Delhivery reports turnaround PAT of Rs 12 cr

The logistics solution provider reported a consolidated net profit of Rs 11.71 crore in Q3 FY24 as against a net loss of Rs 195.65 crore posted in Q3 FY23.

Revenue from operations increased 20.32% year on year to Rs 2,194.47 crore in the quarter ended 31 December 2023.

The company recorded a profit before tax of Rs 2.34 crore in the third quarter of FY24 as against pre-tax loss of Rs 20.90 crore reported in the corresponding quarter last fiscal.

During the quarter, adjusted EBITDA stood at Rs 92 crore in Q3 FY24 as against an adjusted EBITDA loss of Rs 67 crore in Q3 FY23. Adjusted EBITDA margin stood at 4.2% in during the quarter as against negative 3.7% in Q3 FY23.

 

Delhivery said that express parcel shipment volumes grew 18% YoY to 201 million in Q3 FY24 from 170 million shipments in Q3 FY23. Correspondingly, revenue from express parcel services grew 21% YoY to Rs 1,448 crore in Q3 FY24 from Rs 1,200 crore in Q3 FY23.

Part Truckload freight (PTL) volumes grew 37% YoY to 354,000 tons in Q3 FY24 from 258,000 tons in Q3 FY23. Correspondingly, revenue from PTL service grew 37% YoY to Rs 379 crore in Q3 FY24 from Rs 277 crore in Q3 FY23.

The company said that the Truckload service reported another strong quarter consecutively, with revenue from Truckload service growing 51% YoY to Rs 153 crore during the period under review.

Sahil Barua, MD & CEO said, 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.

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 closed 0.75% higher at Rs 472.90 on Friday, 2 February 2024.

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