The Net Loss of Delhivery in Q1 Triples to INR 399 Cr. Revenue up 31 percent YoY

Total income increased 31% YoY, to INR 1,794.5 Cr in Q1 FY23, up from INR 1,364 Cr in Q1 FY22.

The total expenses climbed by more than 48% YoY, to INR 2,205.7 Cr during the review quarter.

The adjusted EBITDA loss increased to INR 217 crore as against INR 51 crore in the previous quarter.

Delhivery, a logistics company Delhivery the company on the Monday (August 8) reported widening of its net losses by 208% year on year (YoY) up to 399.3 Cr during the initial period (Q1) for the fiscal year 2022-23 (FY23). In a quarterly perspective the loss increased by 233% over the INR 119.8 Cr during the month of March.

The company’s total earnings increased 31% YoY to 1,794.5 Cr in the first quarter of FY23. On a quarterly-on-quarter (QoQ) basis it fell 15.6 percent from INR 2,127 Cr during Q4 FY22.

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Delhivery’s total costs grew over 48% year-on-year up to 2,205.7 Cr in the period under review. Transportation, handling and maintenance expenses accounted for the majority of the expenditures in the quarter, totalling the rate of INR 1,452.6 Cr, an increase over INR 867.9 Cr in the previous year. The cost of employee expenses also increased by more than 70% YoY, at INR 350.1 Cr in the first quarter of FY23.

We remain extremely well-capitalized, having capital and investments that exceed INR 6000 Cr at the time of June 30 2022. We will be investing more in infrastructure technology, as well as operational capacity to provide top-quality customer service, Delhivery MD and CEO Sahil Barua told.

This unicorn of logistics also disclosed its adjusted EBITDA (earnings before interest taxes, depreciation, taxes, and amortization) loss of INR 217 crore as contrasted to an the adjusted EBITDA losses of INR 51 Cr in the first quarter of FY22.

Our EBITDA margins were temporarily affected by the integration process with Spoton because of seasonality inherent in our PTL (partial truckload) business. It was little slower than the scheduled phasing in restarts of customers and keeping capacity in place to ensure service quality , and also in anticipation in anticipation of volumes in the H2 (second half) volume, Delhivery chief customer experience officer Abhik Mitra stated.

The logistics company bought Spoton Logistics last year.

Delhivery also has reported an increase of 50% in express parcel volumes , reaching 150 million in the first quarter of FY23. PTL freight volumes were 2.39 Lakh tonnes in Q1 FY23, which was down 14 percent in comparison to 2.79 Lakh tonnes in Q1 FY22.

Delhivery was launched as a debut on the stock market in May of this year. The price was Rs 493 for each share at the BSE against its initial cost of 487 INR. The shares are trading more than 30% higher than the price of its listing.

On Monday the shares of Delhivery were 1.23 percent higher in 642.80. 642.80 in the BSE. Delhivery announced its financial results following market hours.

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