You are here » Home » Companies » Company Overview » Blue Dart Express Ltd

Blue Dart Express Ltd.

BSE: 526612 Sector: Services
BSE 13:09 | 07 Dec 6451.65 -15.90






NSE 12:59 | 07 Dec 6462.85 -11.95






OPEN 6548.35
52-Week high 7260.05
52-Week low 3710.00
P/E 47.72
Mkt Cap.(Rs cr) 15,310
Buy Price 6451.60
Buy Qty 4.00
Sell Price 6462.50
Sell Qty 1.00
OPEN 6548.35
CLOSE 6467.55
52-Week high 7260.05
52-Week low 3710.00
P/E 47.72
Mkt Cap.(Rs cr) 15,310
Buy Price 6451.60
Buy Qty 4.00
Sell Price 6462.50
Sell Qty 1.00

Blue Dart Express Ltd. (BLUEDART) - Director Report

Company director report

To the Members

Your Directors take great pleasure in presenting the Thirtieth Annual Report of BlueDart Express Limited ("Company" / "Blue Dart") for the financial yearended March 31 2021.

Please find below snapshot of the performance:





Revenues For the year ended March 31 2021 For the year ended March 31 2020 For the year ended March 31 2021 For the year ended March 31 2020
Service Charges 327970 316639 328813 317513
Other Income 1266 1401 2030 1552
Less : Operating Expenses 290307 297855 260184 270095
Gross Profit (EBIDTA) 38929 20185 70659 48970
Less : Finance Cost 3172 3214 11095 11738
Depreciation & Amortisation 20067 15280 43000 34733
Earnings before exceptional items and tax 15690 1691 16564 2499
Less : Exceptional items 2585 6411 2585 6411
Earnings / (Loss) before Tax 13105 (4720) 13979 (3912)
Less : Income Tax Expenses 3474 (891) 3798 274
Earnings / (Loss) after tax 9631 (3829) 10181 (4186)
Other Comprehensive Income (post Tax) (63) (722) (68) (927)
Total Comprehensive income / (Loss) for the year Retained Earnings 9568 (4551) 10113 (5113)
Balance as at the beginning of the year 46306 52861 36959 44076
Add : Profit / (Loss) for the year 9631 (3829) 10181 (4186)
Profit available for appropriation 55937 49032 47140 39890
Less : Appropriations/Adjustments
Transitional adjustments (Ind AS 115) (Net of tax) - - - -
Dividend (including dividend distribution tax) - 3576 - 3576
Transfer from Debenture Redemption Reserve - (1572) - (1572)
Acturial loss / (gain) on remeasurement of post employment benefit obligation net of tax 63 722 68 927
Balance as at the end of the year 55874 46306 47072 36959

Notes :

1. The above figures are extracted from the standalone and consolidated financialstatements prepared in compliance with the Indian Accounting Standards (Ind AS) and complywith all aspects of the Indian Accounting Standards (Ind AS) notified under Section 133 ofthe Companies Act 2013 (the "Act') Companies (Indian Accounting Standards) Rules2015 (amended) and other relevant provisions of the Act.

2. During the year ended March 312021 the Company rewarded its employees for theoutstanding efforts during the COVID-19 crisis with onetime ex-gratia as a token ofappreciation. Accordingly Rs 3417 Lakhs was paid and reported as an exceptional item.Further post completion of 'Organisation Right Sizing' exercise and settlement ofcompensation to identified employees an amount of Rs 832 Lakhs was reversed as a resultof which the net impact was Rs 2585 Lakhs.

3. During the year ended March 31 2020 with an objective of creating a long-termvalue for its stakeholders Management conducted 'Organisation Right Sizing' exercise andrecognized provision of Rs 4609 Lakhs. The Management further decided to discontinuecertain business activities and change the operating software for certain businessfunction and accordingly the net book value of related assets aggregating to Rs 1802Lakhs was written down. Together this had an impact of Rs 6411 Lakhs.

4. Effective April 01 2019 the Company adopted Ind AS 116 "Leases" usingthe modified retrospective approach.


The financial year 2020-21 was one of the toughest years humanity has faced in the pastcentury. The COVID-19 pandemic has emerged as a global challenge. Throughout the year theglobal coronavirus (COVID-19) pandemic caused significant economic and social disruptionworldwide.

After COVID-19 being declared a pandemic by the World Health Organisation (WHO) inMarch 2020 many countries imposed varying degrees of restrictions to curb the spread.COVID-19 along with health crisis is having far-reaching implications on the globaleconomy. The pandemic led to a sharp decline in the global trade lower commodity pricesand tight liquidity conditions. The contraction in the GDP seen in many countriesincluding India was due to reduced economic activity and restricted mobility caused byCOVID-19 as discretionary spending was curtailed and focus was mainly on essentials andprecautionary savings due to uncertainty. The pandemic interrupted supply- chain bothdemand and supply side at least in the short-term.

During the year 2020-21 the global gross domestic product (GDP) after contractingrecovered at a healthy pace. The recovery was aided by fiscal and monetary measures pentup demand and is expected to strengthen further supported by fast paced rollout ofvaccines especially in advanced economies. India also witnessed a speedy revival and itsGDP recorded a positive YoY growth in Q3 FY2020-21 (after contraction in the first 2 (two)quarters). The effective measures taken by the Government of India and Reserve Bank ofIndia supported towards recovery of economy. However sharp surge in new cases witnessedin the past couple of months leading to strict restrictions imposed by the States wouldimpact growth momentum in the coming months.

During the lockdown Blue Dart frontliners were on the field every day ensuringdeliveries within a time-window to businesses and homes thus re-emphasizing our role asthe nation's trade facilitator and reflecting Blue Dart's foundational qualities viz;passion 'can do' right 1st time and 'as one'. Blue Dart operated its fleet of Boeing757-200 freighters throughout the lockdown across the nation as well as across bordersensuring essential and non-essential supply chain continuity. Your Company acceptedadapted and improvised itself to the situation at hand to be a reliable resilient andresponsive organization for its customers as well as employees.

