Blue Dart Express Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. Net Sales/income from operations (inclusive of fuel surcharge and currency adjustment factor) has recorded an increase of 5.05% for the year ended March 31, 2017 and by 7.40% for the quarter ended March 31, 2017 as compared to corresponding previous year's period. With the demonetisation effective November 8, 2016 the Company has observed drop in retail cash on delivery revenue which impacted net sales/income from operations as well as profit for the last six months.
2. Other expenses include professional charges of Rs. 3,514 lakhs for the year ended March 31, 2017 and Rs. 997 lakhs during the quarter ended March 31, 2017 towards consultation & advisory services to strengthen Company's future strategic plans.
3. On November 24, 2016 the company has acquired 62,40,000 equity shares of Blue Dart Aviation Limited for a consideration of Rs.7,061 lakhs including incidental expenses) and thereby increased its holding from 74% to 100%,consequently,Blue Dart Ayiation Limited has become a Wholly Owned Subsidiary of the Company with effect from November 24, 2016.
4. Ratios have been computed as ; Debt Equity Ratio = (Total Borrowings - Cash and Cash equivalents & Current assets - Investments excluding amounts held on behalf of customers)/Net Worth (including DRR), Debt Service Coverage Ratio = EBIT/ Finance Cost + Principal Payment due on Long term borrowings during the period, if any) and Interest Service Coverage Ratio = EBIT/ Finance Cost.
5. a. Actuarial gain/loss on net defined benefit liability /assets liabilites been recognised as Other Comprehensive Income (net of income tax), as per Ind AS requirements.
6. The financial results are prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as prescribed under section 133 or the Companies Act, 2013 and other recognised accounting practices and policies as applicable. Beginning April 1, 2016, the Company has adopted Ind AS for the first time with a transition date of April 1, 2015.
7. The Company has only one operating segment, which is 'integrated air and ground transportation and distribution'. All assets of the Company are domiciled in India and the Company earns it's entire revenue from its operations in India. There is no single customer which contributes more than 10% or the Company's total revenues.
8. The Board of Directors have recommended a Dividend of Rs. 15 /- (Rupees Fifteen per share) on the Equity Capital for the year ended March 31, 2017, subject to necessary approval by the members in the ensuring annual General Meeting.
9. The Consolidated Financial results represent those or Blue Dart Express Limited, its Wholly Owned Subsidiaries Concorde Air Logistics Limited and Blue Dari Aviation Limited in accordance with Ind AS 110 - "Consolidated Financial Statements" pursuant to Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015. Under Previous GAAP, Blue Dart Aviation Limited was recognised as an associate company and consolidated using equity method. Under Ind AS, Blue Dart Aviation Limited is recognised and consolidated as subsidiary.
10. The results for the quarter ended March 31, 2017 are the balancing figures between audited figures in respect of financial year ended March 31, 2017 and the published year to date figures up to the third quarter of the current financial year.
11. The prior period's figures have been regrouped and reclassified wherever necessary to conform to current period's classification.
12. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on May 5, 2017. There are no qualifications in the Auditors' Report issued on the financial statements as of and for the financial year ended March 31, 2017.