Home / Companies / Company Results /  Delhivery Q1 net loss widens, revenue grows 32%

Delhivery Ltd's consolidated net loss widened to 399 crore during the first quarter ended June 2022 as compared to loss of 129.6 crore in the same quarter last year. The company's revenue rose by over 32% to 1,745.7 crore from 1,317.7 crore year-on-year (YoY).

The company incurred an Adjusted EBITDA loss of 217 crore in QIFY23 versus adjusted EBITDA loss of 58 crore(proforma) in QIFY22. “Our EBITDA margins were temporarily affected through the integration phase with Spoton as a result of inherent seasonality in the PTL business, slightly slower than planned phasing of customer restarts and retention of capacity to maintain service quality and in anticipation of H2 volumes", said Abhik Mitra, Chief Customer Experience Officer, Delhivery and CEO of Spoton.

Delhivery shares are up over 31% from its IPO issue price of 487 apiece. The initial public offering (IPO) of the supply chain company was subscribed 1.63 times, and the stock got listed on May 24, 2022. Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery and warehousing.

“Hi is the period during which we commission new capacity in preparation for seasonally higher volumes in H2. As PTL Freight volumes continue to recover and Express Parcel shipments continue to grow, we expect capacity utilization to improve", said Ajith Pai, Chief Operating Officer, Delhivery.

Revenue from Part Truckload Services were lower by 16% YoY at Rs. 259 crore in Q1, from 307 crore (proforma) YoY. The company said it undertook the final phase of integration of Spoton, a complementary PTL business it acquired in FY22, in QIFY23, one of the largest integrations in the Indian logistics industry, temporarily impacting.

 Owing to phased restarting of key customer accounts into the newly integrated network, PTL freight volumes for QIFY23 stood at 239,000 tonnes v/s 279,000 tonnes (proforma) in QIFY22.

“We continue to be extremely well-capitalized, with cash and investments of over 6,000 crore as of June 30, 2022, and will continue to invest in building infrastructure, technology, and operational capacity to deliver high-quality service to our customers", said Sahil Barua, Managing Director and Chief Executive Officer, Delhivery.

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