Delhivery falls after 18 million shares change hands but brokerages upbeat

ICICI Securities has upgraded the stock from “sell” to “buy” with a target price of Rs 460 apiece

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The share price of logistics firm Delhivery fell 1.45 percent on November 21 after 18.4 million shares, indicating 2.5 percent equity, worth Rs 674 crore changed hands in a bunched trade, as the stock’s pre-IPO lock-in period ended.

The average price at which the trade was carried out was Rs 366 a share. The buyers and sellers are not known as of now.

At 11 am, the stock was quoting at Rs 346 on the National Stock Exchange, down by 1 percent.

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According to reports, the stock’s pre-IPO lock-in period expired on November 21. Up to 82.42 percent of the shareholding, accounting for 598 million shares, is now free to be sold.

Marquee investors like Softbank, Nexus Partners, Canada Pension Plan Investment Board, Tiger Global, Times Internet and Fedex are now eligible to offload their stakes.

While Softbank, Tiger Global are sitting on gains, Fedex is staring at a loss on its investment.

Also Read: Delhivery lock-in expiry: Softbank, Tiger Global sitting on gains; Fedex stares at a loss

In the second quarter, the company narrowed losses to Rs 254 crore against a loss of Rs 635 crore in the year-ago period. Revenue during Q2FY23 came in at Rs 1,796 crore, which is 22 percent higher than Rs 1,497.7 crore in the year-ago quarter.

Foreign brokerage CLSA has a “buy” rating on the stock with a target price of Rs 532 apiece, which indicates a 53 percent upside on the stock. The long-term growth outlook remains intact, said CLSA. “A pickup in PTL (partial-truckload) and express parcel volume is likely to help improve adjusted EBITDA,” it added.

ICICI Securities has also upgraded the stock from “sell” to “buy” with a target price of Rs 460 apiece. “While we acknowledge growth has been slowing in e-commerce sales in FY23, we believe it is a transient issue and is unlikely to be symptomatic of structural weakness in the space,” the domestic brokerage noted.

Also read: Inflationary pressure on input costs shadows healthy revenue growth for India Inc in Q2

A low-cost structure compared to peers, technology moat, strong balance sheet and high brand recall augur well for the company, ICICI Securities said.

A few weeks back, Kotak Institutional Equities also upgraded the stock to “add” from “reduce” with a revised fair value of Rs 415. The company is well-placed operationally and strategically to weather near-term weakness in the industry growth, its analysts said.

The stock is trading 28 percent below its issue price of Rs 487.

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