Blue Dart Express reported Q1 revenue of INR1,658 Cr (vs INR1,442 Cr prior year) and PAT of INR87 Cr.

Performance was driven by pricing actions and fuel surcharges, alongside 7% overall tonnage growth.

E-commerce revenue rose over 10% YoY, with ground B2B up 14%. Air freight accounts for ~60% of revenue, while B2B makes up ~70%. Management aims for stable margin improvement through efficiency and yield optimization, rather than solely volume growth.

Annual standalone capex is projected at INR100-150 Cr for network expansion.

Freighter utilization remains strong at 85-90%. Management expressed a positive outlook on improving returns.