BlackBuck Posts INR 280 Cr Profit In Q4 On Tax Credit

Logistics company BlackBuck posted a consolidated net profit of INR 280.1 Cr in Q4 FY25 as against a net loss of INR 90.8 Cr in the year-ago quarter. The company had reported a net loss of INR 48 Cr in Q3 FY25. 

However, one of the key reasons behind the profit in Q4 was a tax credit INR 245 Cr. Excluding it, BlackBuck would have posted a profit of about INR 35.1 Cr during the quarter under review.

Zinka Logistics Solutions, the parent of BlackBuck, saw its operating revenue zoom 30.6% to INR 121.8 Cr in Q4 FY25 from INR 93.2 Cr in the corresponding quarter last year. Sequentially, it grew 6.9% from INR 113.9 Cr.

Total expenses in Q4 FY25 stood at INR 95.18 Cr, down 49.1% from INR 187 Cr in Q4 FY24, showing strong cost control. However, expenses rose 2.1% quarter-on-quarter from INR 93.1 Cr.

This cost control also helped the company grow its adjusted EBITDA over 221% YoY in Q4 to INR 53.7 Cr from INR 16.7 Cr a year ago. For the full year, adjusted EBITDA rose to INR 138.7 Cr, a massive 940% jump from INR 13.3 Cr in FY24. 

Net loss for FY25 stood at INR 8.6 Cr as against a loss of INR 193.9 Cr in FY24. However, the loss would have been higher if not for a tax credit of INR 244.6 Cr in FY25. 

Operating revenue for the full fiscal year jumped 43.7% to INR 426.7 Cr during the year from INR 296.9 Cr in FY24. 

Zooming Into BlackBuck’s Revenue Streams

BlackBuck operates as a digital freight platform that connects truckers with shippers. It generally charges a fee on every successful load match with the shippers. Additionally, fleet operators and truckers can subscribe to services like GPS tracking, FASTag, fuel cards, among others. 

BlackBuck’s core business – tolling and vehicle tracking solutions – continued to account for a majority of the revenue, delivering 28% YoY growth in Q4 and 39% in FY25. 

Meanwhile, the growth business, which includes fuel payments, fuel sensor, vehicle financing, and more, saw revenue grow about 50% to INR 16 Cr in Q4 FY25. For the full year, its revenue surged 90% to INR 55.4 Cr.

The number of average monthly transacting truck operators reached 7.65 Lakh in Q4 FY25, a 17.5% YoY increase. Meanwhile, multi-service users, those engaging with at least two platform services, rose 26.4% YoY to 3.68 Lakh in the quarter. 

Additionally, daily app usage per transacting customer increased 8.4% to nearly 44 minutes, while gross transaction value (GTV) for payments processed via the platform climbed to INR 23,493 Cr in FY25, reflecting a 35% YoY increase.

BlackBuck’s loads platform, originally structured as a classifieds-based platform, is now transitioning to a brokerage-driven model, the company’s CEO Rajesh Kumar Naidu Yabaji said in a post-earnings call. 

Earlier, the platform only connected truckers and shippers, and the company would earn a small fee on it. However, the company is now focussing on providing more services like pricing, truck assignment, payments, and fulfillment support. In return, it will earn a commission of 6–8% per transaction, which could increase over time, according to Yabaji. 

Meanwhile, BlackBuck’s board also approved a proposal to change the company’s name to ‘Blackbuck Limited’ from ‘Zinka Logistics Solutions Limited’.

Shares of BlackBuck ended today’s trading session 1.6% lower at INR 457.45 on the BSE.