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Review of Blue Dart Q4 – Cost Control Initiatives to Promote Profitability: Motilal Oswal

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Blue Dart Express Ltd. reported a healthy revenue growth (21% over the same period last year) of ~ 11.7 billion rupees in the 4th quarter of 2222 f.g. (built-in), driven by higher growth in the surface and e-commerce segments.

Revenue grew by ~ 34% year on year to Rs 44 billion in fiscal year 22, leading to sales / sales growth of ~ 30% / 4-5%.

Ebitda margin was 18.7% in Q4 2222 f.g. (estimate: 15.7%), an increase of 70 basis points over the same period last year and 245 bpd for the quarter.

The improvement in the profitability of Blue Dart in the 4th quarter of 2222 was caused by a sharp reduction in staff costs, which fell by 6% y / y and 22% sq. Km.

Measures to rationalize spending over the past two years have also yielded results, leading to improved margins. Strong operating performance led to an increase in adjusted profit after taxes of 52% y / y in the 4th quarter of 2222.

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