BLUE DART EXPRESS LIMITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31,

2018

PARTICULAR NOTES 31-Mar-16

INCOME
Revenue from Operations 28 256294
Other Income 29 3479
Total Income 259773
EXPENSES
Freight, Handling and Servicing Costs (Net) 30 130343
Employee Benefits Expense 31 52528
Finance Costs 32 4310
Depreciation and Amortisation Expense 33 10206
Other Expenses 34 32800
Total Expenses 230187
PROFIT BEFORE TAX 38 29586
Income Tax Expense
Current Tax 10694
Adjustment of tax relating to earlier years -
Deferred Tax(Credit) -791
Total Tax Expense 9903
PROFIT FOR THE YEAR ATTRITBUTABLE TO OWNERS OF
BLUE DART EXPRESS LIMITED 19683
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to Statement of Profit and
Loss in subsequent period Actuarial loss/(gain) arising from
remeasurements of post employment benefit obligation 714
Income tax relating to this item -243
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRITBUTABLE 19212
Owners of Blue Dart Express Limited 19623
Non-Controlling Interests 60
TOTAL 19683
OTHER COMPREHENSIVE INCOME IS ATTRIBUTABLE TO:
Owners of Blue Dart Express Limited -471
Non-Controlling Interests 0
Total -471
TOTAL COMPREHENSIVE INCOME IS ATTRIBUTABLE TO:
Owners of Blue Dart Express Limited 19152
Non-Controlling Interests 60
Total 19212
Earning Per equity share
(Nominal value of share rs.10 each)(Previous year- rs.10)
Basic Earnings Per share 82.95
Diluted Earnings Per Share 82.95
ENDED MARCH 31, 2018

31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23

268,950 279,924 317440 340918.10 366132.67 393212.12 422294.39

2,616 2,067 1924 2066.30 2219.13 2383.25 2559.52
271566 281991 319364 342984.41 368351.79 395595.37 424853.91

140,409 147,885 176622 180288.65 193622.94 207943.44 223323.09

55,485 58,450 69836 76855.23 84579.96 93081.11 102436.71
4,501 4,050 4266 5087.13 5378.24 5686.24 6012.15
10,375 11,445 12789 16042 18264 20813 23736
38,883 38,461 42437 45959 49773 53904 58377
249,653 260,291 305950 324231.54 351618.25 381427.00 413884.46
21913 21700 13414 18752.87 16733.54 14168.38 10969.45

8,450 8,316 5381 7180 6407 5425 4200

-351 -108 0 0 0 0
-521 -736 -835 0 0 0 0
7,929 7,229 4438 7180 6407 5425 4200

13984 14471 8976 11573.12 10326.92 8743.86 6769.67

435 -70 755

-150 24 -263
13699 14517 8484
13984 14471 8976
0
13984 14471 8976

-285 0 0
0 0 0
-285 0 0

13699 14517 8484

0 0 0
13699 14517 8484

58.94 60.99 37.83

58.95 60.99 60.99
 Annual growth rate CAGR sales average out
2016 2017 2018
4.71% 4.08% 13.40% 7.4%
0.61%

51% 52% 53% 56% 53%

5.33% 5.34% 19.48% 10.1%
10.9% 9.3% 10.0% 8.6% 10%
23% 22% 22% 20% 22%
15.64% -1.09% 10.34% 8.3%

36% 39% 38% 40% 38%

CONSOLIDATED BALANCE SHEET

PARTICULAR NOTE 31'MARCH 2015

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 4 38232
Capital Work-in-progress 4 676
Other Intangible Assets 4(a) 5664
Intangible Assets under development 4(a) 2054
46626
Other Financial Assets 5 3938
Deferred Tax Assets (Net) 6 2201
Non-Current Tax Assets (Net) 7 2026
Other Non-Current Assets 8 1545
9710
CURRENT ASSETS
Inventories 9 1875
Financial Assets:
Trade Receivables 10 26616
Cash and Cash Equivalents 11 16665
Bank balances other than above 12 57
Loans 13 40
Other current financial Assets 14 2503
Other Current Assets 15 3285
Assets classified as held for sale 16 438
51479
TOTAL 107815
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 17 2376
Other Equity 18 27536
Equity attributable to owners of Blue Dart Express Limited 29912
NON CONTROLLING INTEREST 19 1152
TOTAL EQUITY 31064
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities Borrowings 20 39219
Other Financial Liabilities 21 6513
Employee Benefit Obligations 22 1659
Provisions 23 180
Deferred Tax Liabilities (Net) 24 270
47841
CURRENT LIABILITIES
Financial Liabilities Borrowings 25 0
Trade Payables 26 18782
Other Financial Liabilities 27 6380
Other Current Liabilities 28 844
Employee Benefit Obligations 29 2904
28910
TOTAL 107815
31'MARCH 2016 31'MARCH 2017 31'MARCH 2018 31'MARCH 2019 31'MARCH 2020 31'MARCH 2021

39136 40980 46484 58854 67633.84 77723.47

375 3634 5932 5262 5651.18 6069.15
6155 6074 5346 6582 6797.42 7019.89
1772 3054 3990 3804 4085.35 4387.50
47438 53742 61752 74502 84168 95200
4725 5623 5580 5693 6114 6566
3362 3302 3865 5132 0 0
2273 2413 3051 5828 0 0
1069 1044 2026 3655 3925 4216
11429 12382 14522 20308 10039.385211818 10781.905801376

2110 2465 2133 2601 2597.8 2789.9

29074 36069 42225 49102 52734 56634

28733 25572 22612 26607
85 111 255 264 0
81 106 100 93 100 107
4074 5437 2657 2977 3197 3434
3850 3979 3999 4672 4994.0953967 5338.396582
0 0 0 0 0 0
68007 73739 73981 86316 63622.5 68303.053030945
126874 139863 150255 181126 157829.72416438 174284.9640584

