Delhivery Limited announced income from services of Rs. 1,930 Cr. for the first quarter of FY24 on Friday. This was an increase of 4% from the previous quarter and an increase of 11% YoY from Rs. 1,746 Cr. From Rs. 217 Cr in Q1 FY23 to Rs. 25 Cr in Q1 FY24, the adjusted EBITDA loss decreased by 89% YoY. The same period’s loss after taxes decreased by 78% on a year-over-year basis to Rs. 89 Cr in Q1 FY24 from Rs. 399 Cr in Q1 FY23 and by 44% on a quarter-over-quarter basis from Rs. 159 Cr in Q4 FY23.
From 152 million shipments in Q1 FY23 to 182 million shipments in Q1 FY24, Express Parcel shipment volumes increased by 19% YoY. Despite Q1 typically being a seasonally weak quarter, volumes increased by more than 2 million shipments above Q4 FY23. In line with this, Express Parcel services generated revenue that increased 14% YoY to Rs. 1,202 crores in Q1 FY24 from Rs. 1,051 Cr in Q1 FY23.
Part truckload service revenue increased 34% YoY to Rs. 347 Cr in the first quarter of FY24 from Rs. 259 Cr in the first quarter of FY23 as a result of higher volumes attained by continually providing good service quality. From 239K tons in Q1 FY23 to 343K tons in Q1 FY24, part truckload volumes increased 44% YoY.
The supply chain services and truckload businesses also experienced strong QoQ revenue growth of 20% and 10%, respectively. Sahil Barua, MD & CEO, stated that “We have won important contracts in Q1 from marquee clients like Havells, TATA Motors, and MamaEarth which we expect to reflect in subsequent quarters.”
In Q1 FY24, the adjusted EBITDA margin was -1.3%, down from -12.5% in Q1 FY23 and from 0.3% in Q4 FY23. According to Sahil Barua, “In Q1 FY24, we expanded capacity and network footprint in line with our growth expectations for H2 of FY24.”
Anindya Ghose, a professor, has also been chosen by the firm to serve as an independent director. The Heinz Riehl Chair Professor of Technology and Marketing at the Leonard N. Stern School of Business at New York University is now Prof. Ghose. He has years of experience guiding businesses through the AI transformation process. Prof. Ghose has provided advice to numerous top companies, including Apple, Google, Facebook, Samsung, and others, in a variety of capacities, including litigation matters and helping them realize the business value of their IT investments, as well as in the areas of social media, internet marketing, business analytics, mobile marketing, and other fields. Additionally, he offers advice to start-ups in Singapore, India, and the US.