During the pandemic your Company launched innovative initiatives such as 'contact-lessdeliveries' to keep our colleagues and customers healthy and safe brought colleaguestogether on a 'Blue Connect' platform creating a stronger brand with our advertising ontelevision channels and winning prestigious accolades such as the Super Brand

Award the Readers Digest Trusted Brand Award and 'Great Places to Work For' Award.Blue Dart continued to offer an unwavering support and was honoured to be a part of theIndian Government's 'Lifeline Udan' initiative to ensure uninterrupted supply-chaincontinuity of medical equipment (ventilators & PPE) testing kits reagents enzymesrespirators surgical masks and gloves among other vital supplies.

In such a challenging scenario income from the operations of the Company reported forthe financial year ended March 31 2021 was Rs 327970 Lakhs as compared to Rs 316639Lakhs for the year ended March 31 2020. Your Company posted a profit after tax of Rs9631 Lakhs for the year ended March 31 2021 on a standalone basis as compared to netloss of Rs 3829 Lakhs for the financial year ended March 31 2020 on a standalone basis.

Your Company over the last 37 years has centred the business around providingindividualized customer solutions to ensure exceptional service quality. Your Companycontinued to be resilient and displayed exemplary service quality and excellence with highbenchmarks and standards in all aspects of business. Your Company is an undisputed marketleader in the express logistics industry in India and continues to remain one of the mostinnovative admired and awarded logistics companies of India.

With a dedicated air and ground network enhanced with cutting-edge technology yourCompany continues to be South Asia's premier air and integrated transportationdistribution and logistics company. It offers a wide range of innovative and simplifiedsolutions across the industry verticals coupled with dedicated air and ground networkhigh standard technology architecture value pricing customer satisfaction excellentservice quality and operations delivery par excellence.

Your Company has an impeccable service record driven by a motivated and passionateteam the testimony for which rests in the numerous awards bestowed on your Company overthe years. As a responsible corporate entity your Company continues to contribute towardsenvironmental and social causes that enhance and nurture the society in which it operates.

Since inception your Company has maintained its technology leadership and continues toinvest extensively in its technology infrastructure to create differentiated deliverycapabilities quality services and customized solutions for the customers. The use oftechnology has optimized the cost improved processes and allowed your Company tointroduce innovative solutions to provide customers with high quality service offerings.In the last few years your Company has adopted technology to enable tracking ofshipments dynamic route management advanced billing and receivables management system

integrating wallets for 'cash-on-delivery' (COD) 'control tower' and 'network control'modules. Your Company has successfully enabled office-based employees to 'work from home'during pandemic thereby ensuring smooth operations for essential items.

Blue Dart's key differentiators continue to be its customer centricity which offerscustomers flexibility and security with product and service offerings such as latepick-up/early delivery reliability security tracking visibility across the deliverychain. Your Company continues to innovate user-friendly and efficient technologicalsolutions for benefit of customers. During the year your Company pioneered 'Contact LessDelivery' (CLD) to ensure safety of our customers and our people and OTP based deliveriesand other initiatives viz; customer mobile app digital sorry card etc. were launchedtowards enabling a digital ecosystem.

During the year the company invested aggressively in its products and services tocontinue to support Customers' logistics needs even during a very challenging period. Thecompany also invested in its people and its market-leading technology to position itselfas a Provider of Choice an Employer of Choice as well as an Investment of Choice to allits stakeholders.

While pandemic interrupted supply-chain eCommerce market witnessed high growth withthe consumers and businesses ordering everything from groceries to consumer durablesonline. Your Company provides the most efficient solutions to the e-commerce industry andcustomers with a seamless and unique experience. To enable digital payments your Companyenabled 16 (sixteen) digital wallets on the courier hand-held machines apart fromacceptance of credit/ debit cards.

Your Company's online presence on the 'social media' platforms through its officialFacebook Twitter YouTube and LinkedIn pages reached an impressive audience base and israpidly gathering followers creating a stream of customers who are ardent advocates ofbrand and influence a positive opinion in the new age media.

Your Company's strategy has always been 'Customer First' and our foundational tool ofCustomer Centricity imbibed in every Blue Darter has supported in enhancing growth. Weknow and understand that the shipment is very important and matters to our customer andtherefore it matters to us. Hence we say; # If Its Important Blue Dart IT. This is whathelped us survive and thrive in 2020 and this will continue to be our strategy goingforward as well.

Your Company continues to be certified with ISO 9001 standards since 1996 and hassuccessfully re-certified itself in August 2020 for 3 (three) years to a new global ISO9001-2015 standard for "design management and operations of the countrywide expresstransportation and distribution services within the Indian sub-continent and internationaldestinations serviced through multinational express companies".

Your Company continues to drive "First Choice" and "Net PromoterApproach" (NPA) initiatives enhancing process improvements customer centricity andservice quality.


Your Directors are pleased to recommend a dividend of Rs 15 (Rupees Fifteen) per equityshare for the financial year ended March 31 2021 subject to necessary approval by theshareholders at the Annual General Meeting of the Company.

Dividend Distribution Policy :

In terms of provisions of Regulation 43A of the SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 ("Listing Regulations") your Companyhas formulated a Dividend Distribution Policy. The policy is accessible from yourCompany's website at


Your Company offers secured and reliable delivery of consignments to over 35000locations in India. As part of the DPDHL group ("DPDHL Group") your Companyaccesses the largest and most comprehensive express and logistics network worldwidethrough DHL covering over 220 countries and territories and offers an entire spectrum oflogistics solutions.

Your Company operates with its fleet of 6 Boeing 757-200 freighter aircrafts offering apayload of 500+ tons per night a flotilla of 11122 vehicles 2113 facilities and hubsacross 35000+ locations. Over 12000 passionate and trained Blue Darters work in perfectharmony to deliver over 24 shipments every second. Our team of talented Blue Darters arefully committed and dedicated to deliver 'service excellence' and value for all itsesteemed customers.

