Delhivery’s Q2 losses narrow, revenues grow; What does cricket in the Olympics mean?

Hello,

Finally, BYJU'S reveals its much-awaited FY22 results.

On Saturday, the edtech firm reported that its core business, excluding all acquisitions, witnessed 2.3x year-on-year growth in total income, as part of its audited financial results for FY22.

The Bengaluru-based company’s total income from its core business reached Rs 3,569 crore in FY22 from Rs 1,552 crore recorded in the preceding fiscal year. Moreover, the EBITDA loss for the core business decreased to Rs 2,253 crore in FY22, down 6% from Rs 2,406 crore in the previous financial year.

Elsewhere, Mamaearth parent Honasa Consumer has filed its final prospectus ahead of its listing, which is tentatively set for November 10. Media reports suggest that the allotment of the shares will be done on November 7.

Honasa received an overwhelming response from institutional investors on Thursday, day three of its initial public offering (IPO), with bids of 22 crore shares as against an offer of 2.8 crore shares.

ICYMI: Captchas are getting more complicated than ever but alternative tests are gaining ground. 

Proving to a computer that you are indeed human is no joke these days for real, and yes, you can blame it on AI.

In today’s newsletter, we will talk about 

• Delhivery narrows losses in second quarter
• What does cricket in the Olympics mean?
• A candid chat with singer Zeb Bangash 

Here’s your trivia for today: Which year did instant messaging volumes surpass traditional SMS for the first time?

Logistics

Delhivery narrows losses in second quarter

Gurugram-based logistics company Delhivery has reported an 8% year-on-year growth in its revenue—up from Rs 1,796 in Q2 FY23 to Rs 1,942 crore in Q2 FY24. The adjusted EBITDA loss has reduced by 90% year-on-year to Rs 13 crore from Rs 125 crore in Q2 FY23. 

Stronger:

• Loss after tax has dropped to 59% (from Rs 254 crore in Q2 FY23 to Rs 103 crore in Q2 FY24).
• Delhivery has further increased its stake in associate company Falcon Autotech by an additional 4.75%, taking the total stake to 39.33%.
• The logistics unicorn also announced that starting January 15, 2024, co-founder Suraj Saharan will be taking over as the Chief People Officer.

Sports

What does cricket in the Olympics mean?

Come 2028, T20 cricket for both men and women will be in the mix for the first time at the Olympic Games to be held in Los Angeles. The only time cricket was played at the Olympics was during the 1900 summer edition in Paris with a one-off Test for men, between Great Britain and France, which was won by the former. 

Suited up:

• Cricket’s role at the Olympics could go beyond popularising the game and lead to a spillover effect on other sports—as far as India is concerned. 
• London-based global data, insights, and consulting company Kantar forecast US ad revenue of $2.25 billion for the live broadcast of the 2020 Tokyo Olympic Games—more than 20% higher than the 2016 Games and an all-time high.
• The United States too has drawn up aggressive plans to tap into the cricketing ecosystem—with Major League Cricket, co-hosting the T20 World Cup in 2024 with West Indies, and the LA Olympics in 2028. 

Music

A candid chat with singer Zeb Bangash 

Zebunnisa Bangash or Zeb Bangash, along with Bollywood actor Alia Bhatt, voiced AR Rahman’s composition Sooha Saha, a song that continues to touch a chord, even almost a decade after its release. While Sooha Saha continues to be special, the South Asian singer, composer, and songwriter has delivered other soulful numbers as well.

The right notes:

• Last month, Bangash became the first Pakistani woman to perform in New York’s iconic Times Square. She is currently working with GRAMMY-winning producer Ian Brennan on a documentary recording of her master, Ustaad Naseeruddin Saami. 
• She is not comfortable being a diluted version of herself and does not wish to box herself into others’ expectations of what she should and should not be.
• “Throughout my career, I’ve been drawn to music from other cultures–both the similarities and the differences (in music from other cultures) surprise me. Music in itself is the inspiration,” she tells YS Life.

News & updates

• Up for sale: A painting by French impressionist master Claude Monet, which has remained in private hands since 1948, is expected to fetch up to 3 million euros ($3.22 million) when it goes under the hammer later this month in Paris.
• Holiday fav: Walmart shares hit an all-time high, as investors bet on the company having a strong holiday season. The big-box retailer has leaned on its grocery business and its low-price reputation to attract shoppers, including more high-income households, during an inflationary period.
• Maiden fund: Pakistan is getting the first VC fund denominated in local currency in seven years, with Lahore-based Sai Venture Capital Pvt. launching one to target the country’s fledgling tech industry and other startups. It seeks $10 million from mainly local investors.

Which year did instant messaging volumes surpass traditional SMS for the first time?

Answer: 2013

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