2376 2376 2376 2376 2376 2376

35814 40572 50805 55396 66969.12 77296.04
38190 42948 53181 57772 69345.124682552 79672.04348556
0 0 0 0
38190 42948 53181 57772.0 69345.1 79672.0

39219 30985 30868 42500 44810.66 47246.94

7806 948 798 659 549.46981377 458.14427352
2094 2889 832 1168 1195.8339219 1224.3311377
181 282 436 362 388.77379618 417.52780275
397 149 0 0 0 0
49697 35253 32934 44689 46944.733038071 49346.940787955

309 17318 9743 7118 7644.45 8209.84

24589 27213 36835 969 1040.6679793 1117.636577
6844 8903 7972 42456 45596.078151 48968.398877
1247 1517 2092 16062 17249.957774 18525.777811
 5998 6711 7498 2883 3096.2288795 3325.2283296
38987 61662 64140 69488 74627.385494092 80146.88386029
126874 139863 150255 171949 190917.24321472 209165.86813381
33088 34881
 Annual growth rate
31'MARCH 2022 31'MARCH 2023

89318.26 102642.76 0.047118 0.134309 0.266113 15%

6518.03 7000.10 2%
7249.64 7486.91 -0.01316 -0.11986 0.231201 3%
4712.01 5060.51 1%
107798 122190
7052 7573 2%
0 0
0 0
4527 4862 1%
11579.343780225 12435.760880374

2996.2 3217.9 0.76%

60823 65321 15%

115 124 0.03%

3688 3960 0.94%
5706.4344598 6099.8454767 3% 1% 17% 7%
0 0
73328.004936912 78722.758896456
192705.27951101 213348.8075589

2376 2376
86039.90 92809.57
88415.899588243 95185.57337582

88415.9 95185.6

49815.68 52524.07 -0.20995 -0.4% 38% 5%

381.99764591 318.50709463 -0.15823 -0.17419 -17%
1253.5074539 1283.3790537 0.379656 -71.2% 40% 2%
448.40847758 481.57311069 0.1%
0 0
51899.589891498 54607.53243833

8817.05 9469.16 2%
1200.2978309 1289.0727742 0.3%
52590.139017 56479.745821 13.4%
19895.958472 21367.47874 5.1%
3571.1647538 3835.2908235 0.9%
86074.608536612 92440.7522524
226390.09801635 242233.85806655
33685 28885
Analytical Income Statement (BLUEDART)

PARTICULAR NOTES 31-Mar-16

Revenue 256294
Less:COGS
Freight,handling and service cost(NET) 130343
GROSS PROFIT 125951
Less:S,D&A
Employees benefit expense 53242
Other expense 32800
EBITDA 39909
Less:D&A
Depreciation and Amortisation Expense 10206
EBIT 29703
Less:Finance cost 4310
Add: Other Income 3479
EBT 28872
Less:Taxes 9660
EAT 19212

RETAINED EARNING 13473

 Annual growth rate

31-Mar-17 31-Mar-18 31-Mar-19 2020E 2021E 2022E 2023E 2024E 2017 2018

268950 279924 317440 342684.688 369936.982 399356.537 431115.708 465400.554 5% 4%

140409 147885 176622 186752.619 197464.305 208790.389 220766.11 233428.73 4% 3%

128541 132039 140818 155932.07 172472.676 190566.148 210349.598 231971.825

55920 58380 70591 86767.0434 106649.854 131088.842 161128.065 198050.826 21% 22%
38883 38461 42437 42943.8667 43456.7873 43975.8343 44501.0808 45032.6008 2.3% -0.2%
33738 35198 27790 26221.1595 22366.0354 15501.4716 4720.45199 -11111.602

10375 11445 12789 16179.3791 20468.5516 25894.7889 32759.5282 41444.118 26.51% 27.93%
23363 23753 15001 10041.7805 1897.48381 -10393.317 -28039.076 -52555.72
4501 4050 4266 4662.57611 5096.01876 5569.75512 6087.53098 6653.44036 9% 10%
2616 2067 1924 1920.39539 1916.79752 1913.2064 1909.62201 1906.04434 -0.32% -0.20%
21478 21770 12659 7299.59974 -1281.7374 -14049.866 -32216.985 -57303.116
7779 7253 4175 2494.40547 0 0 0 0 36% 33%
13699 14517 8484 4805.19427 -1281.7374 -14049.866 -32216.985 -57303.116

5132 10233
nnual growth rate CAGR

2019

15% 8%

11% 6%

26% 23%
1.5% 1.2%

27.51% 27.32%

9% 9%
-0.05% -0.19%

33% 34%
COMMON SIZE INCOME STATEMENT

PARTICULAR 31-Mar-16

INCOME
Revenue from Operations 100.00%
Other Income 1.36%
Total Income 101.36%
EXPENSES 0.00%
Freight, Handling and Servicing Costs (Net) 50.86%
Employee Benefits Expense 20.50%
Finance Costs 1.68%
Depreciation and Amortisation Expense 3.98%
Other Expenses 12.80%
Total Expenses 89.81%
PROFIT BEFORE TAX 11.54%
Income Tax Expense 0.00%
Current Tax 4.17%
Adjustment of tax relating to earlier years - 0.00%
Deferred Tax(Credit) -0.31%
Total Tax Expense 3.86%
PROFIT FOR THE YEAR ATTRITBUTABLE TO OWNERS OF 0.00%
BLUE DART EXPRESS LIMITED 7.68%
OTHER COMPREHENSIVE INCOME 0.00%
Items that will not be reclassified to Statement of Profit and 0.00%
Loss in subsequent period Actuarial loss/(gain) arising from 0.00%
remeasurements of post employment benefit obligation 0.28%
Income tax relating to this item -0.09%
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRITBUTABLE 7.50%
Owners of Blue Dart Express Limited 7.66%
Non-Controlling Interests 0.02%
TOTAL 7.68%
OTHER COMPREHENSIVE INCOME IS ATTRIBUTABLE TO: 0.00%
Owners of Blue Dart Express Limited -0.18%
Non-Controlling Interests 0.00%
Total -0.18%
TOTAL COMPREHENSIVE INCOME IS ATTRIBUTABLE TO: 0.00%
Owners of Blue Dart Express Limited 7.47%
Non-Controlling Interests 0.02%
Total 7.50%
Earning Per equity share 0.00%
(Nominal value of share rs.10 each)(Previous year- rs.10) 0.00%
Basic Earnings Per share 0.03%
Diluted Earnings Per Share 0.03%
31-Mar-17 31-Mar-18 31-Mar-19

