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View Claim Ledger →Delhivery Limited — Q1 FY25
Delhivery reported a steady Q1 FY25 with revenue of ₹2,170 crore, up 12.6% YoY, driven by strong growth in Part Truckload (PTL) and Supply Chain Services (SCS).
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Delhivery reported a steady Q1 FY25 with revenue of ₹2,170 crore, up 12.6% YoY, driven by strong growth in Part Truckload (PTL) and Supply Chain Services (SCS). EBITDA margin improved to 4.5%, while adjusted EBITDA turned positive at 1.7%. Express Parcel margins held at 18%, with yield expansion from heavy goods mix. PTL revenue grew 25% YoY with service EBITDA at 3.2%, and SCS grew 26% YoY. Management expressed confidence in peak season demand and guided for Express margins to remain in the 18-20% range, while PTL margins are expected to converge with Express over time. Key risk: continued insourcing by large e-commerce customers like Meesho could pressure Express Parcel volumes.
डेल्हीवरी ने पहली तिमाही (अप्रैल-जून 2024) में ₹2,170 करोड़ की कमाई की, जो पिछले साल से 12.6% ज़्यादा है। यह वृद्धि छोटे ट्रकों के माल ढुलाई (PTL) और सप्लाई चेन सेवाओं (SCS) की वजह से हुई। कंपनी का मुनाफा (EBITDA) 4.5% हो गया, और असली मुनाफा (adjusted EBITDA) 1.7% पर पहुँच गया। एक्सप्रेस पार्सल से मुनाफा 18% रहा, क्योंकि भारी सामान की ढुलाई बढ़ी। PTL की कमाई 25% और SCS की 26% बढ़ी। कंपनी को त्योहारी सीज़न में अच्छी माँग की उम्मीद है। एक्सप्रेस का मुनाफा 18-20% रहेगा, और PTL का मुनाफा धीरे-धीरे एक्सप्रेस के बराबर हो जाएगा। लेकिन बड़ी ई-कॉमर्स कंपनियाँ (जैसे मीशो) खुद का काम करने लगीं, तो पार्सल की संख्या घट सकती है।
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Meesho insourcing impact on Express Parcel volumes
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Express Parcel Volume
183M
+0.6% YoY
Express parcel volumes grew marginally YoY to 183 million, with heavy goods mix improving yield.
PTL Volume (Tonnage)
400K metric tons
+16% YoY
Part Truckload tonnage grew 16% YoY, driven by volume increases and yield improvements.
Customer Count
35,000
+2,000 QoQ
Customer base expanded from 33,000 to 35,000, reflecting broad-based growth across segments.
Express Parcel Yield
5.5% increase
+5.5% YoY
Yield improved due to higher mix of heavy goods, a unique advantage from integrated network.
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Guidance and risk preview
Management expects Express Parcel service EBITDA margins to stay stable at 18-20% in the short to medium term, with potential pricing benefits pass...
Meesho's increasing self-logistics could reduce volumes for Delhivery, though management notes they are satisfied with current volumes and the stra...
View Risks →