Post on 21-Jan-2016
description
Str
ictl
y P
riva
te a
nd
Co
nfi
de
nti
al
Blu
e D
art
Exp
res
s L
imit
ed
Inv
es
tor
Pre
sen
tati
on
O
cto
be
r 2
013
2
Dis
cla
ime
r T
his
pre
sen
tatio
n h
as b
ee
n p
rep
are
d b
y B
lue
Da
rt E
xp
ress L
td.
(Blu
e D
art
or
the “
Co
mpa
ny”)
so
lely
fo
r yo
ur
info
rma
tio
n a
nd f
or
yo
ur
use
an
d m
ay n
ot
be
ta
ken
aw
ay,
dis
trib
ute
d,
rep
rod
uce
d,
or
redis
trib
ute
d o
r p
asse
d o
n,
dir
ectly o
r in
dir
ectly,
to a
ny o
the
r pers
on
(w
he
the
r w
ith
in o
r ou
tsid
e y
ou
r o
rga
niz
atio
n o
r firm
) o
r p
ub
lish
ed
in
wh
ole
or
in p
art
, fo
r a
ny p
urp
ose b
y r
ecip
ien
ts d
ire
ctly o
r in
dir
ectly t
o a
ny o
the
r p
ers
on
. B
y a
ccessin
g t
his
pre
se
nta
tion
, yo
u a
re a
gre
ein
g t
o b
e b
oun
d b
y t
he
tra
ilin
g r
estr
ictio
ns a
nd
to
ma
inta
in a
bso
lute
co
nfide
ntia
lity r
eg
ard
ing t
he
in
form
atio
n d
isclo
se
d in
th
ese
ma
teri
als
. T
he
Com
pa
ny m
ay a
lte
r, m
od
ify o
r o
the
rwis
e c
han
ge i
n a
ny m
an
ne
r th
e c
on
ten
ts o
f
this
pre
sen
tatio
n,
with
ou
t o
blig
ation
to n
otify
an
y p
ers
ons o
f su
ch
ch
an
ge o
r ch
an
ges.
Th
is p
resen
tatio
n a
nd
its
co
nte
nts
are
co
nfid
ential an
d m
ay n
ot
be
co
pie
d,
pu
blis
he
d,
rep
rod
uce
d o
r d
isse
min
ate
d in
an
y m
an
ne
r.
Th
is p
rese
nta
tio
n m
ay c
onta
in c
ert
ain
fo
rwa
rd l
ookin
g s
tate
men
ts w
ith
in t
he
mea
nin
g o
f a
pp
lica
ble
secu
rities l
aw
an
d r
eg
ula
tio
ns.
Th
ese
sta
tem
en
ts i
nclu
de
de
scri
ption
s
reg
ard
ing t
he
in
ten
t, b
elie
f o
r cu
rre
nt
exp
ecta
tio
ns o
f th
e C
om
pan
y o
r its d
ire
cto
rs a
nd o
ffic
ers
with
re
spe
ct
to t
he
re
sults o
f o
pe
ratio
ns an
d f
inan
cia
l co
nd
itio
n o
f th
e
Co
mp
an
y.
Such
fo
rwa
rd-l
ookin
g s
tate
men
ts a
re n
ot
gu
ara
nte
es o
f fu
ture
pe
rfo
rman
ce a
nd
in
volv
e r
isks a
nd u
nce
rta
intie
s,
an
d a
ctu
al
results m
ay d
iffe
r fr
om
th
ose
in
such
forw
ard
-lo
okin
g s
tate
me
nts
as a
re
sult o
f va
rio
us f
acto
rs a
nd
assu
mp
tio
ns w
hic
h t
he
Com
pa
ny b
elie
ve
s t
o b
e r
ea
so
nab
le in
lig
ht
of
its o
pe
ratin
g e
xp
eri
ence
in
re
cen
t ye
ars
.
Ma
ny
facto
rs
cou
ld
ca
use
th
e
actu
al
results,
pe
rfo
rma
nce
s,
or
achie
ve
me
nts
of
the
C
om
pan
y
to
be
mate
ria
lly
diffe
rent
from
a
ny
futu
re
resu
lts,
pe
rfo
rman
ces,
or
achie
ve
me
nts
. S
ign
ific
an
t fa
cto
rs t
ha
t co
uld
make
a d
iffe
rence
to
th
e C
om
pan
y’s
op
era
tion
s inclu
de
do
me
stic a
nd
in
tern
ation
al econ
om
ic c
ond
itio
ns,
ch
an
ge
s in
go
ve
rnm
en
t
reg
ula
tio
ns,
tax r
eg
ime
an
d o
the
r sta
tute
s.
Th
e C
om
pa
ny d
oe
s n
ot
un
de
rta
ke
to
re
vis
e a
ny f
orw
ard
-lo
okin
g s
tate
men
t th
at
ma
y b
e m
ade
fro
m t
ime
to
tim
e b
y o
r o
n b
eha
lf o
f
the
Co
mp
an
y.
Th
is p
rese
nta
tion
con
tain
s c
ert
ain
su
pple
me
nta
l m
easu
res o
f p
erf
orm
ance
an
d liq
uid
ity t
ha
t a
re n
ot
req
uir
ed
by o
r p
resen
ted
in
acco
rdan
ce
with
In
dia
n G
AA
P,
an
d s
ho
uld
no
t
be
co
nsid
ere
d a
n a
lte
rna
tive
to
pro
fit,
op
era
ting
re
ve
nu
e o
r a
ny o
the
r p
erf
orm
ance
me
asure
s d
eri
ve
d i
n a
cco
rda
nce
with
In
dia
n G
AA
P o
r an
alte
rna
tive
to
ca
sh f
low
fro
m
op
era
tio
ns a
s a
me
asu
re o
f o
ur
liqu
idity.
In n
o e
ve
nt
sha
ll B
lue D
art
Exp
ress L
td., o
r its d
ire
cto
rs o
r m
ana
gem
ent,
be r
esp
onsib
le t
o a
ny p
ers
on
or
en
tity
fo
r a
ny l
oss o
r d
am
ag
e,
wh
eth
er
direct,
in
dir
ect, i
ncid
en
tal,
co
nse
qu
en
tia
l or
oth
erw
ise
, a
risin
g o
ut o
f a
cce
ss o
r u
se
or
dis
se
min
atio
n o
f in
form
atio
n c
on
tain
ed
in th
is p
rese
nta
tio
n, in
clu
din
g, b
ut n
ot lim
ite
d to
, lo
ss o
f p
rofits
.
