DELHIVERY · Services
Delhivery Ltd. reported revenue of ₹2,190 cr for July to September 2024, +12.8% on the year and +0.8% on the quarter.
Operating profit (EBITDA) was ₹51.0 cr, a margin of 2.3%, +315 bps on the year and −209 bps on the quarter. Over the last 6 quarters the margin has ranged from −0.8% to 4.8%, averaging 2.0%.
The company swung to a net profit of ₹10.0 cr from a loss of ₹103 cr a year earlier, with earnings per share of ₹0.14.
On earnings per share of ₹0.11 over the last four quarters, the stock at ₹406.75 trades at 3,697.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 1,333% of profit before tax.
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹9.0 cr; tax −₹1.6 cr, a credit.
Source: Quarterly statements
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹131 cr, −23.4% on the year.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹31.0 cr, +55.0% on the year; 61% of EBITDA.
Source: Quarterly statements
Turned profitable from a loss a year ago.
Net profit ₹10.0 cr against a loss of −₹103 cr.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,942 cr | ₹2,194 cr | ₹2,076 cr | ₹2,172 cr | ₹2,190 cr | ₹2,378 cr | ₹2,192 cr | ₹2,294 cr | ₹2,559 cr | ₹2,805 cr | ₹2,850 cr | ₹2,931 cr |
| YoY | — | — | — | +13% | +13% | +8% | +6% | +6% | +17% | +18% | +30% | +28% |
| EBITDA margin | −0.8% | 4.8% | 2.2% | 4.4% | 2.3% | 4.2% | 5.4% | 6.1% | 2.7% | 7.5% | 7.5% | 4.7% |
| Other income, % of PBT | — | 535% | — | 198% | 1,333% | 413% | 179% | 144% | — | 141% | 104% | 380% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 50% | — | −3% | −18% | −5% | −1% | −2% | — | −8% | −8% | −5% |
| Net profit | −₹103 cr | ₹12.0 cr | −₹68.0 cr | ₹54.0 cr | ₹10.0 cr | ₹25.0 cr | ₹73.0 cr | ₹91.0 cr | −₹50.0 cr | ₹40.0 cr | ₹72.0 cr | ₹32.0 cr |
| YoY | — | — | — | — | — | +108% | — | +69% | −600% | +60% | −1% | −65% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | −₹1.40 | ₹0.16 | −₹0.93 | ₹0.74 | ₹0.14 | ₹0.34 | ₹0.97 | ₹1.22 | −₹0.67 | ₹0.53 | ₹0.97 | ₹0.43 |
| Flags | · | 1 | · | 3 | 4 | 4 | 3 | 2 | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Delhivery Ltd. reported revenue of ₹2,190 cr (+12.8% on the year) and net profit of ₹10.0 cr (— on the year) for July to September 2024.
4 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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