Your Company continues to focus on innovation reach expansion transit timeimprovements activation of emerging towns (tier-II III and IV) and strengtheningdistribution channels to enhance reach and strives to keep delivering beyond expectationsof its stakeholders.

Your Company carried over 1853.16 Lakh domestic shipments and over 7.52 Lakhinternational shipments weighing more than 718548 (seven lakh eighteen thousand fivehundred forty eight) tonnes during the financial year ended March 31 2021.


Your Company has 2113 facilities/hubs/ offices across India. Your Company alsoincreased the pin-code services to cater to 98% of the India's business needs. YourCompany plans to further strengthen and consolidate its air and ground infrastructureexpand its reach and offer the 'best-in-class' transit times.

Aviation System

Your Company has an 'Aircraft Crew Maintenance Insurance' (ACMI) Contract with BlueDart Aviation Limited ("BDAL") India's first domestic scheduled cargo airlinein the country. BDAL is a wholly-owned subsidiary of your Company for dedicated aircarriage capacity which has been a key differentiator in sustaining your Company'sleadership position through its unique aviation network.

During an extremely challenging year when all passenger airlines were grounded for aperiod BDAL continued relentlessly with its operations across our network to providecritical supply- chain link for the country. With severe movement restrictions on surfacetransport BDAL network enabled your Company to provide a seamless service to itscustomers. Additionally BDAL was proud to have the honour and privilege of supporting thenation by flying its first truly commercial international flights into China (Guangzhouand Shanghai) to carry emergency medical supplies for those in need. The first flight wasoperated on 15th April 2020 to Guangzhou to deliver urgent supplies to theGovernment of Assam. Subsequently regular international charters were commissioned tosupport Government of India in its fight against COVID-19 pandemic. Internationaldestinations included Hong Kong Hanoi in Vietnam Yangon in Myanmar and Dhaka. BDAL'sinternational charter contributed towards adding revenue during times of crisis.

During the year BDAL posted an 'On Time Performance of 92.14% and 'Technical DispatchReliability' of 99.57% with an average fleet life of 25.5 years. BDAL uplifted 101454tonnes including charter loads on its network during the12 months period which ended onMarch 31 2021.

BDAL became a proud owner of 2 (two) Boeing 757-200 aircraft. The leased aircraftVT-BDM and VT-BDN were acquired by the Company. During the year BDAL also took on lease3 (three) aircraft engines to support the Company's operations. BDAL carried out importantavionics modifications and upgrades which facilitated operations of internationalcharters. A major challenge which was handled efficiently without an adverse impact onoperations was sourcing of aircraft spares and materials from international locationsaffected by lockdown and curtained air connectivity to many airports overseas.

BDAL's Aviation Security Training Institute (ASTI) completed another successful year.Once the approval for commencement of training was received after July 2020 the instituteconducted regular classes to ensure compliance requirements of AVSEC qualifications forour personnel. As per request of 'Bureau of Civil Aviation' Security BDAL conductedAviation Security Training to multiple batches of the police personnel.


Compliance with New Accounting Standards

The Company's philosophy is to ensure compliance with all the applicable accountingstandards. The finance team pro-actively reviews all new accounting standards (includingamendments if any to the existing standards) and analyses the impact of the same on theCompany. In the recent past the Company successfully implemented Ind AS 115 'Revenue fromContract with Customers' with effect from April 2018 and Ind AS 116 'Leases' with effectfrom April 01 2019.

Digital Solutions

The Company undertook various digital initiatives in the finance function to enhancetransparency controls and efficiency. These initiatives includes state of the art'Billing & Receivables Management'

Module (BRMS) enabling digital billing to customers Receivables Management Module toimprove collections Budgeting & MIS modules to expedite MIS processing enableddigital collections and payments etc. There are many more modules which are being workedupon to enhance controls and efficiencies besides making the processes environmentfriendly.

Cost Efficiency

Your Company during the year focused on revenue and cost measures to tide overCOVID-19 impact which significantly impacted revenue and profitability of the Companyduring the 1st quarter of the financial year 2020-21. To leverage its airinfrastructure your Company operated various charters (international and domestic) andcarried medical supplies and other emergency equipment for the Ministry various StateGovernments and other customers during the pandemic in the 1st quarter of thefinancial year 2020-21 and continues to support the requirement. The cost efficiencyinitiatives inter-alia includes improving fleet utilization both for the aircrafts andvehicles process re-engineering rate negotiations with vendors and manpower productivityimprovement.

Treasury Operations

Your Company carried out treasury process review for efficiency improvement for BlueDart Group. Interest rates were re-negotiated which supported the company and itssubsidiaries to reduce its interest cost. Where banks did not reduce interest rates theirloans were repaid. Further buy v/s. lease option was reviewed which helped Blue DartAviation to buy two lease aircrafts and consequent lowering of overall cost.

Impact of COVID-19

The outbreak of COVID -19 and subsequent nationwide lockdown declared by the Governmentof India to combat COVID -19 caused high level of disruption on socio-economic front andunprecedented collapse of economic activities.

The Company has put in various measures to protect its employees and customers fromspread of infection by introducing 'contactless' deliveries social distancing wearing ofmasks frequent sanitization of facilities and regular trainings to employees forspreading awareness.

Post lockdown volumes started picking up and Company has continued playing its role insupporting business and trade.

As on March 31 2021 your Company has liquid assets (cash and cash equivalent) of Rs26349 Lakhs (including fixed deposit amounting to Rs 22500) as against Rs 3548 Lakhsas on March 31 2020.

Your Company's earnings per share (basic & diluted) for the year ended March 312021 stood at Rs 40.59 per share as compared to ' (16.14) per share for the previous yearended March 31 2020.

Cash Flows and Working Capital Management

During the year ended March 31 2021 Your Company generated net cash of Rs 44885Lakhs from its operations as against Rs 9366 Lakhs in the preceding financial year on astand-alone basis.

