Delhivery announces drone research plan as revenue grows, loss narrows in Q4
₹2,076 crore in the quarter from ₹1,860 crore a year ago, while loss after tax narrowed to ₹69 crore from ₹159 crore a year ago. On an annual basis, revenue from services rose 13% to ₹8,142 crore in FY24 while losses narrowed to ₹249 crore from ₹1,008 crore in FY23. "FY24 has been a crucial year for us.
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", CEO Sahil Barua said in a statement. Analysts on average estimated the company would report a quarterly revenue of ₹2134.20 crore and a loss of ₹23 crore, according to Bloomberg data. Shortly before announcing its Q4 results, the company said it has incorporated a wholly owned subsidiary, Delhivery Robotics Pvt Ltd, to conduct research and development in drone technology and manufacturing.
The proposal was approved at the company’s board meeting on 17 May. The company has a proposed authorised capital of ₹5 crore. Authorised capital is the maximum amount of share capital a company is allowed to issue to shareholders according to its constitutional documents.
It will research “various form factors and payloads" for eventual type certification and commercialisation, the company said. It will also offer drone-as-a-service (DaaS) for shipment movement and remote sensing. It will engage in drone manufacturing, producing and selling UAVs globally, involving third party manufacturing of composite airframe components, procurement of components, integration, quality testing, and flight trials, it said.
Read more on livemint.com
