Logistics unicorn Delhivery's profit more than doubles in Q3; to exit Bangladesh

Delhivery reported a 114% year-on-year (YoY) increase in its consolidated profit, reaching Rs 25 crore in the third quarter of FY25, compared with Rs 11.7 crore earned in the same period last year, when it turned profitable for the first time since its 2022 listing.

Revenue from operations rose 8% YoY to Rs 2,378 crore in the quarter ended December 2024, compared with Rs 2,194 crore in Q3 FY24. In the preceding quarter, revenue was Rs 2,190 crore.

The company’s margin stood at 4.3% for Q3, down from 5% a year earlier. In the previous quarter, Delhivery had recorded a profit of Rs 10.2 crore.

The core Express Parcel business registered a 3% YoY revenue growth, reaching Rs 1,488 crore in Q3 FY25, compared with Rs 1,448 crore in the year-ago period. Shipments in this segment increased 2% YoY to 206 million, up from 201 million in Q3 FY24.

Delhivery’s Part Truckload (PTL) segment saw revenue surge 22% YoY to Rs 462 crore, up from Rs 379 crore in the same quarter last year. Volumes in this segment grew 17% YoY to 412,000 metric tons (MT) from 354,000 MT in Q3 FY24.

In terms of expenses, Delhivery's freight handling and servicing costs accounted for 71% of total expenditure, rising 11.3% YoY to Rs 1,750.7 crore in Q3. Employee benefit expenses remained stable at Rs 356.2 crore.

Delhivery has appointed Vani Venkatesh, former Global CEO of Airtel, as its chief business officer (CBO). The Board has also approved the appointment of Sameer Mehta as an additional independent director for a five-year term.

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Bangladesh exit

Delhivery’s board of directors has approved the liquidation of Delhivery Bangladesh Logistics Private Limited, a step-down wholly owned subsidiary, in its meeting held on February 7. Delhivery Bangladesh is a direct wholly owned subsidiary of Delhivery Singapore Pte., which, in turn, is a wholly owned subsidiary of Delhivery Limited.

Delhivery Bangladesh is not a material subsidiary and its dissolution will have no impact on Delhivery’s turnover or revenue, said the company in a statement. 

Delhivery’s share price stood at Rs 322 per share at the close of today’s trading session.