Delhivery (DELHIVERY) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 was a stable quarter with revenue from services reaching INR 2,190 crores (up 13% year-over-year), and PAT turning positive at INR 10 crores, a significant improvement from a loss of INR 103 crores in Q2 FY24.

• Express Parcel shipments totaled 185 million, a 2.5% increase year-over-year, while PTL freight tonnage was 427,000 tons, up 22.7% year-over-year.

• EBITDA stood at INR 57 crores (2.6% margin), up from negative INR 16 crores last year but down from INR 97 crores in Q1.

• Temporary infrastructure, manpower, and fleet were added for the festive season, with October seeing a 30% shipment growth.

• Approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024.

Financial highlights

• Revenue from services grew 13% year-over-year to INR 2,190 crores; consolidated revenue for Q2 FY25 was INR 21,897.33 million.

• PAT was INR 10 crores, compared to a loss of INR 103 crores last year; consolidated net profit for Q2 FY25 was INR 102.04 million.

• Cash and cash equivalents stood at INR 5,488 crores as of September 30, 2024.

• Net working capital days improved to 22 from 27 in March 2024; consolidated basic EPS for Q2 FY25 was INR 0.14.

• Standalone revenue for Q2 FY25 was INR 20,199.63 million, up from INR 17,712.67 million in Q2 FY24.

Outlook and guidance

• Expectation of continued PAT profitability for the rest of the year, with significant IPO proceeds of INR 9,316.80 million earmarked for growth.

• October saw a 30% shipment growth during the festive peak, with positive early November trends.

• Plans to accelerate market share gains through new products, regional and air express expansion, and franchise network growth.

• No change in fair value of recent strategic investments as of the reporting date.