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ICICI Securities Report
Blue Dart Express Ltd. Q2 FY21 performance has surprised on standalone gross margin.
Gross margin expansion of 600 basis points YoY highlights the underlying tailwinds that air express has witnessed in a not-so-normal period -
1. significant yield expansion - domestic belly-cargo freight rates were up approximately 15% in Q2 FY21;
2. mix improvement with more B2B air express cargo – partly aided by restrictions in road transport for a significant part of the quarter.
Yield improvement for the company largely shows in the gross margin improvement.
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