Delhivery Q4 2022: Losses at Rs 119.8 crore, revenue doubles YoY to Rs 2,072 crore

Bengaluru: New-age logistics company Delhivery reported consolidated losses of Rs 119.8 crore for the fiscal fourth quarter, widening slightly from the same period last year.

Revenue from operations was Rs 2,071.7 crore in the January-March period, from Rs 1,002.6 crore in the year-ago period. Total income more than doubled to Rs 2,127 crore from Rs 1,031.7 crore.

On a sequential basis, losses reduced by 5.5% to Rs 119.8 crore from a loss of Rs 126.5 crore in the third quarter.


Revenue from operations grew by 3% to Rs 1,995 crore sequentially.

For financial year 2022 (FY22), consolidated losses were Rs 1,011 crore, compared to Rs 415.7 crore in the previous fiscal year (FY21).

Total consolidated revenue more than doubled to Rs 7,038.4 crore in FY22 from Rs 3,838.2 crore in FY21.

Delhivery debuted on the public market on May 24, with the company raising Rs 5,235 crore.

The IPO was booked 23% on the second day of the subscription window, signalling the low investor appetite for new issuances amid a bearish market.

“I would be lying if I said we were not nervous,” Delhivery cofounder and chief executive Sahil Barua told ET on the listing day. “But we knew about the institutional investors; they typically do not punch in their order on the first day of an issue opening. We did not have any concerns if the issue was not subscribed. Yes, we did know that the retail part won’t get fully subscribed. Our job was to price the issue conservatively.”

Eventually, the issue was subscribed 1.63 times through retail participation.

“Ours is an operating leveraged business so the more volumes we do, the more profitable we become from an economic point of view. For us, turning profitable is not a choice like it is for consumer internet firms… For them, it is about choosing to become profitable if they sacrifice growth... But for us, growth will help us turn profitable,” Barua had said.

Delhivery’s shares closed at Rs 522.15 apiece on the BSE on Monday, down almost 3.4%.

Last week, Delhivery said that it was granted a patent for its proprietary technology product, Addfix. The patent covers Delhivery’s innovation in address verification and location mapping, a technology that improves accuracy of the delivery addresses.

On May 25, ET reported that by a SoftBank-backed firm in India and around the world. The stock surged as much as 17% at one point on the opening day before closing the day at Rs 537.25, up 9%.

In 2019, SoftBank invested about $390 million in two tranches in Delhivery, which is now valued at almost $1 billion. The value of its investment has more than doubled in three years based on Delhivery's stock price after its first day of trading. SoftBank holds close to 19% in the logistics firm.