Your Company continued to manage its working capital efficiently without affecting theCompany's business activities. Your Company efficiently utilized its temporary surplusfunds by investing in various high rated debt schemes (liquid category) of mutual funds /fixed deposits with banks for effective cash flow management. Liquidity in the balancesheet requires to be balanced between the earnings and adequate returns covering financialrisk. Your Company's growth has been largely contributed through cash generation from theoperations which is adequate to support its working capital and debt servicing.


Your Company continues to enjoy high credit rating for its working capital facilities /short-term debt programme:

1. "ICRA AA" (stable) (ICRA double A) (long term rating) to your Company'sbank limits (working capital) of Rs 3615 Lakhs (including fund based and non-fund basedlimits). The rating is considered to have high degree of safety regarding timely servicingof financial obligations carrying very low credit risk. ICRA also assigned "ICRAA1+" (ICRA A one plus) (short term rating) for the said limits. The rating indicatesvery strong degree of safety regarding timely payment of financial obligation carryinglowest credit risk.

2. ICRA Ltd. (an Associate of Moody's Investors Service) has assigned "[ICRA]AA" (stable) rating for your Company's long term loans of Rs 7500 Lakhs (ratingassigned on October 23 2020).


The audited financial statements of BDAL and Concorde Air Logistics Ltd.("CALL") the wholly owned subsidiary companies for the financial year endedMarch 31 2021 together with the reports of Directors and Auditors are attached. Thestatement containing salient features of financial statements of the subsidiary companiesin the prescribed format viz. AOC-1 is attached as 'Annexure A' to the Board's Report. Thestatement also provides details of performance and financial position of subsidiarycompanies.

The consolidated financial results represent those of your Company and its wholly ownedsubsidiaries viz. BDAL and CALL. Your Company has consolidated its results in accordancewith the Ind AS 110 - 'Consolidated Financial Statements' pursuant to Section 133 of theAct read with the Companies (Indian Accounting Standards) Rules 2015 as amended fromtime to time.

Pursuant to requirements of Regulation 16(1)(c) of the Listing Regulations as amendedfrom time to time your Company has formulated a 'Policy on determining MaterialSubsidiaries'.

The policy is posted on the website of the Company viz. www.bluedart. com. The web linkof the said policy is


DHL Express (Singapore) Pte. Ltd. ("DHL") holds 75% of equity capital of yourCompany. The combined service offerings of both the organizations cover an entire spectrumof distribution within India and globally and provides customers with a firm strategicadvantage. Your Company is a leading brand in the country with an unmatched domesticnetwork robust infrastructure and skilled personnel. DHL is an acknowledged global leaderwith a strong and long-standing presence in India. Together both present a powerfulbackbone to the business and support the "Make in India" mission.

In our efforts to constantly collaborate and optimise with support of group companiesviz; DHL Express (India) Pvt. Ltd. DHL Supply Chain (India) Pvt. Ltd. DHL Logistics Pvt.Ltd. DHL eCommerce (India) Pvt. Ltd. (erstwhile known as DHL eCommerce (India) LLP) DHLeCommerce Singapore Pte. Ltd. Singapore Deutsche Post IT Services GMBH the IndiaSteering Committee comprising of the senior management team from each group company madesignificant progress in the past year to maximise synergies amongst the business unitswith a focus on improving infrastructure service quality and cost efficiencies therebyimproving customer experience.


The COVID-19 pandemic impacted livelihoods and businesses disrupting global economyand supply chains across the world.

The logistics industry helped ensure that global flow of goods particularly essentialitems remained largely unhindered despite lack of transport and disruptions in the supplychain. Hampered by the pandemic in the first half of the year businesses bounced backlater with shorter lead times better at-door experience and increased safety.

COVID-19 forced the entire world to expedite its shift from 'offline' to 'online' witha reliance on the logistics sector. The Indian logistics market is expected to grow at aCAGR of 10.5 percent between 2019-2025 and brands are boosting this growth by leveragingcutting-edge technologies.

Various economic indicators viz; GST collections and generation of e-way billsimproving demand across sectors (automotive pharmaceuticals chemicals steel cementfood and beverages) power consumption railway freight and higher exports points towardsrevival of Indian economy. The Government's stimulus measures and enhanced focus on'Atmanirbhar Bharat' are also expected to boost the economy in a sustainable manner.

The Union Budget 2021 focused on continued spending to stimulate growth as the economytries to recover from the impact of COVID-19. The outlay for the capital expenditure forthe financial year 2021-22 has been increased by 26% YoY with a specific emphasis oninfrastructure which in turn will provide boost to the employment numbers. While thiswould stretch fiscal consolidation path in the near to medium term the fiscal deficit isbudgeted to improve to 6.8% of GDP in 2021-22.

Technology has become the backbone of not just the logistics industry but of almostevery industry across the world. The ability to work from home was simply the start ofwhat is now a technological revolution. The COVID-19 pandemic turned all into humansobsessed with technology. While consumers started practicing online shopping increasinglyto mitigate fears of virus merchants began to analyse evolving consumers behaviourhence taking their off-line business operations to an online platform. Today bypartnering with the third-party logistics providers who offer an 'end-to-end' servicesviz; automated warehousing inventory management same day/next day deliveries etc. thesmall and medium scale companies are establishing fortified online presence forthemselves. Sellers are now digitizing their businesses to accelerate revival process andensure their business does not become redundant.

The pandemic highlighted the importance of technology and digitalization. Organizationsthat were not able to adapt to this change were weeded out. Resilience and agility becametraits that were valued and trusted more than ever before. The logistics industry playeda key role in facilitating the gap between the customer and the e-tail supplier.

