Delhivery reports turnaround PAT of Rs 10 cr in Q2 FY25

Delhivery reported consolidated net profit of Rs 10.20 crore in Q2 FY25 as compared with net loss of Rs 102.94 crore in Q2 FY24.

Reveneue from operations jumped 12.77% to Rs 2,189.7 crore in the second quarter of FY25 as against Rs 1,941.7 crore posted in Q2 FY24.

The company recorded a profit before exceptional items and tax of Rs 8.62 crore in Q2 FY25 as against loss before exceptional items and tax of Rs 105.01 crore reported in the corresponding quarter last fiscal.

During the quarter, EBITDA stood at Rs 57 crore in Q2 FY25 as against an EBITDA loss of Rs 16 crore recorded in Q2 FY24. EBITDA margin came in at 2.6% in Q2 FY25 as against negative EBITDA margin of 0.8% registered in the same period a year ago.

Delhivery said that express parcel shipments grew 3% YoY to 185 million in Q2 FY25 from 181 million in Q2 FY24. Revenue from express parcel jumped 7% YoY to Rs 1,298 crore in Q2 FY25. Express parcel service EBITDA reduced to 18.2% in Q2 FY25 as against with 16.8% posted in Q2 FY24.

Part Truckload (PTL) revenues grew 27% YoY to Rs 474 crore in Q2 FY25 from Rs 373 crore in Q2 FY24. PTL volumes grew 23% YoY to 427K MT in Q2 FY25 as against 348K MT in Q2 FY24. PTL service EBITDA profitability also continued to improve and expanded to 2.9% in Q2 FY25 from negative EBITDA margin of 4.9% in Q2 FY24.

The company said that the supply chain services (SCS) also saw a dip in revenues sequentially on account of client business seasonality. Revenue from SCS stood at Rs 197 crore, registering a growth of 21% from Rs 164 crore in Q2 FY24. Pipeline continues to be strong in SCS, with multiple active dialogues across electricals, FMCG, e-commerce, auto and other industry verticals.

Truckload service revenue grew by 5% YoY to Rs 158 crore in Q2 FY25 from Rs 150 crore in Q2 FY24. Cross Border services jumped 43% YoY to Rs 59 crore in Q2 FY25 from Rs 41 crore posted in the second quarter of FY24.

Sahil Barua, MD & CEO, said, The stable volume performance during Q2 FY25 along with the planned seasonal capacity additions we undertook towards the end of the quarter set us up well for the festive season. We saw a significant increase in the Express volumes in October with daily average volumes being 25% higher than the pre-festive sale period.

Delhivery is India's largest fully-integrated logistics services provider. With its nationwide network covering over 18,700 pin codes, the company provides a wide range of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.

Shares of Delhivery shed 0.80% to currently trade at Rs 327.70 on the BSE.

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