Blue Dart Express Ltd

Dear Shareholders,

This year has brought to the fore the interlinked nature of the world we live in. Through the flows of goods, services, capital, people, data and ideas, the world remains deeply connected and remarkably resilient despite various turbulences.

The year 2022-23 has been a tough one, given the geopolitical and economic uncertainty. The year began with a degree of cautious optimism as Covid restrictions were gradually eased, but the unending war in Ukraine saw economies worldwide grappling with shortages in everything from Oil and Gas to Wheat and Microchips. This had a significant impact on both inflation and recessionary fears. India's real GDP in the first quarter of 2022-23 was about 4% higher than in the same quarter of the previous year, indicating a strong start for the country's recovery from the pandemic. The contact-intensive service sectors (i.e. Trade, Transport, and Hospitality) was the main driver of development in 2022-2023, owing to the release of pent-up demand and widespread vaccination coverage. A significantly increased private consumption aided by rising consumer sentiment also helped fuel this growth. In the third quarter, India's economic growth slowed down to 4.4 per cent as interest rate hike dampened demand and weakness in the manufacturing sector continued. Despite all these uncertainties, Blue Dart continued to fulfil its role as the Trade Facilitator to the nation, delivering excellence at every touchpoint. Our Strategy 2025 has bolstered and equipped us for external crises: it safeguards our focus on the profitable core of the business as well as our pole position as an employer, provider, and investment of choice. Delivering reliably even during challenging times has been our consistent effort and we have lived up to this customer promise.

Our dedication to become the preferred provider for our customers has yielded positive outcomes. Your Company delivered a noteworthy performance in FY 2022-23. For the year ended March 31, 2023, your Company, on a standalone basis reported Income from operations of 5,172 crores (previous year 4,409 crores) and posted net profit after tax, on a standalone basis of Rs. 366 crores (previous year 376 crores). The Board of Directors have proposed a dividend of 30/- (Rupees Thirty only) per share, subject to necessary approval by the Shareholders at the ensuing Annual General Meeting of the Company. We have recently added 2 Boeing 737-800 aircraft to our fleet, bringing the total count to 8. With over 700+ retail stores with DHL across India, the Company has been able to provide reliable and responsive service with quick turnaround time and expanded reach to all pin codes within the country. This year, your Company also expanded its presence by launching 15 retail stores on Independence Day as a part of the 'Azadi ka Amrit Mahotsav' initiative. Additionally, on the 39th anniversary, we announced the opening of 25 more retail outlets in Tier I and II towns. We have expanded our coverage to 1,025 pin codes and increased our channel partners to 3,775, providing customers with the advantage of shipping to over 55,400 locations. Our success comes from our commitment to fostering an 'Exceptional Customer-Centric Culture.' Blue Dart also continued its festive offerings including ‘Rakhi Express', ‘Diwali Express' and ‘Merry Express'. Through the offerings, customers could avail discounted rates on all gift shipments for both domestic and international destinations, providing them with a comprehensive solution for all their logistics needs.

In alignment with the ‘Strategy 2025' Delivering Excellence in a Digital World', your Company continues its initiatives tailored to ensure lean operations. These enable your Company to ramp up and achieve high service levels at short notice, which keeps us agile and adaptable. Moreover, your Company has been actively looking at providing digital solutions for its customers. Towards this, Blue Dart launched the Digital Prepaid Card this year. During the year under review, your Company continued to ensure that maximum cash collections went digital. Blue Dart continues to lead digital transformation with analytics, automation, business intelligence, smart dashboards, API solutions, auto-route applications, deployment of parcel lockers, electrical vehicles and investments in high-standard technology. Your Company also continues to reduce its utility of paper through its Digital Vendor Portal.

Complying with the ESG requirements, Blue Dart continues to innovate to reach its goal of being a Sustainable Logistics Provider of Choice for its customers. Blue Dart, as a part of the DHL Group, works towards clean operations for climate protection (Environment), being a great company to work for all (Social) as well as being a highly trusted company (Governance). Blue Dart is a signatory of the ‘Climate Neutral Now' (CNN) pledge by the United Nations Framework Convention on Climate Change (UNFCCC). The pledge highlights the organisation's commitment to ambitious CO2 reduction targets. The organization aims to achieve Net Zero Carbon Emissions by 2050 under the ‘Mission 2050' target set by the DPDHL Group.

