Delhivery continued its dream run on Dalal Street. The logistic tech startup, which was listed only a week back, has already given IPO investors +25% returns!
How did we get here? Delhivery was meant to hit the public market earlier this year. But, the Russia-Ukraine crisis and a potential clash with the mega LIC IPO delayed plans by several months. The rout in global tech stocks plus weak investor sentiment forced the logistics tech startup to cut its issue size by 30% and lower valuations. Even then, the IPO barely managed to scrape through!
What's working? Firstly, Delhivery had a very strong Q4. Revenues more than 2x YoY to Rs 2,072 cr despite omicron-related disruptions. More importantly, losses were flat YoY and down 5% over the previous quarter. Delhivery's ability to showcase strong topline growth whilst limiting losses cheered investors. Also, the reduction in excise duty on petrol and diesel by the GOI would significantly lower fuel costs which is a huge positive. Delhivery's strategy of gaining market share by acquiring smaller players has also proved effective, said experts.
Big Picture: The Indian logistics market is estimated to grow to $365 billion by FY26, according to RedSeer Consulting. Sustained economic growth, improvement in transport infrastructure, and the rapid rise of e-commerce firms are key positives.
Delhivery's market leadership, superb execution track record, and high industry growth potential drew quite a few thumbs up. PS. global brokerage firm Credit Suisse sees a further 15% upside from current levels.
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