No
re
pre
se
nta
tio
n,
wa
rra
nty
, gu
ara
nte
e o
r u
nde
rtakin
g (
exp
ress o
r im
plie
d)
is m
ad
e a
s t
o, a
nd
no
re
liance
sh
ould
be
pla
ce
d o
n,
the
accu
racy,
co
mp
lete
ne
ss o
r co
rre
ctn
ess o
f
an
y in
form
atio
n,
inclu
din
g a
ny p
roje
ctio
ns,
estim
ate
s,
targ
ets
an
d op
inio
ns,
co
nta
ine
d h
ere
in,
and
n
o lia
bili
ty w
ha
tso
eve
r is
a
cce
pte
d as to
a
ny e
rro
rs,
om
issio
ns o
r
mis
sta
tem
en
ts c
on
tain
ed
he
rein
and
, a
cco
rdin
gly
, n
one
of
the
Co
mp
an
y,
its a
dvis
ors
an
d r
ep
rese
nta
tive
and
an
y o
f its o
r th
eir
aff
ilia
tes,
off
ice
rs,
dire
cto
rs,
em
plo
ye
es o
r
ag
ents
, an
d a
nyo
ne
actin
g o
n b
eh
alf o
f such
pe
rson
s a
ccep
ts a
ny r
esp
onsib
ility
or
liabili
ty (
in n
eg
lige
nce
or
oth
erw
ise)
wh
ats
oe
ve
r a
risin
g d
ire
ctly o
r in
dire
ctly f
rom
th
is
pre
se
nta
tio
n o
r its c
on
ten
ts o
r o
the
rwis
e a
risin
g in
co
nn
ectio
n th
ere
with
.
Re
ad
ers
mu
st
make
th
eir
ow
n a
ssessm
ent
of
the
re
levan
ce
, accu
racy a
nd
ad
equ
acy o
f th
e i
nfo
rma
tio
n c
on
tain
ed i
n t
his
pre
se
nta
tio
n a
nd
must
ma
ke
such
in
dep
end
ent
inve
stig
atio
n a
s t
he
y m
ay c
onsid
er
necessa
ry o
r ap
pro
pri
ate
fo
r such
pu
rpo
se.
An
y o
pin
ion
s e
xp
ressed
in
this
pre
se
nta
tion
are
su
bje
ct
to c
han
ge w
ith
ou
t no
tice
an
d p
ast
pe
rfo
rma
nce is n
ot
ind
ica
tive o
f fu
ture
resu
lts.
By a
tte
nd
ing
th
is p
resen
tatio
n y
ou a
ckno
wle
dg
e t
hat
yo
u w
ill b
e s
ole
ly r
esp
onsib
le f
or
yo
ur
ow
n a
ssessm
en
t o
f th
e m
ark
et
and
the
ma
rket
positio
n o
f th
e C
om
pan
y a
nd
tha
t yo
u w
ill c
on
du
ct
yo
ur
ow
n a
naly
sis
an
d b
e s
ole
ly r
espo
nsib
le f
or
form
ing
yo
ur
ow
n v
iew
of
the
po
ten
tia
l fu
ture
pe
rfo
rma
nce
of
the
Co
mp
an
y’s
bu
sin
ess.
Th
is p
rese
nta
tion
is n
ot
for
pu
blic
atio
n o
r d
istr
ibu
tio
n o
r re
lea
se
in
an
y c
ou
ntr
y w
he
re s
uch
dis
trib
ution
ma
y l
ea
d t
o a
bre
ach
of
an
y l
aw
or
reg
ula
tory
re
quir
em
en
t. T
he
info
rma
tio
n c
on
tain
ed
he
rein
do
es n
ot
co
nstitu
te o
r fo
rm p
art
of
an
offe
r o
r so
licita
tio
n o
f a
n o
ffe
r to
pu
rch
ase
or
su
bscrib
e f
or
secu
rities f
or
sa
le.
Th
e d
istr
ibu
tion
of
this
pre
se
nta
tion
in
ce
rtain
ju
risd
ictio
ns m
ay b
e r
estr
icte
d b
y l
aw
an
d p
ers
on
s in
to w
ho
se
po
sse
ssio
n t
his
pre
se
nta
tio
n c
om
es s
ho
uld
in
form
the
mse
lves a
bo
ut
an
d o
bse
rve
an
y
su
ch
restr
ictio
ns.
Non
e o
f th
e C
om
pa
ny’s
se
cu
ritie
s m
ay b
e o
ffe
red o
r sold
in
th
e U
nited
Sta
tes w
ith
ou
t re
gis
tration
un
de
r th
e U
.S.
Secu
rities A
ct
of
19
33
, as a
me
nd
ed,
exce
pt
pu
rsu
an
t to
an
exe
mp
tio
n fro
m r
eg
istr
atio
n th
ere
fro
m.
Th
is d
iscla
ime
r cla
use
and
any c
laim
s a
risin
g o
ut
of
the
use o
f th
e in
form
atio
n f
rom
th
is p
resen
tatio
n s
ha
ll b
e g
ove
rned
by t
he
la
ws o
f In
dia
and
only
th
e c
ou
rts in
Mu
mb
ai,
an
d n
o o
the
r co
urt
s, sh
all
ha
ve
ju
risd
iction
ove
r th
e s
am
e. B
y a
cce
ssin
g th
is p
rese
nta
tion
, th
e r
ea
de
r a
cce
pts
th
is.
"Blu
e D
art
" is
a r
eg
iste
red
tra
dem
ark
. A
ll o
the
r tr
ad
em
ark
s,
co
mp
an
y n
am
es o
r lo
gos,
an
d p
rodu
ct
nam
es r
efe
rre
d t
o i
n t
his
pre
sen
tatio
n r
em
ain
th
e p
rope
rty o
f th
eir
resp
ective
ow
ne
rs.
Vis
ion
Sta
tem
en
t
– P
ass
ion
ate
ly c
raft
ed
by o
ve
r 6
00
ma
nag
ers
in
199
3
“To
be t
he b
est
an
d s
et
the p
ace i
n t
he e
xp
ress
air
an
d
inte
gra
ted
tra
ns
po
rtati
on
an
d d
istr
ibu
tio
n i
nd
ustr
y, w
ith
a b
us
ine
ss a
nd
hu
ma
n c
on
sc
ien
ce
.
