Blue Dart Express Ltd — Q3 FY25
Blue Dart reported Q3 FY25 revenue of INR 15,117 million, up 9.3% YoY, and PAT of INR 791 million.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Tonnage and shipment numbers for the quarter.
Asked by Moderator 2
Provided exact tonnage and shipment numbers as requested.
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Question
I just wanted to get a sense of what would be the tonnage for the quarter as well as the number of shipments carried?
Sudha Pai, CFO
In terms of tonnage growth, we are growing by 12%, and shipment growth by 7.2%. Absolute tonnages for the quarter is 351,873 tons, and shipment at 98.59 million shipments.
Partial answer
Medium priority
Profitability improvement and new fleet utilization.
Asked by Moderator 2
Acknowledged improvement but did not quantify utilization levels.
no specific utilization numbers given
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Question
Your thoughts around the further scale-up of the two-new fleet, any updates on that, and how that underutilizes, if there is any underutilization on the leg?
Sudha Pai, CFO
On the utilization, the good news in this particular quarter is that we have reached the optimum level of utilization. Yes, we do have a challenge of low utilization of the lanes on these new fleets. However, it's better than the previous quarter.
Answered
Medium priority
ATF price correction impact on margins.
Asked by Moderator 2
Clearly stated it is not a pure pass-through and provides margin benefit.
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Question
Are you also seeing benefits of the ATF price correction reflecting in your margins? Is that a booster, or is it more of a pass-through?
Sudha Pai, CFO
Yes, I mean, it's not a pure pass-through. We have our mechanism to address this price increase, and it gives a little bit of a margin as well. So it's not a pure pass-through for the ATF prices.
Evasive
High priority
Targets for e-commerce market share and steps taken.
Asked by Moderator 2
Did not address steps to achieve market share target; pivoted to profitability.
no specific steps givenreframed to profitable growth
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Question
There were specific targets stated that e-commerce, you're targeting about 25% market share. So just something more on what are the steps taken towards achieving this market share target?
Sudha Pai, CFO
Our aim is to have a structured investment which takes care of our profitable growth. For us, definitely increasing our market share, those all aspects are equally important, but we endeavor that we have a profitable growth.
Declined
High priority
Capital expenditure outlook and spending plans.
Asked by Moderator 2
Explicitly declined to provide any numbers, deferred to future budget release.
refused to give forward-looking statement
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Question
Any number perhaps on what you would be spending on infrastructure going ahead? Any outlines?
Sudha Pai, CFO
We personally do not give any forward-looking statement, but we would be releasing our budgets very soon, and that would be an outlook about what we intend to spend over the next year.
Evasive
High priority
Price hike absorption from January 25.
Asked by Sagar Patel
Did not provide any current absorption status; pushed to future results.
deferred to next quarterno current absorption data
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Question
Last time, you indicated that we have announced the hikes of 9%-12% from January 25. Just wanted to understand how you see these hikes getting absorbed in the market since January month has already passed?
Sudha Pai, CFO
So about the price hikes, which are already in the pipeline, you would get to know the concrete numbers around it, most probably by the next quarter results, which is in the Q4 results that we would be publishing.
Answered
High priority
Key drivers of EBITDA margin improvement.
Asked by Sagar Patel
Clearly attributed to festive season, fleet utilization, and cost optimization.
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Question
We saw that EBITDA margin was possibly the highest in this year so far. So just wanted to understand the key drivers of EBITDA margin in this quarter.
Sudha Pai, CFO
Key driver for Q3 is it's a festive month. Apart from that, our fleet utilization got improved these days, and again, we are very optimal in terms of our cost. These are the factors which led to a better quarter this year in terms of EBITDA.
Answered
High priority
CapEx spent in nine months and target for the year.
Asked by Sagar Patel
Provided actual spend and budget figure, explaining shortfall.
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Question
What were the Capex in nine-month FY25 on a consolidated basis, and what is the target for the year?
Sudha Pai, CFO
We spent around INR 622 million. The budget being INR 1,274, we have spent only 50% of the CapExes that we had budgeted, and largely into the infrastructure.
Partial answer
Medium priority
Change in e-commerce pricing approach and competitiveness.
Asked by Lokesh Maru
Denied change in approach but did not provide pricing details or competitiveness metrics.
denied change but did not quantify pricing
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Question
Blue Dart has become more competitive when it comes to e-commerce pricing. So is there any change in our approach or the way we are looking at e-commerce at this point?
Sagar Patel, Head of Corporate Accounts
In terms of being more competitive, it's not. We have now, in last few years, been also equally focusing on increasing the scale on the ground e-commerce. So we do have a more complete bouquet to offer to the customers.
Answered
Medium priority
Volume growth driven by surface vs air.
Asked by Anshul Agrawal
Directly answered that growth is primarily surface-driven.
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Question
Can you provide us some color about the growth that we have witnessed in volumes? Would this be primarily driven by surface versus air?
Sagar Patel, Head of Corporate Accounts
Yes, primarily surface.
Answered
High priority
Whether surface is dilutive to consolidated margins.
Asked by Anshul Agrawal
Clearly stated surface is not dilutive and explained investments are the cause.
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Question
Is surface particularly dilutive on our consolidated margins? Are our margins significantly different in surface and air?
Sagar Patel, Head of Corporate Accounts
In terms of percentage, it won't be that very significant. Surface is not the reason for dilution. It has been last few quarters because of certain investments which have started materializing now with good capacity utilization.
Answered
High priority
B2B and B2C mix for the quarter.
Asked by Moderator 2
Provided specific growth percentages for B2B and B2C in revenue and weight.
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Question
Any mix on B2B and B2C in this quarter, if you can share that?
Sudha Pai, CFO
B2B, we witnessed a growth of 6.8% versus the previous quarter. And B2C is 13.6% in terms of revenue versus the previous quarter. And likewise, in terms of weight, it's 11.1% increase in the B2B and 16.9% increase in B2C.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Tonnage growth of 12% and shipment growth of 7.2% | 12% | 9.3% | Overstated vs filing |
| B2B revenue growth 6.8%, B2C revenue growth 13.6% | 6.8% | 9.3% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.