Indian logistics services provider Blue Dart Express reported a drop in profit for the second quarter in a row on Friday on continued pressure from higher expenses.
The Deutsche Post-controlled company’s consolidated net profit fell over 49 per cent to Rs 69440 crore in the fourth quarter.
Blue Dart’s revenue rose over 4 per cent in the quarter, while its total expenses rose above 14 per cent.
Blue Dart, like other third-party logistics companies, rode a pandemic-led demand boom as people embraced shopping from their homes during the Covid-19 lockdowns. However, they are now facing the double hit of high fuel costs and softening demand in the e-commerce segments.
Blue Dart’s revenue growth in the October-December quarter slowed to single digits after two years of double-digit growth, which also pushed it to its first drop in profit in 10 quarters.