Delhivery Reports First Profitable Quarter Since IPO, Records Strong Revenue Growth

5 Feb 2024 , 10:46 AM

Delhivery, a logistics unicorn, announced its first-ever profitable quarter since its 2022 public listing. The company reported a Profit After Tax (PAT) of ₹11.7 crore in Q3 FY24, a significant turnaround from a loss of ₹196 crore in the same period last year. This follows a loss of ₹103 crore in the previous quarter.

Revenue from operations in Q3 FY24 stood at ₹2,194 crore, marking a 20% YoY increase from ₹1,822 crore in Q3 FY23. Q2 revenue was reported at ₹1,942 crore.

Delhivery’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) improved to ₹109 crore in the December quarter, compared to an EBITDA loss of ₹72 crore in the same period the previous year.

Managing Director and CEO Sahil Barua expressed satisfaction with the robust network quality during the peak season and highlighted the highest-ever quarterly EBITDA, indicating the strength of their business model.

Express Parcel shipments saw an 18% YoY growth in Q3 FY24, reaching 201 million from 170 million in Q3 FY23. Revenue from Express Parcel services grew by 21% YoY to ₹1,448 crore.

Part Truckload (PTL) freight volumes increased by 37% YoY to 354,000 tons, with revenue from PTL services also growing by 37% YoY to ₹379 crore.

The Truckload service reported a strong quarter, with revenue growing by 51% YoY to ₹153 crore. Delhivery operationalized its largest gateway in Lonad, Maharashtra, during the quarter, boasting 196 docking stations capable of handling

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