We
co
mm
it t
o d
eve
lop
, re
ward
an
d r
ec
og
niz
e o
ur
pe
op
le
wh
o,
thro
ug
h h
igh
qu
ality
an
d p
rofe
ssio
nal
se
rvic
e,
an
d
use o
f so
ph
isti
cate
d t
ech
no
log
y, w
ill
meet
an
d e
xceed
cu
sto
me
r a
nd
sta
ke
ho
lde
r e
xp
ec
tati
on
s p
rofi
tab
ly.”
4
Blu
e D
art
: D
eli
veri
ng
Lead
ers
hip
RP
ioneer
and Innovato
r R
Ma
rke
t le
ad
ing
exp
ress s
erv
ice
pro
vid
er
in In
dia
with
29
+ y
ea
rs o
f o
pe
ratio
na
l exce
llen
ce
an
d n
um
ero
us in
du
str
y fir
sts
(1)
Bra
nd E
quity
2011 S
urv
ey
conducte
d b
y Ip
sos R
Str
on
g B
ran
d E
qu
ity a
nd
Sa
lien
cy
RR
anked a
s the #
1 b
rand in t
he d
om
estic e
xpre
ss industr
y(1
)
RP
roprieta
ry A
via
tion N
etw
ork
R
Fir
st a
nd
on
ly s
ch
ed
ule
d c
arg
o a
irlin
e w
ith
de
dic
ate
d fle
et o
f fr
eig
hte
rs a
nd
in
fra
str
uctu
re s
up
po
rt, in
clu
din
g a
irsid
e fa
cilitie
s,
ma
inte
na
nce
, g
rou
nd
ha
nd
ling
an
d s
ecu
rity
ca
pa
bili
tie
s fa
cili
tatin
g flig
ht tim
ing
s w
ith
la
te p
icku
ps a
nd
ea
rly m
orn
ing
de
live
rie
s
RB
est-
in-C
lass T
ech
no
log
y
RIn
-ho
use
de
ve
lop
ed
, sta
te-o
f-th
e-a
rt c
usto
me
r ce
ntr
ic te
ch
no
log
y a
do
pte
d b
y c
usto
me
rs c
on
trib
utin
g 9
1%
+ o
f re
ve
nu
e
RU
np
ara
llele
d R
ea
ch
an
d N
etw
ork
RD
om
estic n
etw
ork
covering 3
3,0
00+
locations; 220+
countr
ies a
nd terr
itories s
erv
iced w
orldw
ide t
hro
ugh D
HL
pro
vid
ing s
uperior
reach a
nd a
ccess to c
usto
mers
RM
ark
et L
ea
din
g T
ran
sit T
ime
s
RF
aste
st and r
elia
ble
deliv
eries t
o m
ajo
r pro
duction &
consum
ption n
odes in India
acro
ss B
2B
, B
2C
, C
2B
and C
2C
channels
makin
g B
lue D
art
the p
refe
rred c
hoic
e o
f custo
mers
leadin
g to h
igh c
usto
mer
rete
ntion
RS
tro
ng
Fin
an
cia
ls a
nd
“Z
ero
-De
bt”
Ca
pita
l S
tru
ctu
re
RH
ealthy
financia
ls w
ith r
obust cash g
enera
tion fro
m o
pera
tions leadin
g t
o h
ealthy
retu
rn o
n c
apital (a
vera
ge R
oC
E
of 30.4
6%
over
last fo
ur
years
) and “
zero
-debt”
sta
tus for
last five y
ears
RE
xp
erie
nce
d S
en
ior
Ma
na
ge
me
nt Te
am
RS
enio
r le
aders
hip
with s
evera
l years
of in
dustr
y e
xperience s
upport
ed b
y skill
ed, com
mitte
d a
nd p
assio
nate
em
plo
yees e
nablin
g B
lue D
art
to m
ain
tain
and g
row
its
leaders
hip
5
Blu
e D
art
: S
ou
th A
sia
’s P
rem
ier
Exp
res
s a
nd
In
teg
rate
d P
ack
ag
e D
istr
ibu
tio
n C
om
pan
y
Key F
acts
Sourc
e:
Audited C
om
pany
Fin
ancia
l R
eport
s.
(1)
As o
f M
arc
h 3
1st M
arc
h 2
013.
(2)
Inclu
din
g D
HL E
xpre
ss r
eta
il outlets
.
(3)
IAT
A:
Inte
rnational
Air T
ransport
Associa
tion;
CH
A: C
usto
ms H
ouse A
gent
(4)
As o
f S
epte
mber
30
th,
2013.
