Delhivery, the logistics solution provider, shared some positive news recently. In the third quarter of the financial year 2024, they reported a consolidated net profit of Rs 11.71 crore. This marks a significant improvement from the net loss of Rs 195.65 crore they faced in the same quarter of the previous fiscal year.
The revenue from their operations also saw a boost, increasing by 20.32% year on year to reach Rs 2,194.47 crore in the quarter that ended on December 31, 2023. The company's profit before tax for this quarter was Rs 2.34 crore, a positive turn compared to the pre-tax loss of Rs 20.90 crore in the corresponding quarter of the previous fiscal year.
One notable highlight is the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which stood at Rs 92 crore in Q3 FY24. This is a significant improvement from the adjusted EBITDA loss of Rs 67 crore in Q3 FY23. The adjusted EBITDA margin also showed positive growth, reaching 4.2% during the quarter, compared to the negative 3.7% in Q3 FY23.
Delhivery shared specifics about their parcel shipment volumes, reporting an 18% year-on-year growth to 201 million shipments in Q3 FY24, up from 170 million in Q3 FY23. Consequently, revenue from express parcel services also experienced a 21% year-on-year increase, reaching Rs 1,448 crore in Q3 FY24 from Rs 1,200 crore in Q3 FY23.
In the Part Truckload freight (PTL) segment, Delhivery saw a 37% year-on-year growth in volumes, totaling 354,000 tons in Q3 FY24, compared to 258,000 tons in Q3 FY23. The revenue from PTL service mirrored this growth, increasing by 37% year on year to Rs 379 crore in Q3 FY24, up from Rs 277 crore in Q3 FY23.
The Truckload service also contributed to the positive performance, with revenue growing by 51% year on year to Rs 153 crore during the period under review.
Sahil Barua, the Managing Director and CEO of Delhivery, expressed satisfaction with the robust network quality, especially during the peak season. He highlighted the highest-ever quarterly EBITDA as a testament to the strength and operating leverage in their business model. Barua emphasized that Delhivery has established sufficient infrastructure and capacity for continued growth in the fiscal year 2025.
Delhivery is recognized as India's largest and fastest-growing fully integrated logistics services provider. Covering over 18,600 pin codes in their nationwide network, the company offers a comprehensive range of logistics services, including express parcel transportation, Part Truckload (PTL) freight, Truckload (TL) freight, cross-border, supply chain, and technology services.
On Friday, 2 February 2024, Delhivery's shares closed 0.75% higher at Rs 472.90, indicating positive market sentiment.
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