Logistics platform Delhivery turned profitable YoY with a net profit of Rs 54.3 crore in Q1 FY25, from having a net loss of Rs 89.4 crore in the corresponding quarter last year. It had turned profitable in Q3 FY24 but had a net loss of Rs 69 crore again in Q4 FY24.
The unicorn’s revenue from services surged 13% to Rs 2,172 crore in the quarter under review from Rs 1,930 crore in the same quarter last year. It grew 5% QoQ from Rs 2,076 crore in Q4 FY24. Volume increases and pricing changes helped truckload revenue jump 25% to Rs 435 crore in Q1 FY25 from Rs 347 crore in Q1 FY24.
The Delhi-based startup’s revenue from express parcel shipment increased 5% to Rs 1,276 crore in Q1 FY25 from Rs 1,217 crore in Q1 FY24. The segment volume grew 1% YoY and 4% QoQ to 183 million driven in the latest quarter on the back of higher heavy mix goods and improvement in non-large marketplaces.
Delhivery’s express parcel service EBITDA surged 18.2% QoQ in the quarter under review while its EBITDA was Rs 97 crore in Q1 FY24 up against an EBITDA loss of Rs 13 crore in the June quarter of 2023.
The startup’s total expenses dropped by 4.4% YoY and 1.5% QoQ to Rs 2,223 crore. Its spending on freight, handling, and servicing shrank by 9.8% YoY to Rs 1,438 crore in Q1 FY25 and declined 4% QoQ from Rs 1,519 crore in Q4 FY24.
The company spent Rs 333 crore in employee benefits, a 5.8% YoY decline from Rs 353 crore in Q1 FY24 and 6.8% drop from Rs 357 crore in Q4 FY24 on the back of reduced ESOP costs due to employees making an exit from the company in the preceding quarter.
The startup claims to have expanded its customer-base to 35,000 and further plans to launch a network of shared dark stores that would be leased out to ecommerce companies on a multi-tenant basis and offer quick in-city goods delivery.
Delhivery’s shares closed 2% higher trading at Rs 416.10 on the BSE on Friday ahead of the announcement.
