Delhivery reported it’s net loss improving by more than half on a year-on-year (YoY) basis in its second quarter (Q2) earnings on Saturday, revealed via an exchange filing. The company recorded a net loss of Rs 103 crore for the September quarter in the current financial year (FY24) against a net loss of Rs 254 crore in the second quarter of the previous fiscal year (FY23).
The logistics company’s revenue grew by 8 per cent from Rs 1,796 crore in the previous quarter to Rs 1,942 crore in the reporting quarter on a YoY basis. The express parcel shipment volumes for the firm increased 12 per cent to 181 million in the quarter under review, from 161 million in the corresponding quarter a year earlier. Part truckload volumes gained 22 per cent at 348K tonne in Q2FY24, from 286K tonne in Q2FY23.
Revenue from express parcel services climbed 8 per cent to Rs 1,210 crore, while part truckload services saw a 28 per cent jump in revenue to Rs 373 crore, both on a YoY basis. The company further stated that it’s truckload business registered a strong revenue growth of 46 per cent sequentially.
Commenting on the performance, Sahil Barua, managing director and CEO of the company, said, “We are pleased with H1 operating and financial performance, in particular the reduction in receivables by around 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.”
Providing an outlook for the second half of the current fiscal year, Barua added, “ H2 has begun as per our expectations, with October Express volumes of 70M+ and daily PTL volumes beginning to touch 4,700-5,000MT levels. 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 Bangalore.”
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