Delhivery Turns Profitable, Posts INR 11.7 Cr PAT In Q3 FY24

Logistics unicorn Delhivery turned profitable in the quarter ended December 2023, posting a consolidated profit after tax (PAT) of INR 11.7 Cr. In contrast, the startup had reported a net loss of INR 195.6 Cr in the year-ago quarter while its net loss stood at INR 102.9 Cr in the preceding September quarter of 2023.

Operating revenue grew over 20% to INR 2,194.5 Cr in Q3 FY24 from INR 1,823.8 Cr in the year-ago quarter. On a quarter-on-quarter (QoQ) basis, it rose over 13% from INR 1,941.7 Cr. 

Express parcel shipments grew 18% year-on-year (YoY) during the quarter under review, with shipment volume rising to 201 Mn from 170 Mn Q3 FY23. Revenue from express parcel services grew 21% to INR 1,448 Cr in Q3 FY24 from INR 1,200 Cr in Q3 FY23, the company said in a statement.

Meanwhile, the startup’s part truckload (PTL) volumes rose 37% YoY to 3.54 Lakh tonnes, bringing in a revenue of INR 379 Cr in the quarter. The company had generated a revenue of INR 277 Cr from this vertical in the same quarter last year on the back of the 2.58 Lakh tonnes it delivered.

Delhivery said its revenue from truckload service grew 51% to INR 153 Cr from INR 102 Cr in Q3 FY23.

“We are satisfied that network quality remained robust even through the peak season. The highest ever quarterly EBITDA demonstrates the underlying strength and operating leverage in our business model. We have established adequate infrastructure and capacity for continued growth in FY25,” Delhivery MD and CEO Sahil Barua said on the results. 

The company reported an EBITDA of INR 109 Cr during the quarter under review against an EBITDA loss of INR 72 Cr in the year-ago quarter.

On the expense front, total expenditure stood at INR 2,289.9 Cr in Q3 FY24, up 7.7% from INR 2,125.7 Cr in the year-ago quarter. Freight, handling and servicing costs accounted for the largest portion of total expenditure at INR 1,571.8 Cr, rising 11.5% from INR 1,409.4 Cr in Q3 FY23.

In the December quarter, Delhivery also launched its trucking terminal near Bhiwandi in Maharashtra. 

The company released its Q3 results after market hours today. Its shares ended today’s trading session 0.75% higher at INR 472.90 on the BSE.