Delhivery Reports Profit in Q3 FY24 with 20% YoY Jump in Operating Revenue

• ByStartupStory     |    February 3, 2024

Gurugram-based logistics giant Delhivery has marked a significant turnaround in its financial performance, reporting a profit of Rs 11.7 crore in the third quarter of the fiscal year 2023-24. This comes in stark contrast to the Rs 196 crore loss incurred during the same quarter the previous year. The positive results follow a loss of nearly Rs 103 crore in the second quarter of the current financial year.

According to regulatory filings submitted to the stock exchanges, Delhivery recorded operating revenue of Rs 2,194 crore in Q3 FY24 from contracts with customers, reflecting a robust 20% increase compared to the Rs 1,832 crore earned in the corresponding quarter last year. The company, which went public in 2022, offers a comprehensive commerce logistics platform, specializing in last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse, vendor-to-customer shipping, and more.

Despite the positive financial outcomes, Delhivery’s expenses rose slightly to Rs 2,290 crore, up from Rs 2,125 crore in Q3 FY23. The largest share of expenses was attributed to freight, handling, and service costs, amounting to Rs 1,571 crore.

In light of the company’s financial success, co-founder Suraj Saharan assumed the role of Chief People Officer on January 15, 2024. Additionally, Varun Bakshi, the former Head of Treasury and Investor Relations, transitioned to Head of Business Development and Part Truckload Freight business.

Delhivery, a unicorn founded in 2011, has experienced notable developments over the past year, including leadership changes and strategic initiatives. In November 2023, the company announced changes in its leadership team.

The positive financial results further underscore Delhivery’s resilience and adaptability in the dynamic logistics sector. SoftBank, one of Delhivery’s largest shareholders, had sold 2.8 crore shares in November 2023, raising Rs 954 crore in a bulk deal transaction at Rs 340.80 per share. SoftBank initially invested in Delhivery in October 2018, later adjusting its stake following the company’s successful initial public offering in May 2022, which raised Rs 618 crore.

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