Delhivery Limited , India's largest fully-integrated logistics services provider, has announced its financial results for the first quarter, showcasing robust growth across key metrics.

Financial Highlights

• Revenue from services reached ₹2,294.00 crore, marking a 5.6% year-over-year increase from ₹2,172.00 crore in the same quarter of the previous year.
• EBITDA surged by 53% YoY to ₹149.00 crore, with the margin expanding to 6.5% compared to 4.5% in the same quarter last year.
• Profit after tax (PAT) saw an impressive 67% YoY growth, reaching ₹91.00 crore, up from ₹54.00 crore in the corresponding quarter of the previous year.

Operational Performance

Express Parcel

The Express Parcel segment demonstrated strong momentum:

• Shipment volumes grew by 14% YoY to 208 million orders.
• Revenue increased by 10% YoY to ₹1,403.00 crore.

Part Truck Load (PTL)

PTL business continued its growth trajectory:

• Tonnage increased by 15% YoY to 458K MT.
• Revenue rose by 17% YoY to ₹508.00 crore.
• Service EBITDA margin expanded significantly to 10.7%, a 750 basis points improvement from 3.2% in the same quarter of the previous year.

Other Business Segments

New Initiatives

Delhivery is making progress with its new initiatives:

1. Rapid:

   • 20 active stores in 3 cities
   • Monthly revenue run-rate of approximately ₹1.20 crore
   • Plans to expand to 40 active stores by the end of the fiscal year

2. Delhivery Direct:

   • Currently active in Ahmedabad, NCR, and Bengaluru
   • Showing promising early traction

Management Commentary

Sahil Barua, MD & Chief Executive Officer of Delhivery, expressed satisfaction with the company's performance: "We're pleased with the strong start to the financial year. The improved profitability as a result of operating at a higher scale reaffirms the inherent operating leverage linked efficiencies in our business. We look forward to the upcoming festive sale season with optimism."

Future Outlook

Delhivery's strong Q1 performance sets a positive tone for the rest of the fiscal year. The company's focus on expanding its Express Parcel and PTL segments, coupled with new initiatives like Rapid and Delhivery Direct, positions it well for continued growth. As the e-commerce and logistics sectors in India continue to evolve, Delhivery's integrated approach and nationwide network covering over 18,850 pin codes provide a solid foundation for capturing market opportunities.

The company's ability to improve profitability while growing its service offerings demonstrates its operational efficiency and scalability. With the festive season approaching, Delhivery appears well-positioned to capitalize on increased demand and further strengthen its market leadership in India's logistics sector.

Delhivery Limited (NSE: DELHIVERY, BSE: 543529), India's largest fully-integrated logistics services provider, has announced its financial results for the first quarter, showcasing significant growth and improved profitability.

Financial Highlights

• Revenue from services increased by 5.6% year-over-year to ₹2,294.00 crore, up from ₹2,172.00 crore in the same quarter last year.
• EBITDA surged by 53.3% to ₹149.00 crore, with the EBITDA margin expanding to 6.5% from 4.5% in the same quarter last year.
• Profit after tax (PAT) witnessed a remarkable 67.5% year-over-year growth, reaching ₹91.00 crore, compared to ₹54.00 crore in the same period last year.

Operational Performance

Delhivery's core businesses demonstrated strong growth:

Express Parcel

• Shipment volumes grew by 13.6% year-over-year to 208 million orders.
• Revenue increased by 10% to ₹1,403.00 crore.

Part Truck Load (PTL)

• Freight tonnage rose by 14.7% year-over-year to 458,000 tons.
• Revenue grew by 17% to ₹508.00 crore.
• Service EBITDA margin expanded significantly to 10.7%, up from 3.2% in the same quarter last year.

Other Services

• Supply Chain Services: Revenue stood at ₹205.00 crore for the quarter.
• Truckload: Revenue was ₹148.00 crore.
• Cross Border Services: Generated revenue of ₹24.00 crore.

New Initiatives

Delhivery is making progress with its new services:

• Rapid: Operating 20 active stores across 3 cities with a monthly revenue run-rate of approximately ₹1.20 crore. The company plans to expand to 40 active stores.
• Delhivery Direct: The on-demand inter-city and intra-city pickup and delivery service is now active in Ahmedabad, Delhi NCR, and Bengaluru, showing promising early traction.

Strategic Developments

1. Ecom Express Acquisition: Delhivery completed the acquisition of 99.87% of Ecom Express Limited's issued and paid-up share capital for approximately ₹1,369.40 crore. This strategic move is expected to enhance Delhivery's market position and capabilities.

2. Board Rejuvenation: The company appointed Mr. Yashish Dahiya and Dr. Padmini Srinivasan as Non-Executive Independent Directors, bringing valuable expertise in digital business and corporate governance, respectively.

3. Network Expansion: Delhivery's infrastructure now covers 18,857 pin codes, with 119 gateways, 45 automated sort centers, and a team size of 65,849 employees.

Management Commentary

Sahil Barua, MD & Chief Executive Officer of Delhivery, stated, "We're pleased with the strong start to the financial year. The improved profitability as a result of operating at a higher scale reaffirms the inherent operating leverage linked efficiencies in our business. We look forward to the upcoming festive sale season with optimism."

Outlook

With its robust Q1 performance, strategic acquisitions, and expansion of new services, Delhivery appears well-positioned for continued growth. The company's focus on operational efficiency and market expansion, coupled with the integration of Ecom Express, is expected to drive further improvements in profitability and market share in the coming quarters.

Investors and analysts will be keenly watching how Delhivery capitalizes on the upcoming festive season and leverages its expanded network to drive growth across its various business segments.

Note: All figures are in Indian Rupees (₹) unless otherwise stated.