Informist, Thursday, Nov. 14, 2024

By Apratim Sarkar

MUMBAI – Delhivery Ltd. reported a consolidated net profit of INR 102.04 million for the September quarter on the back of higher revenue, but missed the Street's estimate of INR-439-million bottom line by a wide margin. In the year-ago quarter, the company had reported a net loss of INR 1.03 billion, largely driven by higher expenses.

The company's revenue during the quarter was INR 21.90 billion, higher than INR 19.4 billion in the year-ago quarter. The on-year revenue growth of 12.8% in Jul-Sept was the highest in three quarters. Analysts had estimated a consolidated revenue of INR 22.08 billion for the quarter. The other income for the September quarter was INR 1.2 billion, up 18% on year from INR 1 billion.

In Apr-Sept, the company's consolidated net profit was INR 645.53 million against a consolidated loss of INR 1.92 billion in the year-ago period. The company's revenue for the first six months of the current financial year was INR 43.62 billion, up 12.7% on year from INR 38.72 billion.

In the September quarter, the company's total expenditure was INR 22.9 billion, up 6.8% from INR 21.5 billion in the year-ago quarter. Finance costs were INR 305.38 million, up 55.4% from INR 196.46 million a year ago. The company's depreciation and amortisation expense for the quarter was INR 1.31 billion, down 23.3% on year from INR 1.71 billion.

The company's freight, handling, and servicing costs increased to INR 16.38 billion, up 13.6% from INR 14.42 billion in the year-ago quarter. The company spent INR 3.50 billion on employee benefit expenses as compared to INR 3.67 billion in the year-ago quarter. The company's other expenses marginally declined in the quarter to INR 1.45 billion from INR 1.49 billion.

The company's earnings before interest, tax, depreciation, and amortisation were INR 570 million against a loss of INR 160 million in the year-ago quarter. For the September quarter, analysts estimated an EBITDA of INR 925.40 million.

The Gurugram-based company's express parcel segment revenue increased to INR 12.98 billion, up 7% on year from INR 12.10 billion. The express parcel shipments for the quarter grew 3% on year to INR 185 million from INR 181 million. The company's part truckload segment revenue increased to INR 4.74 billion, up 27% on year from INR 3.73 billion. The company's part truckload volume in Jul-Sept was up 23% on year to 427,000 tonnes and 7% up sequentially.

The company's revenue from the supply chain services segment was INR 1.97 billion, up 21% on year from INR 1.64 billion. However, the revenue from the segment fell 24% sequentially on account of client business seasonality, the company said in an investor presentation. The company in a press release said the pipeline continues to be strong in the supply chain services segment with multiple active dialogues across electrical, fast moving consumer goods, e-commerce, auto, and other industry verticals.

The company's truckload service segment revenue increased to INR 1.58 billion, up 5% on year from INR 1.5 billion a year ago. Cross-border services revenue grew 43% on year to INR 590 million from INR 410 million in the year-ago quarter.

The company's number of active customers was 38,044 as of Sept.30, up from 30,359 in the same quarter a year ago. Its services increased to 18,775 pin codes across the country as of the end of September from 18,655 a year ago. In the September quarter, the freight service centres across the country decreased to 124 from 140 from the year-ago quarter. On other hand, the express delivery centres increased to 3,645 from 3,412 in the year-ago quarter. The company's partner agents as of Sept. 30 were 41,656, up from 35,834 a year ago. The daily average fleet size increased to 16,357 as of Sept.30 from 12,366 a year ago.

Delhivery announced its September quarter results after market hours. Thursday, the company's shares closed flat with a positive bias on the National Stock Exchange at INR 330.55. End

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.