Analysts bearish on Delhivery as volumes, integration costs weigh on Q1

Analysts, which expect improvement in the second half, are currently bearish on the stock

The share price of logistics unicorn Delhivery suffered a sharp fall of 6.4 per cent after the market absorbed the results of the first quarter of this financial year.

The company went from being earnings before interest, taxes, depreciation and ammortisation (Ebitda) positive to loss making, with fall in revenues and margins. It declared revenues of Rs 1,746 crore, a sequential drop of 16 per cent against Q4 revenues of Rs 2,072 crore.

Total expenses fell two per cent quarter-on-quarter (QoQ) to Rs 2,206 crore (Rs 2,254 crore in Q4). Year-on-year (YoY), revenues have grown 30 per cent on a