Delhivery posts Rs 69 crore net loss in Jan-March quarter, CBO Sandeep Barasia quits

New Delhi: Integrated supply chain services provider Delhivery on Friday reported a net loss of Rs 69 crore in the January-March quarter, down from Rs 159 crore in the same quarter a year ago.

The company also announced that Sandeep Barasia, Executive Director and Chief Business Officer, has resigned to “pursue outside interests”. He will remain with Delhivery till June 30.

For the full fiscal year (FY24), the company said that loss after tax narrowed by Rs 759 crore to Rs 249 crore in FY24, from Rs 1,008 crore in the previous fiscal year.

“FY24 has been a crucial year for us where we delivered consistent service levels, significantly improved profitability, completed a large portion of our planned long-term capital investments and achieved material working capital improvement,” Sahil Barua, MD and Chief Executive Officer, said in a statement.

Delhivery clocked revenue of Rs 8,142 crore in FY24, a growth of 13 per cent as compared to Rs 7,224 crore in FY23.

Barua told analysts that “don't use this quarter to model for the next six quarters. There are forces beyond Delhivery’s control”.

Supply chain services and truckload service showed robust growth in Q4 FY24, with revenue from these services growing 25 per cent and 59 per cent, respectively, said the company.