100.00% 100.00% 100.00%

0.97% 0.74% 0.61%
100.97% 100.74% 100.61%
0.00% 0.00% 0.00%
52.21% 52.83% 55.64%
20.63% 20.88% 22.00%
1.67% 1.45% 1.34%
3.86% 4.09% 4.03%
14.46% 13.74% 13.37%
92.83% 92.99% 96.38%
8.15% 7.75% 4.23%
0.00% 0.00% 0.00%
3.14% 2.97% 1.70%
0.00% -0.13% -0.03%
-0.19% -0.26% -0.26%
2.95% 2.58% 1.40%
0.00% 0.00% 0.00%
5.20% 5.17% 2.83%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.16% -0.03% 0.24%
-0.06% 0.01% -0.08%
5.09% 5.19% 2.67%
5.20% 5.17% 2.83%
0.00% 0.00% 0.00%
5.20% 5.17% 2.83%
0.00% 0.00% 0.00%
-0.11% 0.00% 0.00%
0.00% 0.00% 0.00%
-0.11% 0.00% 0.00%
0.00% 0.00% 0.00%
5.09% 5.19% 2.67%
0.00% 0.00% 0.00%
5.09% 5.19% 2.67%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.02% 0.01%
0.02% 0.02% 0.02%
COMMON SIZE BALANCE SHEET

PARTICULAR 31-Mar-15 31-Mar-16 31-Mar-17

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 35.46% 30.85% 29.30%
Capital Work-in-progress 0.63% 0.30% 2.60%
Other Intangible Assets 5.25% 4.85% 4.34%
Intangible Assets under development 1.91% 1.40% 2.18%
43.25% 37.39% 38.42%
Other Financial Assets 3.65% 3.72% 4.02%
Deferred Tax Assets (Net) 2.04% 2.65% 2.36%
Non-Current Tax Assets (Net) 1.88% 1.79% 1.73%
Other Non-Current Assets 1.43% 0.84% 0.75%
9.01% 9.01% 8.85%
CURRENT ASSETS 0.00% 0.00% 0.00%
Inventories 1.74% 1.66% 1.76%
Financial Assets: 0.00% 0.00% 0.00%
Trade Receivables 24.69% 22.92% 25.79%
Cash and Cash Equivalents 15.46% 22.65% 18.28%
Bank balances other than above 0.05% 0.07% 0.08%
Loans 0.04% 0.06% 0.08%
Other current financial Assets 2.32% 3.21% 3.89%
Other Current Assets 3.05% 3.03% 2.84%
Assets classified as held for sale 0.41% 0.00% 0.00%
47.75% 53.60% 52.72%
TOTAL 100.00% 100.00% 100.00%
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 2.20% 1.87% 1.70%
Other Equity 25.54% 28.23% 29.01%
Equity attributable to owners of Blue Dart Express Limited 27.74% 30.10% 30.71%
NON CONTROLLING INTEREST 1.07% 0.00% 0.00%
TOTAL EQUITY 28.81% 30.10% 30.71%
LIABILITIES 0.00% 0.00% 0.00%
NON-CURRENT LIABILITIES 0.00% 0.00% 0.00%
Financial Liabilities Borrowings 36.38% 30.91% 22.15%
Other Financial Liabilities 6.04% 6.15% 0.68%
Employee Benefit Obligations 1.54% 1.65% 2.07%
Provisions 0.17% 0.14% 0.20%
Deferred Tax Liabilities (Net) 0.25% 0.31% 0.11%
44.37% 39.17% 25.21%
CURRENT LIABILITIES 0.00% 0.00% 0.00%
Financial Liabilities Borrowings 0.00% 0.24% 12.38%
Trade Payables 17.42% 19.38% 19.46%
Other Financial Liabilities 5.92% 5.39% 6.37%
Other Current Liabilities 0.78% 0.98% 1.08%
Employee Benefit Obligations 2.69% 4.73% 4.80%
26.81% 30.73% 44.09%
TOTAL 100.00% 100.00% 100.00%
31-Mar-18

30.94%
3.95%
3.56%
2.66%
41.10%
3.71%
2.57%
2.03%
1.35%
9.66%
0.00%
1.42%
0.00%
28.10%
15.05%
0.17%
0.07%
1.77%
2.66%
0.00%
49.24%
100.00%

1.58%
33.81%
35.39%
0.00%
35.39%
0.00%
0.00%
20.54%
0.53%
0.55%
0.29%
0.00%
21.92%
0.00%
6.48%
24.51%
5.31%
 1.39%
4.99%
42.69%
100.00%
PARTICULAR

30 FREIGHT, HANDLING AND SERVICING COSTS

Domestic network operating costs
International servicing charges
Commercial airlift charges
Handling and clearing charges
Printing, stationery and consumables
Aircraft Fuel
Aircraft and Engine Lease Rentals
Navigation Charges

Loss on sale/scrapping of Rotables/Components & Overhaul written of

Consumption of Stores and Spare Parts
Provision for aircraft redelivery obligation
Provision for slow-moving inventory
Aircraft Insurance
Interline Expenses
Total

32 FINANCE COSTS
Interest on Term Loan
Interest on Bank Overdraft
Interest on Debentures
Interest paid to others
Total
33 DEPRECIATION AND AMORTISATION EXPENSE
Depreciation on Tangible assets
Amortisation on Intangible assets
Total

