IPO-bound logistics startup Delhivery recorded a 12.6% growth in revenue from services at Rs 2,172 crore in Q1 FY25 compared to Rs 1,930 crore in Q1 FY24.
It reported a profit after tax of Rs 54 crore in Q1 FY25 compared to a loss of Rs 89 crore in Q1 FY24, as the company benefited from a change in the method of calculating depreciation.
The logistics company also reported an increase in its EBITDA to Rs 97 crore in Q1 FY25 against an EBITDA loss of Rs 13 crore in Q1 FY24. EBITDA, or earnings before interest, taxes, depreciation, and amortisation, is an alternate measure of profitability to net income.
In a BSE filing, Delhivery said in Q1, “Based on the technical assessment performed by the management, the Group has re-assessed the depreciation method used for its property, plant and equipment and intangible assets.”
Earlier in May, Delhivery had revealed plans for a new entity offering drone-as-a-service for shipment movement and remote sensing. Additionally, this entity will be involved in the manufacturing, production, and global sales of unmanned aerial vehicles (UAVs).
Last month, the company got approval from the Ministry of Corporate Affairs (MCA) to incorporate its drone subsidiary which will foray into the freight air transportation services sector.
In a block deal finalised in July, the Canada Pension Plan Investment Board (CPPIB) sold 2.34 crore shares or a 3.17% stake in the logistics company, according to data available on the exchanges. Fidelity Funds, HSBC, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, and ICICI Prudential Life Insurance were among the buyers in the Delhivery block deal.
In July, Delhivery’s stakeholders’ relationship committee approved the allotment of 6,49,547 equity shares to eligible employees through the Employee Stock Option Scheme (ESOP)
As per the company’s filings with stock exchanges, the breakdown of shares allotted is 3,42,347 shares under its ESOP 2012, 1,87,500 shares (ESOP II 2020) and 1,19,700 shares (ESOP III 2020).
In May, the company made a strategic investment in Vinculum, a global software company enabling omnichannel retailing for D2C (direct-to-consumer) enterprises, brands, brand distributors, and quick commerce companies.
With this investment, the two companies aim to create a comprehensive integrated system to meet all the post-purchase requirements of the D2C brand.
The company also reported a net loss of Rs 68.5 crore in the quarter ended March 31, 2024—a significant improvement of 57% from Rs 159 crore earned in the corresponding period last year.
