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Blue Dart

- Blue Dart Express was founded in 1983 and had a business alliance with DHL Express from 2002-2011. It introduced cash on delivery in 2011-2012. - In FY 2018-2019, Blue Dart invested Rs. 20 billion for expansion including IT, automation, infrastructure to expand its reach to tier 2, 3, and 4 towns and cities across India. - The revenue is increasing but the net profit is decreasing and share prices are falling. The company's weighted average cost of capital is 11.62% based on a beta of 1.54, cost of equity of 16.67%, and cost of debt of 8.8%.

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159 views6 pages

Blue Dart

- Blue Dart Express was founded in 1983 and had a business alliance with DHL Express from 2002-2011. It introduced cash on delivery in 2011-2012. - In FY 2018-2019, Blue Dart invested Rs. 20 billion for expansion including IT, automation, infrastructure to expand its reach to tier 2, 3, and 4 towns and cities across India. - The revenue is increasing but the net profit is decreasing and share prices are falling. The company's weighted average cost of capital is 11.62% based on a beta of 1.54, cost of equity of 16.67%, and cost of debt of 8.8%.

Uploaded by

RahulTiwari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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BLUE DART EXPRESS

INTRODUCTION
• Founded by Mr. Tushar Jani, Khushroo Dubash & Clyde Cooper in

November 1983

• Blue Dart had a business alliance with DHL Express in 2002

• In 2011-2012 it introduced Cash On Delivery

• Subsidiary cargo airline- Blue Dart Aviation

• On 8 the November 2004- DHL invested Rs 150 million in Blue Dart

• Revenue growth of around 14% for the last two years

2
Story
◦ Blue dart invested Rs 20 billion in F.Y. 2018-2019 for expansion:
The total investments are in the range of Rs 20 billion for IT, automation, infrastructure and
expanding reach. The company is witnessing a spurt in demand from the lower tier towns and cities
for which it is undertaking the expansion. There is a greater demand for deliveries in tier II, III and IV
towns and the initiative to reach every pincode as one of the biggest such drives undertaken by the
company. The revenue is increasing but the net profit is decreasing. The share prises are falling
down.

3
Key Values
• Beta: 1.54
• Cost of equity : 16.67 %
• Cost of Debt : 8.80 %
• WACC : 11.62 %
DCF

“
In cr. 31/03/18 31/03/19 31/03/20 31/03/21 31/03/22 31/03/23 31/03/24
               
₹ ₹ ₹
Revenue from Operations 27,992.40 ₹ 31,744.00 36,178.39 ₹ 41,232.22 46,992.04 ₹ 53,556.46 ₹ 61,037.87
₹
Cost of Sales ₹ 14,788.00 ₹ 17,662.20 ₹ 19,376.07 ₹ 22,082.76 25,167.55 ₹ 28,683.25 ₹ 32,690.08
₹
Gross profit ₹ 13,204.40 ₹ 14,081.80 ₹ 16,802.31 ₹ 19,149.46 21,824.49 ₹ 24,873.20 ₹ 28,347.79
₹
Expenses ₹ 10,096.10 ₹ 11,653.88 ₹ 11,507.69 ₹ 13,115.23 14,947.32 ₹ 17,035.34 ₹ 19,415.05
₹
Depriciation ₹ 1,144.50 ₹ 1,278.92 ₹ 1,369.37 ₹ 1,472.45 1,589.93 ₹ 1,723.82 ₹ 1,876.41
₹ ₹ ₹
EBIT 1,963.80 ₹ 1,149.00 3,925.25 ₹ 4,561.79 5,287.25 ₹ 6,114.04 ₹ 7,056.33
6.00%
₹ ₹ ₹ ₹
Tax Paid 679.67 397.67 1,358.53 ₹ 1,578.84 1,829.92 ₹ 2,116.07 ₹ 2,442.20
₹ ₹ ₹ ₹
EBIT*(1-t) 1,284.13 751.33 2,566.72 ₹ 2,982.95 3,457.33 ₹ 3,997.97 ₹ 4,614.14
₹
Depriciation ₹ 1,144.50 ₹ 1,278.92 ₹ 1,369.37 ₹ 1,472.45 1,589.93 ₹ 1,723.82 ₹ 1,876.41
₹ ₹ ₹ ₹ ₹
Capex 1,995 2,874 1,538 ₹ 1,752 1,997 ₹ 2,276 2,594

Change in working cap -962.2 -659 1603.107094 23.80452793 27.1298329 30.9196567 35.238889
₹ ₹ ₹ ₹
FCFF 1,395.83 -184.55 795.40 ₹ 2,679.23 3,022.97 ₹ 3,414.72 ₹ 3,861.20

              ₹ 35,212.68
₹ ₹ ₹ ₹
Adj FCFF 1,395.83 -184.55 795.40 ₹ 2,679.23 3,022.97 ₹ 3,414.72 ₹ 39,073.88
Value of Firm ₹ 32,453.74            
Number of shares 2,37,27,934            

Value of per share ₹ 1,367.74            


5
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