Blue Dart Q2 net profit drops 23%

Courier service provider Blue Dart Express' net profit declined 23% in the second quarter of FY24 to Rs 71 crore, from Rs 92 crore during the same period in FY23.

Revenue from operations was Rs 1,324 crore, compared to Rs 1,325 crore in the corresponding previous quarter.

Blue Dart carried 918 lakh shipments weighing 307,480 tonnes during the quarter ended September 30, 2023, said a statement from the company.

"Our ability to maintain resilience has once again been demonstrated, thanks to our robust air and ground infrastructure, comprehensive solution portfolio, and extensive reach," said Balfour Manuel, Managing Director, Blue Dart Express.

"Even amid sluggish global economic growth, we've not only exceeded pre-pandemic revenue but also solidified our position as the provider of choice for our customers. Understanding their needs remains our priority, driving our pursuit of operational excellence and expanding our customer base across India," he added.

The two B737-800 aircraft procured during the financial year, amounting to Rs 400 crore, were inducted during the previous quarter and have supported capacity requirements during the current quarter, said the statement.

The company inaugurated 15 company-owned retail stores, 15 franchise collection centres, 15 express selling agents, and 15 regional service provider franchisees in August.

On the business outlook, Manuel said, "Even though we are keeping a close eye on our costs in the current business environment, our strengthened earnings power puts us in a position to continue investing significantly in future growth."

(With inputs from PTI)

(The copy was updated to correct a typo.)