Delhivery Q4 revenue grows more than 2X to Rs 2,072 crore; loss remains flat

Sahil Barua, Managing Director & CEO, Delhivery

Delhivery, the recently listed logistics tech company, saw its revenue grow more than two-fold to Rs 2,072 crore in Q4 of FY22, compared to Rs 1,003 crore the year-ago period. Meanwhile, its net loss remained flat at Rs 120 crore in the March quarter, against Rs 118 crore in Q4 of FY21.

The company’s annual financials showed that its net loss widened to Rs 1,011 crore in FY22 from Rs 415 crore in FY21. Its revenue increased 89 percent to Rs 6,882 crore in the same period.

Delhivery’s employee benefits expenses, which include ESOP costs, rose 98 percent to Rs 341 crore in Q4. It expanded 115 percent to Rs 1,313 crore in FY22, compared to the previous fiscal.

As a percentage of revenue, the company’s freight handling charges decreased from 75 percent in Q4 of FY21 to 72.5 percent in Q4 of FY22 despite an increase in fuel prices.

The company had launched its initial public offer (IPO) on May 11 through which it garnered Rs 5,235 crore, compared to the Rs 7,460 crore figure it had planned to raise earlier. Its shares rose 10 percent to Rs 537 against the issue price on its listing day (May 25).

It has built a network covering every state, servicing 17,045 PIN codes, or 88 percent of the 19,300 PIN codes in India. The Gurugram-based company became a unicorn – valued at over $1 billion – when it raised $413 million in a Series F round led by SoftBank Vision Fund in 2019.

Started in June 2011, Delhivery is the largest fully integrated logistics services company in India by revenue and provides a full range of logistics services, including delivery of express parcel and heavy goods, warehousing, supply chain solutions, cross-border express freight services, and supply chain software.

Delhivery’s shares dropped 3.62 percent to Rs 521 on the BSE at close on Monday.