BlackBuck’s Q3 Loss Surges 145% To INR 48 Cr

SUMMARY

Had BlackBuck not incurred the exceptional loss of INR 77.89 Cr in Q3, it would have turned a net profit of INR 29.86 Cr from its continuing operations

Despite a degrowth in its bottom line, adjusted EBITDA skyrocketed 459% YoY to INR 42.04 Cr during the quarter under review

BlackBuck reported a 41% YoY increase in operating revenue to INR 113.98 Cr in Q3 FY25

Logistics major BlackBuck saw its consolidated net loss zoom 145% to INR 48.03 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 19.57 Cr in the year-ago quarter on account of an exceptional loss.

The Flipkart-backed company, which went public in November 2024, incurred an IPO expense of INR 8.45 Cr and a share-based payment expense of INR 69.44 Cr in the reported quarter. Without these exceptional items, it would have turned a profit of INR 29.86 Cr from its continuing operations.

The digital trucking company had reported a net profit of 12.49 Cr from its continuing operations in the September quarter of the ongoing fiscal year.

Founded in 2015 by IIT Kharagpur alumni Rajesh Yabaji and Chanakya Hridaya, along with Rama Subramaniam, BlackBuck is a B2B marketplace for inter-city full truckload (FTL) transportation. It connects truck operators with businesses with shipping requirements in real time through its tech-enabled platform.

While BlackBuck started its journey as a truck aggregator, it has since shifted its focus to selling value-added services such as FASTag, fuel cards, vehicle tracking software, subscriptions and loans.

Despite the hit to its bottom line, BlackBuck’s adjusted EBITDA skyrocketed 459% year-on-year to INR 42.04 Cr during the quarter under review.

Revenue from operations surged 41% to INR 113.98 Cr in Q3 FY25 from INR 80.86 Cr in the corresponding quarter last year. On a quarter-on-quarter basis, it grew 15% from INR 98.77 Cr.

In its investor presentation, BlackBuck said that its bread-and-butter tolling and vehicle tracking solutions business delivered a 35% YoY growth in Q3 FY25.

“Regulatory update on the ‘FasTag Program management fee’ has reinforced the certainty of revenues in the payments business,” it claimed.

The average monthly transacting truck operators on BlackBuck’s platform reached 7.35 Lakh as of December 31, 2024, a 20% YoY increase. The logistics giant also claimed to have facilitated gross transaction value (GTV) payments of INR 6,083 Cr.

It further claimed that transacting customers on average spent 45 minutes on its app daily. This included the time spent on the app by truckers looking to track their trucks and customers looking to find logistics partners for their freight movement on the road.

Zooming Into Expenses

The company managed to cut its expenses by 5% to INR 93.18 Cr in the quarter ended December 2024 from INR 98.15 Cr in Q3 FY24.

Employee Benefit Expenses: Spending under the head declined 24% to INR 35.34 Cr from INR 46.51 Cr in the year-ago quarter.

Other Expenses: The startup’s expenses under this head stood at INR 48.65 Cr, up 8% from INR 44.96 Cr in Q3 FY24. However, the company did not give a breakup of these expenses.

Shares of BlackBuck ended Wednesday’s (February 5) trading session 3.07% higher at INR 441.35 apiece on the BSE.