Delhivery turns profitable in Q3 for the first time with PAT of Rs 11.7 crore

BENGALURU : Delhivery has posted a surprise profit after tax for the time in a quarter after its IPO in 2022. In the December quarter, it registered a net profit of Rs 11.7 crore compared to a loss of Rs 196 crore in the year-ago period.

Its revenue rose 20 percent to Rs 2,194 crore in the December quarter of the current financial year at a time when growth in the e-commerce sector, which is the logistics company’s primary customer base, has slowed amid higher inflation and fund crunch.

“We are satisfied that network quality remained robust even through the peak season. The highest-ever quarterly EBITDA demonstrates the underlying strength and operating leverage of our business model. We have established adequate infrastructure and capacity for continued growth in FY25”, said Sahil Barua, MD & Chief Executive Officer.

Shares of the logistics company closed at Rs 472.9 apiece on February 2 on the BSE, remaining 3 percent below its IPO price of Rs 487 a share. The logistics unicorn went gone public in May 2022 amid a choppy market for tech stocks.