Delhivery’s loss narrows sharply to Rs 89.50 crore

7 Aug 2023 , 11:03 AM

Delhivery, a logistics services company, stated on Friday that its losses narrowed significantly in the quarter ended June 2023, both year on year (YoY) and sequentially.

The aggregate net loss reduced to Rs 89.5 crore in the quarter, down from Rs 399 crore a year ago and Rs 159 crore the previous quarter.

Consolidated revenue from operations climbed 10.5% year-on-year to Rs 1,929 crore. The adjusted operating loss decreased drastically from Rs 217 crore to Rs 25 crore.

In the quarter under review, express parcel shipment volumes increased 19% year-on-year to 182 million. Despite the fact that the June quarter is generally a seasonally slow period for the sector, volumes increased by almost 2 million shipments from the March quarter.

Similarly, income from express parcel services increased 14% y-o-y to Rs 1,202 crore. Part truckload revenue climbed 34% y-o-y to Rs 347 crore in the period under review due to increasing volumes achieved through sustained excellent service quality. Part truckload shipments increased 44% year-on-year to 343,000 tonnes during the reporting period.

Sequential revenue growth in the truckload and supply chain services divisions was 20% and 10%, respectively.

Other income more than doubled year-on-year to Rs 101.3 crore during the quarter. Freight and servicing costs fell 1% y-o-y to Rs 1,438 crore, while other expenses fell 23% to Rs 152 crore.

At around 11.00 AM, Delhivery was trading at Rs 421.65, up by 0.21%, against the previous close of Rs 420.75 on NSE. The counter touched an intraday high of Rs 424.90.

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