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Delhivery integrates Ecom Express volumes, Q1 profit rises 67%

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BENGALURU: Delhivery on Friday said it has brought more than half of Ecom Express’s volumes onto its platform and shifted all client contracts to what it described as “rational pricing.” The acquisition, which received regulatory approval in June and was completed in July for a final purchase consideration of Rs 1,369 crore, also involved a network rationalisation plan with the retention of seven facilities for long-term use. “The irrational pricing that existed in the market has been cleaned out, at least out of what was the erstwhile Ecom Express network,” CEO Sahil Barua told analysts. “Clients now get volume-linked discounts, but not the below-cost contracts that were distorting the market. Logistics is not a business where pricing below cost works. Wages rise 7-8% annually, rentals by 5-8% and fleet costs inflate in a very predictable way. Balance-sheet constraints will ultimately force every third-party logistics player to price sustainably, whether we do anything or not.”Barua said the integration has also helped consolidate client relationships across marketplaces, SMEs and direct-to-consumer brands. Express parcel volumes rose 14% year-on-year to 208 million in the June quarter, and he added that July volumes were “materially higher” than June, with the festive season expected to support further growth.Part-truckload (PTL) freight tonnage grew 15% year-on-year to 4.58 lakh tonnes. While sequential volumes were flat in what the company said was a seasonally weak quarter, PTL margins improved to 10.7%, up 750 basis points from a year earlier. Barua said PTL demand has been supported by deliveries to quick commerce dark stores and mother warehouses.Delhivery reported a profit after tax of Rs 91 crore for the June quarter, up 67% from Rs 54 crore a year ago. Revenue from services grew 6% to Rs 2,294 crore, and Ebitda margin rose to 6.5% from 4.5%. The company also invested Rs 14 crore during the quarter in its new initiatives, including Delhivery Direct, an intra-city pickup and delivery service for SMEs and consumers, and Delhivery Rapid, a sub-2-hour delivery offering. It is also preparing to launch an economy cross-border shipping product for small exporters.Separately, Delhivery appointed PB Fintech chairman Yashish Dahiya and IIM Bangalore’s Dr. Padmini Srinivasan as independent directors. Long-serving board member Srivatsan Rajan will step down in September as part of a planned transition.

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