DELHIVERY · Services
Delhivery Ltd. reported revenue of ₹2,192 cr for January to March 2025, +5.6% on the year and −7.8% on the quarter. Over the last four quarters revenue comes to ₹8,932 cr, +9.7% on the four before.
Operating profit (EBITDA) was ₹119 cr, a margin of 5.4%, +321 bps on the year and +122 bps on the quarter. It is the widest margin of the last 8 quarters (range −0.8% to 5.4%). Operating costs grew +2.1% against revenue growth of +5.6%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹73.0 cr from a loss of ₹68.0 cr a year earlier, with earnings per share of ₹0.97.
On earnings per share of ₹2.19 over the last four quarters, the stock at ₹406.75 trades at 185.7 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 179% of profit before tax.
Source: Quarterly statements
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹142 cr, −29.0% on the year.
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹72.0 cr; tax −₹0.7 cr, a credit.
Source: Quarterly statements
Turned profitable from a loss a year ago.
Net profit ₹73.0 cr against a loss of −₹68.0 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 ₹2,192 cr (+5.6% on the year) and net profit of ₹73.0 cr (— on the year) for January to March 2025.
3 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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