29 OTHER INCOME
Dividend from Mutual Funds
Interest on deposits with banks
Interest from Others
Net Gain on Foreign Currency Transactions and Translation
Sale of Spares
Unwinding interest on Lease Deposit
Net gain on derivative liability
Capital Expenditure reimbursement on return of aircraft
Miscellaneous income
Total

5 OTHER NON-CURRENT FINANCIAL ASSETS

Margin money deposit
Long term deposits with banks with maturity period more than 12 months
Deposits
Total

6 DEFERRED TAX ASSETS/LIABILITIES (NET)

Deferred Tax Asset Provision for Compensated Absences
Provision for Bonus
Provision for Gratuity
Depreciation
Others
Gross Deferred Tax Asset
Deferred Tax Liability Depreciation
Gross Deferred Tax Liability
Total

7 NON-CURRENT TAX ASSETS (NET)

Opening balance
Less: Current tax payable for the year
Add: Adjustment of tax relating to earlier years
Add: Taxes paid
Closing balance
Advance income tax
Provision for tax
Advance income tax (Net of provision for tax)

8 OTHER NON-CURRENT ASSETS

Capital advances
Other loans and advances:
Prepaid expenses
Total

9 INVENTORIES
Packing and Stationery Consumables
Consumables (Refer note below)
Loose Tools
Total
Note: Net of provision for slow-moving items.

10 TRADE RECEIVABLES (Unsecured, considered good)

Trade receivables
Receivables from related parties [Refer note 39(E)(i)]
Total

11 CASH AND CASH EQUIVALENTS

Cash & Cash Equivalents
 Cheques and Drafts on hand
Balances with banks:
In current accounts*
Deposits with maturity period less than 3 months
Cash on hand
Total
* Bank balances in current account include collections on “Cash on Delivery” shipments held on behalf of customers

12 BANK BALANCES OTHER THAN ABOVE

Unpaid dividend accounts
Unpaid interest accounts
Unpaid debenture accounts
Deposits with maturity period more than 3 months but less than 12 months
Total

13 LOANS - CURRENT ASSETS (Unsecured, considered good, unless otherwise stated)

Loans and advances to employees
Total

14 OTHER CURRENT FINANCIAL ASSETS (Unsecured, considered good)

Interest accrued on Deposits
Other receivables from related party
Octroi Recoverable
Deposits
Others
Total

15 OTHER CURRENT ASSETS

Deferred costs (Refer note below)
Prepaid expenses
Balances with Government Authorities
Total

45 DIVIDENDS
The final dividend proposed for the year is as follows:
On Equity Shares of ` 10/- each Amount of dividend proposed (in ` Lakhs
Dividend per equity share

17 OTHER EQUITY
Reserves and Surplus
Securities Premium Reserve
General Reserve
Debenture Redemption Reserve
Retained earnings
Total
Securities Premium Reserve
Balance as at the beginning and end of the year
General Reserve
Balance as at the beginning and end of the year
Debenture Redemption Reserve
Balance as at the beginning of the year
Add: Transferred from/(to) Retained Earning durings the year
Balance as at the end of the year
Retained Earnings
Balance as at the beginning of the year
Add: Profit for the year
Less: Appropriations
Deferred Tax adjustments on settlement of Put/Call liability
Dividend (including dividend distribution tax)
Transfer to/(from) Debenture Redemption Reserve
Items of other comprehensive income recognised directly in retained earnings:
Actuarial loss from remeasurements of post employment benefit obligation, net of tax
Balance as at the end of the year
Total

18 NON CURRENT FINANCIAL LIABILITIES-

BORROWINGS
Unsecured Non Convertible Debentures (Refer note a below)
Unsecured Debentures (Series III)
Unsecured Debentures (Series II) (Refer note 23)
Unsecured Debentures (Series 1)
Unsecured Loan Term Loan from Bank (Refer note b below)
Total

9 OTHER FINANCIAL LIABILITIES

Deposit received from DHL Express (India) Private Limited, India
Deposit received from DHL Logistics Private LTD
Derivative Liability
Total

20 NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONS

Provision for employee benefits:
Provision for Gratuity [Refer note 31]
Provision for Compensated Absences [Refer note 31
Employee benefits payable
Total

21 PROVISION - LONG TERM

Provision for aircraft redelivery obligation
Total

22 DEFERRED TAX LIABILITY (NET)

Deferred Tax Liability
Depreciation
PPE and other intangible assets
Others
Gross Deferred Tax Liability
Deferred Tax Asset
Provision for Compensated Absences
Provision for Bonus
Provision for Gratuity
Others
Gross Deferred Tax Asset
Total

23 CURRENT FINANCIAL LIABILITY- BORROWINGS

Unsecured
Unsecured Debentures (Series II) (Refer note 18)
Unsecured Debentures (Series I) (Refer note 18)
Bank overdraft (payable on demand and interest rate i.e. MCLR + 0.35%)
Total

24 TRADE PAYABLES
Trade Payables
Total outstanding dues of micro enterprises and small enterprises (Refer note 40)
Total outstanding dues of creditors other than micro enterprises and small enterprises
Trade payables other than related parties
Trade payables to related parties [Refer note 39(F)(i)]
Other payables
Total

25 OTHER CURRENT FINANCIALS LIABILITIES

Unpaid Dividend (Refer note below)
Unpaid Interest (Refer note below
Unpaid Debenture (Refer note below)
Payables towards 'Cash on Delivery' shipments
Current maturities of Unsecured term loan from SCILL (Refer note 18)
Trade Deposits
Deposit Received from DHL Express (India) Private Limited
Total
Note: There are no amounts due for payment to the Investor Education and
Protection Fund under Section 125 of the Companies Act, 2013 as at the respective year ends

26 OTHER CURRENT LIABILITIES

Statutory dues (including PF, GST, ST, Employees State Insurance and Tax Deducted at Source)
Total

27 CURRENT EMPLOYEE BENEFIT OBLIGATIONS

Provision for employee benefits:
Provision for Gratuity [Refer note 31]
Provision for Compensated Absences [Refer note 31]
Other Employee benefits payable
Total