Logistics players have increasingly begun to adopt new technologies such as dataanalytics artificial intelligence and machine learning to enhance the operationalefficiency and optimize cost and time. These technologies have played an instrumental rolein reviving logistics sector post lockdown(s) and it is expected that embracingdigitalization will be more than just a passing trend. This one is likely to belong-lasting and something that will shape the industry's future course. Robotics andtechnology such as drones are set to occupy the space in the future of logistics arena inoffering new- age solutions driving cost reduction convenience and delivery cycle. AsBlue Dart is an essential service provider we focused on digitalization and prioritizedprocesses to drive productivity and efficiency across various functions in theorganization.

The future holds an underlying theme of a 'Technology Led Transformation' which wouldrevolve around creating business models and having systems in place to ensure that theorganization will survive in a 'no contact' society.

Your Company believes that the power of technology and automation would propel thesector faster in a forward direction and your Company will continue investing in thesecapabilities. Your Company is committed to continuously outperform and would invest inbrand people technology digitalization and automation to chart a new trajectory as webuild our brand for future.

Your Company will continue its focus on product innovations and service enhancement.Your Company is geared to face challenges for the years to come. Your directors lookforward to improved performance in the coming years.


Your Company's innumerable efforts in the pursuit of an endless excellence wererecognized throughout the financial year ended March 31 2021. The position as an industryleader was significantly reiterated by the accolades received from several industry bodiesand customers. Your Company won several awards which validate its brand equityleadership human resource philosophy customer service business acumen and corporatesocial responsibility.

Your Company is benchmarked to the international standards and has won several brandleadership awards. It was voted as a 'Business Superbrand' for the 13thconsecutive year by Superbrands 2019 awarded as the Reader's Digest 'Most Trusted Brand'for The 14th Consecutive in a row certified as one of India's Best Companiesto Work for - 2020 by the Great Place to Work Institute India recognised as one ofIndia's 'Best Workplaces for Women' by the Economic Times recognised as a Company withGreat People Managers by Great Manager Institute and Forbes won 7th Edition ofthe 'Indian Risk Management Awards' hosted by ICICI Lombard and CNBC TV-18 recognised asone of India's Most Investable Companies in the ET500 list recognised as one of India'sFinest Companies by Financial Express on the FE1000 list recognised on the BusinessStandard BS1000 list of companies nominated at the 7th Payload Asia Awards2020. Blue Dart won Silver trophy at the 9th ACEF Awards for its CST initiative- Blue Homes under the Category 'Best Public Health/Safety Initiative' in the category ofSustainability.

Mr. Balfour Manuel Managing Director was recognized in the list of India's Top 100Great People Managers by 'The Great Manager' Institute and Forbes India.

Mr. Aneel Gambhir CFO was recognized as one of India's most distinguished F&ALeaders and featured in 'The CFO Power List 2020' by the CORE Media Group. He also won Top100 CFO Role of Honour Award organized by CFO India under 'Digital Transformation'Category. Mr. Gambhir was also part of the ICAI jury member for selecting winners of the"Excellence in Financial Reporting for the year 2019-20".

Mr. Ketan Kulkarni CMO and Head - Business Development participated in a number ofjury opportunities and panel discussions; a few of the most notable of which were theIndia Marketing Awards the Construction World Magazine Awards as well as the prestigiousPitch Marketing 30 under 30 Awards.



During the year Mr. Kenneth Allen tendered his resignation as a Director with effectfrom January 11 2021. The Board of Directors ("Board") accepted his resignationand placed on record their sincere appreciation and thanks for his valuable contribution.

Mr. Florian Ulrich Bumberger was appointed as an Additional Director of the Companywith effect from February 24 2021. Mr. Florian Ulrich Bumberger aged 42 years iscurrently the divisional CHRO Chief of Staff & Programs of DHL eCommerce Solutionsand member of the DPDHL Group HR Board. Furthermore he is responsible for divisionalstrategic initiatives and programs M&A and Compliance. He holds a Diploma in theBusiness Administration and is a Certified Institutional Investment Analyst (CIIA). Mr.Florian commenced his career as an Investor Relations professional with numerous awardsviz; Institutional Investor & Thomson Extel IR Survey. Thereafter he transitionedinto strategic business development and financial positions.

During the year Mr. Sebastian Pae&ens was appointed as an Additional Director ofthe Company with effect from February 24 2021. Mr. Sebastian Pae&ens aged 47 yearsis CFO of DHL eCommerce Solutions a business division of Germany based Deutsche Post DHLGroup. Mr. Sebastian joined Deutsche Post DHL Group in 2008 and held various managementpositions in the DHL Express division the German Post and Parcel division and in theCorporate Controlling department. In October 2018 Mr. Sebastian Pae&ens was appointedas CFO DHL eCommerce and DHL Parcel Europe before moving on to his current role inJanuary 2019. Mr. Sebastian holds a Master of Science degree in Business Administrationand Mechanical Engineering.

The Resolutions seeking approval of shareholders for appointment of Mr. Florian UlrichBumberger and Mr. Sebastian Pae&ens are incorporated in the Notice of forthcomingAnnual General Meeting along with their brief resumes.

In accordance with the provisions of Act and Articles of Association of the CompanyMr. R.S. Subramanian (DIN 02946608) Director retires by rotation at the ensuing AnnualGeneral Meeting and being eligible offers himself for re-appointment. Mr. R. S.Subramanian is currently the SVP & Managing Director DHL Express India and a memberof the DHL Express Asia Pacific Management Board.

On recommendation of Nomination & Remuneration Committee the Board of Directors ofthe Company in its Board Meeting held on May 5 2021 approved re-appointment of AirMarshal M. McMahon (Retd.) as an Independent Director of the Company for a further periodof three years with effect from February 10 2022 till February 09 2025 subject toapproval by members of the Company. Air Marshal M. McMahon (Retd.) has been appointed asthe Independent Director of the Company with effect from February 10 2017. Air Marshal M.McMahon (Retd.) aged 76 years possess wide experience in the Aviation Industry. He wascommissioned as a fighter pilot and served in the IAF for 42 years. On graduating hestood first in Flying. He underwent the T - 33 / F- 86 Advanced Gunnery Course in the USAand was awarded certificates for standing first in Low Level Strafe and Low Angle Bombing.He was an A2 Qualified Flying Instructor and was winner of Chief's of Air Staff trophy forstanding first in flying during the QFI course. His important staff appointments wereDirector Air Staff Requirements Asst. Chief of Air Staff (Operations) Inspector Generalof the IAF and Vice Chief of Air Staff. Air Marshal M. McMahon (Retd.) is recipient of theParam Vishist Seva Medal Ati Vishist Seva Medal and Vishist Seva Medal.

