Logistics company Delhivery’s revenue from operations dropped 16 percent to Rs 1,746 crore in the June quarter (Q1), compared to the March quarter. This happened at a time when the e-commerce industry, which comprises the logistics company’s biggest revenue stream, saw sales dip amid rising inflation.
Delhivery’s net loss during Q1 rose 233 percent to Rs 399 crore. Meanwhile, as a percentage of revenue, the company’s freight handling costs increased from 72.5 percent to 83 percent on a sequential basis.The logistics unicorn saw its revenue rise 32 percent in Q1 on a year-on-year basis, compared to Rs 1,318 crore in the same period last year. Net loss widened by 207 percent from Rs 130 crore in the year-ago period.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).Earlier, 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.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.
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