Earnings Review
Delhivery PAT beats mkt expectations, revenue misses aim
This story was originally published at 19:01 IST on 16 May 2025
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--Delhivery FY25 consol EBITDA margin 4.2$ vs 1.6% year ago
--Delhivery FY25 consol EBITDA INR 3.76 bln vs INR 1.27 bln year ago
--Delhivery Jan-Mar truckload revenue INR 1.51 bln vs INR 1.74 bln year ago
--Delhivery Jan-Mar supply chain svcs revenue INR 2.29 bln vs INR 2.34 bln
--Delhivery Jan-Mar part-truckload revenue INR 5.17 bln vs INR 4.17 bln
--Delhivery Jan-Mar express parcel revenue INR 12.56 bln vs INR 12.17 bln
--Delhivery Jan-Mar consol EBITDA margin 5.4% vs 2.2% year ago
--Delhivery Jan-Mar consol EBITDA INR 1.19 bln vs INR 460 mln year ago
--Delhivery Jan-Mar consol India revenue INR 21.91 bln vs INR 20.75 bln
--Delhivery FY25 consol revenue INR 89.32 bln vs INR 81.42 bln year ago
--Delhivery FY25 consol PAT INR 1.62 bln vs INR 2.49 bln loss year ago
--Delhivery Jan-Mar consol revenue INR 21.92 bln vs INR 20.76 bln year ago
--Delhivery Jan-Mar consol PAT INR 725.57 mln vs INR 684.68 mln loss year ago
--Analysts saw Delhivery Jan-Mar consol net profit INR 226.14 mln
--Delhivery Jan-Mar consol net profit INR 725.57 mln
By Sunil Raghu
AHMEDABAD – Delhivery Ltd.'s consolidated revenue for the quarter ended March grew 5.6% on year buoyed by rise in its part truckload earnings, but the growth was slowest in the last six quarters and lower than market expectations. The company posted a profit for the quarter against a loss year ago, aided by falling employee costs and lower depreciation and amortisation. The company has posted a profit for the fourth straight quarter.
The integrated logistics operator's consolidated net profit for the March quarter was INR 725.57 million, compared with a loss of INR 684.68 million a year ago. The net profit beat analysts' estimates of INR 226.14 million by a huge margin. Sequentially, the bottom line jumped more than two-and-a-half times from INR 249.88 million.
Delhivery's consolidated revenue for the quarter was INR 21.92 billion, up 5.6% compared to INR 20.76 billion a year ago. Sequentially, the revenue fell 7.85% from INR 23.78 billion in the December quarter. This is the eighth consecutive quarter the company's revenue has grown. However, it was lower than the Street estimate of INR 23.40 billion.
The company's consolidated net profit for 2024-25 (Apr-Mar) was INR 1.62 billion, against a loss of INR 2.49 billion last year. The consolidated revenue for FY25 was INR 89.32 billion, up from INR 81.42 billion year ago.
Delhivery's freight, handling, and servicing costs increased 3.13% on year to INR 15.66 billion while its depreciation and amortisation expenses declined 28.9% on year to INR 1.42 billion. The company's employee costs for the quarter fell 6.22% on year to INR 3.38 billion. Its consolidated earnings before interest, taxes, depreciation, and amortisation rose more than two-and-a-half times to INR 1.19 billion, from INR 460 million in March quarter year ago. Its EBITDA margin for the March quarter rose to 5.4%, from 2.2% in the same quarter last year. For FY25, the company's EBITDA almost tripled to INR 3.76 billion, from INR 1.27 billion a year ago. Its FY25 EBITDA margin rose to 4.2% from 1.6% a year ago.
The company's consolidated domestic revenue for the March quarter grew over 5.6% on year to INR 21.91 billion for the March quarter, from INR 20.75 billion a year ago. The express parcel vertical was the top revenue generator among the company's services and contributed INR 12.56 billion to the total revenue, up 3.2% on year but down 16% on quarter.
The company said it made 177 million express parcel shipments in the quarter, a growth of about 1% on year but down 14% sequentially from 206 million shipments. The company's revenue from supply chain services was INR 2.29 billion, down 2.14% on year. The revenue from the company's part-truckload segment rose 24% on year to INR 5.17 billion and the revenue from its truckload services fell 13.21% on year to INR 1.51 billion. Part-truckload freight tonnage for the quarter rose 19% to 458,000 tonnes.
The number of active customers rose to 44,290 during the quarter, 33.1% on year. The count of the company's express delivery centres rose to 3,647 from 3,506 a year ago and 3,599 in the previous quarter. Its partner centres fell to 905, from 939 a year ago but rose from 862 a quarter ago. The company's total team strength fell 2.73% on year and 8.35% on quarter to 61,977 employees.
The company has appointed Suraj Saharan, co-founder and current chief people officer of the company, as a whole-time director on its board, effective immediately. On Friday, shares of the company ended at INR 320.85 on the National Stock Exchange, down 1% from the previous close. End
Edited by Ashish Shirke
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