BLUE DART EXPRESS 2022-23 Annual Report Analysis

Wed, 5 Jul

BLUE DART EXPRESS has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

BLUE DART EXPRESS Income Statement Analysis

• Operating income during the year rose 17.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 2.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.1% in FY23 as against 21.8% in FY22.
• Depreciation charges decreased by 0.2% and finance costs decreased by 23.1% YoY, respectively.
• Other income grew by 3.6% YoY.
• Net profit for the year declined by 3.1% YoY.
• Net profit margins during the year declined from 8.7% in FY22 to 7.2% in FY23.

BLUE DART EXPRESS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	44,105	51,722	17.3%
Other income	Rs m	313	324	3.6%
Total Revenues	Rs m	44,418	52,046	17.2%
Gross profit	Rs m	9,634	9,371	-2.7%
Depreciation	Rs m	3,954	3,945	-0.2%
Interest	Rs m	870	669	-23.1%
Profit before tax	Rs m	5,123	5,082	-0.8%
Tax	Rs m	1,301	1,377	5.8%
Profit after tax	Rs m	3,822	3,705	-3.1%
Gross profit margin	%	21.8	18.1
Effective tax rate	%	25.4	27.1
Net profit margin	%	8.7	7.2

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BLUE DART EXPRESS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 11 billion as compared to Rs 13 billion in FY22, thereby witnessing an decrease of -12.3%.
• Long-term debt stood at Rs 3 billion as compared to Rs 0 million during FY22, a fall of 0.0%.
• Current assets fell 1% and stood at Rs 11 billion, while fixed assets rose 7% and stood at Rs 28 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 38 billion as against Rs 37 billion during FY22, thereby witnessing a growth of 5%.

BLUE DART EXPRESS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	8,718	11,789	35.2
Current Liabilities	Rs m	12,728	11,159	-12.3
Long-term Debt	Rs m	0	2,500	0.0
Total Liabilities	Rs m	36,702	38,364	4.5
Current assets	Rs m	10,763	10,604	-1.5
Fixed Assets	Rs m	25,939	27,760	7.0
Total Assets	Rs m	36,702	38,364	4.5

BLUE DART EXPRESS Cash Flow Statement Analysis

• BLUE DART EXPRESS's cash flow from operating activities (CFO) during FY23 stood at Rs 7 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -5 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion, an improvement of 62% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -888 million from the Rs 990 million net cash flows seen during FY22.

BLUE DART EXPRESS Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	8,598	7,167	-16.6%
Cash Flow from Investing Activities	Rs m	113	-5,141	-
Cash Flow from Financing Activities	Rs m	-7,721	-2,915	-
Net Cash Flow	Rs m	990	-888	-

Current Valuations for BLUE DART EXPRESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 156.1, an decline from the EPS of Rs 161.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 7,194.3, stands at 46.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 14.5 times, while the price to sales ratio stands at 3.3 times.
• The company's price to cash flow (P/CF) ratio stood at 24.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	1,858.6	2,179.6
TTM Earnings per share	Rs	161.1	156.1
Diluted earnings per share	Rs	161.1	156.2
Price to Cash Flow	x	20.9	24.0
TTM P/E ratio	x	42.5	46.1
Price / Book Value ratio	x	16.9	15.6
Market Cap	Rs m	147,435	183,685
Dividends per share (Unadj.)	Rs	60.0	30.0

Ratio Analysis for BLUE DART EXPRESS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during FY23, from 0.8x during FY22. 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 8.6x during FY23, from 6.9x during FY22. 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 31.4% during FY23, from 43.8% during FY23. 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 40.2% during FY23, from 68.7% during FY22. 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 11.4% during FY23, from 12.8% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	0.8	1.0
Debtors’ Days	Days	480	449
Interest coverage	x	6.9	8.6
Debt to equity ratio	x	0.0	0.2
Return on assets	%	12.8	11.4
Return on equity	%	43.8	31.4
Return on capital employed	%	68.7	40.2

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 7,810.2 to Rs 7,194.3, registering a loss of Rs 616.0 or around 7.9%.

Overall, the S&P BSE SENSEX is up 22.9% over the year.

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