Shadowfax reports EBITDA and PAT profitability in FY24
The logistics player witnessed a significant improvement in its EBITDA, shifting from a loss of Rs 113.5 crore in FY23 to a profit of Rs 11.4 crore in FY24, while Adjusted PAT moved from a loss of Rs123.8 crore to a profit of Rs 2.0 crore.
Third-party logistics company Shadowfax Technologies turned profitable on Adjusted PAT and EBITDA metrics in FY24, helped by a surge in quick delivery services.
The company posted a 33% revenue growth to Rs 1,884.8 crore from Rs 1,415.1 crore in FY23. Its EBITDA turned around from a Rs 113.5 crore loss to Rs 11.4 crore profit, while Adjusted PAT improved from a Rs 123.8 crore loss to Rs 2 crore profit, according to a statement.
CEO Abhishek Bansal attributed the results to increased quick delivery demand and focus on technology that helped scale operations.
Last year, Shadowfax launched Prime Delivery, offering Same Day and Next Day delivery services to over 200 brands in the top 50 metros across the country. Additionally, Shadowfax is currently one of the largest 3PLs in quick commerce, collaborating with all major brands leading this space to facilitate last-mile delivery.
The company recently crossed 250,000 daily orders in this segment and has experienced more than a five-fold growth here in the past year, states its release.
In another development, the company is also proposing a network of dark stores to help D2C brands and sellers of lifestyle products reach their customers faster and in an “economical” way.
Using these dark stores, sellers may not be able to fulfill online orders within minutes, but they can reach customers in two to four hours, especially in densely populated areas.
Shadowfax—which began piloting this model around four months ago—currently operates 10 such stores in Mumbai, Delhi and Bengaluru.
Edited by Affirunisa Kankudti