BlackBuck Shares Tumble 6% After Co Posts INR 308 Cr Loss In Q2

Shares of Zinka Logistics Solutions, the parent company of BlackBuck, tumbled nearly 6% in early trading hours today (December 16) after the logistics major posted a net loss of INR 308.38 Cr from continuing operations in the September quarter of the financial year 2024-25 (Q2 FY25).

The stock plunged as much as 5.75% during the intraday trading to INR 399 apiece on the BSE. 

The decline in the share price of BlackBuck came after the Flipkart-backed company slipped into the red in Q2 FY25 on account of a share based payment expense of INR 320.74 Cr. If not for this exceptional item, BlackBuck would have made a profit of INR 38.92 Cr during the quarter under review.

BlackBuck, which went public last month, reported a net profit of INR 32.28 Cr in the June quarter of FY25.

Shares of BlackBuck were trading 3.4% lower at 408.95 apiece on the BSE at 1:31 PM. The stock, however, was still trading at a premium of over 46% to its listing price of INR 279.05.

It is to be noted that BlackBuck witnessed a robust growth in its topline in Q2 FY25, with its operating revenue surging 56% to INR 98.77 Cr on a year-on-year basis.

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck commenced operations as a truck aggregator. Since then, the company has diversified and now offers a full stack of solutions – from load management and telematics to payments for fuel, FASTag or toll charges, and truck financing.

The company operates a B2B marketplace specialising in intercity full truckload transportation.

At the time of listing, the company claimed to have around 27.5% of the country’s truck operators on its platform. Without giving a number, BlackBuck founder and CMD Rajesh Yabaji said in a post-earnings call that it is adding 0.4% to 0.5% market share every month.

The company expects to report profits in its upcoming quarters. Meanwhile, it also expects the central government’s recently introduced changes to the National Highways Fee (Determination of Rates and Collection) Rules, 2008 to aid its growth.