Delhivery's net loss down by 57% in Q4 FY24; forms subsidiary to make drones

Logistics service provider Delhivery reported a net loss of Rs 68.5 crore in the quarter ended March 31, 2024—a significant improvement of 57% from Rs 159 crore earned in the corresponding period last year.

In Q4 FY24, the company’s revenue stood at Rs 2,076 crore—a 12% increase compared with Rs 1,860 crore it reported in the fourth quarter of last fiscal year.

For the entire financial year, its loss after tax was down to Rs 249 crore from Rs 1,008 crore in FY23.

Further, the logistics company reported that it had turned EBITDA positive in FY24. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) increased by Rs 578 crore to Rs 127 crore in FY24 from an EBITDA loss of Rs 452 crore in FY23, the company said.

“FY24 has been a crucial year for us where we delivered consistent service levels, significantly improved profitability, completed a large portion of our planned long-term capital investments and achieved material working capital improvement," said Sahil Barua, MD and Chief Executive Officer.

The company, which is back in the red, posted a surprise Rs 11.7 crore profit in the December 2023 quarter.

Also Read

Delhivery's Q4 FY23 loss widens to Rs 159 Cr

Drone manufacturing

Delhivery also said it is setting up a wholly-owned subsidiary, Delhivery Robotics India, to manufacture drones and provide freight air transportation services.

The objectives of the new unit include conducting “cutting-edge research and development in UAV (unmanned aerial vehicles) technology, focusing on various form factors and payloads for eventual type certification and commercialisation,” Delhivery said.

It will also provide drone pilot training, and engage in “drone manufacturing, producing and selling UAVs globally.”

The logistics company's chief compliance officer and company secretary Sunil Kumar Bansal resigned earlier this month, the company said in a stock exchange filing.

“We wish to inform you that Sunil Kumar Bansal has tendered his resignation from the position of company secretary and compliance officer of the company,” the filing said. “His resignation has been accepted by the company on May 3, 2023, and he will be relieved from his services with effect from May 31, 2023.”