Delhivery Q1 net loss shrinks to Rs 89 crore on lower freight and servicing costs

Revenue from Part Truckload services grew 34% YoY to Rs. 347 Cr in Q1

Delhivery's net loss shrunk 78 percent to Rs 89 crore in the June quarter (Q1FY24), compared to the year-ago period, as the logistics company brought down its freight, servicing and handling costs even as revenue grew 11 percent to Rs 1,930 crore.

Adjusted EBITDA loss reduced by 89 percent to Rs 25 crore in Q1, the company said in its regulatory filing on August 4. Express Parcel shipment volumes grew 19 percent to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23.

Volumes grew by more than 2 million shipments over Q4 FY23 as well, despite Q1 traditionally being a seasonally weak quarter. Correspondingly, revenue from Express Parcel services grew 14% YoY to Rs 1,202 crores in Q1 FY24 from Rs 1,051 Cr in Q1 FY23.

This is a developing story. Please check for updates