Logistics company Delhivery, which reported Q4 earnings in line with estimates, received positive ratings from top brokerages. Morgan Stanley is “Overweight,” Kotak Institutional Equities is “Buy,” while BofA is “Neutral” on the stock. January-March revenue fell 10% to Rs1,859 crore YoY, while net loss widened to Rs158 crore from Rs119 crore. Adjusted EBITDA turned positive at Rs6 crore compared to Q3FY23’s loss of Rs67 crore. While the companies’ senior levels saw some departures, Morgan Stanley sees continued momentum, Kotak highlights e-commerce logistics share and PTL contracts, and BofA expects margin improvement to continue.