Delhivery Q2 Results: Profit Plunges 81%, Revenue Flat

Delhivery Ltd.'s net profit dropped 81% in the second quarter of the current financial year, according to an exchange filing on Thursday.

The integrated third-party logistics service provider posted a profit of Rs 10.2 crore in the quarter ended Sept. 30, 2024. In the June quarter, the company had logged a profit of Rs 54.4 crore.

Delhivery Q2 FY25 Earnings Highlights (Consolidated, QoQ)

• Revenue up 0.8% to Rs 2,189.7 crore versus Rs 2,172.3 crore.

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• Ebitda down 41% to Rs 57.3 crore versus Rs 97.1 crore.

• Margin narrows 190 basis points to 2.6% versus 4.5%.

• Net profit down 81% to Rs 10.2 crore versus Rs 54.4 crore.

Delhivery's express parcel segment revenue saw a 7% year-on-year rise to Rs 1,298 crore in the second quarter, while the shipments saw a 3% growth to 185 million. Part truckload revenue grew 27% YoY to Rs 474 crore.

Supply-chain services segment saw a dip in revenue at Rs 197 crore sequentially due to client business seasonality. However, the revenue grew 21% YoY.

The company said that the pipeline continues to be strong in the segment, with multiple active dialogues across electricals, fast-moving consumer goods, e-commerce, auto and other industry verticals.

Truckload service revenue grew 5% YoY to Rs 158 crore, while the revenue from cross border services grew 43% to Rs 59 crore.

Shares of Delhivery closed 0.08% higher to Rs 330.55 apiece on the NSE, compared to a 0.11% decline in the benchmark Nifty 50.

Seventeen out of the 24 analysts tracking the have a 'buy' rating on the stock, six recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 55.2%.

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