Delhivery Q2 Results: Consolidated loss narrows YoY to Rs 103 crore, revenue up 8%

MUMBAI – Delhivery Ltd reported better results for the quarter ended September 2023, with the consolidated net loss narrowing to Rs 103 crore from Rs 254 crore a year ago. Sequentially, however, the loss widened from Rs 89.5 crore.

Consolidated revenue from operations rose 8% year-on-year (YoY) to Rs 1,942 crore, and around 1% sequentially.

At the operating level, the adjusted loss narrowed down significantly to Rs 13 crore from Rs 125 crore a year ago.

Express parcel shipment volumes grew 12% YoY despite last year’s volume getting a boost from early part of the festive season sales. Correspondingly, revenue from the express parcel services grew 8% YoY to Rs 1,210 crore.

Part Truckload volumes grew 22% YoY, which subsequently lifted revenue from this business by 28% YoY to Rs 373 crore. This implies significantly better realization/kg on both YoY and QoQ basis.

“We are pleased with H1 operating and financial performance, in particular the reduction in receivables by ~12 days, ahead of our Q1 guidance. Service quality remained robust throughout H1 and network utilization remained stable even as we expanded capacity in Q2, setting us up well for H2,” said Sahil Barua, MD & CEO of Delhivery.

More to come…

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