Delhivery’s second quarter revenue increased by 19% to Rs 1,796 crore, while losses decreased by 60%
- ByStartupStory | November 12, 2022
According to the consolidated financial results announced by the company on November 11, Delhivery’s loss in the second quarter of the fiscal year 2022–23 (Q2FY23) decreased to Rs 254 crore from the loss of Rs 635 crore clocked in the year-ago period.
The loss for the publicly traded logistics company decreased consecutively as well; it was Rs 399 crore in the third quarter of 2022. In Q2FY23, Delhivery reported revenue of Rs 1,796 crore, a 22 per cent increase over the Rs 1,497.7 crore reported in the same quarter of the previous fiscal. The revenue figures increased slightly from quarter to quarter as well; they were Rs 1,745.7 crore in Q1FY23.
According to a press statement from Delhivery, the adjusted EBITDA loss decreased to Rs 125 crore in Q2FY23 from the Rs 217 crore reported in Q1FY23. According to the statement, the company lost “Rs 58 crore on a reported basis and Rs 26 crore on a pro forma basis in Q2FY22.”
The announcement also stated that express parcel service revenue increased 17% YoY to Rs 1,125 crore during Q2FY23. According to the report, express volumes increased 19% YoY to 161 million shipments in Q2FY23 from 135 million shipments in Q2FY22. The company added, “Shipment volumes grew by 80% over average volumes in prior weeks during the festive season.”
After the integration of the Delhivery and Spoton networks, the Part Truckload (PTL) services business continued its steady recovery, according to Delhivery, which also reported that PTL revenue increased to Rs 293 crore in Q2FY23 from Rs 259 crore recorded in the prior quarter.
“Now that Spoton’s integration is behind us, our outlook on the future is positive. According to Sahil Barua, managing director and chief executive officer of Delhivery, “Our structural cost and network advantages combined with investments in technology, automation, and our extremely strong balance sheet position us to strengthen our market position across segments in the Rs 15 lakh crore Indian logistics industry.”
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