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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,448 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Blue Dart reported Q2 FY25 revenue of INR 1,448.5 crore and PAT of INR 60.8 crore, with shipments of 96.6 million and tonnage of 343,676 tons. Revenue grew modestly, but margins remained under pressure due to a shift toward lower-yield surface express, investments in two new freighters, and IT/facility costs. Management guided for margin improvement in H2, targeting ~8% PBT margin for the full year, aided by festive season demand and better aircraft utilization (now ~82-83%, targeting 90-92%). A 10-12% general price increase is planned from January 2025, though competitive pressures and customer pushback pose risks. Capex will remain in the INR 150-250 crore range, focused on surface hubs and automation. Key risk: pricing hikes may not fully materialize if demand softens, delaying margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve budgeted PBT margin of around 8% for the full year, aided by festive season and improved utilization.
- Annual GPI exercise planned with a 10-12% hike to offset inflationary pressures, though realization depends on market conditions.
- Capital expenditure will be in this range, focused on surface facilities, hubs, and automation; no new aircraft planned.
- Management expects to achieve ideal utilization levels for the two new freighters by the end of the festive quarter or next quarter.
Risks flagged
- Analyst raised concern that the 10-12% GPI may not be fully realized due to competitive pressures and volume impact; management acknowledged deferral risk.
- Surface express growing faster than air is margin-dilutive; management confirmed this trend will continue, capping margin improvement.
- Increasing belly space at new airports and captive logistics of large e-commerce firms threaten Blue Dart's air express dominance.
- The Guwahati-Delhi lane remains a challenge for freighter utilization; pace of improvement is below initial expectations.
Key quotes
- Our utilization on the new aircraft has increased from the previous quarter. The fixed expense, the unutilized expense that was there in the last quarter was around INR 11 crores, and now it's somewhere around INR 8 crores.
- We expect the festive to help us to improve our margins there, and ideally, we should hit that budgeted level of margins of around 8%.
- Blue Dart, per se, if you look at the past trends, has been consistently and very conservatively on a single-digit margin. We expect to remain within the same range between 7% to 8% to 9%.
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