28 REVENUE FROM OPERATIONS

Service charges
Other Operating income:
Business support services
Commission
Total

29 OTHER INCOME
Dividend from Mutual Funds
Interest on deposits with banks
Net Gain on Foreign Currency Transactions and Translation
Sale of Spares
Unwinding interest on Lease Deposit
Net gain on derivative liability
Misc. Income
Total

Dividend paid
Dividend distribution tax paid

Lease rentals [Refer note 3(g)]

31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18

60119 67270 71492

11407 12180 13489
16672 15706 15503
7822 8457 8192
4253 4466 4103
16571 17229 19436
6640 7896 8013
3553 3963 4114
1173 1249 1429
344 218 223
1165 1061 1175
- 84 124
134 165 92
206 200 224
284 265 266
130343 140409 147885

584 477 1,464

14 12 1
3113 3,113 2,558
599 899 27
4310 4,501 4,050

8797 8,794 9,748

1409 1,581 1,697
10206 10,375 11,445

776 418 354

144 621 477
541 -
62 183 8
208 119 261
417 385 482
127 401 -
750
454 489 485
3479 2616 2067
 33 35 34 37
33 84 98 16
3872 4606 5491 5527
3938 4725 5580 5580

3 4 5 857
- 1 2 294
9 11 13 201
1667 2132 3036 2677
523 1215 248 1098
2202 3363 3304 5127
1 1 2 1262
1 1 2 1262
2201 3362 3302 3865

1506 2026 2273 2413

9360 10694 8449 8316
- 351
9880 10941 8589 8603
2026 2273 2413 3051
42421 53362 61951 70554
40395 51089 59538 67503
2026 2273 2413 3051

462 363 246 235

1083 706 798 1791

1545 1069 1044 2026

553 448
1620 1491
292 194
2465 2133
80 580

33183 39118
2886 3107
36069 42225
 932 965

8230 13151
16000 8000
410 496
25572 22612
4262 4261

57 63 74 80
- 22 37 47
- 78
- 50
57 85 111 255

40 81 106 100
40 81 106 100

40 72 11 117 40 890 238

0 818 0
869 1447 2870 -
0 0 227 261
1594 1737 2329 2279
2503 4074 5437 2657

738 1164
2055 2106
1186 729
3979 3999

0 7118 3559 2966

0 30 15 12.5

3475 3475
6273 6273
5638 3243
25186 37814
40572 50805
 3475 3475

6273 6273

3305 5638
2333 -2395
5638 3243

22761 25186
13984 14471

373 -
8568 4284
2333 -2395

285 -46
22186 37814
40572 50805

7118 7118 7118 7118

9491 9491 9491 -
16610 16610 -
6000 6000 14376 23750
39219 39219 30985 30868

1248 1098 948 798

9 0 0 0
5256 6708 0 0
6513 7806 948 798

40 39
2172 -
677 793
2889 832

180 181 282 436

180 181 282 436
 1751 -
1984 2079 0
0 313 0
1984 2392 1751 -

538 643 816 -

88 253 267 -
330 231 315 -
758 868 204 -
1714 1995 1602 -
270 397 149 -

0 0 0 9491
0 0 16610 0
0 309 708 252
0 309 17318 9743

282 307

15037 17345
4028 9938
7866 9245
27213 36835

57 63 74 80
0 22 37 47
- 78
4964 5177 6569 5743
0 0 625 1000
1209 1432 1448 874
150 150 150 150
6380 6844 8903 7972

844 1247 1517 2092

844 1247 1517 2092
 783 762 997 622
434 528 616 3961
1687 4708 5098 3961
2904 5998 6711 7498

255272 267758 279055

758 806 869
264 386 0
256294 268950 279924

418 354
621 477
183 8
119 261
385 482
401 -
489 485
2616 2067

4746 7118 3559

993 1449 725

307 359 412

 378

7840
CASHFLOW STATEMENT(BLUEDART)

PARTICULAR 31-Mar-16 31-Mar-17

Net Income 19,212 13,699

Non-Controlling Interests -60 0
19,152 13,699
Depreciation and Amortisation Expense 10,206 10,375
Finance Costs 4,310 4,501
Other Income -3,479 -2,616
Cash Flow before change in WC 30,189 25,959
Inventories -235 -355
Trade Receivables -2458 -6995
Bank balances other than above -28 -26
Other current financial Assets -1571 -1363
Non-Current Tax Assets (Net) -247 -140
Deferred Tax Assets (Net) -1161 60
Other Current Assets -565 -129
Trade Payables 5807 2624
Other Financial Liabilities 464 2059
Other Current Liabilities 403 270
Deferred Tax Liabilities (Net) 127 -248
CFO 30,725 21,716

Other Income 3,479 2,616

Property, plant and equipment -11,110 -12,219
Other Intangible Assets -491 81
Other Financial Assets -787 -898
Other Non-Current Assets -247 -140
Loans -41 -25
Assets classified as held for sale 438 0
Capital Work-in-progress 301 -3259
Intangible Assets under development 282 -1282
CFI -8,176 -15,126
Finance Costs -4310 -4501
Equity Share Capital 0 0
Other Equity -5195 -374
Financial Liabilities Borrowings 0 -8234
Financial Liabilities Borrowings 309 17009
Other Financial Liabilities 1293 -6858
Provisions 1 101
Dividend paid -4746 -7118
Tax on dividend -993 -1449
Non-Controlling Interests 60 0
Non-controlling interests b/s -1152 0
CFF -14733 -11424
CFO+CFI+CFF 7,816 -4,834
OPENING BAL 16,665 28,733
CLOSING BAL 28733 25572
DIFF -4,252 -1,673
31-Mar-18

