BLUE DART EXPRESS Balance Sheet as on March 2020

No. of Mths Year Ending12 Mar-19*12 Mar-20*% Change
NetworthRs m5,7774,908-15.0
 
Current LiabilitiesRs m7,8679,43519.9
Long-term DebtRs m4,2504,100-3.5
Total LiabilitiesRs m18,11326,40845.8
 
Current assetsRs m8,6327,213-16.4
Fixed AssetsRs m 7,45016,830125.9
Total AssetsRs m18,11326,40845.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ParticularsNo. of months1212% Change
Year EndingMar-19Mar-20
Cash Flow from Operating ActivitiesRs m2,4333,64149.6%
Cash Flow from Investing ActivitiesRs m-2,800-1,926-
Cash Flow from Financing ActivitiesRs m792-3,401-
Net Cash FlowRs m425-1,686-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 3,144.4, stands at -194.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 13.2 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-19*12 Mar-20*
Sales per share (Unadj.)Rs1,337.71,338.0
TTM Earnings per shareRs37.8-17.6
Diluted earnings per shareRs37.8-17.6
Price to Cash Flow x34.324.4
TTM P/E ratiox-194.9-194.9
Price / Book Value ratiox13.813.2
Market CapRs m74,61774,617
Dividends per share (Unadj.)Rs12.50.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 1.2x 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 2.9% during FY20, from 7.3% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-19*12 Mar-20*
Current ratiox1.10.8
Debtors’ DaysDays5661
Interest coveragex4.11.2
Debt to equity ratiox0.70.8
Return on assets%7.32.9
Return on equity%15.5-8.5
Return on capital employed%17.68.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 up from Rs 2,335.0 to Rs 3,144.4, registering a gain of Rs 809.4 or around 34.7%.

Overall, the S&P BSE SENSEX is up 4.4% over the year.

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

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Related Views on News

BLUE DART EXPRESS Announces Quarterly Results (2QFY20); Net Profit Down 34.4% (Quarterly Result Update)

Nov 5, 2019 | Updated on Nov 5, 2019

For the quarter ended September 2019, BLUE DART EXPRESS has posted a net profit of Rs 140 m (down 34.4% YoY). Sales on the other hand came in at Rs 8 bn (up 0.3% YoY). Read on for a complete analysis of BLUE DART EXPRESS's quarterly results.

BLUE DART EXPRESS Announces Quarterly Results (1QFY20); Net Profit Down 79.2% (Quarterly Result Update)

Aug 2, 2019 | Updated on Aug 2, 2019

For the quarter ended June 2019, BLUE DART EXPRESS has posted a net profit of Rs 46 m (down 79.2% YoY). Sales on the other hand came in at Rs 8 bn (up 7.3% YoY). Read on for a complete analysis of BLUE DART EXPRESS's quarterly results.

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