Delhivery's Q2 profit shrinks sequentially while revenue grows 12.7% YoY
According to the regulatory filings, Delhivery's expenses in Q2 FY25 rose marginally on a year-on-year basis, led by freight, handling, and servicing costs.
Logistics startup 's revenue from customer contracts shot up 12.7% to Rs 2,189 crore in the July-September 2024 quarter, compared with Rs 1,942 crore earned in Q2 FY24. The Gurugram-based company's total income stood at Rs 2,309 crore.
According to the regulatory filings, the company's expenses increased marginally to Rs 2,294 crore in Q2 FY25 from Rs 2,148 crore a year ago. The company's Freight, Handling and Servicing expense stood the highest at Rs 1,638 crore followed by Employee benefits expense and Finance costs.
The Gurugram-based company reported a profit after tax of Rs 10 crore compared with a loss of 103 crore in Q2 FY24. However, on a sequential basis, its profit narrowed from the April-June 2024 quarter when it earned Rs 54 crore.
The company had recently granted over 11 lakh equity shares to eligible employees under its three different employee stock option plans (ESOP), according to an exchange filing. The company’s board approved this issuance, allowing each option to convert into one fully paid-up equity share with a face value of Rs 1.
The shares of Delhivery ended at Rs 328.60 on the NSE on Thursday, down by Rs 1.70 or 0.51% over the previous closing price.
In FY23, the company completed its Rs 5,235-crore initial public offering (IPO) at an issue price of Rs 487 per share. It listed on the stock market at Rs 493 per share.
Delhivery notes in its latest filings that it had fully utilised IPO proceeds earmarked towards developing new business lines, expanding network infrastructure, and upgrading the logistics operating system. It has put aside Rs 908 crore for future acquisitions and strategic initiatives.
(The copy was updated with more details.)
Edited by Kanishk Singh