Delhivery reports revenue of Rs. 7,241 crore at 63% YoY growth
Delhivery Limited, India's largest fully-integrated logistics provider, grew revenue by 63 percent year on year to Rs. 7,241 crore in FY22.
PremiumThe financial results for the fourth quarter and fiscal year ending March 31, 2022 were released on May 30 by Delhivery Limited. The country's largest fully-integrated logistics provider grew revenue by 63 percent year on year (YoY) to Rs. 7,241 crore in FY22, up from Rs. 4,450 crore the previous year. From 3,647 crore in FY21 to 6,882 crore in FY22, underlying reported revenue climbed by 89 percent. In FY22, the company achieved full-year operating profitability, with adjusted EBITDA of Rs. 72 crore and Adjusted Cash Profit After Tax (PAT) of Rs. 212 crore. After adjusting FY22 PAT for one-time/non-recurring expenses and non-cash expenses, such as depreciation/leasing expenses, amortisation, and ESOP costs, Adjusted Cash PAT is calculated. This success can be attributed to a number of factors.
Express package shipments increased by 101 percent, greatly above the industry's 40 percent growth. Simultaneously, Delhivery has broadened its revenue base, with express parcel service accounting for 58 percent of sales and part-truckload (PTL) freight accounting for 24 percent of revenue in FY22.
Revenues increased to Rs. 2,072 crore in Q4FY22, up from Rs. 1,279 crore in Q4FY21. Adjusted EBITDA, a measure of operating profitability, has improved year over year, rising from -3.7 percent in Q1 FY22 to 3.7 percent and 3.9 percent in Q3FY22 and Q4 FY22, respectively. The Company has an adjusted EBITDA margin of 1.0 percent for the full year FY22.
Delhivery continues to be extremely well-capitalised, with cash and investments of Rs. 2,512 crore as of March 31, 2022, further augmented by Rs. 3,846 crore of net IPO proceeds raised in May 2022.
Delhivery Financial highlights for Q4FY22 and FY22:
| Rs. Cr. | Q4FY21 | Q4FY22 | YoY Growth | FY21 | FY22 | YoY Growth |
| Reported Revenue | 1,003 | 2,072 | 107% | 3,647 | 6,882 | 89% |
| Proforma Revenue | 1,279 | 2,072 | 62% | 4,450 | 7,241 | 63% |
| Express Parcel Revenue | 667 | 1,232 | 84.60% | 2,551 | 4,191 | 64% |
| Reported PTL Freight Revenue | 107 | 482 | 350% | 384 | 1,346 | 250% |
| TL Services Revenue | 81 | 102 | 25% | 214 | 287 | 34% |
| Supply Chain Services Revenue | 120 | 200 | 67% | 390 | 551 | 41% |
| Cross Border Services Revenue | 24 | 54 | 123% | 96 | 318 | 230% |
| Reported Adjusted EBITDA | -40 | 81 | NA | -253 | 46 | NA |
| Proforma Adjusted EBITDA | - | 81 | NA | -226 | 72 | NA |
| Proforma - Adjusted Cash PAT | - | 141 | NA | -82 | 212 | NA |
In FY22, the majority of Delhivery's investments were in capacity and capability expansion in the form of capex (7 percent of revenues) and inorganic growth, as well as investments in working capital requirements. These improvements are projected to increase scale and efficiency, lowering delivery costs and shortening delivery times.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
