Delhivery declares revenue of Rs. 7,241 Cr, a 63% YoY growth

Delhivery Limited, the largest and fastest-growing fullyintegrated logistics provider in India, announced its financial results for the fourth quarter and fiscal year ended March 31, 2022.

The Company delivered an industry-leading growth in revenue to Rs. 7,241* Cr in FY22 from Rs. 4,450* Cr in FY21, an increase of 63% YoY. Underlying reported revenue increased by 89% to 6,882 Cr in FY22 from 3,647 Cr in FY21. The Company also delivered full-year operating profitability with an adjusted EBITDA of Rs. 72* Cr and Adjusted Cash Profit After Tax (PAT) of Rs. 212* Cr in FY22. Adjusted Cash PAT is arrived at after adjusting FY22 PAT for one-time/ non-recurring expenses and non-cash expenses, including depreciation/ lease expenses, amortization, and ESOP costs. This profitability is a testament to the scale-driven operating leverage of the business.

Express parcel volumes grew by 101%, far outstripping the industry volume growth of ~40%. Simultaneously, the Company has diversified its revenue base - Express parcel service accounted for 58%* of the revenue, and part-truckload (PTL) freight contributed 24%* of FY22 revenue.

During Q4FY22, revenues grew to Rs. 2,072* Cr from Rs. 1,279* Cr during Q4FY21. Adjusted EBITDA, a measure of operating profitability, has shown consistent improvement QoQ, growing from -3.7%* in Q1 FY22 to 3.7%* and 3.9%* in Q3FY22 and Q4 FY22, respectively. For the full year FY22, the Company had an adjusted EBITDA margin of 1.0%.

Delhivery continues to be extremely well-capitalized, with cash and investments of Rs. 2,512 Cr as of March 31, 2022, further augmented by Rs. 3,846 Cr of net IPO proceeds raised in May 2022.

Shares of Delhivery Limited was last trading in BSE at Rs. 510.25 as compared to the previous close of Rs. 535.50. The total number of shares traded during the day was 80064 in over 3315 trades.

The stock hit an intraday high of Rs. 541.20 and intraday low of 507.10. The net turnover during the day was Rs. 41828833.00.

*proforma figures

Source : Equity Bulls

Keywords

Delhivery INE148O01028 LogisticsSolutionProvider FY2022 Q4FY22 ResultUpdate