Q1FY23 Quarterly Result Announced for Delhivery Ltd.
Transportation - Logistics firm Delhivery announced Q1FY23 Result : Delhivery clocks 30% YoY growth in revenue in Q1FY23 Delhivery Limited reported Rs. 1,746 Cr revenue from services in Q1FY23, up 30% YoY from Rs 1,344 Cr (proforma) in Q1FY22. Revenue from Express Parcel services grew 34% YoY from Rs. 785 Cr in Q1FY22 to Rs. 1,051 Cr in Q1FY23 on the back of robust shipment growth and new client acquisitions. Express Parcel volumes grew 50% YoY from 102 million shipments in Q1FY22 to 152 million shipments in Q1FY23. Revenue from Part Truckload Services were lower by 16% YoY at Rs. 259 Cr in Q1FY23, from Rs. 307 Cr (proforma) in Q1FY22. The Company undertook the final phase of integration of Spoton, a complementary PTL business it acquired in FY22, in Q1FY23, one of the largest integrations in the Indian logistics industry, temporarily impacting volumes as communicated in its shareholder letter dated July 26, 2022. Owing to phased restarting of key customer accounts into the newly integrated network, PTL freight volumes for Q1FY23 stood at 239,000 tonnes v/s 279,000 tonnes (proforma) in Q1FY22. The Company’s other service lines continued to demonstrate robust growth in Q1FY23, with over 100% YoY growth in the combined revenues of Supply Chain Services (SCS), Truckload Services (TL) and Cross Border Services (excluding COVID-19 traded goods revenue). “We continue to see strong demand for our integrated supply chain solutions across industry verticals including auto, industrial goods, chemicals and consumer durables”, said Sandeep Barasia, Chief Business Officer and Executive Director, Delhivery. Truckload Service Revenue grew 121% in Q1FY23 over Q1FY22 and the Company added over 1,000 new fleet partners to its Orion marketplace. Cross Border Services grew 53% YoY in Q1FY23 as the Company continued to strengthen its market position through its partnership with global leader FedEx Express, which is also a minority shareholder. Overall, the Company incurred an Adjusted EBITDA loss of Rs. 217 Cr in Q1FY23 vs. Adjusted EBITDA loss of Rs. 58 Cr (proforma) in Q1FY22. “Our EBITDA margins were temporarily affected through the integration phase with Spoton as a result of inherent seasonality in the PTL business, slightly slower than planned phasing of customer restarts and retention of capacity to maintain service quality and in anticipation of H2 volumes”, said Abhik Mitra, Chief Customer Experience Officer, Delhivery and CEO of Spoton. “H1 is the period during which we commission new capacity in preparation for seasonally higher volumes in H2. As PTL Freight volumes continue to recover and Express Parcel shipments continue to grow, we expect capacity utilization to improve”, said Ajith Pai, Chief Operating Officer, Delhivery. Result PDF09-08-2022