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Last Updated on: 22 April, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 526612 | NSE: BLUEDART

Fundamental Analysis of Blue Dart Express Ltd

Basic Stock Data

Last Updated: April 21, 2024, 1:33 pm

Market Cap 14,943 Cr.
Current Price 6,297
High / Low7,650/5,487
Stock P/E51.1
Book Value 513
Dividend Yield0.48 %
ROCE26.3 %
ROE34.9 %
Face Value 10.0

Data Source: screener.in

Competitors of Blue Dart Express Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Allcargo Gati Ltd 1,343 Cr. 103178/95.4 47.20.00 %3.43 %1.22 % 2.00
Industry Average1,343.00 Cr103.000.0047.200.00%3.43%1.22%2.00

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales1,0379688661,1241,2551,1661,2931,3251,3371,2171,2381,3241,383
Expenses7857207078489818741,0261,0821,1091,0171,0471,1021,170
Operating Profit252248159275274292267243228199191223213
OPM %24%26%18%24%22%25%21%18%17%16%15%17%15%
Other Income1477-30144789910524
Interest27262523202018181615192020
Depreciation1151089910110393971011009699111111
Profit before tax12412242122165183159131121978298108
Tax %23%26%25%26%25%25%25%29%27%28%26%25%17%
Net Profit95903191123137119948969617389
EPS in Rs40.1737.9313.1838.1652.0157.7350.0639.4637.3729.2725.8330.7937.46

Last Updated: April 3, 2024, 6:25 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: April 3, 2024, 6:25 am

MonthDec 2011Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales1,4952,1721,9372,2722,5632,6902,7993,1743,1753,2884,4105,1725,116
Expenses1,3151,8921,7642,0482,1572,3482,4472,8882,7012,6023,4104,2354,275
Operating Profit1802801722244063423522864756861,000938841
OPM %12%13%9%10%16%13%13%9%15%21%23%18%16%
Other Income2229392535262019-49-6-53233
Interest0001143454043117111876770
Depreciation22352744102104114128347430395394406
Profit before tax180274184194296219217134-39140512508398
Tax %32%30%34%34%33%36%33%33%-7%27%25%27%
Net Profit12419312312919714014590-42102382371292
EPS in Rs52.3481.4651.6754.5182.9558.9360.9937.83-17.6442.91161.08156.16123.26
Dividend Payout %4%87%29%294%36%25%21%33%0%35%37%19%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)-36.27%4.88%52.71%-28.93%3.57%-37.93%-146.67%342.86%274.51%-2.88%
Change in YoY Net Profit Growth (%)0.00%41.15%47.84%-81.65%32.51%-41.50%-108.74%489.52%-68.35%-277.39%

Growth

Compounded Sales Growth
10 Years:9%
5 Years:13%
3 Years:18%
TTM:1%
Compounded Profit Growth
10 Years:6%
5 Years:20%
3 Years:116%
TTM:-33%
Stock Price CAGR
10 Years:6%
5 Years:14%
3 Years:5%
1 Year:1%
Return on Equity
10 Years:30%
5 Years:30%
3 Years:38%
Last Year:35%

Last Updated: April 17, 2024, 3:34 am

Balance Sheet

Last Updated: April 3, 2024, 6:25 am

MonthDec 2011Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital24242424242424242424242424
Reserves6406366192843584065085544675688481,1561,193
Borrowings0003323974914185735301,5221,0661,1201,096
Other Liabilities1803912973494864775536611,620783891923962
Total Liabilities8441,0519409881,2651,3971,5031,8112,6412,8972,8293,2233,275
Fixed Assets2332212282164534715186541,6651,5831,4371,4371,837
CWIP312825216799911876943912
Investments7423242600000150207171114
Other Assets5347956797217908608851,0669581,1581,1151,1761,313
Total Assets8441,0519409881,2651,3971,5031,8112,6412,8972,8293,2233,275