Fig
ure
s h
ave b
een r
ounded o
ff f
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nc
hm
ark
in
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pre
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gis
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s a
nd
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trib
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du
str
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art
, w
ith
ma
ny in
du
str
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an
d tre
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no
va
tio
ns, h
as e
vo
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d a
s th
e u
nd
isp
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ark
et le
ad
er
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First
Dom
estic
and
Inte
rnational
Onboard
Courie
rs
First A
dopte
r of
Te
chnolo
gy (
Tra
ck
and T
race)
1991
1992
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oduced
Em
plo
yee
Satisfa
ctio
n
Surv
ey (
ES
S)
in
India
E-m
ail
Netw
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rted
1993
Intr
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Custo
mer
Satisfa
ctio
n
Surv
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(CS
S)
in I
ndia
1994
Goes P
ublic
with
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ffer
of
2.5
5m
n S
hare
s
1996
First D
om
estic
Carg
o A
via
tio
n
Infr
astr
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re –
Intr
oduced 2
B737s
First to
be C
ert
ifie
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to I
SO
9001
Sta
ndard
s
Website
Launched 2000
2002
Re-c
ert
ifie
d to
ISO
9001
-2000
Sta
ndard
s
Sale
s A
llia
nce
with D
HL
2004
2005
2006
Inductio
n o
f
4th
and 5
th
B737-2
00
Expre
ss
Fre
ighte
rs D
HL A
cquires
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hold
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oein
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lue
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acili
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rnatio
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eliv
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pex
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mart
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pre
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lue
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s
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art
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re S
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s
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om
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de
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erv
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fo
r
do
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me
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d s
ma
ll sh
ipm
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ts u
nd
er
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er
pie
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arb
on
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tra
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erv
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nvironm
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esponsib
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hip
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hip
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eli
very
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erv
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uara
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f ship
ments
by s
pecifie
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tim
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ith f
ull
money b
ack g
uara
nte
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Inte
rlin
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erv
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s
Ag
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me
nts
with
ma
jor
inte
rna
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line
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r
inte
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hip
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f ca
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rfac
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rou
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olu
tio
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sh
on
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live
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D)
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f th
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luti
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rig
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ap
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Blu
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art
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two
rk in
a m
ore
se
cu
re a
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sa
fe m
an
ne
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Un
pa
rall
ele
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teg
rate
d A
ir a
nd
Gro
un
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etw
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Exte
nsiv
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an
-India
air
and g
round n
etw
ork
pro
vid
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sig
nific
ant com
petitive a
dvanta
ge
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12 –
Marc
h 1
3 (
15 m
onth
s)
ship
ments
of 142 m
n
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12 –
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h 1
3 (
15 m
onth
s)
tonnage o
f over
594,0
00
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reig
hte
rs (
5 B
-757s a
nd
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-737)
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ir n
etw
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sta
tions
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ain
ten
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rou
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pace m
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po
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s
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ntr
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cen
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real-
tim
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xte
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ptim
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light schedulin
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k-u
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ark
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sto
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SM
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eserv
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arc
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dia
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tatu
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pin
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ol of S
hip
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RP
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pace M
anagem
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llocation
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pp
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valu
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usto
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lue D
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ols
fo
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usto
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Key T
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no
log
ica
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dva
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s
Weig
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up
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aptu
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hip
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pro
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peedy
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11
Blu
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art
an
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HL
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oll
ab
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or
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gle
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do
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us
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luti
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om
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randin
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pro
ducts
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xperience to c
reate
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tail
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On
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aniz
ations g
row
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aliz
ation
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int
Air
sid
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Fa
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itie
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art
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tate
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acili
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t th
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engalu
ru
Inte
rnational A
irport
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ve
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lue D
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obust re
ach a
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ndard
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sent directly
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cia
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nd
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lue D
art
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rands levera
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cro
ss c
ritical custo
mer
touch p
oin
ts
to e
nhance r
ela
tionship
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usto
mer
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sta
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art
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HL h
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str
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usta
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nder
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ari
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12
Blu
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art
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Su
perb
ran
d
Blu
e D
art
’s A
ttitudin
al E
quity,
a m
easure
of
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xte
nt
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se
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itu
din
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qu
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ey H
igh
lig
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Sourc
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quity 2
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ound C
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y I
psos
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p 2
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p 3
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p 4
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p 5
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p 6
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As p
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ran
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lue
Da
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nte
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R R
eliab
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R T
rustw
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tro
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R C
usto
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art
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ost
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niz
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an
d G
rou
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ran
d
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ram
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lue
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G
rou
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petito
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ultip
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rand r
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ara
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mer
Satisfa
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n S
urv
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011 R
ound c
onducte
d b
y I
psos
Mean s
core
on 5
poin
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tin
g s
cale
14
Blu
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art
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ward
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gn
itio
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A
F
ew
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lad
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EO
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e y
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r A
wa
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il K
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or
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il K
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dia
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ir E
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am
na
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aja
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air
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sin
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ractice
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wa
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mp
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00
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00
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Re
co
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nstitu
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un
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tern
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art
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fir
st
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GR
EE
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tral S
erv
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inte
rnational and d
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core
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Cert
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ISO
9001 s
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ince 1
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2011 f
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O 9
001
-2008 s
tandard
s
Sta
tuto
ry A
ud
ito
rs:
Price W
ate
rhouse
Inte
rnal A
ud
ito
rs:
KP
MG
16
Bo
ard
of
Dir
ec
tors
an
d K
ey M
an
ag
em
en
t P
ers
on
nel
Co
mm
itte
d B
oa
rd a
nd
se
nio
r m
an
ag
em
en
t te
am
wit
h s
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ific
an
t ye
ars
of
ex
pe
rie
nce
wit
h t
he
Co
mp
an
y
Sh
ara
d U
pasan
i
Ch
air
ma
n
Pre
vio
usly
aff
ilia
ted
with
IM
F,
Go
ve
rnm
en
t o
f In
dia
an
d
Go
ve
rnm
en
t o
f M
ah
ara
sh
tra
An
il K
han
na
Ma
na
gin
g D
ire
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r
33
ye
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exp
eri
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rs w
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e D
art
Exp
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Yo
gesh
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Fin
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ce
Dir
ecto
r a
nd
Chie
f O
pe
ratin
g
Off
ice
r
29
ye
ars
of
exp
eri
en
ce
ove
rall;
21
+
ye
ars
with
Blu
e D
art
Exp
ress
Tu
lsi M
irch
an
dan
ey
Ma
na
gin
g D
ire
cto
r,
Blu
e D
art
Avia
tio
n (
Asso
cia
te
Co
mp
an
y)
39
ye
ars
of
exp
eri
en
ce
ove
rall;
18
+
ye
ars
with
Blu
e D
art
Gro
up
Note
: G
eorg
e B
erc
zely
acts
as a
n A
ltern
ate
Directo
r to
Jerr
y H
su in h
is a
bsence.
Malc
olm
Mo
nte
iro
Dir
ecto
r
Se
nio
r V
P a
nd
Are
a D
ire
cto
r, S
ou
th
Asia
, D
HL
E;
pre
vio
usly
MD
, B
lue
Da
rt E
xp
ress
Cly
de C
oo
per
Dir
ecto
r
On
e o
f th
e fo
un
din
g m
em
be
rs o
f
Blu
e D
art
Exp
ress
Su
resh
Sh
eth
Dir
ecto
r
Ch
art
ere
d A
cco
un
tan
t,
M/s
. S
he
th &
Co
mp
an
y
Jerr
y H
su
Dir
ecto
r
CE
O,
DH
L E
xp
ress A
sia
Pa
cific
an
d
Me
mb
er,
DH
L E
xp
ress
Ma
na
ge
me
nt B
oa
rd
17
Co
ns
iste
nt
Vo
lum
e G
row
th
2011
10
0
423
87
338
2010
2009
268
77
2008
79
232
To
nn
ag
e
(‘0
00
)
Sh
ipm
en
ts
(mn
)
Sourc
e:
Audited C
om
pany
Fin
ancia
l R
eport
s.
