Delhivery Ltd, a leading logistics services provider, on Friday reported a consolidated net loss of ₹89.5 crore for the first quarter ended June 30, 2023. This was narrower than the net loss of ₹399 crore recorded in the same quarter last fiscal.
On a sequential basis, the net loss for the quarter under review was narrower over a net loss of ₹159 crore in the March 2023 quarter.
Total income for the quarter under review was 13 per cent higher at ₹2,031 crore (₹1,795 crore).
Adjusted EBIDTA loss reduced by 89 per cent to ₹25 crore in the first quarter of this fiscal against EBIDTA loss of ₹217 crore in same quarter last fiscal.
Express parcel shipment volumes grew 19 per cent y-o-y to 182 million (152 million shipments). Volumes grew by more than 2 million shipments over Q4 FY23 as well, despite Q1 traditionally being a seasonally weak quarter.
“We have won important contracts in Q1, from marquee clients like Havells, TATA Motors, MamaEarth which we expect to reflect in subsequent quarters”, said Sahil Barua, MD & CEO.
“In Q1 FY24, we expanded capacity and network footprint in line with our growth expectations for H2 of FY24.”
Delhivery has now appointed professor Anindya Ghose as an independent director.
Ghose currently holds the position of Heinz Riehl Chair Professor of Technology and Marketing at New York University’s Leonard N. Stern School of Business. He also serves as an Advisor to startups in the US, India and Singapore.