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Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%

EntrackrEntrackr · 1y ago
Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%
Medial

Go Digit General Insurance’s revenue from operations (net premium) decreased 8% to Rs 1,824 crore in Q1 FY25 from Rs 1,982 crore in Q4 FY24. However, its gross premium stood at Rs 2,660 crore in the first quarter of the ongoing fiscal year. The Bengaluru-based company also demonstrated strong financial standing during the previous fiscal year ending March 2024, marking a 37.4% year-on-year growth to Rs 7,096 crore (net premium) with its profits ballooning over 5X to Rs 182 crore during the last fiscal year Besides the operational income, Go Digit also made Rs 253 crore from its investments, tallying its overall revenue q Rs 2,077 crore in Q1 FY25 from Rs 2,692 crore in Q4 FY24. For the general insurance firm, the claims paid were naturally the largest cost center forming 64.48% of the overall expenditure. Akin to its scale, this cost decreased by 10% to Rs 1,285 crore in Q1FY25. The firm’s spending on commission, employee benefits, business development, sales promotion, and other overheads took its overall expense to Rs 1,993 crore in Q1 FY25 from Rs 2,198 crore in Q4 FY25. Despite a slight decrease in scale, Go Digit managed to control its costs by 9.3% QoQ, leading to a significant profit increase. Their profits rose by 90.6%, to Rs 101 crore in Q1FY25 from Rs 53 crore in Q4FY24. Sequentially, the firm posted 5X growth in profits during FY24. Go Digit General Insurance’s IPO was valued at Rs 2,616 crore, comprising a fresh issue of Rs 1,250 crore and the remainder offered for sale. The company debuted on the stock exchange on May 23 this year with a share price of Rs 286, marking a 5.1% gain compared to their price band of Rs 258-272 per share. GoDgit’s share price is currently trading at Rs 349.5 (as of 12.13 PM), According to Entrackr’s estimates, its total market capitalization stood at Rs 32,077 crore or $3.86 billion.

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication

EntrackrEntrackr · 8m ago
Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication
Medial

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication The Bombay High Court has provided major relief to Go Digit General Insurance by setting aside a Rs 170.29 crore GST demand raised by the Chennai South Commissionerate of GST & Central Excise. The order, dated July 4, includes Rs 154.8 crore in alleged tax dues and Rs 15.48 crore in penalties for the period from July 2017 to March 2022. According to Go Digit’s filing accessed from the National Stock Exchange (NSE), the High Court noted that the GST Council had already discussed this industry-wide issue and issued related circulars. Now, the court has asked the tax department to review the case again, keeping those guidelines in mind, and complete the process within three months. This update comes just a few months after Go Digit listed on the stock market. The tax demand was earlier mentioned in its Red Herring Prospectus under “Material Tax Proceedings.” The company said it is reviewing legal options and is waiting for the official court order to be delivered. Importantly, the company clarified that the case is part of a broader issue impacting the insurance industry at large and that no financial implications arise at this stage due to the High Court's intervention. The insurance company recorded a 2.2X increase in profits to Rs 116 crore during the last quarter of the previous fiscal year (Q4FY25). Meanwhile, for the full fiscal year (FY25), its profits surged 133% to Rs 425 crore. The company is currently traded at Rs 333.9 as of 11.25 AM with a total market capitalization of Rs 30,828 crore or $3.6 billion.

Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6%

EntrackrEntrackr · 10m ago
Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6%
Medial

Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6% Logistics company Delhivery announced its Q4 FY25 results on Friday, reporting a 6% year-on-year increase in revenue. The Gurugram-based firm also reported a profit of Rs 72 crore during the same period. Delhivery’s revenue from operations grew to Rs 2,191 crore in Q4 FY25, according to its financial statements filed with the National Stock Exchange (NSE). For the full fiscal year (FY25), Delhivery’s operating revenue increased 10% to Rs 8,932 crore in FY25 from Rs 8,141 crore in FY24. Delhivery's primary revenue sources were its logistics services, including warehousing, last-mile logistics, and designing and deploying logistics management systems. The firm also earned Rs 112 crore from non-operating activities, bringing its total revenue to Rs 2,303 crore in Q4 FY25. Meanwhile, for the full fiscal year, total income reached Rs 9,372 crore. For Delhivery, freight handling and servicing costs made up 70% of its total expenditure, rising by 3% to Rs 1,566 crore in Q4 FY25. Employee benefit expenses decreased by 6% to Rs 337 crore. Legal, depreciation, and other overhead costs contributed to a minor decrease in overall expenditure, which reached Rs 2,249 crore during the quarter. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 9,217 crore as against Rs 8,825 crore in FY24. Delhivery's continued growth and controlled expenditure resulted in a profit of Rs 72 crore in Q4 FY25, compared to a loss of Rs 68 crore in Q4 FY24. On a fiscal basis, it turned profitable and reported a net profit of Rs 162 crore in FY25 as compared to a loss of Rs 249 crore in FY24. At the close of today’s trading session, Delhivery’s share price stood at Rs 321 per share, giving the company a market capitalization of Rs 23,957 crore.

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