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Indian logistics company Delhivery has turned profitable in the third quarter of FY24. The company reported a Profit After Tax (PAT) of Rs 12 crore, a notable turnaround from a loss of Rs 196 crore in the same quarter of the previous year.
The company also witnessed a 20% year-on-year revenue growth from Rs 1,822 crore in Q3FY23 to Rs 2,194 crore in Q3FY24.
Robust growth across segments
Delhivery said it witnessed robust growth in its Express Parcel and Part Truckload (PTL) segments. Express Parcel shipments grew by 18% year-on-year, with volumes reaching 201 million in Q3 FY24.
This segment's revenue saw a 21% increase to Rs. 1,448 crore. Similarly, PTL freight volumes surged by 37% year-on-year to 354K tons, with corresponding revenue also growing by 37% to Rs 379 crore.
The Truckload service continued its strong performance, with revenue growing by 51% year-on-year to Rs 153 crore, the company said in a release.
Infrastructure and network quality
"We are satisfied that network quality remained robust even through the peak season. The highest ever quarterly EBITDA demonstrates the underlying strength and operating leverage in our business model. We have established adequate infrastructure and capacity for continued growth in FY25", said Sahil Barua, MD & Chief Executive Officer.
He highlighted the operationalization of Delhivery's largest gateway in Lonad, near Bhiwandi, Maharashtra. He said the state-of-the-art facility is equipped with advanced automation and capable of processing significant volumes.
Delhivery's financial health
Delhivery said that its EBITDA saw a notable increase to Rs 109 crore in Q3 FY24 from a loss of Rs 72 crore in Q3 FY23.
Despite a one-time cost of Rs 7.75 crore for impairment of goodwill and intangible assets, Delhivery's financial health has shown considerable improvement, with a sharp narrowing of losses to Rs 181 crore for the nine months ended December, from Rs 849 crore a year ago.
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