December 13, 2024 18:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess
FinancialResult

Logistics company Delhivery Q4FY23 loss widens to Rs 159 cr

| @indiablooms | May 20, 2023, at 05:57 am

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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.