Delhivery Reports Strong Q3 Growth Amid Rising Debt and Income Concerns

Delhivery, a prominent player in the logistics industry, has recently reported its financial results for the quarter ending December 2024. The company has demonstrated notable growth in its Profit After Tax (PAT), which reached Rs 24.99 crore, reflecting a significant increase compared to the average PAT of Rs 7.87 crore over the previous four quarters. This positive trend in PAT suggests a strong near-term outlook for the company's profitability.
Additionally, Delhivery achieved its highest quarterly net sales in the last five quarters, totaling Rs 2,378.30 crore, indicating a robust sales performance. However, the financial results also highlight some challenges. The interest expense for the nine-month period has risen to Rs 92.08 crore, marking a 33.47% increase over the preceding nine months, which points to a growing reliance on borrowings. Furthermore, the company's non-operating income has surged to 414.41% of its Profit Before Tax (PBT), raising concerns about the sustainability of its income sources. The debt-equity ratio has also reached its highest level in the last five half-yearly periods at 0.15 times, suggesting potential liquidity pressures.

In light of these developments, Delhivery has experienced an adjustment in its evaluation, with its score reflecting recent changes.

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