Delhivery Ltd Q4FY23 net loss widens to Rs-159 crore but narrows on sequential basis

Delhivery Ltd reported -9.06% lower revenues for the March 2023 quarter on consolidated basis at Rs1,934cr. Revenues were up 0.84% sequentially. For the quarter the company the company turned positive on adjusted EBITDA basis. The adjusted EBITDA margins improved by 397 bps on a yoy basis. There was improvement in margins in the core express parcel business and the PTL business. 

Delhivery, which is largely in the logistics business, improved margins based on improvement in network capacity utilization, optimization of costs based on technology, improvement in logistics and transportation margins and better margin quality across customer segments. Express parcel shipments grew by 10 million shipments in Q4 on sequential basis to 180 million shipments. Adjusted EBITDA is based on operating cash profitability.

Financial highlights for Mar-23 compared yoy and sequentially


Rs in Crore






Total Income (Rs cr)

₹ 1,934

₹ 2,127


₹ 1,918


Operating Profit (Rs cr)

₹ -173

₹ -127


₹ -208


Net Profit (Rs cr)

₹ -159

₹ -120


₹ -196








Diluted EPS (Rs)

₹ -2.14

₹ -2.01


₹ -2.65








Net Margins







The company had completed its IPO in May 2023 and had raised more than Rs5,000 crore including Rs3,870 crore by way of fresh issue. As of March 2023, nearly one-third of the fresh IPO collections have been utilized. The company has seen a fall in freight handling and servicing costs in the quarter. Net cash from operations continues to be negative, but has considerably narrowed in FY23 on working capital efficiency gains in the quarter.

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