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Prabhudas Lilladher Report
Delhivery Ltd.'s consolidated revenue/Ebitda grew by 12%/2.4 times YoY to Rs 20,755 million/Rs 459 million in Q4 FY24 (our estimate: Rs 20,651 million/Rs-0.63 million).
Profit after tax loss narrowed to Rs 685 million against Rs 1,874 million in Q4 FY23. (our estimate: -1009 million). B2C segment's volume stood 176 million in Q4 FY24 (down 2% YoY) with realization increasing by 6% YoY to Rs 69/parcel due to favorable product mix, thereby leading to 3% growth in B2C segment revenue YoY to Rs 12,170 million.
Partial truck-load segment saw volume/revenue growth of 21%/27% YoY to 0.38 million/Rs 4,180 million in Q4 FY24.
While the realization improved by 6% YoY to Rs 10,885/tonne. The management expects continued volume growth in the segment in FY25E.
We change our stance to Buy rating with a target price of Rs 530 based on DCF, on the back of faster than expected recovery in the PTL margins.
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