Logistics company Delhivery Q4FY23 loss widens to Rs 159 cr
Mumbai: Logistics unicorn Delhivery recorded a wider net loss of Rs 159 crore in the fourth quarter ending March 2023.
This was attributed to a decline in revenue for the second consecutive quarter, reflecting a slowdown in the e-commerce sector.
According to the company's filings with the BSE, Delhivery reported an operating income of Rs 1,859.6 crore for the quarter, which was 10 percent lower compared to Rs 2,017 crore in the same period the previous year, Moneycontrol reported.
In the fourth quarter of the previous fiscal year (FY22), Delhivery had incurred a net loss of Rs 119.8 crore.
The decline in revenue indicates a continuous downward trend for the company. In the December quarter, Delhivery's revenue had already dropped by 8.5 percent compared to the same period a year ago.
The challenging market conditions and the impact of the e-commerce slowdown have contributed to this decline in revenue for Delhivery.
In the fiscal year FY23 (2022-23), Delhivery achieved a five percent growth in operating revenue. The logistics company recorded a total revenue of Rs 7,225 crore, compared to Rs 6,882 crore in the previous year.
Despite this revenue growth, Delhivery's net loss remained relatively unchanged at Rs 1,007 crore for FY23, only slightly different from the net loss of Rs 1,011 crore in FY22.
The company's financial performance indicates both positive revenue growth and ongoing challenges in controlling losses.