Delhivery revenue grows 8% in Q2 FY24, net loss narrows to Rs 103 Cr

Gurugram-based logistics company Delhivery has reported an 8% year-on-year growth in its revenue in the second quarter of FY2023-24. The company said that its revenue has increased 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 in Q2 FY24, from Rs 125 crore in Q2 FY23. Loss after tax has dropped to 59% (from Rs 254 crore in Q2 FY23 to Rs 103 crore in Q2 FY24).

"We are pleased with H1 operating and financial performance, in particular, the reduction in receivables by approximately 12 days, ahead of our Q1 guidance...H2 has begun as per our expectations with October Express volumes of 70 million plus and daily PTL (partial truckload) volumes beginning to touch 4,700 to 5,000MT levels," said Sahil Barua, MD and CEO, Delhivery.

The PTL volumes have grown 22% year-on-year to 3,48,000 tonnes, from 2,86,000 tonnes in Q2 FY23.

The report states that Delhivery's express parcel shipment volumes have grown 12% year-on-year to 181 million (from 161 million last year). Correspondingly, its revenue from express parcel services grew 8% year-on-year to Rs 1,210 crore in Q2 FY24, from Rs 1,125 in Q2 FY23.

"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," Barua added.

The filings also stated that Delhivery has further increased its stake in associate company Falcon Autotech by an additional 4.75%. Post the acquistion, Delhivery's total stake in Falcon Autotech stands at 39.33%, and the amount invested is over Rs 52 crore.

The logistics unicorn also announced that starting January 15, 2024, its co-founder Suraj Saharan will be taking over as the Chief People Officer; Varun Bakshi, Head (Treasury and Investor Relations) will be taking over the role of Head (Business Development and Part Truckload Freight business).

Meanwhile, Pooja Gupta, Chief People Officer; and Uday Sharma, Head of Business Development-PTL; have resigned to pursue other interests and opportunities outside the organisation.

Delhivery's current SVP of Corporate Finance, Vivek Pabari, will be taking up additional responsibilities of Investor Relations and Treasury.

(Disclaimer: Article was updated to add more details.)