Delhivery Q2 revenue jumps 19% to Rs 1,796 crore, losses narrow 60%

Losses narrowed 60% to Rs 254 crore, from Rs 635 crore in the corresponding period last year.

Expenses reduced marginally to Rs 2,157 crore from Rs 2,161 crore, aided by a reduction in employee benefit costs and other expenses.

The company said that there was an added surge in volumes towards the end of the quarter owing to the start of festive season sales.

Shipment volumes grew by 80% during the festive season period over average volumes in prior weeks, it said in a statement.

In the April-June quarter, Delhivery’s losses stood at Rs 399 crore owing to the challenges of integrating Spoton, one of its acquisitions.

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“With the integration of Spoton behind us, we remain optimistic about the future. Our structural cost and network advantages coupled with investments in technology, automation and our extremely strong balance sheet position us to strengthen our market position across segments in the Rs 15 lakh crore Indian logistics industry,” said Sahil Barua, MD and CEO, Delhivery.

The company’s part truck load business, which went through the integration, saw its revenue climb 9% quarter on quarter to Rs 293 crore, which it said was a “steady recovery” post-integration.

Shares of
Delhivery slumped 31% in two days in October after the company said it expected growth to moderate for the rest of the year due to high inflation.

On Friday, Delhivery’s shares closed 1% higher at Rs 379.25 on the BSE.