Delhivery Q4 results: Loss widens to Rs 159 crore; revenue declines 10%

Logistics firm Delhivery on Friday reported widening of net loss at Rs 159 crore for the quarter ending March 31, 2023. It reported net loss of Rs 120 crore in the year-ago period.

The firm's revenue from operations declined 10 per cent to Rs 1,860 crore in Q4FY23 as against Rs 2,072 crore in Q4FY22.

On Friday, the Delhivery's scrip on BSE closed trading 1.8 per cent lower at Rs 359.05.

Delhivery's cross-border services business saw a decline in revenue, despite healthy volumes, hurt by falling global yields in both air and ocean freight and volume impact of the Chinese New Year holidays, the company said in a statement.

“Critical leading indicators like service precision, network speed and delivery quality parameters
are at all time high levels and are driving greater customer confidence and share of wallet growth.
The momentum built up in Express and PTL in Q3 has carried into Q4 and FY24 as well. We were
confident of continued improvement in the core Transportation business and overall profitability
at the end of last quarter and are happy to report we have delivered both in this quarter as planned. We have aggressive infrastructure and capability expansion plans in place and are confident of the strong start in April and H1 of May continuing through the year”, said Sahil Barua, Managing Director & Chief Executive Officer, Delhivery.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin contracted to 0.3 per cent in the quarter, compared to 3.9 per cent a year earlier. However, it turned positive sequentially after reporting a negative margin of 3.7 per cent in the previous quarter.