14,517 8,484 4,805 -1,282 -14,050

0 0 0 0 0
14,517 8,484 4,805 -1,282 -14,050
11,445 12,789 16,179 20,469 25,895
4,050 4,266 4,663 5,096 5,570
-2,067 -1,924 -1,920 -1,917 -1,913
27,945 23,615 23,727 22,366 15,501
332 -468 3.229472732 -192.13309 -206.34340003
-6156 -6877 -3631.621381 -3900.21887 -4188.6820322
-144 -9 264 0 0
2780 -320 -220.1811912 -236.46596 -253.95516293
-638 -2777 5828 0 0
-563 -1267 5132 0 0
-20 -673 -322.0953967 -344.301185 -368.03787773
9622 -35866 72 77 83
-931 34484 3140 3372 3622
575 13970 1188 1276 1370
-149 0 0 0 0
32,653 23,812 35180 22418 15559

2,067 1,924 1920 1917 1913

-16,949 -25,159 -24822 -28354 -32407
728 -1236 -215 -222 -230
43 -113 -421 -452 -486
-638 -2777 5828 0 0
6 7 -7 -7 -8
0 0 0 0 0
-2298 670 -389 -418 -449
-936 186 -281 -302 -325
-17,977 -26,498 -18387 -27839 -31991
-4050 -4266 -5087 -5378 -5686
0 0 0 0 0
0 4591 11573 10327 8744
-117 11632 2311 2436 2569
-7575 -2625 526 565 607
-150 -139 -110 -91 -76
154 -74 27 29 31
-3559 0 0 0 0
-725 0 0 0 0
0 0 0 0 0
0 0 0 0 0
-16022 9119 9240 7888 6188
-1,346 6,433 26033 2467 -10244
25,572 22,612 26607 0 0
22612 26607 0 0 0
1,614 2,438 52640 2467 -10244
 19683

10206
4310
-3479
30720
Err:509
-2458
-28
-1571

464
403
127
-1161

-11110

-247
476
-41
438
3479
-10484
301

282
8278
-4310

4551

#REF!
op bal 16665

cl bal. 28733
GATI LIMITED
CONSOLIDATED BALANCE SHEET

PARTICULAR NOTES 31-Mar-16

ASSETS
NON CURRENT ASSETS
Property, plant and equipment 3 5265.56
Capital Work in Progress 3 199.32
Goodwill 4 4257.98
Intangible Assets 5 35.73
Intangible Assets under Development 6 3.32
Investment in Associates 7 0
Financial Assets Investments 8 33.13
Loans 9 169.34
Deferred tax Assets(Net) 10 61.77
Non-Current tax Assets (Net) 11 456.84
Other non-current assets 12 207.18
Total Non-Current Assets 10690.17
CURRENT ASSETS
Inventories 13 51.46
Financial assets
Current Investments 14 342.95
Trade receivables 15 2442.65
Cash and cash equivalents 16A 151.18
Bank Balances other than above 16B 302.84
Loans 17 8.52
Other financial assets 18 758.85
Other current assets 19 307.84
Assets held for sale 20 1.01
Total Current Assets 4367.3
TOTAL ASSETS 15057.47
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 21 175.45
Other Equity 22 6402.75
Equity attributable to owners of the company 6578.2
Non controlling interest 23 1152.84
Total Equity 7731.04
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities Borrowings 24 1549.39
Other financial liabilities 25 69.36
Provisions 26 38.46
Deferred tax Liabilities (Net) 27 0.1
Total Non-Current Liabilities 1657.31
CURRENT LIABILITIES
Financial liabilities Borrowings 28 1371.81
Trade payables 29 925.77
Other financial liabilities 30 3152.61
Other current liabilities 31 210.31
Current Tax Liabilities 32 0
Provisions 33 8.62
Total Current-Liabilities 5669.12
TOTAL EQUITY AND LIABILITIES 15057.47

Lease payment
31-Mar-17 31-Mar-18

5587.81 5643.78
85.06 21.34
4257.98 4257.98
36.35 33.76
4.42 4.42
0 0
42.95 41.73
129.3 144.99
82.44 26.12
604.3 528.96
170.5 156.58
11001.11 10859.66

66.05 90.2

0 0
2143.05 2431.67
331.26 191.11
298.7 226.65
12.36 34.7
398.23 403.07
316.47 326.81
1.68 0
3567.8 3704.21 1.224087673 0.96317433
14568.91 14563.87

176.36 216.69
6212.28 7068.08
6388.64 7284.77
1145.02 1140.24
7533.66 8425.01

1813.81 2160.43
62.71 58.74
49.11 69.17
0.17 0
1925.8 2288.34

1364.22 1050.28
 761.87 1239.91
2820.06 1217.98
152.53 329.62
0 0.18
10.77 12.55
5109.45 3850.52 1.1095363 1.326951
14568.91 14563.87
GATI LIMITED
INCOME STATEMENT
PARTICULAR NOTES 2017 2018
Revenue from Operations 34 17357.52 16909.93
Other Income 35 778.5 103.84
TOTAL INCOME (I) 18136.02 17013.77
II EXPENSES
Operating Expenses 36 10065.21 9833.18
Purchase of stock-in-trade 3072.09 2659.44
Changes in Inventories of Stock-in-Trade 37 -23.32 -13.01
Employee benefits expense 38 1912.13 1842.14
Finance Costs 39 469.51 499.74
Depreciation and amortization expense 40 299.96 297.99
Other expenses 41 1560.44 1628.85
TOTAL EXPENSES (II) 17356.02 16748.33
III PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (I-II) 780 265.44
IV Exceptional Items 42 -236 0
V PROFIT BEFORE TAX (III-IV) 544 265.44
VI TAX EXPENSES 43
Current Tax 97.1 114.43
Deferred Tax 55.83 -20.5
TOTAL TAX EXPENSES 152.93 93.93
VII PROFIT FOR THE YEAR [V=(V-VI)] 391.07 171.51
VIII OTHER COMPREHENSIVE INCOME (OCI) A) Items not to be
reclassified to profit or loss in subsequent periods:
a) Remeasurement gains/(losses) on defined benefit plans 5.28 -3.59
b) Equity investments through OCI -1.22 9.82
c) Income tax effect on above items -0.34 0.17
B) Items that will be reclassified to profit or loss subsequent periods:
a) Exchange difference arising on translation of foreign operations -102.57 -4.71
b) Income tax effect on above items - -
OTHER COMPREHENSIVE INCOME FOR THE YEAR (NET OF TAX) -98.85 1.69
IX TOTAL COMPREHENSIVE INCOME FOR THE YEAR (VII+VIII) 292.22 173.2
X Profit for the year Attributable to: 391.07 171.51
Owners of the company 342.32 107.77
Non-Controlling Interests 48.75 63.74
Total comprehensive income for the year Attributable to: 292.22 173.2
Owners of the company 243.56 109.65
Non-Controlling Interests 48.66 63.55
EARNINGS PER SHARE 53 (NOMINAL VALUE PER SHARE: J2/-
(PREVIOUS YEAR J2/-)
Basic (In H) 3.33 1.22
Diluted (In H) 3.33 0.91

