The revenue of the company also grew by 11% to Rs 1,929.7 crore
Delhivery also announced the appointment of Professor Anindya Ghose to its board as an independent director
NATIONAL, 4 AUGUST, 2023 (AM News Desk) : Delhivery Ltd on Friday reported a 78 per cent narrow reduction in net losses at Rs 89.4 crore for the quarter ending June 30, 2023 as compared to Rs 399.3 crore in the same quarter last year.
The revenue of the company also showed growth, rising by 10 per cent to Rs 1,929.7 crore as compared to Rs 1,745.7 crore in the previous year.
The company improved its adjusted EBITDA loss, which decreased by 89 per cent to reach Rs 25 crore during Q1. Notably, the first quarter of the fiscal year 2024 witnessed a notable 19 per cent surge in the volume of Express Parcel shipments, reaching a total of 182 million shipments compared to the 152 million shipments recorded in Q1 of FY23.
This growth even surpassed the performance of the preceding quarter, Q4FY23, by adding over 2 million shipments. Remarkably, despite Q1 being historically recognised as a seasonally subdued period, this achievement showcased the company's resilience and strategic advancements, the new-age logistics company said.
Correspondingly, revenue stemming from Express Parcel services displayed a solid year-on-year growth of 14 percent, ascending to Rs 1,202 crores in Q1FY24 from Rs 1,051 crore in Q1FY23.
In a stock exchange filing, the company also announced the appointment of Professor Anindya Ghose to its board as an independent director. Currently holding the esteemed position of Heinz Riehl Chair Professor of Technology and Marketing at New York University's Leonard N. Stern School of Business, Ghose is recognised for his profound expertise in guiding companies through their transformative journeys, involving artificial intelligence, said Delhivery.
Beyond his advisory roles with industry giants, Ghose has extended his insights to nurture emerging businesses, serving as an advisor to start-ups situated in the United States, India, and Singapore.
On Friday, Delhivery's scrip on BSE closed trading 5.5% higher at Rs 420.05 - Ends.
About Delhivery
Delhivery is India's largest fully-integrated logistics services provider. With its nationwide network covering over 18,500 pin codes, the company provides a wide range of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services. Delhivery has successfully fulfilled over 2 billion shipments since inception and today works with over 26,500 customers, including large & small e-commerce participants, SMEs, and other enterprises & brands. For more information about Delhivery, please visit www.delhivery.com.
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