The research house has stuck to its “outperform” rating with target price of Rs 460 a share, saying it sees higher volumes and market share gains
The key risk to Macquarie’s projections include an overall slowdown in ecommerce volumes in India and a decline in yields led by higher competitive intensity.
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Delhivery shares were trading almost a percent up in the morning session June 7, a day after Macquarie Capital Securities (India) said the startup has what it takes to deliver in the logistics industry and the stock market, thanks to volume recovery, use of in-house tech and cost competitiveness.
In a note, analysts Aditya Suresh and Baiju Joshi said the research house was sticking to its “outperform” rating after their latest meeting with company’s officials reinforced their positive view on the stock.
“We expect integrated operations to drive cost competitiveness for Delhivery. Maintain Outperform with target price of Rs 460 ashare,” they said on June 6.
At 10 am, Delhivery was trading 0.76 percent up at Rs 358 on BSE.
During a plant visit, the analysts found higher B2B parcels vs B2C shipments, indicating a ramp-up in Partial Truck Load (PTL) volumes. The duo said they sensed higher volumes for the auto segment at the plant.
Analysts said they see strong operating leverage benefits for Delhivery led by higher industry volumes and market share gains, which will be catalysed by an acceleration in e-commerce volumes and margin improvement.
Delhivery is an integrated logistics company providing express parcel delivery, part- and full-truck load freight, warehousing, supply chain solutions as well as cross-border services.
Delhivery is the number one third-party express parcel delivery service provider in India, with a 40 percent share of the 3PL market and 20 percent overall market share.
The key risk to Macquarie’s projections include an overall slowdown in ecommerce volumes in India and a decline in yields led by higher competitive intensity.
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