dividend paid 87.72 78.7

Dividend distribution tax 28.22 21.09

Retained earning 275.13 71.72

GATI EXPRESS
ANALYTICAL INCOME STATEMENT

PARTICULAR 31-Mar-17 31-Mar-18

Revenue 17357.52 16909.93

Less:COGS
Operating expenses -10065.21 -9833.18
Purchase of stock-in-trade -3072.09 -2659.44
Changes in Inventories of Stock-in-Trade 23.32 13.01
GROSS PROFIT 4243.54 4430.32
Less:S,D&A
Employees benefit expense -1912.13 -1842.14
Other expense -1560.44 -1628.85
EBITDA 770.97 959.33
Less:D&A -299.96 -297.99
EBIT 471.01 661.34
Less:Finance cost -469.51 -499.74
Add: Other Income 778.5 103.84
EBT 780 265.44
Add:Exceptional items -236 0
Less:Taxes -152.93 -93.93
EAT 391.07 171.51
CASHFLOW STATEMENT

PARTICULAR 31-Mar-17 31-Mar-18

Net income 391.07 171.51

Non-Controlling Interests -48.75 -63.74
342.32 107.77
Depreciation and amortization expense 299.96 297.99
Finance Costs 469.51 499.74
IV Exceptional Items 236 0
Other Income -778.5 -103.84
Cashflow before change in wc 569.29 801.66
Inventories -14.59 -24.15
Trade receivables 299.6 -288.62
Bank Balances other than above 4.14 72.05
Other financial assets 360.62 -4.84
Other current assets -8.63 -10.34
Deferred tax Assets(Net) -20.67 56.32
Non-Current tax Assets (Net) -147.46 75.34
Trade payables -163.9 478.04
Other financial liabilities -332.55 -1602.08
Other current liabilities -57.78 177.09
Current Tax Liabilities 0 0.18
Deferred tax Liabilities (Net) 0.07 -0.17
Provisions 2.15 1.78
CFO 490.29 -267.74

Cashflow from investing activities

Other Income 778.5 103.84
Property, plant and equipment -622.21 -353.96
Capital Work in Progress 114.26 63.72
Goodwill 0 0
Intangible Assets -0.62 2.59
Intangible Assets under Development -1.1 0
Current Investments 342.95 0
Investment in Associates 0 0
Financial Assets Investments -9.82 1.22
Loans 40.04 -15.69
Other non-current assets 36.68 13.92
Loans -3.84 -22.34
Assets held for sale -0.67 1.68
CFI 674.17 -205.02

Cashflow from financing activities

Equity Share Capital 0.91 40.33
Other Equity -465.6 784.08
Non controlling interest -7.82 -4.78
Financial liabilities Borrowings -7.59 -313.94
Other financial liabilities -6.65 -3.97
Provisions 10.65 20.06
Financial liabilities Borrowings 264.42 346.62
Non-Controlling Interests 48.75 63.74
Finance Costs -469.51 -499.74
dividend paid -87.72 -78.7
Dividend distribution tax -28.22 -21.09
CFF -748.38 332.61

CFO+CFI+CFF 416.08 -140.15

IV Exceptional Items -236 0
180.08 -140.15
opening balance 151.18 331.26
closing balance 331.26 191.11
diff 0.00 0.00
RATIOS

ACTIVITY RATIOS
S.No RATIOS 1
1 Receivable turnover Ratio:
2 Days of sales outstanding
3 Payables turnover ratio

4 Days of payables
5 Inventory turnover ratio
6 Days of inventory outstanding
7 Total Asset Turnover ratio
8 Fixed Asset Turnover ratio
9 Working Capital Turnover Ratio
Working Capital

LIQUIDITY RATIOS
S.No RATIOS

1 Current ratio(Working capital ratio)

2 Quick Ratio(Liquid Ratio)(Acid test ratio)

3 Cash Ratio

4 Defensive Interval Ratio

5 Cash Conversion Cycle

SOLVENCY RATIOS
S.No RATIOS

1 Debt to equity
2 Debt to Capital(weight of debt)

3 Debt to Total Assets

4 Financial Leverage(Equity leverage)
1 Interest Coverage Ratio
2 Fixed Charge Coverage Ratio

PROFITABILITY RATIOS
S.NO RATIOS

1 Net profit margin

2 Gross profit margin
3 Operating Profit ratio
4 Pre-Tax margin
5 Return on Assets
6 Operating return on assets
7 Return on total capital

8 Return on equity
9 Return on common equity

DU PONT ANALYSIS
S.NO RATIOS

1 3-WAY(ORIGINAL APPROACH)
Net profit margin
 BlueDart
FORMULAS 2 31-Mar-16
3
Net Revenue/Average Receivables 9.204
365/Receivables turnover ratio 39.655
Net Purchases/Average trade payables 6.021
Net purchases=CI-OI+COGS 130578.000
365/Payables turnover ratio 60.617
Cost of goods sold/Average Inventories 65.417
365/Inventory turnover ratio 5.580
Total revenue/Average total Assets 2.184
Total revenue/Average Fixed Assets 18.697
Total revenue/Average working capital 1.978
Current Assets-Current Liabilities 129563.000