Note
: O
pera
tional
figure
s a
s o
f ye
ar
end a
nd d
o n
ot
inclu
de D
HL E
xpre
ss f
igure
s.
.
Op
era
tio
na
l E
vo
luti
on
Fa
cil
itie
s
29
2
30
0
30
9
36
5
41
3
Are
a (
‘00
0 s
q.
fee
t)
1,1
39
1
,34
4
1,4
90
1
,86
8
2,0
56
Re
tail
Sto
res
2
18
2
29
2
34
2
74
3
07
Em
plo
ye
es
6
,31
3
6,0
35
6
,80
6
7,7
92
8
,25
8
Ve
hic
les
5
,11
8
5,1
86
5
,10
5
6,2
72
7
,45
7
2012 –
13 (
15 m
on
ths
)
14
2
594
18
Sig
nif
ica
nt
Ind
ustr
y O
pp
ort
un
ity
Blu
e D
art
is s
et
to c
apitaliz
e o
n t
he r
apid
ly g
row
ing a
ir a
nd r
oad e
xpre
ss m
ark
ets
in India
Ro
bu
st
Ind
us
try G
row
th R
ate
K
ey G
row
th D
rive
rs
Blu
e D
art
’s M
ark
et
Po
sit
ion
Blu
e D
art
, 49.0
%
Com
petit
or
1,
11.6
%
Com
petit
or
2,
14.4
%
Oth
ers
, 25.2
%
Blu
e D
art
, 13.3
%
Com
petit
or
1,
28.3
%
Com
petit
or
2,
26.9
%
Com
petit
or
3,
14.9
%
Oth
ers
, 17.0
%
Blu
e D
art
’s m
ark
et sh
are
be
fore
re
fort
ific
atio
n o
f
Dart
Su
rfa
ce
line
wa
s 5
.9%
in
20
06
Str
on
g in
du
str
ial a
nd
se
rvic
es
gro
wth
will
ha
ve
a d
ire
ct e
ffe
ct o
n R
oa
d E
xp
ress g
row
th
Gro
wth
dri
ve
n b
y s
tro
ng
ou
tlo
ok fo
r in
du
str
ies
like
Mo
tor
Ve
hic
les
an
d P
art
s, E
lec
tric
al
Ap
pli
an
ce
s, a
nd
Hea
lth
Se
rvic
es
Ou
tso
urc
ing
of
op
era
tio
ns
by R
eta
il
co
mp
an
ies
to
exp
ress p
rovid
ers
is e
xp
ecte
d to
pro
vid
e a
str
on
g p
ipe
line
Imp
rove
me
nt
in r
oa
d in
fras
tru
ctu
re, s
ett
ing
up
of
log
isti
c p
ark
s, a
nd
im
ple
me
nta
tio
n o
f
GS
T e
xp
ecte
d to
cu
t d
ow
n t
ran
sit tim
es, re
du
ce
in-t
ran
sit in
ve
nto
ry, in
cre
ase
oth
er
eff
icie
ncie
s,
an
d th
us e
nco
ura
ge
de
ma
nd
fo
r R
oa
d E
xp
ress
Gro
wth
dri
ve
n b
y s
tro
ng
ou
tlo
ok fo
r in
du
str
ies
like
Ban
kin
g, F
ina
nc
ial S
erv
ice
s a
nd
Ins
ura
nc
e (
BF
SI)
, E
-Co
mm
erc
e, C
om
pu
ters
&
Pe
rip
he
rals
, P
ha
rma
ce
uti
ca
ls, C
on
su
me
r
Du
rab
les
, a
nd
Au
tom
oti
ve
Con
tin
ue
to
be
pro
vid
er
of ch
oic
e fo
r p
rod
ucts
ch
ara
cte
rize
d b
y h
igh
va
lue
an
d l
ow
we
igh
t,
like
hig
h-e
nd
co
nsu
me
r e
lectr
on
ics, je
we
llery
etc
.
Pro
du
cts
with
sp
ecific
re
qu
ire
me
nt o
f a
co
ntr
oll
ed
en
vir
on
me
nt
like
ph
arm
ace
uticals
,
will
co
ntin
ue
to
use
Air
Exp
ress m
od
e d
ue
to
lack
of a
n a
lte
rna
te r
elia
ble
tim
e d
efin
ite
mo
de
of
de
live
ry
Org
an
ize
d A
ir E
xp
ress S
ecto
r S
ize
(IN
R b
n)
an
d Y
oY
Gro
wth
Rate
(%
) O
rga
niz
ed
Air
Exp
ress M
ark
et
Sh
are
(%
) (2
01
2)
Org
an
ize
d G
rou
nd
Exp
ress M
ark
et
Sh
are
(%
) (2
01
2)
20.4
23.4
26.5
29.9
33.6
18.7
%
12.3
%
12.8
%13.4
%
14.6
%
2011A
2012E
2013E
2014E
2015E
Sourc
e:
(1)
Gro
wth
Rate
s –
2012 o
nw
ard
s :
AT
Kearn
ey
TM
S 2
010
(2)
Inte
rnal
Estim
ate
s
(3)
Inte
rnal
Estim
ate
s;
to b
e v
alid
ate
d b
y T
MS
28.7
24.0
34.2
48.3
40.6
13.2
%
19.6
%18.9
%18.9
%
18.9
%
2011A
2012E
2013E
2014E
2015E
Org
an
ize
d G
rou
nd
Exp
ress S
ecto
r S
ize
(IN
R b
n)
an
d Y
oY
Gro
wth
Ra
te (
%)
Gro
un
d E
xp
res
s In
du
str
y
Air
Ex
pre
ss In
du
str
y
(1)
(1)
(2)
(2)
(3)
(3)
19
Nic
he
In
du
str
y R
eq
uir
em
en
ts:
Fo
cu
se
d S
olu
tio
ns
by B
lue
Da
rt
Blu
e D
art
ha
s d
eve
lop
ed
fo
cu
se
d s
olu
tio
ns fo
r ke
y c
usto
mer
se
cto
rs, e
nsu
rin
g s
usta
inab
le lo
ng
-ru
n g
row
th
Tem
pera
ture
Co
ntr
olled
Lo
gis
tics S
olu
tio
n to e
nsure
safe
and c
om
plia
nt tr
ansport
in f
rozen, chill
ed
and a
mbie
nt conditio
ns.
