Earnings Review
Delhivery's growth slows, consol PAT misses Street's view
This story was originally published at 19:22 IST on 7 February 2025
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--Delhivery Oct-Dec consol net profit INR 249.88 mln
--Analysts saw Delhivery Oct-Dec consol net profit INR 686 mln
--Delhivery Oct-Dec consol PAT INR 249.88 mln vs INR 117.06 mln year ago
--Delhivery Oct-Dec consol revenue INR 23.78 bln vs INR 21.94 bln year ago
--Delhivery Apr-Dec consol PAT INR 895.53 mln vs INR 1.81 bln loss year ago
--Delhivery Apr-Dec consol revenue INR 67.40 bln vs INR 60.66 bln year ago
--Delhivery Oct-Dec consol India revenue INR 23.78 bln vs INR 21.94 bln
--Delhivery Oct-Dec consol EBITDA INR 1.02 bln vs INR 1.09 bln year ago
--Delhivery Oct-Dec express parcel revenue INR 14.88 bln, up 3% on year
--Delhivery Oct-Dec part-truckload revenue INR 4.62 bln, up 22% on year
--Delhivery Oct-Dec supply chain services revenue INR 2.22 bln, up 29% on yr
--Delhivery Oct-Dec truckload services revenue INR 1.60 bln, up 5% on year
--Delhivery Oct-Dec consol EBITDA margin 4.3% vs 5.0% year ago
--Delhivery Oct-Dec part-truckload tonnage 412,000 tn, up 17% on year
MUMBAI – Delhivery Ltd.'s consolidated revenue grew just 8% on year, the slowest rate of growth in five quarters, but the company managed to maintain profitability for the third straight quarter. Its bottom line more than doubled on year, though it still missed the Street's view. The integrated logistics operator's consolidated net profit for the December quarter was INR 249.88 million, compared with INR 117.06 million a year ago, missing analysts' estimates of INR 686 million. Sequentially, the bottom line jumped nearly one and a half times from INR 144.88 million.
Delhivery's consolidated revenue for the quarter was INR 23.78 billion, compared to INR 21.94 billion a year ago. Sequentially, the revenue rose nearly 9% from INR 21.90 billion in the September quarter. This is the seventh consecutive quarter where the company's revenue has grown. Its consolidated net profit for Apr-Dec was INR 895.53 million, compared with a loss of INR 1.81 billion in the same period last year. Consolidated revenue in the first nine months of the financial year 2024-25 (Apr-Mar) was INR 67.40 billion, up from INR 60.66 billion in the year-ago period.
Delhivery's freight, handling, and servicing costs jumped over 11% on year to INR 17.51 billion, while its depreciation and amortisation expenses declined over 22% on year to INR 1.42 billion. Its consolidated earnings before interest, taxes, depreciation, and amortisation fell over 6% on year to INR 1.02 billion. Its EBITDA margin also fell to 4.3% in the December quarter from 5% a year ago.
The company's consolidated domestic revenue grew over 8% on year to INR 23.78 billion for the December quarter. The express parcel vertical was the top revenue generator among the company's services, and contributed INR 14.88 billion to the total revenue, up 3% on year. The company said it made 206 million express parcel shipments in the quarter, a growth of over 2% on year.
The company's revenue for supply chain services was INR 2.22 billion, up 29% on year. The revenue from the company's part-truckload segment rose 22% on year to INR 4.62 billion, and the revenue from its truckload services grew 5% to INR 1.60 billion. Part-truckload freight tonnage for the quarter rose nearly 17% to 412,000 tonnes.
The number of active customers for the company rose 30% to 39,775 during the quarter. While the count of the company's express delivery centres rose nearly 6% during the quarter to 3,599, its partner centres fell over 24% to 752. The company's total team strength rose 7% on year to 67,625 employees, but declined over 8% sequentially. The on-quarter fall was because numbers for the previous quarter included the temporary hubs, manpower, and fleet that were added for the peak season.
On Friday, shares of the company ended at INR 315.10 on the National Stock Exchange, down 2.1%. End
Edited by Rajeev Pai
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