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Logistics major Delhivery released its Q2FY23 results where the company saw a significant decline in its losses.
Revenues improved 20% to Rs 1,796 crores against Rs 1,498 crores reported in the corresponding quarter last year. Its express parcel service continued to be a major contributor as it accounted for 63% of total revenues.
Total expenses saw a marginal decline as the figure came in at Rs 2,158 crores. Adjusted EBITDA loss came in at Rs 125 crores with a negative margin of 7%. As such, losses declined 60% and came in at Rs 254 crores resulting in a negative EPS of Rs 3.43 per share, down from Rs 11.03 reported last year.
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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, CMD of Delhivery.
The company remains positive about the long-term prospects of e-commerce growth in India as it expects shipments to grow in the range of 18-30% this year.
The stock of Delhivery closed at Rs 374.55 per share, down around 25% from its listing price of Rs 495.20 per share.
Article by Aman Agarwal.
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