Gurugram-based logistics company Delhivery reported a net profit of ₹10.2 crore for the quarter ending September 30, noting a steep plunge of 81% from the previous. For reference, the previous quarter (June 2024) saw Delhivery clock ₹54.4 crore in net profit, as well as a loss of ₹102.9 crore in the same quarter of the previous fiscal year.
For the recently-ended quarter, the logistics provider’s revenue from operations increased by 12.8% year-on-year (YoY) to ₹2,189.7 crore, up from ₹1,941.7 crore in Q2 FY24. Delhivery’s express parcel revenue reached ₹1,298 crore in Q2 FY25, a 7% YoY increase from ₹1,210 crore in Q2 FY24. Shipment volumes for express parcel services also rose by 3% YoY, increasing from 181 million to 185 million shipments. Meanwhile, PTL, a critical component of Delhivery’s revenue stream, grew significantly, with PTL revenue surging by 27% YoY to ₹474 crore, up from ₹373 crore in the same period last year. This growth in PTL was accompanied by a substantial 23% increase in shipment volumes, which totaled 427,000 tonnes in Q2 FY25.
“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”, Sahil Barua, MD & CEO of Delhivery, commented on the matter.
Supply Chain Services (SCS), another key segment for Delhivery, recorded a YoY revenue increase of 21%, reaching ₹197 crore in Q2 FY25. However, this segment saw a sequential decline of 24% from ₹259 crore in Q1 FY25 due to the seasonal nature of client demand, which tends to vary across industry sectors. Despite this short-term fluctuation, Delhivery remains optimistic about the SCS pipeline. The truckload service segment, on the other hand, recorded an annual increase of 5% to amount to ₹158 crore from ₹150 crore in Q2 FY24. Additionally, cross-border services exhibited strong performance with a 43% YoY revenue growth, rising to ₹59 crore from ₹41 crore in the corresponding quarter last year.
Delhivery’s earnings before interest, tax, depreciation, and amortization (EBITDA) rose significantly, with EBITDA in Q2 FY25 reaching ₹57.3 crore compared to a loss of ₹15.7 crore in the corresponding quarter in the previous year. This improvement brought Delhivery’s EBITDA margin to 2.6% for the September quarter. Despite the positive quarterly results, Delhivery’s stock showed a marginal decline after the reveal of the financial results – the shares are currently priced at ₹328.60.
