 "Delhivery")
Logistics unicorn Delhivery on Friday reported that it had turned profitable for the first time ever since its public listing in 2022.
The company posted a Profit After Tax (PAT) of Rs 11.7 crore in the third quarter of the financial year 2023-24 (FY24), from a loss of Rs 196 crore during the same period a year ago. It had reported a loss of Rs 103 crore a quarter ago.
Delhivery’s revenue from operations stood at Rs 2,194 crore in Q3 FY24, up 20 per cent year-on-year (Y-o-Y) from Rs 1,822 crore in Q3 FY23. The firm’s Q2 revenue came in at Rs 1,942 crore.
Moreover, the company reported an increase in its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) to Rs 109 crore in the December quarter, compared to an EBITDA loss of Rs 72 crore in the same period last year.
“We are satisfied that network quality remained robust even through the peak season. The highest-ever quarterly EBITDA demonstrates the underlying strength and operating leverage in our business model. We have established adequate infrastructure and capacity for continued growth in FY25,” said Sahil Barua, Managing Director and Chief Executive Officer, Delhivery.
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The company’s Express Parcel shipments recorded robust growth of 18 per cent Y-o-Y during Q3 FY24, with shipment volume rising to 201 million, up from 170 million in Q3 FY23. The revenue from Express Parcel services grew by 21 per cent Y-o-Y to Rs 1,448 crore in the December quarter from Rs 1,200 crore in the same period the previous year.
Delhivery’s Part Truckload (PTL) freight volumes grew 37 per cent Y-o-Y to 354,000 tons in Q3 FY24, from 258,000 tons in the year-ago period.
In line with this, revenue from PTL services also grew 37 per cent Y-o-Y to Rs 379 crore in the December quarter from Rs 277 crore in Q3 FY23. The Truckload service, the company said, reported another strong quarter consecutively, with revenue from this service growing 51 per cent Y-o-Y to Rs 153 crore from Rs 102 crore a year ago.
During the quarter, the company also operationalised its largest gateway in Lonad, near Bhiwandi in Maharashtra. The facility has 196 docking stations from which over 1,600 vehicles can transit daily and is designed to process 700,000 shipments and 8,000 metric tons of freight per day.
