Blue Dart hits 52-week high on robust Q2 net

Mumbai: Shares of Blue Dart Express jumped more than 16 per cent and scaled 52-week high in Friday's session after the logistics provider reported a three-fold jump in its net profit for the quarter ended September.

The company reported a three-fold jump in its profit to Rs 41.39 crore from Rs 13.99 crore a year ago. Revenue from operations rose 8 per cent to Rs 864.42 crore compared with Rs 800.07 crore clocked during the year-ago period.

At 12.10 pm, the stock was up 11.13 per cent at Rs 3,606. Earlier in the day, the stock rallied as much as 16.08 per cent to its 52-week high of Rs 3,766.70.

The stock has been on an uptrend and has rallied more than 69 per cent for the year to date.

"The COVID-19 pandemic posed a challenging time for all. Blue Dart not only weathered these challenges successfully but also continued to ensure unmatched service delivery to its customers," the company said in a press release.

Blue Dart Managing Director Balfour Manuel said, "Macroeconomic indicators as well as the opening up of the economy signal a greener future for the country. We see our customers' businesses coming back to track with an exciting festive season around the corner, for which we are fully prepared."

He added that as pharmaceutical companies and the government work in tandem to roll out a COVID-19 vaccine, Blue Dart is gearing up to provide logistics support when a prospective vaccine candidate does arrive.