Shares of Delhivery Limited plunged another 12 percent to Rs 383 on the afternoon of May 21, continuing a downward trend from the previous session, where it had already slipped over 4 percent on May 18.
At about 1:15 pm, shares were trading at Rs 390, down 10.3 percent from the last close on the NSE. The Delhivery stock has tanked almost 17 percent in the last three months.
The stock has tanked 15 percent in the last two trading sessions, and is now back to the level seen in January-end. It has given up all the gains made after Q3 results report.
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The sharp fall comes after it slipped into losses again in the March quarter (Q4FY24). The logistics solutions company posted a loss of Rs 68.5 crore as against a profit of Rs 11.7 crore in the December quarter. On a year-on-year (YoY) basis, however, the loss narrowed by 57 percent from Rs 159 crore in Q4FY23.
Delhivery's revenue in the March FY24 quarter rose 12 percent YoY to Rs 2,076 crore, driven by significant growth in the partial truckload (PTL) and full truckload (FTL) segments, which increased by 27 percent and 60 percent YoY, respectively, in Q4FY24.
The management warned of 'swings' in the future, which meant there are still chances the company will incur losses as it stabilises operations.
For the entire FY24, revenue from services stood at Rs 8,142 crore in FY24, a growth of 13 percent from Rs. 7,224 crore recorded in FY23. Similarly, loss after tax narrowed to Rs 249 crore in FY24 from Rs 1,008 Cr in FY23.
The company also informed the exchanges that its executive director and chief business officer, Sandeep Kumar Barasia, has resigned and July 1 will be his last working day.
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