Delhivery posts Rs 73 crore profit in Q4 FY25; marks first full year of profitability with Rs 162 crore net income

Delhivery Limited has reported its fourth consecutive profitable quarter in Q4 FY25, posting a net profit of Rs 72.56 crore—a dramatic reversal from a Rs 68.47 crore loss in the same quarter last year. On a sequential basis, the company's net profit rose 190% from the Rs 25 crore reported in the Q3 FY25.

The Gurugram-based logistics firm closed the fiscal year with Rs 162 crore in profit for FY25, its first full year of profitability, driven by strong performance in its Part Truck Load (PTL) segment and tightly controlled costs.

Full-year and quarterly performance

Revenue from services grew 10% year-on-year (YoY) to Rs 8,932 crore in FY25, up from Rs 8,142 crore in FY24. In Q4 alone, revenue stood at Rs 2,191.57 crore, reflecting a 6% YoY rise from Rs 2,076 crore. This topline growth came even as broader e-commerce logistics volumes moderated due to weak consumption.

Delhivery's EBITDA for Q4 more than doubled to Rs 119 crore with margins expanding to 5.4%, compared to Rs 46 crore and 2.2% in Q4 FY24. For the full year, EBITDA nearly tripled to Rs 376 crore (4.2% margin), compared to Rs 127 crore in FY24.

The sharp improvement in profitability, from a Rs 249 crore loss in FY24 to Rs 162 crore profit in FY25, came despite headwinds in freight pricing and slowing e-commerce volumes.

Segment highlights: PTL drives profitability

Express Parcel, Delhivery's largest segment, posted modest growth. Revenues rose 3% YoY in Q4 to Rs 1,256 crore, while annual revenues grew 5% to Rs 5,318 crore. Shipment volumes were relatively flat at 177 million for the quarter and 752 million for the year.

The Part Truck Load (PTL) segment emerged as a standout performer. Quarterly revenue rose 24% YoY to Rs 517 crore, while annual revenue climbed 25% to Rs 1,889 crore. Volumes also rose 19% YoY in both Q4 and FY25. Crucially, PTL's service EBITDA margin surged to 10.8% in Q4 from just 2.2% a year earlier.

For the full year, it posted a positive margin of 5.4%, compared to -3% in FY24, marking PTL's first full year of profitability. Among other business lines, Supply Chain Services grew 17% YoY to Rs 907 crore for the full year, while Truckload services inched up 3% to Rs 626 crore. Cross-Border Services grew 18% to Rs 179 crore.

Managing costs and efficiency

Delhivery's sharp profitability gains were supported by tight cost control. Freight and servicing costs—its largest expense line—rose just 3% YoY in Q4 to Rs 1,566 crore. Employee costs fell 6% to Rs 337 crore, while overall expenses remained flat at Rs 2,249 crore for the quarter. Total expenses for FY25 rose 4.4% to Rs 9,217 crore from Rs 8,825 crore a year earlier. Total income, including non-operating gains, reached Rs 9,372 crore for the year.

"We continue to deliver steady performance in our core transportation businesses. Our ongoing measures to improve profitability are visible in Q4 numbers, and we expect continued momentum on this front as growth picks up in FY26," CEO Sahil Barua said.