DELHIVERY – One stop solution for shipping and parcel delivery

Q3’23 results were pretty subdued and growth was missing (flattish growth QoQ and -9% dip Yoy).
There are finer prints in the con’call.

• On the express parcel, festive season was a qtr earlier, hence the growth here was flatter.
• On the PTL front, basis the Jan’23 runrate, PTL is now doing 100k ton/month.
• The express parcel guidance is now at 15-20%, expect them to hit 1bn parcels by FY’26.
• Some good insights on the PTL front where they aim to be the lowest cost player doing a EBITDA margin of 15-20% in a stable state. ( In PTL i believe VRL is the only one to clock 15%+ EBITDA margins). They want to focus more on B2B customer where the yields are lower( right now it is ~11rs/kg) but the loads are more predictable.
• Claim nos were still higher, but its a lagging no. In express buss, reverse logistics can at times go beyond a month
  The growth is not at par with the other listed new age start ups. But like other listed start ups, there is a move towards profitability may be at the cost of growth.