D
eliv
ers
tem
pera
ture
for
the r
ange -
20°C
, 2 -
8°C
and 1
5 -
25°C
for
vary
ing d
istr
ibution t
imes
Ph
arm
aceu
tical
s / H
ealt
hcare
/
Clin
ical
Researc
h
Org
an
izati
on
Safe
and T
em
pera
ture
Contr
olle
d T
ransport
Garm
en
ts /
Co
nsu
mer
Du
rab
les / IT
Cost E
ffective
Logis
tics
Dart
Su
rfacelin
e P
lus is a
n e
conom
ical, m
ultim
odal, d
oor-
to-d
oor
dis
trib
ution s
erv
ice w
ithin
India
C
ost-
eff
ective lo
gis
tics o
ption f
or
less tim
e-s
ensitiv
e b
ulk
ship
ments
.
Pre
cio
us
Secu
red
Carg
o
Insura
nce A
gain
st
Losses
Arr
angem
ents
to in
su
re c
usto
mer
go
od
s t
hro
ugh a
n insura
nce c
om
pany
In c
ase o
f ship
ment bein
g d
am
aged o
r lo
st in
Blu
e D
art
’s c
usto
dy,
it a
ssis
ts the c
usto
mer
in the c
laim
pro
cess a
nd e
nsure
speedy c
laim
settle
ment
Co
nfi
den
tial
Exp
ress
Lo
gis
tics
Speedy &
Secure
d
Deliv
ery
Do
mesti
c c
hart
er
flig
hts
to m
eet gro
win
g d
em
and for
speedy a
nd s
ecure
dis
trib
ution o
f la
rge c
arg
o
volu
mes a
nd o
ffer
volu
mes a
nd d
imensio
ns n
ot availa
ble
with o
ther
dom
estic a
irlin
es
Support
ed b
y eff
icie
nt gro
und
-handlin
g f
acili
ties, In
dia
’s o
nly
com
pute
rized c
arg
o r
eserv
ation s
yste
m a
nd
expre
ss d
riven e
ffic
iencie
s.
E-C
om
merc
e
Successfu
l & R
elia
ble
Serv
ice
India
’s m
ost successfu
l and r
elia
ble
Cash
On
Deliv
ery
serv
ice.
Valu
e o
f th
e s
hip
ment is
colle
cte
d f
rom
th
e c
onsig
nee a
t th
e tim
e o
f deliv
ery
Ban
kin
g &
Fin
an
cia
l
Serv
ices
Secure
Tim
e-
Bound
Deliv
ery
The T
ime D
efi
nit
e D
eliv
ery
(10:0
0am
and 1
2:0
0 n
oon)
serv
ice is r
elia
ble
and h
ugely
adopte
d b
y th
e
secto
r G
uara
nte
es tim
e-b
ound d
eliv
ery
furt
her
enhanced b
y a f
ull
Money B
ack G
uara
nte
e (
MB
G)
Ind
us
try
Re
qu
ire
me
nt
Se
rvic
e O
ffe
rin
g
20
78
06
12
94
71
,24
21
,93
3
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Ac
co
un
tin
g
Pe
rio
d E
nd
ed
Ma
rch
31
st,
20
13
(1
5M
)
Pro
ve
n G
row
th T
rack R
eco
rd…
(1)
Blu
e D
art
has d
em
on
str
ate
d a
consis
tent and s
table
fin
ancia
l gro
wth
pro
file
Inc
om
e(2
) (R
s. m
n)
an
d G
row
th (
%)
Ne
t P
rofi
t (R
s. m
n)
an
d M
arg
in (
%)
PB
IDT
(3) (R
s. m
n)
an
d M
arg
in (
%)
9,8
75
9,1
53
11,5
53
15,1
71
22,1
17
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Acco
un
tin
g
Pe
rio
d E
nd
ed
Marc
h 3
1s
t,
2013 (
15M
)
1,3
67
1,1
20
1,6
01
2,0
16
3,0
88
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Ac
co
un
tin
g
Pe
rio
d E
nd
ed
Ma
rch
31
st,
20
13
(1
5M
)
13.3
%
13.8
%
12.2
%
13.9
%
8.2
%
7.9
%
6.7
%
8.2
%
Sourc
e:
Audited C
om
pany
Fin
ancia
l R
eport
s.
(1)
All
financia
ls a
re o
n a
Consolid
ate
d b
asis
for
financia
l ye
ar
ended D
ecem
ber
31.
(2)
Tota
l In
com
e c
om
prisin
g S
erv
ice C
harg
es,
Com
mis
sio
n a
nd O
ther
Incom
e.
(3)
Pro
fit
Befo
re I
nte
rest,
Depre
cia
tion a
nd T
axation
(4)
Consequent
to t
he c
hange o
f A
ccounting y
ear
from
31st
Decem
ber
to 3
1st
Marc
h,
the f
igure
s o
f 2012
-
13 a
re n
ot
com
para
ble
to t
hose o
f th
e p
revio
us y
ear
as t
he f
igure
s o
f 2012
-13 a
re f
or
fifteen m
onth
s f
rom
January
1,
2012 t
o M
arc
h 3
1,
2013.
31.3
%
21.2
%
(7.3
%)
26.2
%
45.8
%
14.0
%
8.7
%
(4)
(4)
(4)
21
…L
ead
ing
to
Hig
h C
ash
Flo
w G
en
era
tio
n W
ith
…
Blu
e D
art
ha
s c
on
sis
ten
tly g
en
era
ted
hig
h c
as
h f
low
s a
nd
de
live
red
su
pe
rio
r re
turn
s t
o s
ha
reh
old
ers
Sourc
e:
Audited C
om
pany
Fin
ancia
l R
eport
s.
(1)
Cash f
rom
Opera
ting A
ctivitie
s o
n a
Consolid
ate
d b
asis
for
financia
l ye
ar
ended D
ecem
ber
31.
(2)
Exclu
des A
dvances /
Loan t
o B
lue D
art
Avia
tion.
(3)
RoC
E o
n a
sta
ndalo
ne b
asis
.
(4)
RoC
E c
alc
ula
ted a
s E
BIT
/ A
vera
ge C
apital E
mplo
yed
.