On recommendation of Nomination & Remuneration Committee the Board of Directors ofthe Company in its Board Meeting held on May 5 2021 approved re-appointment of Ms. KavitaNair as an Independent Director of the Company for a further period of five years witheffect from September 26 2021 till September 25 2026 subject to approval by members ofthe Company. Ms. Kavita Nair has been appointed as Independent Director of the Companywith effect from March 26 2019. An award winning and dynamic leader Kavita Nair aged 48years has been successful in managing a wide range of leadership roles. She has spentmajority of her working years with Vodafone Idea. Her career spanned for over 22 yearshere where she held leadership roles in diverse functions across both consumer andenterprise domains. In her last assignment Kavita was Chief Digital Transformation andBrand Officer of Vodafone Idea Limited India's leading telecom service provider.

The resolutions seeking approval of shareholders for re-appointment of Air Marshal M.McMahon (Retd.) and Ms. Kavita Nair are incorporated in the Notice of forthcoming AnnualGeneral Meeting along with their brief resume.

The Company has received necessary declaration from each Independent Director underSection 149(7) of the Act and Regulation 25 of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 that they meet requisite criteria of independence as laiddown under Section 149(6) of the Act and Regulation 16 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as amended. There has been no change in thecircumstances affecting their status as independent directors of the Company.

The Independent Directors have also confirmed that they have registered themselves onIndependent Directors data bank maintained by the Indian Institute of Corporate Affairs atManesar (Haryana) in accordance with the requirements of law.

The Board of Directors based on declaration(s) received from the IndependentDirectors have verified the veracity of such disclosures and confirm that IndependentDirectors fulfil conditions of 'independence' stipulated under SEBI Listing Regulationsand the Act and are independent of the Management of the Company. In the opinion of theBoard Independent Directors proposed to be re-appointed possess attributes of integrityexpertise and experience as required under applicable laws rules and regulations.

Key Managerial Personnel (KMP)

Mr. Balfour Manuel Managing Director Mr. Aneel Gambhir Chief Financial Officer andMr. Tushar Gunderia Head (Legal & Compliance) & Company Secretary are KMPs asprescribed under the applicable laws.


The Board met 6 (six) times during the financial year ended March 31 2021. The detailsof Board Meetings and attendance of Directors are provided in the Corporate GovernanceReport being part of the Annual Report.


The Audit Committee comprises of three non-executive directors Mr. Sharad Upasani Mr.Narendra Sarda and Mr. R.S. Subramanian. The Chairman of the Committee is Mr. SharadUpasani and Mr. Tushar Gunderia acts as Secretary to the Committee. The composition andterms of reference of the Audit Committee are in accordance with the provisions of Section177 of the Act and Regulation 18 of the Listing Regulations as amended from time to time.

The details of Audit Committee meetings and attendance of committee members areprovided in the Corporate Governance Report being part of the Annual Report. All therecommendations made by the Audit Committee were accepted by the Board.


Your Company has in place sound internal control system to ensure that all assets areprotected against loss from any unauthorised use and all transactions are recorded andreported correctly. The Company's internal control system has been further supplemented bythe internal audits carried out by an in-house internal audit team and supported byco-sourced audit firm. Significant audit observations and follow-up actions thereon arereported to the Audit Committee. The Company has recently appointed M/s. Grant ThorntonBharat LLP as the Company's co-sourced internal audit firm effective from April 1 2021.Well-established and robust internal audit processes both at the business and corporatelevel continuously monitor adequacy and effectiveness of internal control environmentacross the company and status of compliances with the operating systems internal policiesand regulatory requirements.

The internal financial controls within the Company are commensurate with the sizescale and complexity of its operations. Your Company has put in place robust policies andprocedures which inter-alia ensure integrity in conducting of business safeguarding ofassets timely preparation of reliable financial information accuracy and completeness inmaintaining accounting records and prevention and detection of frauds and errors.

Your Company has a comprehensive framework for monitoring compliances with applicablelaws. The Company introduced an additional IT-enabled tool to monitor compliances andaugment a robust compliance assessment process. A quarterly certification on compliancewith laws is provided by senior management to the Board.


As per the auditor's certificate on downstream investment in the Indian subsidiaryyour Company is in compliance with applicable law in relation to the foreign directinvestment and has obtained requisite certificate from the statutory auditors in thisregard.


In terms of provisions of Section 177 of the Act and Regulation 22 of the ListingRegulations your Company has adopted 'Whistle Blower Policy' which encourages itsemployees and various stakeholders to bring to the notice of the Company any issueinvolving compromise/ violation of an ethical norms legal or regulatory provisionsactual or suspected fraud etc. without any fear of reprisal discrimination harassmentor victimization of any kind.

Your Company has also engaged services of KPMG Advisory Services Pvt. Ltd. an eminentconsultancy firm for establishment of 'Blue Dart Ethics' Hotline. In terms of the policyall suspected violations and 'Reportable Matters' must be reported to the Ethics Committeevia Blue Dart Ethics Hotline. Ethics Committee comprises of Mr. Aneel Gambhir CFO Mr.Rajendra Ghag CHRO Mr. Tushar Gunderia Head (Legal & Compliance) & CompanySecretary and Mr. Manoj Madhavan CIO.

