Shiprocket posts maiden profit on strong core business growth

Temasek-backed Indian logistics firm Shiprocket posted its first quarterly profit on Thursday, boosted by its core shipping business.

Here are some details:

The company swung to a profit of Rs 60 lakh ($63,487) in the quarter ended September 30, from a loss of Rs 20.29 crore a year ago


Revenue from operations rose 35% to Rs 674 crore.

Revenue from its core business, which covers domestic shipping and related software tools, rose 25% to 4.62 billion rupees.

The company said growth came as brands used Shiprocket to replenish quick commerce stores.

Appointment-based deliveries run on booked slots with real-time purchase order visibility from platforms such as Eternal's Blinkit and Zepto.

Shiprocket should benefit from higher transaction volumes as more brands sell online and existing merchants scale, JM Financial analysts said prior to earnings.

Shiprocket, which competes with Delhivery and Blue Dart Express, operates an integrated logistics platform offering shipping, fulfillment, payments and other services for online merchants.

Last week, Delhivery reported a quarterly profit, as its express parcel segment recorded strong growth.

Shares of the company were up around 3%.