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View Claim Ledger →Delhivery Limited — Q2 FY25
Delhivery reported Q2 FY25 revenue of INR 2,190 crore (+13% YoY) and EBITDA of INR 57 crore (2.6% margin), with PAT of INR 10 crore.
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Delhivery reported Q2 FY25 revenue of INR 2,190 crore (+13% YoY) and EBITDA of INR 57 crore (2.6% margin), with PAT of INR 10 crore. Express parcel volumes were flat at 185M consignments, while PTL freight tonnage grew 23% YoY to 427K tons. Service EBITDA margins in express dipped to 15.1% from 18.2% QoQ due to early peak-season capacity investments. Management highlighted a 30% volume surge in October and outlined growth initiatives including a third-party quick commerce network, faster regional/air products, and expanded franchise reach. Risks include consumption slowdown, potential insourcing by large clients, and labor market tightness. The company expects express margins to remain in the 17-18% range and PTL margins to improve toward express levels.
दिलीवरी ने Q2 FY25 में 2,190 करोड़ रुपये का राजस्व (पिछले साल से 13% ज्यादा) और 57 करोड़ रुपये का EBITDA (2.6% मार्जिन) कमाया। मुनाफा 10 करोड़ रुपये रहा। एक्सप्रेस पार्सल की संख्या 18.5 करोड़ पर स्थिर रही, जबकि PTL माल ढुलाई 23% बढ़कर 4.27 लाख टन हो गई। पीक सीजन की तैयारी में निवेश के कारण एक्सप्रेस सेवा का मार्जिन 18.2% से घटकर 15.1% हो गया। कंपनी ने अक्टूबर में 30% वॉल्यूम बढ़ोतरी बताई और नई योजनाएं पेश कीं: तीसरे पक्ष का क्विक कॉमर्स नेटवर्क, तेज क्षेत्रीय/हवाई सेवाएं, और फ्रेंचाइजी विस्तार। जोखिमों में खपत में कमी, बड़े ग्राहकों का खुद का काम करना, और मजदूरों की कमी शामिल है। कंपनी को उम्मीद है कि एक्सप्रेस मार्जिन 17-18% और PTL मार्जिन एक्सप्रेस के करीब पहुंचेगा।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
Consumption slowdown impacting e-commerce growth
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Read Transcript →Quarter Snapshot
Express Parcel Volumes
185M
+3% YoY
Core e-commerce express parcel volumes, excluding returns, grew 3% YoY to 185 million consignments.
PTL Freight Tonnage
427K tons
+23% YoY
Part truckload freight tonnage grew 23% YoY, with revenue up 27% to INR 474 crore.
Active Customers
38,000
+30% YoY
Total customer base grew 30% YoY to 38,000, driven by SME and D2C segments.
October Volume Growth
78M consignments
+30% vs pre-festive
October closures reached 78 million consignments, a 30% increase over the pre-festive monthly average.
What Changed vs Last Quarter
NEW
Express service EBITDA margins to remain at 17-18%
Management expects express parcel service EBITDA margins to stay in the 17-18% range, with no structural change despite Q2 dip.
NEW
CapEx intensity to reduce to ~6.5-6.7% of revenue in FY25, sub-6% in FY26
CapEx as a percentage of revenue is expected to be ~6.5-6.7% for FY25 and below 6% for FY26, driven by lower trucking CapEx.
NEW
PTL margins to reach express-like levels (15-17%) as volumes grow
PTL service EBITDA margins are expected to improve from current ~3% to 15-17% over time as volumes scale, without yield improvements.
NEW
Working capital days to improve by 1-2 days per year
Net working capital days are expected to reduce by 1-2 days annually over the next few years, driven by improvements in supply chain and cross-border businesses.
DROPPED
Express Parcel EBITDA margin to remain in 18-20% range
Management expects Express Parcel service EBITDA margins to stay stable at 18-20% in the short to medium term, with potential pricing benefits passed to customers to drive volume.
DROPPED
PTL margins to converge with Express over time
Part Truckload margins are expected to reach Express-like levels (18%+) as scale benefits and cost advantages materialize, potentially even higher.
DROPPED
Robust pipeline for Supply Chain Services
SCS has a strong pipeline across auto, electrical, and FMCG sectors, with anticipated solid growth going forward.
NEW RISK
Consumption slowdown impacting e-commerce growth
Management acknowledged a real consumption slowdown affecting the e-commerce industry, which could pressure volume growth.
NEW RISK
Insourcing by large clients may persist
Analysts raised concerns about insourcing by major marketplaces; management believes bulk of impact is behind but cannot rule out further shifts.
NEW RISK
Labor market tightness could increase costs
Management noted the labor market is challenging and may continue to tighten, potentially impacting delivery costs and availability.
NEW RISK
Quick commerce may not materially reduce parcel distances
Management argued quick commerce's impact on e-commerce parcel distances is limited, but structural shifts could alter network economics.
RISK GONE
Meesho insourcing impact on Express Parcel volumes
Meesho's increasing self-logistics could reduce volumes for Delhivery, though management notes they are satisfied with current volumes and the strategy is fluid.
RISK GONE
Aggressive pricing from traditional competitors in D2C
Competitors like Blue Dart may price aggressively in the D2C segment, but management believes their cost leadership and service quality provide a buffer.
RISK GONE
Quick commerce disruption to e-commerce logistics
Quick commerce growth could shift volumes away from traditional e-commerce, but management views the impact as narrow and limited to specific categories.
Fast read
Guidance and risk preview
Management expects express parcel service EBITDA margins to stay in the 17-18% range, with no structural change despite Q2 dip.
Management acknowledged a real consumption slowdown affecting the e-commerce industry, which could pressure volume growth.
View Risks →