Logistics giant Delhivery has reported a significant narrowing of its net loss for the March 2024 quarter, driven by higher revenue. The company posted a consolidated net loss of Rs 68.4 crore, a substantial improvement from the Rs 158.6 crore loss recorded in the same period last year.
Delhivery's total income surged to Rs 2,194.5 crore in the quarter, up from Rs 1,934.2 crore in the previous year. While expenses also rose to Rs 2,257.2 crore from Rs 2,107.6 crore, the company's efforts to streamline operations and improve efficiency contributed to the reduced loss.
For the full financial year 2024, Delhivery's net loss declined to Rs 259.2 crore, a marked improvement from the Rs 1,007.7 crore loss in FY23.
"FY24 has been a crucial year for us where we delivered consistent service levels, significantly improved profitability, completed a large portion of our planned long-term capital investments and achieved material working capital improvement," said Sahil Barua, MD and CEO of Delhivery.
The company's express parcel shipments also saw growth, increasing by 11% to 740 million in FY24 from 663 million in FY23.
Looking ahead, Delhivery is focused on expanding its services through innovative technologies. The company's board has approved the incorporation of a wholly-owned subsidiary dedicated to the manufacturing of drones and freight air transport services.
Operating across approximately 19,000 pin codes in India, Delhivery remains a key player in the country's evolving logistics landscape.