Delhivery turns profitable in Q3 FY24 as operating revenue jumps 20% YoY
Delhivery's expenses shot up marginally to Rs 2,289 crore as compared with Rs 2,125 crore spent in October-December 2022. Freight, handling and service costs emerged as the largest expenses at Rs 1,571 crore.
Ecommerce logistics player posted Rs 11.7 crore in profit in the October-December 2023 quarter as compared with a Rs 196 crore loss incurred in the same quarter a year ago.
In Q2 of the current financial year, the company had incurred a loss of nearly Rs 103 crore.
The company booked Rs 2,194 crore in revenue in Q3 FY24 from contracts with customers, as compared with Rs 1,832 crore it earned in the same quarter last year, according to the company's regulatory filings to the stock exchanges.
Founded in 2011, Delhivery is a delivery logistics platform that provides last-mile delivery, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse, vendor-to-customer shipping, and more. It listed on Indian bourses in 2022.
The Gurugram-based unicorn's expenses shot up slightly to Rs 2,290 crore as compared with Rs 2,125 crore it spent in Q3 FY23. Freight, handling and service costs emerged as the largest expenses at Rs 1,571 crore.
In November 2023, the company revealed some leadership changes. On January 15 this year, its co-founder Suraj Saharan took over as the Chief People Officer. Also, Varun Bakshi, Head of Treasury and Investor Relations, was slated to take over the role of Head of Business Development and Part Truckload Freight business.
In March last year, SoftBank, one of the largest shareholders of Delhivery, sold 2.8 crore shares in the logistics company at Rs 340.80 per share to raise Rs 954 crore in a bulk deal transaction. The Japanese investment firm first invested in Delhivery in October 2018 and later reduced its stake following the company's IPO in May 2022 and raised Rs 618 crore.
Edited by Kanishk Singh