Delhivery Q3 revenue drops 8% YOY, losses widen by 55%

Logistics company Delhivery recorded a drop of 8% year-on-year in its revenue for the third quarter ending December—Rs 1,823.8 crore from Rs 1,995 crore.

The company's net loss rose to Rs 196.5 crore from Rs 126.5 crore in the same period of the previous fiscal, while Delhivery's total expenses reduced marginally to Rs 2,125.7 crore from Rs 2,155 crore.

On a quarterly basis, the Gurugram-headquartered company reported a 1% increase in its revenue from services, up from Rs 1,796 crore, and a 23% decline in its losses.

In a press statement, the company attributed this quarter-on-quarter "improvement" to its express parcel and PTL businesses, improved capacity utilisation in the network, ongoing cost optimisation measures, and continued focus on revenue quality, and margin improvements.

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“Leading indicators of our business—service precision, network speed, and quality parameters all continue to show positive traction. We have had a good end to the year and this momentum has carried into 2023. We are confident of continued improvement in our transportation business, especially PTL, and overall profitability metrics,” said CEO and MD Sahil Barua.

Meanwhile, in a separate filing with the NSE, the company reported that former banker Kalpana Morparia has resigned from the board, with effect from February 11. This is less than 1.5 years after she joined in October 2021.

On Friday, the company's shares dropped by around 2%, ending the day at Rs 312.10 apiece.