(5)
Consequent
to t
he c
hange o
f A
ccounting y
ear
from
31st
Decem
ber
to 3
1st
Marc
h,
the f
igure
s o
f 2012
-13
are
not
com
para
ble
to t
hose o
f th
e p
revio
us y
ear
as t
he f
igure
s o
f 2012
-13 a
re f
or
fifteen m
onth
s p
eriod
fro
m J
anuary
1,
2012 t
o M
arc
h 3
1,
2013.
Ca
sh
fro
m O
pe
rati
ng
Ac
tivit
ies
(1,2
) (R
s. m
n)
73
07
73
93
61
,07
0
1,8
22
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Ac
co
un
tin
g
Pe
rio
d E
nd
ed
Ma
rch
31
st,
20
13
(1
5M
)
33
.6%
22
.2%
28
.3%
29
.8%
41
.5%
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Ac
co
un
tin
g
Pe
rio
d E
nd
ed
Ma
rch
31
st,
20
13
(1
5M
)
Re
turn
on
Ca
pit
al E
mp
loye
d (
Ro
CE
)(3,4
) (%
)
Ad
van
ces /
Lo
an
to B
DA
(R
s. m
n)
17
5
39
1
55
9
89
4
25
8 (
15
M)
(5)
(5)
22
165.2
189.6
228.2
277.4
273.8
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Acco
un
tin
g
Pe
rio
d
En
de
d
Ma
rch
31st
,
2013 (
15M
)
…Z
ero
-Deb
t C
ap
ital
Str
uctu
re(1
)
Blu
e D
art
, a z
ero
-debt
com
pan
y, c
ontinues to e
njo
y t
he h
ighest cre
dit r
ating
De
bt
an
d N
et
Wo
rth
(R
s. m
n)
Bo
ok
Va
lue
Pe
r S
ha
re (
Rs
.)
Sourc
e:
Audited C
om
pany
Fin
ancia
l R
eport
s.
(1)
Debt
and N
et
Wort
h o
n a
Consolid
ate
d b
asis
and B
ook V
alu
e P
er
Share
on a
Sta
ndalo
ne b
asis
for
cale
ndar
year
ended D
ecem
ber
31.
“[IC
RA
] A
1+
” (I
CR
A A
o
ne
plu
s)
assig
ne
d b
y I
CR
A L
td. (a
Mo
od
y’s
In
ve
sto
rs S
erv
ice a
sso
cia
te)
for
Blu
e D
art
’s
co
mm
erc
ial p
ap
er
/ sh
ort
-te
rm d
eb
t p
rogra
mm
e o
f R
s. 2
50
mill
ion
(ou
tsta
nd
ing –
nil)
Cre
dit
Ra
tin
gs
3,9
47
4,5
31
5,4
51
6,6
37
6,6
00
Nil
Nil
Nil
Nil
Nil
Ye
ar
En
de
d
De
c'0
8
Ye
ar
En
de
d
De
c'0
9
Ye
ar
En
de
d
De
c'1
0
Ye
ar
En
de
d
De
c'1
1
Ac
co
un
tin
g
Pe
rio
d E
nd
ed
Ma
rch
31
st,
20
13
(1
5M
)
De
bt
Ne
t W
ort
h
ICR
A h
as a
lso a
ssig
ne
d [IC
RA
] A
A (
ICR
A d
ou
ble
A)
(lon
g-t
erm
ratin
g)
an
d [IC
RA
] A
1+
(IC
RA
A o
ne
plu
s)
(sho
rt-
term
ratin
g)
to th
e c
om
pa
ny’s
ba
nk lim
its (
wo
rkin
g c
ap
ita
l) o
f R
s. 3
61
.5 m
illio
n (
inclu
din
g fu
nd
-based a
nd
no
n-f
un
d-
ba
se
d lim
its)
“ IN
D A
1+
” (I
nd
A o
ne
plu
s)
assig
ne
d b
y I
nd
ia R
atin
gs a
nd
Re
se
arc
h P
vt.
Ltd
. (e
rstw
hile
kn
ow
n a
s F
itch
Ra
tin
gs
Ind
ia P
vt.
Ltd
. fo
r B
lue
Da
rt’s
co
mm
erica
l p
ap
er/
sh
ort
-te
rm d
eb
t p
rogra
mm
e o
f R
s.
30
0 m
illio
n (
ou
tsta
ndin
g –
nil)
23
Co
rpo
rate
Bu
sin
ess S
tra
teg
y
Ma
inta
in a
nd
Gro
w M
ark
et
Le
ad
ers
hip
RC
ontin
uo
usly
im
pro
ve
qu
alit
y o
f o
pe
ratio
ns fo
r e
nh
an
cin
g
custo
mer
satisfa
ction
RP
urs
ue
pro
du
ct a
nd
se
rvic
e inn
ova
tion
RS
tay a
he
ad
of th
e c
urv
e b
y c
ontin
uo
usly
in
ve
sting
in
, a
nd
ado
ptin
g, n
ext g
ene
ratio
n te
chn
olo
gie
s
Lo
ng
Te
rm S
trate
gie
s
RC
reate
sta
te-o
f-th
e-a
rt in
fra
str
uctu
re
RA
gg
ressiv
ely
in
ve
st in
hu
ma
n c
apita
l d
eve
lopm
ent
RE
nhance a
nd s
trength
en p
resence in
secto
rs lik
e e
-com
merc
e,
pharm
aceuticals
, auto
, consum
er,
BF
SI and IT
–C
on
tin
uo
usly
imp
rove
pe
rfo
rma
nce
with
eve
ry p
rod
uct &
so
lutio
n w
e o
ffe
r
Me
diu
m T
erm
In
itia
tive
s
RIn
cre
ase
co
ve
rag
e a
nd
fo
otp
rint in
tie
r II
and
III
to
wn
s
–D
eliv
eri
ng
a c
lea
rly d
efin
ed
an
d c
on
sis
tent p
rod
uct &
so
lutio
n p
ort
folio
RF
ocu
s o
n s
ma
ll a
nd
me
diu
m e
nte
rprise
s
–B
e r
ecogniz
ed a
s a
tru
ste
d p
art
ner,
tru
ly u
nders
tandin
g the
custo
mer’s c
urr
ent and f
utu
re n
eeds
RIn
cre
ase
auto
ma
tio
n le
ve
