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BlueDart continues to report healthy realisation and utilisation levels

News: BlueDart reported its Q2FY22 numbers. While revenues grew 30% YoY to Rs.1124 cr, absolute EBITDA grew 20% to Rs.275 crore (EBITDA margins contracted 190 bps to 24.5%). Subsequently, PAT doubled to Rs.91 cr as strong operational performance was further accelerated by lower interest and depreciation expense. (Both the base quarter and current quarter reported exceptional expense of Rs.34 cr and Rs.36 cr respectively as Employee bonus).

Views: The company carried 2.39 lakh tonne of cargo during the current quarter (realisation: Rs.47.1 per kg vs Rs.45.8 in FY21). EBITDA margins contraction was led mainly by lower gross margins (49.7% vs 55.3% in Q2FY21). The company has during the quarter paid-off majority of its bank debt and purchased a leased aircraft, indicating further revenue and margins push in near to medium term.