Bluedart Express - Q4 FY21 first cut - Miss on topline; Profitability improves - YES Securities

- Standalone Revenues grew by 33% YoY to Rs 9.7 bn which was lower than our estimates of Rs.10.9 bn topline. FY21 revenue grew by 4% to Rs32.8 bn.

- EBITDA Margins improved to 18% vs 2.2% YoY/16.8% QoQ. Moderation in Freight Handling costs and employee cost supported profitability. EBITDA of Rs.1.7 bn was in-line with our estimates.

- Higher EBITDA and other income led to APAT of Rs 891 mn during Q4 FY21 (Rs.238 mn loss in Q4 FY20).

- The company has declared dividend of Rs15/share

While topline has been lower than expected, EBITDA and PAT has been in-line with our expectation. We currently have an ADD rating on the stock. We would review our estimates post our discussion with the Management.

Shares of BLUE DART EXPRESS LTD. was last trading in BSE at Rs.5397 as compared to the previous close of Rs. 5319.8. The total number of shares traded during the day was 5154 in over 1461 trades.

The stock hit an intraday high of Rs. 5637.4 and intraday low of 5329.35. The net turnover during the day was Rs. 28352421.

Source : Equity Bulls

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