External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>Blue Dart Express (BDE) commands greater than 50% market share in the organized Air Express segment and has been picking up market share in the Ground Express segment.</li><li>The company has well-diversified service offerings of Air express (~65% revenue share) and Ground express (~35% revenue share).</li><li>Despite the challenging last few years, BDE has managed to grow revenue through improved volumes and realizations.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Blue Dart Express (BDE) commands greater than 50% market share in the organized Air Express segment and has been picking up market share in the Ground Express segment.The company has well-diversified service offerings of Air express (~65% revenue share) and Ground express (~35% revenue share).Despite the challenging last few years, BDE has managed to grow revenue through improved volumes and realizations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Blue Dart Express (BDE) - Robust Portfolio of Air and Ground Cargo Offerings

<div><div><div><div><ul><li>BDE ended FY22 with a volume growth of ~30% YoY at 932.7kt, led by strong growth in the e-commerce vertical, which now constitutes ~25% of the business.</li><li>Other segments like document shipment have been performing well for BDE.</li><li>With the Education and BFSI sectors opening up, volumes are improving and have almost reached pre-COVID levels.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BDE ended FY22 with a volume growth of ~30% YoY at 932.7kt, led by strong growth in the e-commerce vertical, which now constitutes ~25% of the business.Other segments like document shipment have been performing well for BDE.With the Education and BFSI sectors opening up, volumes are improving and have almost reached pre-COVID levels.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Blue Dart Express - Outlook Robust; Capacity Expansion on the Cards

<p>We recently released our Logistics thematic report, wherein we stressed upon the superlative growth potential of the Indian Logistics sector and the opportunities for the organized players like Blue Dart Express (BDE). We had assigned a Neutral stance on the stock owing to its rich valuation. The unparalleled network presence of BDE and strong growth in Express cargo would drive consistent growth in volumes across its offerings over the next few years.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recently released our Logistics thematic report, wherein we stressed upon the superlative growth potential of the Indian Logistics sector and the opportunities for the organized players like Blue Dart Express (BDE). We had assigned a Neutral stance on the stock owing to its rich valuation. The unparalleled network presence of BDE and strong growth in Express cargo would drive consistent growth in volumes across its offerings over the next few years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Focus on increasing share of Ground Express

<p>EBITDA grew 35% YoY to INR2b (+138% QoQ). The EBITDA margin jumped to a near-record high of 17.7% (+61bp YoY); it improved on account of better realization and steps undertaken to increase efficiency. The company offered a one-time payment of INR360m rewarding its employees for their outstanding efforts during the COVID-19 crisis. Strong operating performance and lower depreciation resulted in 66% YoY growth in adjusted PAT to INR1.3b.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

EBITDA grew 35% YoY to INR2b (+138% QoQ). The EBITDA margin jumped to a near-record high of 17.7% (+61bp YoY); it improved on account of better realization and steps undertaken to increase efficiency. The company offered a one-time payment of INR360m rewarding its employees for their outstanding efforts during the COVID-19 crisis. Strong operating performance and lower depreciation resulted in 66% YoY growth in adjusted PAT to INR1.3b.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

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Blue Dart Express (BDE IN)

Blue Dart Express (BDE) - Robust Portfolio of Air and Ground Cargo Offerings

Blue Dart Express (BDE) commands greater than 50% market share in the organized Air Express segment and has been picking up market share in the...

Motilal Oswal

Blue Dart Express - Outlook Robust; Capacity Expansion on the Cards

BDE has delivered a robust performance over the last several quarters, despite a steep rise in fuel prices. It has been able to take adequate price...

Motilal Oswal

Festive demand drives volumes in 2QFY22

EBITDA grew 35% YoY to INR2b (+138% QoQ). The EBITDA margin jumped to a near-record high of 17.7% (+61bp YoY); it improved on account of better...

Motilal Oswal

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Blue Dart Express (BDE) - Robust Portfolio of Air and Ground Cargo Offerings

Blue Dart Express (BDE) commands greater than 50% market share in the organized Air Express segment and has been picking up market share in the...

Motilal Oswal

Blue Dart Express - Outlook Robust; Capacity Expansion on the Cards

BDE has delivered a robust performance over the last several quarters, despite a steep rise in fuel prices. It has been able to take adequate price...

Motilal Oswal

Focus on increasing share of Ground Express

We recently released our Logistics thematic report, wherein we stressed upon the superlative growth potential of the Indian Logistics sector and...

Motilal Oswal

Festive demand drives volumes in 2QFY22

EBITDA grew 35% YoY to INR2b (+138% QoQ). The EBITDA margin jumped to a near-record high of 17.7% (+61bp YoY); it improved on account of better...

Motilal Oswal