ls a
cro
ss p
roce
sse
s
–In
cre
ase the a
dapta
bili
ty o
f our
pro
duct &
solu
tion p
ort
folio
–S
implif
y a
nd s
tandard
ize p
rocesses to d
eliv
er
excelle
nce
RE
nha
nce
skill
deve
lopm
ent
–
De
ve
lop
co
mp
reh
en
siv
e p
eo
ple
em
po
we
rme
nt a
nd
en
ga
ge
me
nt m
od
ule
cri
tica
l fo
r g
row
th
RC
ontin
ue
to
drive
pro
cess e
ffic
iencie
s a
nd
im
ple
me
nt q
ualit
y
me
asu
res li
ke
OC
PM
(1) , O
CP
K(2
) &
DS
O(3
) to
im
pro
ve
p
rofita
bili
ty (
EB
IT m
arg
ins)
RIn
cre
ase q
uart
erly /
annual m
ark
et share
s in b
oth
Air a
nd G
round
deliv
ery
segm
ents
R
Ach
ieve
and
ma
inta
in le
ad
ers
hip
sta
tus a
nd
pole
po
sitio
n in
both
Air a
nd
Gro
un
d e
xp
ress s
eg
me
nts
RR
edu
ce C
O2
em
issio
n, e
ng
ag
e in
ed
ucatio
n, h
um
anita
rian
and
d
isa
ste
r re
spo
nse
RM
ain
tain
deb
t-fr
ee s
tatu
s a
nd
deliv
er
pro
fita
ble
gro
wth
RC
ontin
ue
to
be th
e in
du
str
y le
ad
er
in d
eliv
ering
th
e trip
le
bott
om
lin
e a
nd
in
cre
ase
CO
2 e
ffic
iency b
y 3
0%
in
20
20
(1)
Opera
ting C
ost
per
Move;
(2)
Opera
ting C
ost
per
Kilo
; (3
) D
ays
Sale
s O
uts
tandin
g
24
Key C
hall
en
ge
s a
nd
Mit
igan
ts
De
pe
nd
ence o
n M
acro
eco
no
mic
an
d B
usin
ess E
nviro
nm
en
t
RD
evelo
p a
ltern
ate
and innovative c
usto
mer-
centr
ic s
olu
tions to
counte
r any d
am
penin
g in the e
conom
ic s
entim
ent
Exp
osu
re to
Cru
de
Oil
Flu
ctu
ation
s
RF
uel S
urc
harg
e b
ased p
ricin
g m
echanis
m to c
ounte
r rise in c
rude p
rices
En
try o
f N
ew
Org
an
ize
d P
laye
rs a
s In
du
str
y M
atu
res
RS
ignific
ant barr
iers
to e
ntr
y d
ue to infr
astr
uctu
re b
ottle
necks li
ke lim
itations o
f airsid
e s
pace, tim
e s
lots
, lic
ensin
g a
nd o
thers
Ava
ilab
ility
of S
kill
ed
Fro
nt-
Lin
e M
an
po
we
r
RT
ie-u
p w
ith m
ultip
le m
anpow
er
recru
itm
ent agencie
s
Ch
an
ges in
Re
gula
tory
En
viro
nm
en
t: P
osta
l B
ill,
Ca
rria
ge
by R
oa
d A
ct,
20
07
an
d K
arn
ata
ka
Sta
mp
Du
ty A
ct
RC
losely
monitor
the d
evelo
pm
ents
and a
dapt as n
ecessary
25
Blu
e D
art
Exp
ress L
imit
ed
Sta
nd
alo
ne
Fin
an
cia
l R
esu
lts
Pa
rtic
ula
rs
Q1
’20
12
Q2
’20
12
Q3
’20
12
Q4
’20
12
Q1
’20
13
Q2
’20
13
Q3
’20
13
20
12
-13
(15
M)(
3)
20
11
Inc
om
e(1
) 4
,18
1
4,3
97
4
,26
0
4,6
78
4
,54
4
4,5
32
4
,71
0
22
,06
0
15
,13
9
PB
IDT
(2)
514
655
529
721
638
66
8.1
5
03
.5
3,0
57
2,0
05
PB
IDT
Ma
rgin
(%
) 1
2.3
%
14
.9%
1
2.4
%
15
.4%
1
4.0
%
14
.7%
1
0.7
%
13
.9%
1
3.2
%
Ne
t P
rofi
t 2
91
406
322
450
418
407
301
1,8
87
1,2
22
Ne
t P
rofi
t M
arg
in
(%)
7.0
%
9.2
%
7.6
%
9.6
%
9.2
%
9.0
%
6.4
%
8.6
%
8.1
%
Sourc
e:
Com
pany
Fin
ancia
l R
eport
s
Note
: R
evenue,
EB
ITD
A a
nd P
AT
are
inclu
siv
e o
f O
ther
Incom
e.
(1)
Tota
l In
com
e c
om
prisin
g S
erv
ice C
harg
es,
Com
mis
sio
n a
nd O
ther
Incom
e.
(2)
Pro
fit
Befo
re I
nte
rest,
Depre
cia
tion a
nd T
axation
.
(3)
Consequent
to t
he c
hange o
f A
ccounting y
ear
from
31st
Decem
ber
to 3
1st
Marc
h,
the f
igure
s o
f 2012
-13
are
not
com
para
ble
to t
hose o
f th
e p
revio
us y
ear
as t
he f
igure
s o
f 2012
-13 a
re f
or
fifteen m
onth
s f
rom
January
1,
2012 t
o M
arc
h 3
1,
2013.
Am
ou
nts
in
Rs. M
n,
un
less s
tate
d o
the
rwis
e
Pa
rtic
ula
rs
Se
pte
mb
er’
30
, 2
01
3
Ma
rch
’ 3
1, 2
01
3
De
c’ 3
1, 2
011
Ne
t W
ort
h
7,2
04
6,4
97
6,5
81
To
tal L
iab
ilit
ies
2,3
28
3
,90
5
1,7
91
Fix
ed
As
se
ts
2,3
21
2,3
25
2,3
56
To
tal A
ss
ets
9
,53
2
10
,40
2
8,3
72
Ke
y B
ala
nc
e S
he
et
Ite
ms
as
at
Ke
y I
nc
om
e S
tate
me
nt
Ite
ms
Th
an
k Y
ou