Delhivery reports Rs 1,860 cr revenue in Q4, loss widens to Rs 159 cr YoY

NEW DELHI: Fully-integrated logistics service provider Delhivery on Friday reported Rs 1,860 crore in revenue in the quarter that ended March 31, with consolidated net loss widening to Rs 159 crore (year-on-year), from Rs 120 crore loss in the March quarter last year.

However, on quarterly terms, its loss after tax narrowed from Rs 196 crore in Q3 FY23.

On a yearly basis, the revenue dropped 10 per cent to Rs 1,860 crore from Rs 2072 crore in the same quarter a year ago.

Adjusted EBITDA turned positive to Rs 6 crore in Q4, compared to Rs 67 crore loss in Q3.

"We were confident of continued improvement in the core transportation business and overall profitability at the end of last quarter and are happy to report we have delivered both in this quarter as planned," said Sahil Barua, Managing Director and CEO, Delhivery.

"We have aggressive infrastructure and capability expansion plans in place and are confident of the strong start in April and H1 of May continuing through the year," he added.

The company has opened up its internal and third-party demand to brokers and fleet owners through its Full Truckload Exchange (Orion), leading to pricing benefits in long-haul and short-haul trucking through competitive bidding and greater vehicle utilisation for its partners.

The company reported growth in express parcel volumes by 10 million shipments (QoQ) to 180 million shipments in Q4, from 170 million shipments in Q3.

Corresponding revenue stood at Rs 1,177 crore in Q4 as compared to Rs 1,200 crore in Q3.

Truckload and supply chain services businesses saw a QoQ revenue growth of 8 per cent and 6 per cent, respectively while the cross-border services business saw a revenue decline of approximately Rs 9 crore.