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).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
77%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Reason for change in depreciation methodology from WDV to straight-line.
Asked by Sachin Salgaonkar, Bank of America
Management provided clear, specific reasons for the change.
Read the exchange
Question
wanted to understand any specific reason for change of depreciation methodology from WDV to straight-line?
Amit Agarwal, CFO
Number one is to be in line with our industry comparables... Number two, when we adopted WDV method... we were not 100% sure of how the asset quality would turn out...
Partial answer
High priority
Is the worst over for express volume shipments?
Asked by Sachin Salgaonkar, Bank of America
Management gave qualitative optimism but no specific quantitative guidance.
no specific growth rate givencaveats about market volatility
Read the exchange
Question
Is it fair to say that the worst is over, and we should see normalization of volumes going ahead and perhaps a move back to a strong YY growth in terms of shipments out here?
Sahil Barua, MD & CEO
I think though we had indicated that we expected to see growth in this quarter, and we have delivered that... I anticipate that our steady-state volumes will continue in line with what we forecasted...
Answered
High priority
Is Delhivery capitalizing on quick commerce growth?
Asked by Sachin Salgaonkar, Bank of America
Management clearly described the product and its expected limited impact.
Read the exchange
Question
is Delhivery doing something to piggyback on the last mile logistics on the quick commerce perspective?
Sahil Barua, MD & CEO
we've launched a new product... a network of shared dark store warehousing... to provide a rapid local delivery... I don't think that's going to be a very significant driver of revenue for us in the short or the medium term.
Answered
Medium priority
Unit economics of the new quick commerce model?
Asked by Sachin Salgaonkar, Bank of America
Management distinguished between quick and rapid commerce and gave a clear view on unit economics.
Read the exchange
Question
in the past, from what I understand, the unit economics were not fitting in this last mile logistics. In the new model... presume the unit economics will be better?
Sahil Barua, MD & CEO
The unit economics of trying to deliver... a kajal in 20 minutes... are never going to be very good... rapid commerce... 4-hour delivery... unit economics... are still positive.
Answered
Medium priority
Will you offer dark last mile delivery as well?
Asked by Vijit Jain
Management confirmed last mile delivery is included.
Read the exchange
Question
you're going to offer a network of warehouses and dark stores... would you do fulfillment from warehouses to dark stores, or are we talking about dark last mile delivery as well here?
Sahil Barua, MD & CEO
We already do fulfillment from warehouses to... This is going to be a service which also connects the last mile.
Answered
Medium priority
Will top quick commerce companies use your dark stores?
Asked by Vijit Jain
Management clearly stated they do not expect top quick commerce firms to be customers.
Read the exchange
Question
do you anticipate some of the largest of these quick commerce companies to participate in this as well?
Sahil Barua, MD & CEO
No, I don't anticipate that they will be immediate consumers of our dark store infrastructure... it's a very different kind of inventory...
Answered
Medium priority
How broad-based was Express Parcel growth from non-marketplaces?
Asked by Gaurav Rateria, Morgan Stanley
Management provided a clear, broad description of growth.
Read the exchange
Question
could you elaborate on how broad-based this growth was across different categories within the e-commerce vertical?
Sahil Barua, MD & CEO
we've seen growth across all categories and across all client segments... it's been spread across categories, across customer sizes, across customer types...
Declined
Low priority
How big are C2C initiatives as a percentage of revenue?
Asked by Gaurav Rateria, Morgan Stanley
Management explicitly declined to provide the requested breakdown.
refused to disclose numbers
Read the exchange
Question
just want to understand how big those initiatives have become as percentage of the revenue or as percentage of the total volume for the segment.
Sahil Barua, MD & CEO
We don't break out the numbers exactly, so unfortunately, I can't reveal those, but this has been growing for us year-over-year.
Answered
High priority
Market share trend in 3PL segment?
Asked by Gaurav Rateria, Morgan Stanley
Management gave a clear statement on market share stability.
Read the exchange
Question
any sense, if you could give us on how our market share has trended this quarter or last quarter or last six months, within the 3PL segment?
Sahil Barua, MD & CEO
Inter se across the third-party logistics companies, there hasn't been any significant sort of inter se movement of market share. So our position as the largest 3PL continues.
Answered
High priority
How many dark stores will Delhivery build?
Asked by Sachin Dixit
Management directly refuted the assumption and clarified the network size.
Read the exchange
Question
if I think that you will build as dense a network as, say, one of these people, then you are basically having to build about minimum 1,000 dark stores...
Sahil Barua, MD & CEO
The answer to that is no... we already operate 3,450-odd delivery stations across the country. So we do not anticipate that we're going to have to build out anywhere near 1,000 dark stores...
Evasive
High priority
Timeline for insourcing headwinds to end?
Asked by Sachin Dixit
Management did not provide any timeline, citing customer strategy uncertainty.
no timeline givendeferred to customer strategy
Read the exchange
Question
any timelines as to how long you think this will continue?
Sahil Barua, MD & CEO
In Meesho's case, I can't really comment for... how long or what this exact strategy... is going to be.
Evasive
Medium priority
Has market share of online sales declined due to Meesho insourcing?
Asked by Aditya Bhartia, Investec India
Management gave a non-committal response and did not elaborate.
incomplete answerdid not confirm or deny
Read the exchange
Question
is it fair to assume that market shares of the overall online sales would have gone down in the last year or so?
Sahil Barua, MD & CEO
Yeah, I mean, I could say that, but...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Express parcel yield up 5.5% YoY | 5.5% | 12.6% | Understated vs filing |
| Express margin stable at 18% | 18% | 4.5% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.