Delhivery on Friday reported that its net profit rose 113% to Rs 24.9 crore in the December quarter from Rs 11.7 crore in the same quarter a year ago. However, it fell short of market estimates of Rs 66 crore.
The company’s operating revenue grew 8.4% year-on-year to Rs 2,378.2 crore from Rs 2,194.4 crore earlier. This was marginally below Bloomberg’s consensus of Rs 2,422 crore.
Ebitda stood at Rs 102 crore, up from Rs 109 crore earlier but well below estimates of Rs 143 crore. Ebitda margin fell to 4.3% in Q3FY25 from 5% in Q3FY24. The company’s total expenses grew 7% to Rs 2,450.9 crore from Rs 2,289 crore last year.
Net profit margin during the quarter was 1%. Delhivery’s revenue was driven primarily by a surge in its partial truckload freight business, which grew 22% year-on-year, and in supply chain services, which grew 29%. Revenue from its core express parcel business grew a lesser 3%.
This business alone accounts for about 63% of the company’s total revenue. PTL accounts for 19% of the total. According to Delhivery MD and CEO Sahil Barua, the company’s expenses were high and margins were under pressure due to an increase in fixed costs at the Hoskote warehouse.
He also said that fleet costs had increased more than expected at the beginning of the quarter due to the festive season, but have now cooled down.
Delhivery also launched Rapid Delivery service from Bengaluru in January, offering delivery to D2C brands within 2 hours. It is now live in Hyderabad and Chennai as well, Barua said. The service currently has 2 customers and is likely to add 15 more by June.
He also said that some of the company’s dark stores, which offer quick deliveries, now deliver 500 orders per day. To achieve break even, they need to deliver 700-800 orders every day.
Delhivery has also appointed Vani Venkatesh as chief business officer from February 28. She has previously served as Airtel’s global CEO.
In addition, it has appointed Emcure Pharmaceuticals executive director Namita Thapar and Boat Lifestyle co-founder and CEO Sameer Mehta as non-executive independent directors on the board
