Delhivery on Friday reported a 113% rise in its December quarter net profit at Rs 24.9 crore from Rs 11.7 crore in the year ago period. However, it was below the street estimates of Rs 66 crore.
The company’s revenue from operations rose 8.4% year-on-year to Rs 2,378.2 crore from Rs 2,194.4 crore earlier. It was marginally below the Bloomberg consensus of Rs 2,422 crore.
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The Ebitda came in at Rs 102 crore, higher than Rs 109 crore, earlier, but much below the estimates of Rs 143 crore. The Ebitda margin fell to 4.3% in Q3FY25, from 5% in Q3FY24.
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The company’s total expenses jumped 7% to Rs 2,450.9 crore, from Rs 2,289 crore in the previous year.
The net profit margin during the quarter was 1%.
Delhivery’s revenue was mainly driven by a jump in its part truckload freight business, which grew 22% y-o-y, and supply chain services, which rose 29%.
The revenue from its main Express Parcel business increased a lower 3%. This business alone accounts for around 63% of the company’s total revenue. PTL accounts for 19% of the total.
According to Sahil Barua, MD and CEO of Delhivery, the company’s expenses were higher, and margin under pressure, due to a rise in fixed costs at its Hoskote warehouse.
He also said that there was a more-than-expected increase in fleet costs at the start of the quarter due to festive season, but it has cooled down now.
Delhivery also launched a rapid delivery service in January from Bengaluru, offering deliveries to D2C brands within 2 hours. Barua said it is now live in Hyderabad and Chennai as well. The service currently has 2 customers and is likely to add another 15 by June.
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He also said some of the company’s dark stores,
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