Delhivery Q2 result: Net loss at Rs 103 cr, revenue up 8% to Rs 1,942 cr

The logistics firm also made a few leadership appointments aimed at creating experienced long-term leaders for key functions and business roles

Logistics company Delhivery Limited reported revenue from services of Rs 1,942 crore in Q2 FY24, up 8 per cent year-on-year (y-o-y) from Rs 1,796 crore in Q2 FY23. Adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) loss reduced by 90 per cent y-o-y to Rs 13 crore in Q2 FY24 from Rs 125 crore in Q2 FY23. Loss after tax in the same period narrowed by 59 per cent on a year-on-year basis to Rs 103 crore in Q2 FY24 from Rs 254 crore in Q2 FY23.

“We are pleased with H1 operating and financial performance, in particular the reduction in receivables by 12 days, ahead of our Q1 guidance,” said Sahil Barua, managing director and chief executive officer of Delhivery. “Service quality remained robust throughout H1 and network utilisation remained stable even as we expanded capacity in Q2, setting us up well for H2.”

Express Parcel shipment volumes grew 12 per cent y-o-y to 181 million in Q1 FY24 from 161 million in Q2 FY23, despite last year’s volume getting a boost from early part of the festive season sales falling in Q2. Correspondingly, revenue from Express Parcel services grew 8 per cent y-o-y to Rs 1,210 crore in Q2 FY24 from Rs 1,125 crore in Q2 FY23. Part truckload volumes grew 22 per cent year-on-year to 348,000 tons in Q2 FY24 from 286,000 tons in Q2 FY23. Correspondingly, revenue from Part truckload services grew 28 per cent y-o-y to Rs 373 crore in Q2 FY24 from Rs 293 crore in Q2 FY23. Truckload business saw robust y-o-y and quarter-on-quarter revenue growth of 46 per cent and 15 per cent, respectively.

“Volume levels at our mega-facilities have also been consistently high and our Tauru gateway recorded throughput beyond our original design expectations, which bodes well for our newer automated gateways at Bhiwandi and Bengaluru,” said Barua.

The company further announced that effective 15 January 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 9 January 2024. Vivek Pabari, senior vice president of Corporate Finance, will take up additional responsibilities of Investor Relations & Treasury.

“These leadership appointments are aimed at creating experienced long-term leaders for key functions and business roles,” said Barua.