Delhivery narrows loss after tax 78% YoY, 44% QoQ to ₹89 cr in Q1 FY24

Delhivery reported revenue from services of ₹1,930 crore in Q1 FY24, up 11 percent YoY from ₹1,746 crore in Q1 FY23 and up 4 percent sequentially from ₹1,860 crore in Q4 FY23.

Adjusted EBITDA loss reduced by 89% YoY to ₹25 crore in Q1 FY24 compared to ₹217 crore in Q1 FY23. Loss after Tax in the same period narrowed by 78% on YoY basis to ₹89 crore in Q1 FY24 from ₹399 crore in Q1 FY23 and by 44 percent on QoQ basis from ₹159 crore in Q4 FY23.

Express Parcel shipment volumes grew 19 percent YoY to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23. Volumes grew by more than 2 million shipments over Q4 FY23 as well, despite Q1 traditionally being a seasonally weak quarter. Correspondingly, revenue from Express Parcel services grew 14 percent YoY to ₹1,202 crore in Q1 FY24 from ₹1,051 crore in Q1 FY23. Revenue from Part Truckload services grew 34 percent YoY to ₹347 crore in Q1 FY24 from ₹259 crore in Q1 FY23 due to increased volumes, achieved through consistently high service quality. Part Truckload volumes grew 44 percent YoY to 343K tons in Q1 FY24 from 239K tons in Q1 FY23.

Truckload and Supply Chain Services businesses saw a QoQ revenue growth of 20 percent and 10 percent respectively. “We have won important contracts in Q1, from marquee clients like Havells, TATA Motors, MamaEarth which we expect to reflect in subsequent quarters”, said Sahil Barua, MD & CEO.

Adjusted EBITDA margin stood at -1.3 percent in Q1 FY24 versus -12.5 percent in Q1 FY23 and versus 0.3 percent in Q4 FY23. “In Q1 FY24, we expanded capacity and network footprint in line with our growth expectations for H2 of FY24.” mentioned Sahil Barua.

Additionally, the company has appointed professor Anindya Ghose as an independent director. Prof. Ghose currently holds the position of Heinz Riehl Chair Professor of Technology and Marketing at New York University's Leonard N. Stern School of Business. He is an expert at helping companies on their AI transformation journeys. Prof. Ghose has consulted many leading firms including Apple, Google, Facebook, Samsung etc. in various capacities including litigation matters and realizing business value from their IT investments, internet marketing, business analytics, mobile marketing, digital analytics, social media, and other areas. He also serves as an Advisor to start-ups in the US, India and Singapore.

Delhivery will host its earnings call to discuss Q1 FY24 results at 4:00 PM IST on Saturday, August 5, 2023.