The policy is applicable to all directors employees officers customers vendorsand/or third-party intermediaries viz. agents and consultants whether appointed onpermanent temporary full-time part-time contractual probation or on retainer basisand engaged to conduct business on behalf of the Company and its subsidiary companies. Thepolicy provides direct access to the chairperson of the Audit Committee in appropriate orexceptional cases. None of the whistle blowers were denied access to the Audit Committeeof the Board.

Your Company has posted "Whistle Blower Policy" on its websiteviz; The web link of the Whistle Blower Policy is Policy.pdf


Your Company is committed to ensure that all employees work in an environment whichnot only promotes diversity and equality but also mutual trust equal opportunity andrespect for human rights. Your Company is also committed to provide a work environmentwhich ensures every woman employee is treated with dignity respect and afforded equaltreatment.

Your Company has zero tolerance for sexual harassment at workplace and has in place apolicy on 'Prevention of Sexual Harassment' for Women employees in line with therequirements of Sexual Harassment of Women at Workplace (Prevention Prohibition &Redressal) Act 2013.

An Internal Complaints Committee has been set up to redress complaints regarding sexualharassment. All women employees (permanent outsourced temporary trainees) are coveredunder this policy. Awareness and sensitization programs were conducted across the Company.Your Company conducted training in relation to the Prevention of Sexual Harassment (POSH)across all the functions to apprise all employees on safe work environment. A short surveywith some women employees selected at random was done to gain an insight into theirknowledge on POSH and safety. This survey received tremendous positive feedback. Duringthe year under review no complaint was received.


During the year under review provisions of cost audit as stated under Section 148 ofthe Act and the Companies (Audit and Auditors) Rules 2014 were not applicable to theCompany.


Pursuant to requirements of Regulation 25 of the Listing Regulations your Company hasin place familiarization programme for independent directors with regard to their roleduties and responsibilities nature of the industry in which the Company operatesbusiness / operating model of the Company etc. The Board Members are provided with allnecessary documents/ reports and internal policies to enable them to familiarise with theCompany's procedures and practices.

Periodic presentations are made at the Board and the Board constituted committeemeetings in respect of business and performance updates of the company global businessenvironment business strategies and risks involved. Your Company has been regularlyfamiliarizing the Independent Directors on its Board with detailed presentations by itsbusiness functional heads on the Company's operations strategic business plans andtechnology update. Apart from above Independent Directors are also familiarized onvarious regulatory developments change in laws to keep themselves abreast of the latestcorporate regulatory and industry developments.

The familiarization programme has been posted on website of your Company The weblink of familiarization programme is



The CSR Committee of your Company comprises of Mr. Sharad Upasani the Chairman of thecommittee Mr. Balfour Manuel Managing Director and Ms. Tulsi N. Mirchandaney Directoras members of the committee.

The CSR Committee along with CSR implementation/management committee is responsible forformulating and implementing the CSR Policy of the Company.

Mr. Aneel Gambhir CFO is permanent invitee to the CSR Committee meetings of theBoard. Mr. Tushar Gunderia acts as Secretary to the committee.

The details of Corporate Social Responsibility Committee meetings and attendance ofCommittee Members are provided in the Corporate Governance Report.

CSR Initiatives / CSR Policy

Corporate social responsibility is an integral part of your Company's strategy. YourCompany is committed to its responsibility towards the society community and environmentand wants to make a positive contribution to the society and the world at large by usingtheir knowledge and domestic / global presence in a way which benefits the planet and itspeople.

As an Indian company with a global outlook your Company endeavors to maintain ahealthy balance between its economic environmental and social interests.

In compliance with the requirements of section 135 of the Act the details of CSRCommittee constituted by the Board and other requisite details are provided in theCorporate Governance Report which forms a part of the Annual Report.

Your Company along with DPDHL Group under motto of "Connecting People ImprovingLives" focus its corporate responsibility on protecting the environment and reducingCO2 emissions (GoGreen) disaster management (GoHelp) and championing education(GoTeach). These are supported and complemented by the regional community initiativeswhich demonstrate voluntary commitment special abilities and enthusiasm of your Companyacross the country.

In accordance with the provisions of Section 135 of the Act and the Companies(Corporate Social Responsibility Policy) Rules 2014 as amended the Company hasformulated and posted the CSR Policy on website of the Company viz.

The CSR Policy is available on website viz. The Annual Report on CSRactivities in accordance with the Companies (Corporate Social Responsibility Policy)Rules 2014 undertaken by the Company during the year is annexed as 'Annexure B' to theBoard's Report. The weblink of CSR Policy is


The 'Nomination & Remuneration Committee' comprises of three independentnon-executive Directors Mr. Narendra Sarda Mr. Sharad Upasani and Ms. Kavita Nair andone non-executive Director Mr. Florian Ulrich Bumberger. The committee is chaired by Mr.Narendra Sarda Independent Director.

Mr. Florian Ulrich Bumberger was inducted as member of the Nomination &Remuneration Committee w.e.f. March 23 2021. Mr. Balfour Manuel Managing Director andMr. Aneel Gambhir CFO are permanent invitees to the Committee.

The details of Nomination & Remuneration Committee meetings and attendance ofcommittee members are provided in the Corporate Governance Report which forms a part ofthe Annual Report.

Nomination & Remuneration Policy

Pursuant to provisions of Section 178 of the Act the Board has on recommendation ofthe Nomination & Remuneration Committee formulated a "Policy on Directors'Appointment and Remuneration" including criteria for determining qualificationspositive attributes independence of a Director and other matters provided under Section178(3) of the Act. The Nomination and Remuneration Policy has been incorporated in theCorporate Governance Report which forms a part of the Annual Report.


Your Company has a well-defined risk management framework and policy in place. The riskmanagement framework works at various levels across the enterprise. Risk Management is anintegral and important component of corporate governance and your Company believes that arobust risk management ensures adequate controls and monitoring mechanisms for a smoothand efficient running of the business. A risk-aware organization is better equipped tomaximize the shareholders' value.

