BLUE DART EXPRESS 2020-21 Annual Report Analysis

Wed, 31 Mar

BLUE DART EXPRESS has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BLUE DART EXPRESS Income Statement Analysis

• Operating income during the year rose 3.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 61.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.1% in FY21 as against 12.9% in FY20.
• Depreciation charges increased by 23.8% and finance costs decreased by 5.5% YoY, respectively.
• Other income grew by 28.6% YoY.
• Net profit for the year declined by 343.2% YoY.
• Net profit margins during the year grew from 1.3% in FY20 to 3.1% in FY21.

BLUE DART EXPRESS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	31,751	32,881	3.6%
Other income	Rs m	158	203	28.6%
Total Revenues	Rs m	31,909	33,084	3.7%
Gross profit	Rs m	4,098	6,604	61.2%
Depreciation	Rs m	3,473	4,300	23.8%
Interest	Rs m	1,174	1,110	-5.5%
Profit before tax	Rs m	-391	1,398	-457.3%
Tax	Rs m	27	380	1,286.1%
Profit after tax	Rs m	-419	1,018	-343.2%
Gross profit margin	%	12.9	20.1
Effective tax rate	%	-7.0	27.2
Net profit margin	%	-1.3	3.1

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BLUE DART EXPRESS Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 13 billion as compared to Rs 9 billion in FY20, thereby witnessing an increase of 36.8%.
• Long-term debt down at Rs 2 billion as compared to Rs 4 billion during FY20, a fall of 40.2%.
• Current assets rose 50% and stood at Rs 11 billion, while fixed assets fell 2% and stood at Rs 25 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 36 billion as against Rs 33 billion during FY20, thereby witnessing a growth of 9%.

BLUE DART EXPRESS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	4,908	5,920	20.6
Current Liabilities	Rs m	9,435	12,906	36.8
Long-term Debt	Rs m	4,100	2,450	-40.2
Total Liabilities	Rs m	33,169	36,113	8.9
Current assets	Rs m	7,213	10,804	49.8
Fixed Assets	Rs m	25,956	25,309	-2.5
Total Assets	Rs m	33,169	36,113	8.9

BLUE DART EXPRESS Cash Flow Statement Analysis

• BLUE DART EXPRESS's cash flow from operating activities (CFO) during FY21 stood at Rs 8 billion, an improvement of 106.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -5 billion, an improvement of 174.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion, an improvement of 31% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs -140 million from the Rs -2 billion net cash flows seen during FY20.

BLUE DART EXPRESS Cash Flow Statement 2020-21

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-20	Mar-21
Cash Flow from Operating Activities	Rs m	3,641	7,502	106.0%
Cash Flow from Investing Activities	Rs m	-1,926	-5,290	-
Cash Flow from Financing Activities	Rs m	-3,401	-2,352	-
Net Cash Flow	Rs m	-1,686	-140	-

Current Valuations for BLUE DART EXPRESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 42.9, an improvement from the EPS of Rs -17.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 5,575.1, stands at 129.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 22.3 times, while the price to sales ratio stands at 4.0 times.
• The company's price to cash flow (P/CF) ratio stood at 17.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*
Sales per share (Unadj.)	Rs	1,338.0	1,385.6
TTM Earnings per share	Rs	-17.6	42.9
Diluted earnings per share	Rs	-17.6	42.9
Price to Cash Flow	x	16.9	17.2
TTM P/E ratio	x	-123.2	129.9
Price / Book Value ratio	x	13.2	15.4
Market Cap	Rs m	64,955	91,447
Dividends per share (Unadj.)	Rs	0.0	15.0

Ratio Analysis for BLUE DART EXPRESS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.8x during FY21, from 0.8x during FY20. 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 improved and stood at 2.3x during FY21, from 0.7x during FY20. 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 improved and stood at 17.2% during FY21, from -8.5% during FY21. 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 improved and stood at 30.0% during FY21, from 8.7% during FY20. 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 improved and stood at 5.9% during FY21, from 2.3% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*
Current ratio	x	0.8	0.8
Debtors’ Days	Days	607	575
Interest coverage	x	0.7	2.3
Debt to equity ratio	x	0.8	0.4
Return on assets	%	2.3	5.9
Return on equity	%	-8.5	17.2
Return on capital employed	%	8.7	30.0

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 2,173.2 to Rs 5,575.1, registering a gain of Rs 3,402.0 or around 156.5%.

Overall, the S&P BSE SENSEX is up 74.1% 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