Logistics and supply chain unicorn Delhivery, in the second quarter of the financial year 2022-23 (FY23), witnessed its losses drop by nearly 60% from ₹635 crores in Q2 FY22 to ₹254.1 crores in the second quarter of the current financial year. As per the consolidated financials reported by the logistics giant on November 11, it also clocked a year-on-year (YoY) increase of 22% in its revenue from services – from ₹1474 crores in the year-ago quarter to ₹1796 crores in the current quarter on a reported bases (and an annual growth of 9% on a pro forma basis).
Its total income for the quarter, including revenue from services and other avenues, amounted to ₹1883.3 crores, up from the ₹1528.1 crores it had pocketed in total income in the corresponding quarter in the last financial year. Its total expenses for the quarter ended September 30, 2022, narrowed from ₹2161.5 crores in the year-ago quarter to ₹2157.7 crores in the last quarter.
“With the integration of Spoton behind us, we remain optimistic about the future. Our structural cost and network advantages coupled with investments in technology, automation, and our extremely strong balance sheet position us to strengthen our market position across segments in the Rs.15 lakh crore Indian logistics industry”, Sahil Barua, Managing Director and CEO, Delhivery, said in an official statement.
Overall, its adjusted EBITDA loss dropped to Rs in Q2FY23 on a sequential basis from ₹217 crores in Q1FY23 to ₹125 crores in the current quarter, while it witnessed an annual growth of 17% in the revenue from Express Parcel services – from ₹960 crores to ₹1125 crores in the current quarter. This growth was aided by a surge in shipments and volumes as it geared up for sales in the festive season – the number rose from 135 million from a year ago to 161 million shipments in the recently-ended quarter.
For the half year ended September 30, 2022, Delhivery also clocked a rise in its revenue, which amounted to ₹3677.9 crores, while its total expenses widened to ₹4363.5 crores for the same period. Like the quarter, the loss after tax shrunk to ₹653.4 crores for the recently-ended half year.
Overall, Delhivery lost ₹3.43 per equity share for the September quarter, while its loss per equity share for the half year narrowed to ₹9.30. Nonetheless, its service lines continued to grow over the quarter. Revenue from its Part Truckload (PTL) services arm, which focusses on the B2B express segment, grew to ₹293 crores for the quarter, while the total network freight volume increased to 286,000 tonnes for the quarter.
Revenue from its Truckload services clocked an annual growth of 91% in revenue – ₹103 crores – while revenue from its Supply Chain services and Cross Border services grew annually by 62% and 21% respectively to reach ₹180 crores and ₹96 crores respectively for the quarter.