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Blue Dart Q4 Review - Cost-Control Initiatives Drive Margin Performance: Motilal Oswal

Blue Dart Q4 Review - Cost-Control Initiatives Drive Margin Performance: Motilal Oswal

<div class="paragraphs"><p>A Blue-Dart delivery van. (Source: Company website)</p></div>
A Blue-Dart delivery van. (Source: Company website)

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Motilal Oswal Report

Blue Dart Express Ltd. reported a healthy revenue growth (up 21% YoY) of ~Rs 11.7 billion in Q4 FY22 (in-line), driven by higher growth in the surface and e-commerce segments.

Revenue grew ~34% YoY to Rs 44 billion in FY22, led by ~30%/4-5% growth in volumes/realisation.

Ebitda margin stood at 18.7% in Q4 FY22 (estiamte: 15.7%), up 70 basis points YoY and 245 bps QoQ.

Blue Dart's margin improvement in Q4 FY22 was led by a sharp reduction in employee costs, which fell 6% YoY and 22% QoQ.

The cost rationalisation measures in the last two years also yielding results, resulting in improved margin. Strong operational performance saw adjusted profit after tax grow 52% YoY in Q4 FY22.

Click on the attachment to read the full report:

Motilal Oswal Blue Dart Q4FY22 Result Update.pdf

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