Blue Dart announces Q1 financial results FY 2022 performance with sales clocking in at ₹8,648 million.Q1 FY 2022 performance was impacted by the second wave of the COVID-19.
Localised lockdowns during the second wave kept economic activity from stalling to levels similar to those during 2020 which impacted the movement of goods. 10 states that have been hit the hardest by the second wave, collectively accounted for more than 60% of the pre-pandemic level of India’s GDP. Manufacturing PMI and GST collections were also low during the quarter.
Blue Dart was better prepared to mitigate the pandemic impact on the business and operated every single day. As a result, the Company could achieve robust Revenue from Operations of ₹8,648 million during the quarter under review, a resilient financial performance despite very challenging market conditions. The company was able to successfully implement GPI with its customers.
The company, known for its reliable, responsive and resilient customer service team, continued to deliver superior customer experience through its service quality despite restrictions and lockdown measures which was highly appreciated by the customers. The Company carried 51.22 million shipments (last year 15.54 million shipments) weighing 1,84,431 tons (last year 90,188 tons) during the quarter.
The Company achieved EBITDA of ₹892 million with EBITDA margins of 10.24%. Due to the second wave of the pandemic and restrictions in movement, EBITDA margins was impacted on sequential basis primarily due to lower utilization levels and increase in employee costs due to merit increase. Volatility in foreign exchange rates specifically in Euro during the quarter also had impact on profitability due to ROU liability being M to M under IND AS 116. Profit after Tax stood at ₹294 million with a margin of 3.37%.
The organisations commitments of being a ‘Great Company to Work for’ All and a ‘Highly Trusted Company’ with a keen focus on Diversity & Inclusivity remains unfaltering. Blue Dart has always believed in providing equal employment opportunities to all those who are willing to contribute towards the brand’s success. The express logistics provider is keen to leverage the strengths of a diverse workforce and recognise, reward and include exceptional thought diversity. In order to safeguard employee interests, especially that of frontliners Blue Dart conducted an Internal Vaccination Drive that ensured 100% of teams are vaccinated with the first dose of the vaccine against COVID-19.