Delhivery Q4 Results: Loss narrows to Rs 69 crore; revenue rises 12% YoY

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Logistics player Delhivery has narrowed its losses to Rs 69 crore in the fourth quarter ended March 2024. The company reported a loss of Rs 159 crore in the year-ago quarter.

Revenue from operations increased 12% year-on-year (YoY) to Rs 2,076 crore in the January-March 2024 period, compared with Rs 1,860 crore in the corresponding period of the previous year.

EBITDA for the fourth quarter rose to Rs 46 crore versus just Rs 13 crore in the same quarter of last year.

The company registered 13% growth in its revenue for the full financial year 2023-24, while losses narrowed sharply to Rs 249 crore. The loss was at Rs 1,008 crore in FY23.

Express Parcel shipments grew 11% to 740 million in FY24, while revenue from the same rose 12% to Rs 5,077 crore. Express parcel shipment volumes came in at 176 million and revenue was Rs 1,217 crore in Q4 FY24, showing a growth of 3% YoY.

Part truckload (PTL) freight volume jumped 30% to 1,429k tons in FY24 and revenue for the same segment increased 31% to Rs 1,517 crore. In Q4, PTL freight volume rose 21% to 384k tons revenues surged 27% YoY to Rs 417 crore.

Supply chain services and truckload services showed robust growth in the fourth quarter, with revenue from these services growing 25% and 59%, respectively.

Truckload service revenue was at Rs 174 crore in the reporting quarter. On a full-year basis, revenue from supply chain services was Rs 776 crore and that of Truckload service was Rs 609 crore.

"FY24 has been a crucial year for us where we delivered consistent service levels, significantly improved profitability, completed a large portion of our planned long-term capital investments, and achieved material working capital improvement", said Sahil Barua, MD and CEO.

On Friday, Delhivery shares closed 1.02% higher at Rs 454.90 on NSE.