 "Blue dart")
Indian courier delivery firm Blue Dart Express's first-quarter profit fell nearly 9 per cent on Tuesday as higher expenses offset a rise in volumes.
The company, which competes with Delhivery and IPO-bound Shadowfax, said its consolidated net profit fell 8.6 per cent to 488.3 million Indian rupees ($5.62 million)in the quarter ended June 30.
Its revenue from operations rose 7.4 per cent to 14.42 billion rupees, while expenses grew 8.3 per cent to 13.86 billion rupees.
KEY CONTEXT
Indian logistics companies have been grappling with higher expenses due to more competition and increased freight costs.
Analysts said Blue Dart's higher volume growth was likely fueled by the business to consumer (B2C) unit and its Surface business, which delivers items weighing 10 kilograms and above door-to-door.
Blue Dart did not provide a performance breakdown of its businesses.
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