Reserves and Borrowings Chart

Cash Flow

MonthDec 2011Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 107183120153361225317243364750860717
Cash from Investing Activity -99253932-149-228-190-280-193-52911-514
Cash from Financing Activity -3-6-294-126-95-33-15279-340-235-772-291
Net Cash Flow5202-13660118-36-2542-169-1499-89

Free Cash Flow

MonthDec 2011Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow180.00280.00172.00-108.009.00-149.00-66.00-287.00-55.00685.000.00937.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2011Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days463850474149555661574845
Inventory Days
Days Payable
Cash Conversion Cycle463850474149555661574845
Working Capital Days16-1412815-4-14-37-16-15-8
ROCE %30%43%28%32%48%31%28%17%13%17%31%26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%
FIIs1.97%2.47%3.25%3.21%3.25%3.50%5.13%5.08%4.85%4.24%4.73%5.29%
DIIs11.31%10.18%9.63%9.39%9.51%9.59%7.90%8.45%9.86%11.10%11.76%11.76%
Public11.72%12.35%12.12%12.40%12.24%11.91%11.97%11.45%10.29%9.64%8.50%7.94%
No. of Shareholders22,22233,54832,45030,60829,76829,44934,40436,62836,65636,84035,01929,294

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Kotak Small Cap Fund - Regular Plan444,5251.89268.26
Nippon India Small Cap Fund306,4280.4184.92
Canara Robeco Emerging Equities164,5350.4999.29
HSBC Midcap Fund123,2400.7674.37
L&T Focused Equity Fund52,7004.2339.98
Kotak Equity Hybrid Fund - Regular Plan62,9570.7537.99
PGIM India Small Cap Fund52,4282.231.64
Tata Retirement Savings Fund - Progressive Plan - Regular Plan45,8501.6127.67
Tata Retirement Savings Fund - Moderate Plan - Regular Plan44,7621.4227.01
Aditya Birla Sun Life MNC Fund - Div42,3570.7225.56

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)156.16161.0842.91-17.6437.83
Diluted EPS (Rs.)156.16161.0842.91-17.6437.83
Cash EPS (Rs.)321.97327.26223.82128.5691.60
Book Value[Excl.RevalReserv]/Share (Rs.)496.45367.00249.14206.58243.15
Book Value[Incl.RevalReserv]/Share (Rs.)496.45367.00249.14206.58243.15
Revenue From Operations / Share (Rs.)2176.861856.271383.891336.331336.03
PBDIT / Share (Rs.)408.05433.75297.39206.10128.24
PBIT / Share (Rs.)242.02267.34116.4159.9274.41
PBT / Share (Rs.)213.89215.6158.83-16.4656.46
Net Profit / Share (Rs.)155.95160.8642.85-17.6237.78
NP After MI And SOA / Share (Rs.)155.95160.8642.85-17.6237.78
PBDIT Margin (%)18.7423.3621.4815.429.59
PBIT Margin (%)11.1114.408.414.485.56
PBT Margin (%)9.8211.614.25-1.234.22
Net Profit Margin (%)7.168.663.09-1.312.82
NP After MI And SOA Margin (%)7.168.663.09-1.312.82
Return on Networth / Equity (%)31.4143.8317.19-8.5215.53
Return on Capital Employeed (%)27.2940.8217.218.3817.25
Return On Assets (%)11.4913.513.51-1.584.95
Long Term Debt / Equity (X)0.210.000.410.830.73
Total Debt / Equity (X)0.210.220.410.830.85
Asset Turnover Ratio (%)2.001.791.461.882.20
Current Ratio (X)0.950.840.830.761.10
Quick Ratio (X)0.910.810.810.731.06
Dividend Payout Ratio (NP) (%)22.4124.830.00-70.8533.04
Dividend Payout Ratio (CP) (%)10.8512.200.009.7013.62
Earning Retention Ratio (%)77.5975.170.00170.8566.96
Cash Earning Retention Ratio (%)89.1587.800.0090.3086.38
Interest Coverage Ratio (X)14.5011.856.374.177.14
Interest Coverage Ratio (Post Tax) (X)6.545.812.151.193.10
Enterprise Value (Cr.)14895.0716274.8813180.925473.408739.73
EV / Net Operating Revenue (X)2.883.694.011.722.75
EV / EBITDA (X)15.3615.7918.6511.1828.68
MarketCap / Net Operating Revenue (X)2.853.694.031.632.68
Retention Ratios (%)77.5875.160.00170.8566.95
Price / BV (X)12.5018.6522.3810.5214.73
Price / Net Operating Revenue (X)2.853.694.031.632.68
EarningsYield0.020.020.01-0.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 9192.70

