Delhivery reports turnaround PAT of Rs 54 cr in Q1

Revenue from operations grew by 12.57% year on year to Rs 2,172.3 crore in the quarter ended 30 June 2024.

The company recorded a profit before exceptional items and tax of Rs 58.11 crore in Q1 FY25 as against loss before exceptional items and tax of Rs 92.17 crore reported in the corresponding quarter last fiscal. Exceptional loss was at Rs 5.13 crore during the quarter.

During the quarter, EBITDA stood at Rs 97 crore in Q1 FY25 as against an EBITDA loss of Rs 13 crore recorded in Q1 FY24. EBITDA margin came in at 4.5% in Q1 FY25 as against negative EBITDA margin of 0.7% registered in the same period a year ago.

Delhivery said that express parcel shipments grew marginally to 183 million in Q1 FY25 from 182 million in Q1 FY24. Revenue from express parcel jumped 6.15% YoY to Rs 1,276 crore in Q1 FY25. Express parcel service EBITDA profitability improved to 18.2% in Q1 FY25 as against with 18.1% posted in Q1 FY24.

The company said that it also continued to make strong inroads into the larger B2B transportation and supply chain services markets.

Part Truckload (PTL) revenues grew 25% YoY to Rs 435 crore in Q1 FY25 from Rs 347 crore in Q1 FY24. PTL volumes grew 16% YoY to 399K MT in Q1 FY25 as against 343K MT in Q1 FY24, despite Q1 having been a seasonally weak quarter for the industry. PTL service EBITDA profitability also continued to improve and expanded to 3.2% in Q1 FY25 from negative EBITDA margin of 8.5% in Q1 FY24.

The company said that the supply chain services (SCS) also showed robust growth in Q1 FY25. Revenue from SCS stood at Rs 259 crore, registering a growth of 26% from Rs 206 crore in Q1 FY24 on the back of a strong season and new accounts. Pipeline continues to be strong in SCS, with multiple active dialogues across electricals, FMCG, e-commerce, auto and other industry verticals.

Sahil Barua, MD & CEO said, “Robust growth in PTL and SCS businesses and stable growth in Express Parcel continues and have enabled improvement in profitability as well.”

Delhivery is India's largest and fastest growing fully integrated logistics services provider. With its nationwide network covering over 18,600 pin codes, the company provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.

Shares of Delhivery gained 2.07% to end at Rs 416.10 on Friday, 2 August 2024.