Delhivery posts Rs 72 crore Q4 profit despite moderate revenue growth

New-age logistics company Delhivery has reported a 5% year-on-year increase in operating revenue for the March quarter to Rs 2,191 crore, missing analyst estimates of 10-12% business growth.

However, the Gurgaon-based firm’s bottomline continued to improve, as it posted a quarterly net profit of Rs 72 crore. It had posted Rs 68-crore net loss in the fourth quarter a year ago.

The overall tepid growth in business came on the back of flattish performance of Delhivery’s express parcel segment, which is its biggest vertical.

In the fourth quarter, the company’s express parcel volume grew by 1% year-on-year but showed a 14% decline sequentially.

Revenue from this segment, through which the company delivers ecommerce parcels, grew 3% y-o-y to Rs 1,256 crore, while quarter-on-quarter it was down by 16%.

The financial year ending March 2025 was Delhivery’s first full year in which it reported profit after tax. For FY25, Delhivery’s operating revenue came in at Rs 8,932 crore, a 9.7% increase from FY24, while it clocked net profit of Rs 162 crore. In fiscal 2024, it had reported a net loss of Rs 249 crore.

“We continue to deliver steady performance in our core transportation businesses. Our ongoing measures to improve profitability are visible in Q4 numbers and we expect continued momentum on this front as growth picks up in FY26,” said Sahil Barua, cofounder and chief executive officer of Delhivery.

During an analyst call, Barua, who has previously highlighted slow growth in the ecommerce shipment market, said Delhivery is prioritising growth over overall market expansion.

Last month, the company said it would be acquiring Ecom Express for Rs 1,407 crore. The transaction is pending approval from the Competition Commission of India. If the deal is approved, it will be one of the biggest consolidation moves in the domestic logistics sector.

Delhivery has said it expects the overlapping customer base to help streamline the integration process.

Barua said that despite the acquisition, “there are still too many players” in the third-party logistics market, adding that Delhivery has “more than 100% of the industry’s profit pool”, since many of the players are still loss-making .

On Friday, shares of Delhivery closed 0.9% lower on the BSE at Rs 321. The results were declared after market hours.

Rapid commerce expansion

The company entered the rapid commerce space in January this year as a response to the fast-growing quick commerce sector. As a part of this new segment, Delhivery is offering shared warehouse services to direct-to-consumer (D2C) brands with a two-hour delivery window.

Ajith Pai, Delhivery’s chief operating officer, said on Friday that the company has 18 such dark stores in three cities—Bengaluru, Chennai and Hyderabad—and plans to have 50 dark stores on its rapid commerce network during the fiscal. In comparison, quick commerce platforms including Blinkit, Zepto and Swiggy Instamart together have 3,000–4,000 dark stores or micro warehouses on their networks.

Pai said that some of the older dark stores are now clocking 400–500 orders every day.

The foray into rapid commerce services had a bearing on Delhivery’s supply chain services’ profitability, with FY25 margins for this segment falling to 2.2% against 6.8% in FY24.