The stock is undervalued by 45.99% compared to the current price ₹6297

Calculation basis:

  • Fair value = (P/E Ratio * (Return on Equity / 100) * Book Value) * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 28.67%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -5.50, which is a positive sign.
  3. The company has higher reserves (633.62 cr) compared to borrowings (580.38 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (2.69 cr) and profit (247.46 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 49.42, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Blue Dart Express Ltd:
    1. Net Profit Margin: 7.16%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 27.29% (Industry Average ROCE: 3.43%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 31.41% (Industry Average ROE: 1.22%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 6.54
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.91
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 51.1 (Industry average Stock P/E: 0)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. ✓ Total Debt / Equity: 0.21
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating: ★★★★︎☆

About the Company - Qualitative Analysis

Blue Dart Express Ltd. is a Public Limited Listed company incorporated on 05/04/1991 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L61074MH1991PLC061074 and registration number is 061074. Currently Company is involved in the business activities of Courier activities. Company’s Total Operating Revenue is Rs. 4409.02 Cr. and Equity Capital is Rs. 23.76 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
CouriersBlue Dart Centre, Mumbai Maharashtra 400099communications@bluedart.com
http://www.bluedart.com
Management
NamePosition Held
Mr. Sharad UpasaniChairman
Mr. Balfour ManuelManaging Director
Mr. Sebastian PaebensDirector
Air M'shal (Retd.) M McMahonDirector
Ms. Tulsi Nowlakha MirchandaneyDirector
Ms. Kavita NairDirector
Mr. R S SubramanianDirector
Mr. Florian Ulrich BumbergerDirector
Mr. Prakash ApteDirector
Ms. Padmini Khare KaickerDirector

Blue Dart Express Ltd. Share Price Update

Share PriceValue
Today₹6,282.00
Previous Day₹6,117.90

FAQ

What is the latest fair value of Blue Dart Express Ltd?

The latest fair value of Blue Dart Express Ltd is 9192.70.

What is the Market Cap of Blue Dart Express Ltd?

The Market Cap of Blue Dart Express Ltd is 14,943 Cr..

What is the current Stock Price of Blue Dart Express Ltd as on 22 April 2024?

The current stock price of Blue Dart Express Ltd as on 22 April 2024 is 6,297.

What is the High / Low of Blue Dart Express Ltd stocks in FY 2024?

In FY 2024, the High / Low of Blue Dart Express Ltd stocks is ₹7,650/5,487.

What is the Stock P/E of Blue Dart Express Ltd?

The Stock P/E of Blue Dart Express Ltd is 51.1.

What is the Book Value of Blue Dart Express Ltd?

The Book Value of Blue Dart Express Ltd is 513.

What is the Dividend Yield of Blue Dart Express Ltd?

The Dividend Yield of Blue Dart Express Ltd is 0.48 %.

What is the ROCE of Blue Dart Express Ltd?

The ROCE of Blue Dart Express Ltd is 26.3 %.

What is the ROE of Blue Dart Express Ltd?

The ROE of Blue Dart Express Ltd is 34.9 %.

What is the Face Value of Blue Dart Express Ltd?

The Face Value of Blue Dart Express Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Blue Dart Express Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE