If you look at Blue dart customers, majorly are banks, fin institutions and other categories which deal with precious cargo. The order value is higher in most cases and customers deal with either confidential information or items like jewellery and so on. You can think of receiving your credit card, pin and so on.
Delhivery is over indexed in smaller value, price sensitive categories like Ecommerce and Delhivery relies on fewer clients for a lot of orders, hence the pricing power is low.
Blue dart also has a separate vertical of air cargo which gives them a higher premium. But that said, having a asset heavy buss is beneficial when the utilization levels are high.
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