logistics

Delhivery Impressive Q1 2023 Performance: 78% Net Loss Reduction and 10% Revenue Growth

• ByStartupStory     |    August 5, 2023

Delhivery Ltd. has announced a significant achievement, reporting a remarkable 78 percent reduction in net losses for the quarter ending June 30, 2023. The company’s net losses have decreased from Rs 399.3 crore in the corresponding quarter last year to Rs 89.4 crore. In terms of revenue, Delhivery showcased growth, with a 10 percent increase to Rs 1,929.7 crore from Rs 1,745.7 crore in the prior year. Notably, the company also improved its adjusted EBITDA loss, marking an 89 percent decrease to reach Rs 25 crore in Q1. Impressively, the first quarter of fiscal year 2024 witnessed a notable 19 percent surge in Express Parcel shipments, totaling 182 million shipments compared to 152 million shipments in Q1 of FY23.

This achievement has even surpassed the performance of the preceding quarter, Q4FY23, by contributing an additional 2 million shipments. Noteworthy is the fact that this growth transpired during a historically subdued period, showcasing Delhivery’s resilience and strategic advancements within the realm of new-age logistics.

Concurrently, revenue attributed to Express Parcel services exhibited substantial year-on-year growth of 14 percent, surging to Rs 1,202 crore in Q1 FY24 from Rs 1,051 crore in Q1 FY23.

Delhivery also disclosed a significant addition to its board through a stock exchange filing, welcoming Professor Anindya Ghose as an independent director. Currently holding the esteemed position of Heinz Riehl Chair Professor of Technology and Marketing at New York University’s Leonard N. Stern School of Business, Ghose is recognized for his profound expertise in guiding companies through transformative journeys, particularly those involving artificial intelligence, as acknowledged by Delhivery.

Professor Ghose’s advisory roles extend beyond industry giants, encompassing nurturing emerging businesses through advisory positions with startups in the United States, India, and Singapore.

Notably, on Friday, Delhivery’s stock on the Bombay Stock Exchange (BSE) concluded trading with a notable increase of 5.5 percent, reaching Rs 420.05.

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