Shares of logistics unicorn Delhivery surged over 3% in the opening session on Monday (February 5), days after it turned profitable in the quarter ended December 2023, posting a consolidated profit after tax (PAT) of INR 11.7 Cr.
The company’s shares were trading at INR 488.05 apiece on BSE in the opening session, as compared to INR 472.9 in the previous close.
However, the high sprint lost momentum later in the day. It was trading at INR 465 at 1:05 PM on Monday.
In contrast, the startup had reported a net loss of INR 195.6 Cr in the year-ago quarter while its net loss stood at INR 102.9 Cr in the preceding September quarter of 2023.
Operating revenue grew over 20% to INR 2,194.5 Cr in Q3 FY24 from INR 1,823.8 Cr in the year-ago quarter. On a quarter-on-quarter (QoQ) basis, it rose over 13% from INR 1,941.7 Cr.
“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 in our business model. We have established adequate infrastructure and capacity for continued growth in FY25,” Delhivery MD and CEO Sahil Barua said.
In November last year, Delhivery launched its largest mega-gateway in Bhiwandi, one of India’s largest trucking terminals, built over a land area of 12,00,000 sq ft.
It combines automated hub, sortation, returns, and freight operations with the capability to handle Delhivery’s parcel and part truckload freight volume simultaneously.
However, the performance of Delhivery remained lacklustre on the stock exchanges in 2023. Delhivery shares ended 2023 with gains of about 16%, much lower compared to the returns given by its listed new-age tech stock peers.
