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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
Prez Droupadi Murmu, PM Modi pay tributes to Mahatma Gandhi and Lal Bahadur Shastri on birth anniversaries
Centre orders probe into Tamil Nadu-based cargo firm Wintrack Inc’s charges against Chennai Customs
