Delhivery reports loss of Rs 119.9 Cr in Q4 FY22, doubles revenue

Recently-listed logistics company Delhivery reported a loss of Rs 119.9 crore in the fourth quarter of FY 2022, almost flat from its loss of Rs 118.3 crore in the same quarter a year ago.

The Gurugram-headquartered startup’s revenue more than doubled to Rs 2,071.8 crore during the same time, compared with Rs 1,002.7 crore in Q4 last year. 

Delhivery reported an 89 percent increase in its annual revenue—Rs 6,882.3 crore in FY 2022, up from Rs 3,646.5 crore in FY 2021. In comparison, its annual loss stood at Rs 1,011 crore, nearly 3X of the Rs 415.7 it reported last fiscal.  

In a statement, the company said, "The majority of the investments made by the company in FY22 were towards capacity and capability building...These investments are expected to drive scale and enhance efficiency - reducing the cost of delivery and decreasing the time for delivery. 

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Operationally, its express parcel volumes in FY 2022 stood at 582 million, 101 percent more than 289 million in FY 2021.

Delhivery now has 60,373 permanent employees and contractual workers, an increase of 81 percent from 33,242 reported last fiscal. Additionally, its partner agents grew from 19,844 in FY 2021 to 34,360 in FY 2022.

The company now claims to reach 18,074 pincodes in India, more than 93 percent of the total pincodes in the country. 

Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, the company became a unicorn in 2019. It has raised $1.4 billion in funding from marquee investors including SoftBank, Tiger Global, Nexus Venture Partners, and Times Internet.

Last week, it debuted on the National Stock Exchange (NSE) at Rs 495.2, a two percent premium over its issue price of Rs 487. 

At the close of business hours on Monday, before Delhivery’s results were announced, the company's shares were down by 3.89 percent—at Rs 520.50—on NSE.