Jobaaj Stories
Recently listed logistics giant Delhivery announced its fourth-quarter results for the quarter ended in March 2022, it's first since its listing about a week ago.
The losses of the company grew marginally to Rs 119.8 crores for the quarter ended in March 2022, as against Rs 118 crores reported in the corresponding quarter last year. However, its revenues grew over 2x times as revenues for the quarter reached Rs 2,071.7 crores as opposed to Rs 1,002.6 crores reported last year.
Sequentially, the company's losses contracted 5.5% as the net loss reported last quarter was Rs 126.5 crores while revenues grew 3% sequentially. Total expenses of the company surged 96% YoY to Rs 2,254.3 crores. As a part of revenue, the freight handling charges, which contributed a massive 75% of the company's revenues in the year-ago quarter, contributed 72.5% this quarter.
“Ours is an operating leveraged business so the more volumes we do, the more profitable we become from an economic point of view. For us, turning profitable is not a choice like it is for consumer internet firms… For them, it is about choosing to become profitable if they sacrifice growth... But for us, growth will help us turn profitable,” co-founder and CEO of Delhivery, Sahil Barua said.
For the full year ended on 31st March 2022, the company's net loss widened by 143% from Rs 415.7 crores in FY21 to Rs 1,011 crores in FY22. The company's revenues reached Rs 7,000 crores during the year, growing 89% as expenses surged 91%. Freight and cross-border services showed the highest growth during the year, both surging over 200% YoY.
The share declined over 3% in Tuesday's trading session as it closed at Rs 811.30 per share, down almost 7% from its listing price a week ago.
Article by Aman Agarwal.
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