Our Group credo of ‘Connecting People, Improving Lives' is a part of the culture at Blue Dart. Your Company has always remained one step ahead of the curve and passionately aided sustainability efforts taken group wide or individually. Your Company works towards providing long-term sustainability for its customers and showcases Corporate Social Responsibility through several initiatives that help the environment as well as the communities it operates in. Blue Dart actively works towards fulfilling the Sustainable Development Goals (SDGs) set by the United Nations (UN). Environmental and social initiatives play a pivotal role in the Company's functioning and is an integral part of the Company's core objective and values. Over the years, Blue Dart has been fulfilling its social responsibility of climate protection (GoGreen), disaster management (GoHelp) and education (GoTeach) through its various Programs. Under each category, the Company ensures that it is constantly giving back to the society and protecting the environment. Since 2017, Blue Dart has been planting 1,11,000 trees every year amounting to 6,66,000 trees till date which will offset 1,33,20,000 kg of CO2 per year on maturity.

Upholding the commitment towards Corporate Social Responsibility, your Company has won accolades along the way. I am happy to share that this year Blue Dart won the Social Impact Award at the 11^th edition of the ACEF Asian Leaders Awards, 2022 in the category of Best Public Health/Safety Initiative for its efforts towards the GoHelp initiative. Your Company's work was also recognized as the CSR Campaign of the Year at the Global Brand Excellence Awards for its GoTeach initiative. Blue Dart has always recognized that it is its people who make the difference, which is why we are dedicated to ensuring a motivating, safe and inclusive work environment for all employees. I am pleased that, in 2022, Blue Dart was recognized as a Great Place to WorkR for the 12^th year in a row. In addition, Blue Dart has also received the distinction as a Top Employer at the beginning of 2023. This honour was bestowed amongst other factors due to, the importance of ethics and integrity practiced across all our functions. Your Company has always been an ‘Equal Opportunity Employer' and considers it as a part of its DNA. Towards this, Diversity & Inclusion at Blue Dart is encouraged across gender, race, religion, age, disability, sexual orientation, or any other characteristics protected under law.

Blue Dart continues to understand Employee Satisfaction through the Employee Opinion Survey (EOS). In the year gone by, 94% of Blue Darters participated in the Annual Employee Opinion Survey (EOS). I am proud to announce your Company's overall favourable score for employee engagement being 98%. "I am proud of my company's contribution to our communities" emerged as the highest scored parameter with a favourable score of 98%, followed by "I trust my company's top management in making the right decisions for the future" with a favourable score of 97%. In our pursuit of a diverse and inclusive workforce, Blue Dart was recognized as one of India's ‘Best Workplaces for Women' in 2021 and ‘Best Organisations for Women in 2022' both by The Economic Times. Blue Dart is certified to global ISO 9001:2015 standards. Your Company endeavours not only to comply with all statutory requirements but also follows the principles of good and effective Corporate Governance that lays down a strong emphasis on integrity, transparency, and overall corporate accountability. In the year under review, your Company was awarded the Asian Legal Business (ALB) Awards 2023 for ‘Best Compliance & Risk Management Team'. Your Company also won the CFBP Award "Council for Fair Business Practices" 2022-23 organized by Jamnalal Bajaj Uchit Vyavahar Puraskar in the category of Service Enterprises Large. As we look forward to 2023-24, Your company continues to work towards being a Provider of Choice, an Employer of Choice, and an Investment of Choice with a key focus on resilience by delivering industry-leading performance as well as quality and service excellence.

Blue Dart continues its consistent efforts in heightening brand visibility through effective public relations, securing premium coverage across prestigious Indian media outlets for its products, services, innovations, and senior management's thought leadership. Additionally, your Company excels in utilizing digital platforms and social media and has been consistently recognized as a Superbrand for 14 consecutive years, receiving the Marketing Excellence award in the Supply Chain and Logistics Sector at the 7th National Awards for Excellence in Branding &

Marketing.

On behalf of the Board of Directors, I take this opportunity to thank everyone at Blue Dart and our customers for their commitment and support. I thank you, the Shareholders, for your continued support and trust reposed in your Company.

It gives me immense pleasure to share with you the Annual Report of your Company for the year ended March 31, 2023.