Delhivery Q1 Results: Net loss at ₹89.4 crore, revenue rises 10.5%

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₹399 Cr in Q1 FY23 and by 44% on QoQ basis from Rs. 159 Cr in Q4 FY23. Express Parcel shipment volumes grew 19% YoY to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23.

Volumes grew by more than 2 million shipments over Q4 FY23 as well, despite Q1 traditionally being a seasonally weak quarter. Correspondingly, revenue from Express Parcel services grew 14% YoY to Rs. 1,202 crores in Q1 FY24 from Rs.

1,051 Cr in Q1 FY23. Revenue from Part Truckload services grew 34% YoY to Rs. 347 Cr in Q1 FY24 from Rs.

259 Cr in Q1 FY23 due to increased volumes, achieved through consistently high service quality. Part Truckload volumes grew 44% YoY to 343K tons in Q1 FY24 from 239K tons in Q1 FY23. Truckload and Supply Chain Services businesses saw a robust QoQ revenue growth of 20% and 10% respectively.

“We have won important contracts in Q1, from marquee clients like Havells,TATA Motors, MamaEarth which we expect to reflect in subsequent quarters", said Sahil Barua,MD & CEO. Adjusted EBITDA margin stood at -1.3% in Q1 FY24 versus -12.5% in Q1 FY23 and versus 0.3% in Q4 FY23. “In Q1 FY24, we expanded capacity and network footprint in line with our growth expectations for H2 of FY24." mentioned Sahil Barua.

Additionally, the company has appointed professor Anindya Ghose as an independent director.Prof. Ghose currently holds the position of Heinz Riehl Chair Professor of Technology and Marketing at New York University's Leonard N. Stern School of Business.

He is an expert at helping companies on their AI transformation journeys. Prof.Ghose has consulted many leading firms including Apple, Google, Facebook, Samsung etc. in various capacities including litigation matters and realizing business value from their IT investments,