Shares of Delhivery, a logistics service provider, recorded a drop of about 3.75 per cent, reaching a low of Rs 398.80 on Friday morning. This decline followed the sale of 1.8 crore shares in significant block deals. Softbank, a Japanese IT giant, reportedly plans to sell a portion of its 14.46 per cent stake through its entity Svf Doorbell (Cayman), with the deal estimated to be valued at Rs 747 crore at a rate of Rs 403 per share. More information regarding the transaction will be released by the exchanges later in the day.
Moreover, Softbank has been gradually reducing its investments in startups globally during the past couple of years. This includes shedding its stake in Paytm parent One97 Communications and PB Fintech. In March, Softbank sold a 2.84 per cent stake in Delhivery for Rs 954.2 crore through multiple block deals in the open market. Despite Softbank’s divestments, Delhivery’s shares have recorded return of about 22 per cent for investors so far in 2023.
During the September quarter, Delhivery reported a year-on-year (YoY) increase of 8 per cent in revenue, amounting to Rs 1,942 crore. Additionally, the company’s Q2 FY24 loss narrowed down by 59 per cent YoY, decreasing from Rs 254 crore to Rs 103 crore. According to a few media reports, Delhivery is likely to achieve adjusted EBITDA breakeven in FY24 and achieve positive PAT/FCF by FY26, driven by improved operating leverage and reduced capital expenditure.
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