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The capital expenditure intensity, or capex as a percentage of revenue, across Delhivery Ltd.'s businesses declined sharply during 2024-25 (Apr-Mar) from FY19 and is expected to fall further to its long-term targets. "We anticipate, going forward, that capex intensity in the business will continue to remain largely stable and slowly taper its way towards our long-term targets of between 3.5% and 4.0%," its management said in a post-earnings virtual call.
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