Delhivery · Analyst questions, management answers, and the quality of the response where the ledger is available.
ConCallIQ research layer
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Questions audited
12
Answered directly
96%
Numeric claims
1
Consistency
contradicted
Question ledger
Sachin Salgaonkar · Bank of America
directIn terms of margins, the overall steady-state margins for the business, we think, will remain in the range that we've spoken about before. I think for the express parcel business, service EBITDA margins will remain in the 17%-20% range.
Sachin Salgaonkar · Bank of America
directOn PTL margins, I think the reason why I'm not seeing a more sharper uplift is because... the PTL network shares a certain percentage of that cost because we run on the same trucks... I think if you were to eliminate those, the PTL margin uptake would be even higher.
Gaurav Rateria · Morgan Stanley
directExpress, on Service EBITDA, I think the Express Service EBITDA in Q2, Q3 were muted... largely because some of our fixed investments, especially one of them being the Bangalore Hoskote facility coming live... In Q3 specifically... fleet costs went up a little more than we expected... caused an overall drag of about INR 12-15 crores on the earnings.
Gaurav Rateria · Morgan Stanley
directIn terms of infra addition, I think broadly infra addition has been in line with capacity. In fact, if you look at our CapEx as a percentage of revenue, we are in fact ahead of the guidance... this year we will end up with CapEx as a percentage of revenue being 5.6% or lower... We have sufficient capacity in the network.
Gaurav Rateria · Morgan Stanley
directOn PTL, absolutely not. The business is not expected to grow at just sort of the 16%-20% range... our own ambition internally is certainly to grow the business overall at nearly 25%-30% in the next financial year. In terms of competition... I think in this industry, we are reaching sort of, in some senses, a reckoning.
Lokesh Maru · Nippon India
directThe entry barriers in logistics, if you consider entry to merely be the ability to deliver a package, are zero... That said, there are significant barriers to scale in logistics... our belief is that our cost of delivery is anywhere between 8% and 10% lower than even the in-house sort of variabilized networks.
Lokesh Maru · Nippon India
directNot in the least. For very simple reasons... I would argue that externalization is more or less a dead-on-arrival proposition which has been tested and hasn't worked.
Mukesh Saraf · Spark Capital Advisors
directSorry, I'm talking about the fleet costs that went up YOY, the vehicle rental expenses. This is the intracity fleet... Vehicle rental expenses went from 19.8% or INR 434 crores in Q3 fiscal 2024 to 20.8% in Q3 fiscal 2025.
Mukesh Saraf · Spark Capital Advisors
directNo, Mukesh. As I mentioned, actually, December, we closed very strongly. We were at about 147,000 tons of billable freight in December, and we've continued very strongly into January.
Abhishek Banerjee · Macquarie Capital
partialYeah, we don't break up our Express Parcel volumes by customer segment. That said, I can tell you that the non-marketplace portion of deliveries total volumes is fairly meaningful... From a revenue guidance standpoint... I think broadly, whatever sort of market growth is, we will more or less be able to maintain our growth in line with market growth.
Sachin Dixit · JM Financial
directNo, in fact... I said that the 30% uptick... was par for the course... There's always a step down after the peak season. I think there's also buying fatigue... And there's been a broader sort of softness in consumption.
Gaurav Rateria · Morgan Stanley
directOn express, to get to the 17%-20% margin, can we get there without significant volume growth? I think the answer is yes. We can... Why not force consolidation? I think the issue obviously is... it's better to let discipline sort of enforce itself, so we'll wait and watch.
