Delhivery shares slide 2% on weak quarterly results. What do brokerages say?

Hot Stocks
admin
February 13, 2023
0
69
2 minutes read

The firm reported a net loss of Rs 196 crore for the third quarter of FY23 against a net loss of Rs 127 crore a year earlier.

Shares of Delhivery opened on a lower note on Monday at Rs 305.15 apiece, down 2 percent as the company reported a higher net loss for its December quarter.

The logistics and supply-chain startup reported a net loss of Rs 196 crore for the third quarter of FY23 against a net loss of Rs 127 crore a year earlier while its operating revenue fell to Rs 1,824 crore for Q3FY22 from Rs 2,019 crore a year earlier.

According to ICICI Securities, the company missed estimates due to delayed recovery in PTL (Partial Truckload) volumes, which the management clarified was due to network footprint optimisation and subdued volumes in the first few days of Q3FY23 caused by unseasonal rain in Tauru.

The brokerage has cut its FY24/25 revenue and EBITDA estimates by 9 percent each, reducing target Price to Rs 425 from Rs 460 earlier but has maintained a ‘buy’ rating.

`);
}
if (res.stay_updated) {
$(“.stay-updated-ajax”).html(res.stay_updated);
}

} catch (error) {
console.log(‘Error in video’, error);
}
}
})
}, 8000);
})