Delhivery Q1 Results: Net loss narrows to Rs 89.5 crore; revenue grows 11% to Rs 1,930 crore

Logistics company Delhivery on Friday said its net loss has narrowed to Rs 89.5 crore in the June 2023 quarter, mainly due to higher income.

It had reported a net loss of Rs 399.3 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income rose to 2,031.1 crore from Rs 1,794.5 crore in the year-ago quarter.

Loss after tax in the same period narrowed by 78 per cent on a year-on-year basis and 44 per cent on a quarter-on-quarter basis from Rs 159 crore in Q4 FY23, the company said in a separate statement.

The company's revenue from services grew 11 per cent to Rs 1,930 crore in Q1 FY24 from Rs 1,746 crore in Q1 FY23.

Express Parcel shipment volumes increased 19 per cent to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23, the company said.

"We won important contracts in Q1, from marquee clients like Havells, TATA Motors, MamaEarth, which we expect to reflect in subsequent quarters," its MD and CEO Sahil Barua said in a statement.

Additionally, the company has appointed Anindya Ghose as an independent director.

He 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 (Ghose) is an expert at helping companies on their AI transformation journeys..." the company said.