Delhivery Q3 Profit Jumps 114% To INR 25 Cr

Logistics major Delhivery’s consolidated net profit zoomed 114% to INR 24.98 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 11.70 Cr in the year-ago quarter on the back of strong growth in its revenue.

Sequentially, net profit surged 145% from INR 10.20 Cr. Notably, this was the third consecutive profitable quarter for Delhivery.  

Revenue from contracts with customers rose over 8% to INR 2,378.29 Cr during the quarter under review from INR 2,194.46 Cr in Q3 FY24. On a quarter-on-quarter (QoQ) basis, it rose nearly 9% from INR 2,189.73 Cr.

Including other income of INR 98.66 Cr, the company’s total revenue stood at INR 2,476.96 Cr during the quarter ended December 31, 2024.

The company’s EBITDA declined marginally to INR 102 Cr during the quarter under review from INR 109 Cr in Q3 FY24. 

In an investor presentation, Delhivery said that its ‘express parcel’ revenue grew 3% year-on-year (YoY) and 15% QoQ to INR 1,488 Cr in the September-December period on higher express parcel shipments.

Express parcel shipment volume grew 2.4% YoY and 11.2% QoQ to 206 Mn in Q3 FY25.

Part truckload (PTL) freight revenue surged 22% YoY to INR 462 Cr from INR 379 Cr in the year-ago quarter. However, growth was muted on a sequential basis, with revenue from this vertical rising only 3% from INR 474 Cr due to a decline in volume.

While PTL volume surged 16.6% to 412K tonnes in the quarter ended December from 354K tonnes in Q3 FY24, sequentially, it declined 3.4% from 427K tonnes.

Revenue from supply chain services jumped 29% YoY and 12% QoQ to INR 222 Cr in the third quarter of the ongoing fiscal year. 

Truckload service revenue rose 5% YoY to INR 160 Cr in the quarter ended December 2024 from INR 153 Cr in the same quarter last year. However, on a QoQ basis, revenue from this vertical grew marginally from INR 158 Cr.

Delhivery generated revenue to the tune of INR 43 Cr from cross-border services in the reported quarter, up 12% YoY and 26% QoQ.

Where Did Delhivery Spend In Q3?

The top line growth outpaced the rise in expenditure for the logistics giant. Total expenses rose a little over 7% to INR 2,450.93 Cr during the quarter under review from INR 2,289.90 Cr in the December quarter last year. On a QoQ basis, total expenditure grew 6.8% from INR 2,294.26 Cr.

Freight, Handling & Servicing Cost: Being a logistics company, freight, handling and servicing costs emerged as the biggest expense head for Delhivery. 

The spending under this head rose 11% to INR 1,750.77 Cr in Q3 FY25 from INR 1,571.80 Cr in the year-ago period. Sequentially, it rose 6% from INR 1,638.14 Cr.

Employee Cost: Delhivery’s employee benefit expenses declined, albeit marginally, to INR 356.24 Cr during the quarter under review from INR 359.68 Cr in Q3 FY24. This comprised ESOP costs of INR 31 Cr.

However, employee costs rose 2% QoQ from INR 349.27 Cr.

Other Expenses: The logistics giant spent INR 168.86 Cr in this bracket in Q3 FY25, up 10% YoY and 16% QoQ. However, it did not give a breakup of these expenses.

The board of Delhivery has approved the company’s proposal to liquidate its wholly-owned subsidiary, Delhivery Bangladesh Logistics Private Limited, the company said in an exchange filing.

As of December 31, 2024, Delhivery’s Bangladeshi subsidiary had a net worth of INR 31.94 Lakh — representing 1.46% of the company’s total net worth. 

The liquidation is expected to be completed within one year subject to regulatory approval as per the country’s law. The dissolution of Delhivery Bangladesh will not affect the revenue of the company, Delhivery said.

Earlier today, Delhivery said that former Airtel executive Vani Venkatesh will take over as the company’s chief business officer, effective February 28. The company has also appointed Sameer Mehta, cofounder and CEO of boAt, as non-executive, independent director.

Delhivery’s board also approved the appointment of Namita Thapar, executive director of Emcure Pharmaceuticals, as an additional director under the category of independent director for 5 years, effective February 17.

Ahead of its Q3 earnings announcement, shares of Delhivery closed Friday’s (February 7) trading session 1.55% lower at INR 316.75 apiece on the BSE.