Delhivery (DELHIVERY) Q4 23/24 earnings summary

Executive summary

• FY24 marked the first full year of EBITDA profitability: consolidated EBITDA was ₹1,266m, with a 1.56% margin, versus a ₹4,516m loss in FY23.

• Revenue grew 12.68% YoY, led by PTL and TL; consolidated net loss narrowed to ₹2,492m from ₹10,078m, while Q3 FY24 was the first PAT-profitable quarter.

Financial highlights

• Revenue from customers rose 12.68% to ₹81,415m; total income increased 14.13% to ₹85,942m in FY24.

• Adjusted EBITDA was ₹758m, with a 0.93% margin, versus an adjusted loss of ₹4,039m and a -5.59% margin in FY23.

• Consolidated net loss narrowed to ₹2,492m from ₹10,078m; basic and diluted EPS improved to -₹3.40 from -₹14.09.

• Net cash from operating activities was ₹4,724m, compared with ₹297m used in FY23.

Outlook and guidance

• Priorities include gaining share across existing business lines, improving speed and reliability at lower cost, and continued investment in team, technology and brand.

• Plans include further deployment of 46-ft tractors, CNG/EV/LNG vehicles, solar capacity and sustainable sourcing through FY25.

• Capital deployment is expected to support organic and selective inorganic growth while optimising capital used in the business.