Your Company has formulated the Risk Management Policy which provides an overview ofthe principles of risk management explains an approach adopted by the Company towardsrisk management and mitigation defines the organizational structure for effective riskmanagement develops a "risk" culture which encourages employees to identifyrisks and associated opportunities and respond to them with an effective action identifyassess manage and mitigate existing and new risks in a planned and co-ordinated mannerwith minimum disruption and cost to protect and preserve the Company's human physicaland financial assets.

The Risk Management Committee of the Company maintains comprehensive oversight on risksattributed to the organization and guides the Management on activities reviews result ofrisk assessment and mitigation plan development process reviews and monitors operating ofrisk management process and reports to the Board on the status of risk managementinitiatives and its effectiveness. Your Company has in place a mechanism to identifyassess monitor and mitigate various risks to key business objectives. Major risksidentified by the businesses and functions are systematically addressed through mitigatingmeasures on a continuing basis. Your Company has a process in place to inform the AuditCommittee and Board on risk assessment and minimisation procedures and periodic review isconducted in order to ensure that the management controls risk through defined framework.

The Risk Management Committee of the Company comprises of Mr. Narendra Sarda Chairmanof the Committee Mr. Sharad Upasani Mr. Balfour Manuel Air Marshal M. McMahon (Retd.)Mr. R.S. Subramanian Directors Mr. Aneel Gambhir CFO Mr. Tushar Gunderia Head (Legal& Compliance) & Company Secretary and Mr. Savio Mendonca Head- Internal Audit asits Members.

The Risk Management Committee constituted by the Board assists the Board in monitoringand reviewing the risk management plan implementation of the risk management framework ofthe Company and such other functions as the Board may deem fit.

The details of Risk Management Committee composition meetings and attendance ofCommittee Members are provided in the Corporate Governance Report which forms a part ofthe Annual Report.


The 'Stakeholders Relationship Committee' consists of Mr. Sharad Upasani Chairman ofthe Committee Mr. Balfour Manuel and Air Marshal M. McMahon (Retd.) as members of thecommittee.

The details of Stakeholders Relationship Committee meetings and attendance of committeemembers are provided under Corporate Governance Report which forms a part of the AnnualReport.


Other than the impact on the business operations of the Company on account of the 2ndwave of COVID - 19 as has been set out earlier there are no material changes andcommitments affecting the financial position of the Company which have occurred betweenthe end of the financial year of the Company to which the financial statements relate andthe date of the report.


Loans guarantees or investments covered under Section 186 of the Act form part of thenotes to the financial statements provided in this Report.


Related party transactions entered into during the financial year ended March 31 2021were on arm's length and in the 'ordinary course of business'. There were no materiallysignificant related party transactions made by the Company with the persons /relatedparty(s) as defined under Section 2(76) of the Act which may have a potential conflictwith the interest of the Company at large.

All related party transactions were placed before the Audit Committee and the Board forapproval.

None of the directors have any pecuniary relationship or transactions with the Company.

The particulars of contracts or arrangements with related parties as required underSection 134(3)(h) in prescribed Form AOC - 2 are annexed herewith as 'Annexure C' to theBoard's Report.

The 'Policy on Related Party Transactions/Disclosures' as approved by the Board isposted on the Company's website viz. www. The web link of 'Policy on RelatedParty Transactions/ Disclosures' is


Pursuant to provisions of Section 134(3)(c) of the Act your Directors confirm that;

i. In the preparation of the financial statement the applicable accounting standardshave been followed and that no material departures have been made from the same;

ii. They have selected accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year and of theprofit of the Company for that year;

iii. They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

iv. They have prepared the annual accounts on a going concern basis;

v. They have laid down proper internal financial controls to be followed by the Companyand that the financial controls were adequate and were operating effectively; and

vi. They have devised proper systems to ensure compliance with the provisions of allapplicable laws were in place and were adequate and operating effectively.


Pursuant to provisions of Act Schedule IV and Regulation 17 of Listing

Regulations the Board is required to carry out an annual evaluation of its ownperformance the chairperson individual directors as well as the evaluation of theworking of its committees.

In line with effective governance requirements the Board reviews its own performanceannually using a pre-determined templates designed as a tool to facilitate evaluationprocess. The assessment is built around the functioning of the Board as a whole itscommittees and also the evaluation of individual directors.

The Evaluation Process considers performance effectiveness with regard to the Boardcomposition expertise dynamics strategic oversight risk management and internalcontrol succession planning and leadership. The performance of individual directors isevaluated on the parameters such as preparation participation conduct independentjudgement and effectiveness.

While the individual directors' performance is being reviewed by the Chairperson andrest of the Board excluding the Director being evaluated the Chairperson's andNon-Independent Directors performance are appraised through feedback from the independentdirectors.

The evaluation of independent directors is carried out by the entire Board excludingthe Director being evaluated which includes performance of Directors and fulfillment ofthe independence criteria as specified and their independence from the management.


Pursuant to the provisions of Section 139 of the Act read with the Companies (Audit andAuditors) Rules 2014 (including any statutory modification(s) or re-enactment thereoffor the time being in force) M/s. S. R. Batliboi & Associates LLP CharteredAccountants (Firm Registration no. 101049W/E300004) were appointed as Statutory Auditorsof the Company for a term of 5 (five) years to hold office from conclusion of the 26thAnnual General Meeting of the Company held on July 27 2017 upto the conclusion of the31st Annual General Meeting subject to ratification of their appointment at eachsubsequent Annual General Meeting.

The requirement of seeking ratification by the members for continuance of theirappointment has since been withdrawn consequent to changes made by the Companies(Amendment) Act 2018 with effect from May 07 2018. Hence the resolution seekingratification of the members for their appointment is not being placed at the ensuingAnnual General Meeting.

You Company has received requisite certificate from M/s. S. R. Batliboi &Associates LLP Chartered Accountants confirming that they satisfy the criteria providedunder section 141 of the Act and are not disqualified from continuing as StatutoryAuditors of the Company.

The Auditors' Report for 2020-21 does not contain any qualification reservation oradverse remarks.