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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
₹1,512 Cr
verified against source
Revenue YoY
9.3%
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 Q3 FY25 revenue of INR 15,117 million, up 9.3% YoY, and PAT of INR 791 million. Growth was driven by festive demand, improved fleet utilization, and a peak season surcharge. Tonnage grew 12% YoY to 351,873 tons, with B2C revenue up 13.6% QoQ. Management highlighted that air fleet utilization has reached optimum levels, and ground (surface) continues to outpace air growth. A price hike of 9-12% was implemented in January 2025, expected to support Q4 margins. Capex for 9M FY25 was INR 622 million, below the INR 1,274 million budget, reflecting cautious spending amid muted GDP growth. Risks include competitive intensity on ground and potential margin pressure from ongoing investments.
Colored figures show movement against the previous available record.
Guidance to track
- Blue Dart implemented a general price increase of 9-12% from January 2025, expected to support Q4 margins.
- Management expects ground (surface) to grow in double digits while air grows less than 5%.
- Management reiterated the EBIT margin target of 8-9% but clarified it is not a formal guidance.
Risks flagged
- Competition from Delhivery, Safexpress, and others on ground logistics could pressure pricing and market share.
- Investments in aircraft, IT, and the Bhiwandi hub may temporarily weigh on margins despite long-term benefits.
- Management cited muted GDP growth (6.2% vs 8.2% last year) as a factor for cautious capex and potential demand slowdown.
Key quotes
- Our aim is to have a structured investment which takes care of our profitable growth.
- We do not give any forward-looking statement, but we would be releasing our budgets very soon.
- Our service quality standard that we maintain, we have certain internal KPIs that makes us kind of standing out.
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