Delhivery shares rise over 3% after company reports strong Q3 results; should you buy?
Delhivery Share Price: The company reported profit during the December quarter for the first time since its listing on the stock exchanges. This was mainly due to the good demand during the festive season.
Delhivery Share Price: Shares of Delhivery rose as much as 3.19 per cent in the opening deals on Monday, February 5, after the logistics company shared its quarterly results for the third quarter of the current fiscal (Q3 FY24) ended on December 31, 2023.
At 9.28 AM, the company's shares were trading at Rs 473.00 each, up 0.02 per cent on BSE today. The stock eventually settled at Rs 455.60 each, down 3.66 per cent.
Delhivery Q3 results
The company reported profit during the December quarter for the first time since its listing on the stock exchanges. This was mainly due to the good demand during the festive season.
Delhivery's consolidated profit for the three months ended December 31 was Rs 11.71 crore, compared with a loss of Rs 196 crore a year earlier, according to the stock exchange filing.
Its total income increased to Rs 2,325.3 crore, which was Rs 1,918.1 crore one year ago in the same quarter.
The company reported its expenses of Rs 2,289.9 crore, as against Rs 2,125.8 crore during the corresponding quarter of the previous year.
"The highest-ever quarterly EBITDA demonstrates the underlying strength and operating leverage in our business model. We have established adequate infrastructure and capacity for continued growth in FY25," said Sahil Barua, MD & CEO, Delhivery.
Here's what brokerages say about Delhivery stock
Jefferies, CLSA, and Citi have maintained a buy call on Delhivery, while Goldman Sachs has maintained a neutral call. Morgan Stanley, on the other hand, has maintained an overweight call.
Jefferies has revised the target to Rs 665 from Rs 630, while CLSA has set the target price of Rs 600. Goldman Sachs has revised the target price to Rs 460 from Rs 405 earlier, while Citi has increased the target to Rs 550 from Rs 491. Meanwhile, Morgan Stanley has maintained a target of Rs 455.
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05:26 PM IST