BlueDart
FORMULAS 31-Mar-16

Current Assets/Current Liabilities 1.760

CA- Cash&Cash eq.+mrkt.secu+TR+Inventory
Liquid Assets/Current Liabilities 1.483
Liquid Assets-Cash&cash eq.+Mrkt sec+TR
Cash&Cash eq.+ Marketable securities/Current Liabilities 0.737

Cash&cash eq.+ MS+ TR/Average daily expenditure 0.197

Days of sales outstanding+Days of Inventory outstanding- days of payables 44.455

BlueDart
FORMULAS 31-Mar-16

Total Debt/Total Equity 1.239

Total debt/Total Capital 0.587
total capital 92368.000
Total debt/Total Assets 0.427
Average Total Assets/Average Total Equity 3.389
EBIT/Interest 6.892
EBIT+Lease payment+emp. Benefit plans/Interest+Lease payment 327.150

BlueDart
FORMULAS 31-Mar-16

Net income/Net revenue 7.40%

Gross profit/Net revenue 48.49%
EBIT/Net revenue 11.43%
EBT/Net revenue 11.11%
Net Income/Average total assets 16.37%
EBIT/Average total assets 25.31%
Net income/Average total capital 94.69%
Average total capital 20290
Net income/Average total equity 64.23%
Net income-Preference dividend/Average total common equity 56.42%

FORMULAS 31-Mar-06
BlueDart GATI EXPRESS
31-Mar-17
4 31-Mar-18
5 31-Mar-16
6 31-Mar-17
7 31-Mar-18
8
8.257 7.151 #N/A 7.570 7.393
44.204 51.045 #N/A 48.215 49.373
5.435 4.608 #N/A 15.558 12.493
140764.000 147553.000 #N/A 13128.570 12503.760
67.161 79.217 #N/A 23.460 29.217
61.381 64.326 #N/A 223.198 159.739
5.946 5.674 #N/A 1.635 2.285
2.017 1.930 #N/A 1.172 1.161
18.141 16.138 #N/A 5.299 5.110
1.636 1.864 #N/A 2.353 2.812
164421.000 150198.000 #N/A 7375.430 6013.080

BlueDart GATI EXPRESS

31-Mar-17 31-Mar-18 31-Mar-16 31-Mar-17 31-Mar-18

1.408 1.174 #N/A 0.770 0.698

1.000 1.011 #N/A 0.761 0.685

0.415 0.353 #N/A 0.080 0.123

0.242 0.248 #N/A 0.013 0.013

38.424 36.153 #N/A -6.266 -14.440

BlueDart GATI EXPRESS

31-Mar-17 31-Mar-18 31-Mar-16 31-Mar-17 31-Mar-18

1.147 0.779 #N/A 0.387 0.430

0.575 0.481 #N/A 0.279 0.301
101102.000 102562.000 #N/A 10721.600 10774.400
0.416 0.329 #N/A 0.199 0.222
3.287 3.018 #N/A 1.941 1.826
5.191 5.865 #N/A 1.003 1.323
377.598 433.399 #N/A

BlueDart GATI EXPRESS

31-Mar-17 31-Mar-18 31-Mar-16 31-Mar-17 31-Mar-18

5.04% 5.15% #N/A 2.16% 1.01%

47.33% 46.82% #N/A 23.40% 26.04%
8.60% 8.42% #N/A 2.60% 3.89%
7.91% 7.72% #N/A 4.30% 1.56%
10.27% 10.01% #N/A 9.86% 4.72%
17.52% 16.37% #N/A 11.87% 18.19%
61.66% 62.17% #N/A 10.98% 4.60%
22215.375 23348.625 #N/A 3560.655 ###
35.87% 33.80% #N/A 5.12% 2.15%
33.77% 30.20% #N/A 267.72% 247.34%

31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18

ACTIVITY RATIO
Inventory turnover ratio

BLUEDART GATI EXPRESS

Particular 2015-2016 2016-2017 2017-2018 2015-2016 2016-2017 2017-2018

Inventory turnover ratio 65.416813049 61.380983607 64.325793823 #N/A 223.1976853 159.739008

Inventory turnover ratio

250

200
BLUEDART
150
GATI EXPRESS
100

50

0
2015-2016 2016-2017 2017-2018
SOLVENCY RATIO

Fixed Charge Coverage Ratio

BLUEDART GATI EXPRESS
Particular 2015-2016 2016-2017 2017-2018 2015-2016 2016-2017 2017-2018

Fixed Charge Coverage Ratio 327.15034803 377.59764497 433.39876543 #N/A #N/A #N/A

Fixed Charge Coverage Ratio

500
450
400
350
BLUEDART
300
GATI EXPRESS
250
200
150
100
50
0
2015-2016 2016-2017 2017-2018
 LIQUIDITY RATIO
Defensive Interval Ratio

BLUEDART
Particular 2015-2016 2016-2017

Defensive Interval Ratio 0.1967593718 0.2416017324

Defensive Interval Rati

0.3

0.25

BLUEDART 0.2
GATI EXPRESS
0.15

0.1

0.05

0
2015-2016 2016-2017 2
PROFITABILITY RATIO

Net profit margin

BLUEDART
Particular 2015-2016 2016-2017

Net profit margin 7.40% 5.04%

Net profit margin

8.00%
7.00%
6.00%
5.00% BLUEDAR
GATI EXP
4.00%
3.00%
2.00%
1.00%
0.00%
2015-2016 2016-2017 2017-2018
BLUEDART GATI EXPRESS
2017-2018 2015-2016 2016-2017 2017-2018

0.2477184631 #N/A 0.0126141683 0.0131546666

Defensive Interval Ratio

BLUEDART
GATI EXPRESS

2016-2017 2017-2018

BLUEDART GATI EXPRESS

2017-2018 2015-2016 2016-2017 2017-2018

5.15% #N/A 2.16% 1.01%

margin

BLUEDART
GATI EXPRESS

2017-2018