Delhivery Q1 results: Net loss widens to Rs 399 cr; total income rises 32%

Logistics firm Delhivery on Monday reported widening of its net loss to Rs 399 crore for the quarter ending June 30, 2022. It reported net loss of Rs 130 crore in the year-ago period. 

The firm's total income rose 32% to Rs 1,795 crore in Q1FY23 as compared to Rs 1,364 crore in Q1FY22. 

On Monday, the company's scrip on BSE closed 1.2% higher at Rs 641.50.

Sandeep Barasia, chief business officer and executive director, Delhivery, said, "We continue to see strong demand for our integrated supply chain solutions across industry verticals including auto, industrial goods, chemicals and consumer durables."

"Our EBITDA margins were temporarily affected through the integration phase with Spoton as a result of inherent seasonality in the PTL business, slightly slower than planned phasing of customer restarts and retention of capacity to maintain service quality and in anticipation of H2 volumes," said Abhik Mitra, chief customer experience officer, Delhivery and CEO of Spoton.

Ajith Pai, chief operating officer, Delhivery, said: "H1 is the period during which we commission new capacity in preparation for seasonally higher volumes in H2. As PTL Freight volumes continue to recover and express parcel shipments continue to grow, we expect capacity utilization to improve."

Sahil Barua, managing director and chief executive officer, Delhivery, stated: "We continue to be extremely well-capitalized, with cash and investments of over Rs 6,000 crore as of June 30, 2022, and will continue to invest in building infrastructure, technology, and operational capacity to deliver high-quality service to our customers."

Delhivery is one of India's largest and fastest growing fully integrated logistics services provider. With its nationwide network covering over 18,400 pin codes, the company provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.