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Delhivery’s net loss narrows by over half to Rs 103cr, revenue up 8% in Q2

New Delhi, Nov 4 (IANS) Logistics services provider Delhivery’s net loss in the September quarter of the current financial year was more than halved to Rs 103 crore, while revenue increased by 8 per cent to Rs 1,942 crore, despite higher inflation and fund crunch, the company announced on Saturday.

The company reported a loss of Rs 254 crore and revenue of Rs 1,796 crore in the same quarter of the previous year.

“We are pleased with H1 operating and financial performance, in particular the reduction in receivables by around 12 days, ahead of our Q1 guidance,” Sahil Barua, MD & CEO of Delhivery, said in a statement.

Express Parcel shipment volumes grew 12 per cent (year-on-year) to 181 million in Q1 FY24 from 161 million in Q2 FY23, despite last year’s volume getting a boost from the early part of the festive season sales falling in Q2.

Similarly, revenue from Express Parcel services grew 8 per cent (year-on-year) to Rs 1,210 crore in Q2 FY24 from Rs 1,125 crore in Q2FY23.

The logistics firm’s shares closed at Rs 402.25 per share on the Bombay Stock Exchange (BSE) on November 3, 17 per cent lower than the IPO price of Rs 487 per share.

The logistics unicorn went public in May 2022.

Moreover, the company announced that effective January 15, 2024, Suraj Saharan, co-founder of Delhivery, would take over as the Chief People Officer and Varun Bakshi would take over as the Head of Business Development, Part Truckload Freight business effective January 9 next year.

–IANS

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Indian Abroad News Desk
Indian Abroad News Deskhttps://www.indianabroad.news
Indian Abroad is a news channel and fortnightly newspaper meant for Australia’s Indian community and, besides news, focuses on lifestyle subjects like health, travel, culture, arts, beauty, fashion, entertainment, Bollywood, etc. Our YouTube channel here features daily news bulletins besides infotainment videos on lifestyle subjects.

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