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ICICI Securities Report
Blue Dart Express Ltd.’s consolidated on the yield gains achieved in Q3 FY21 (driven by limited belly cargo capacity) and enjoyed better mix with more business to consumer air express cargo.
The same resulted in ~ 33%YoY revenue growth in Q4 FY21 and nearly helped maintain margin performance of last quarter (Q3 FY21).
What impressed is continued cost focus, coupled with revenue tailwinds currently being enjoyed out of network capacity expansion of the past couple of years.
Continued business-to-business air express resilience (IT, pharma, medical equipments) also helped.
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