Blue Dart Express rises after announcing price hike

Shares of the logistics solution provider gained 1.59% to Rs 8,712.20 after the company announced its general price increase (GPI) effective from 1 January 2023.

The average shipment price increase will be 9.6% as compared to 2022, dependant on the shipping profile, said the company.

The company added that the customers signing up from 1 October 2022 to 31 December 2022 will not be impacted by the price increase.

In an exchange filing, Blue Dart said that the company adjusts its prices annually, taking into account inflation, currency dynamics, fuel cost instabilities, growing regulatory costs and other mandatory costs, such as expenses related to compliance for the workforce with enhanced security regulations across all the locations it services.

Balfour Manuel, managing director of Blue Dart said, Under the group's new sustainability roadmap, Blue Dart has made significant investments in developing future- ready technology that can protect the environment and at the same time deliver excellence in a sustainable way. Paving the way for our customers to create sustainable logistics aimed at lowering the ecological footprint, to create a balance between financial growth, environment care, and health of society. Our annual increase is more inflation related and enables us to sustain service quality and cost increases.

Ketan Kulkarni, chief commercial officer at Blue Dart adds, As the world is witnessing huge global and environment impact on businesses, Blue Dart is trying to be prudent with a determined approach to consistently update our systems and processes, to ensure that we remain one step ahead of the curve even during challenging situations. Automation and technology have always been major pivots of our business, not only to ensure customer satisfaction, but also to make sustainable choices that secure a future for the generations of tomorrow'.

Blue Dart Express is South Asia's premier express air and integrated transportation & distribution company.

The company's consolidated net profit jumped 280% to Rs 118.79 crore on 49.3% increase in revenue from operations to Rs 1,293.31 crore in Q1 FY23 over Q1 FY22.

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