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Motilal Oswal Report
Blue Dart Express Ltd. reported 7% YoY revenue growth to ~Rs 13.3 billion in Q3 FY23 (our estimate: Rs 12.7 billion). Ebitda margin stood at 11.3% (our estimate: 11.5%), lower by 500 basis point YoY and 100 bps QoQ.
In line with expectations, high aviation turbine fuel fuel prices have adversely impacted Blue Dart’s margins. Further, other expenses were higher in Q3 FY23 due to certain costs related to addition of new aircraft.
Adjusted profit after tax decreased 29% YoY to Rs 869 million (16% above our estimate of Rs 1.1 billion).
We largely retain our estimates for FY24 and expect margins to improve ahead with recent reduction in ATF prices and the price hike taken by Blue Dart.
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