Delhivery Q2 results: Net loss halves, revenue up 8% YoY

Delhivery, the logistics firm, saw an improvement in its financials during the September quarter of the current fiscal year. The company's net loss decreased by more than half to Rs 103 crore, while its revenue witnessed an 8 percent growth, reaching Rs 1,941.7 crore. This positive performance comes at a time when the e-commerce sector, Delhivery's primary customer base, experienced a slowdown due to higher inflation and a shortage of funds.

Comparatively, in the same quarter of the previous year, Delhivery reported a loss of Rs 254 crore and revenue of Rs 1,796 crore.  However, the company's shares closed at Rs 402.25 on November 3, which is 17 percent below the IPO price of Rs 487 per share. Delhivery had gone public in May 2022, a challenging time for tech stocks in the market.

In addition to these financial updates, Delhivery announced on Saturday that key management personnel are set to depart the company in January. Pooja Gupta, the Chief People Officer (CPO), and Uday Sharma, Head of Business Development, will both be leaving. Gupta is seeking to explore other interests, while Sharma is pursuing opportunities outside the company.

To fill these roles, Suraj Saharan, co-founder of Delhivery, will assume the position of the new Chief People Officer (CPO), replacing Gupta. Similarly, Varun Bakshi, the current head of investor relations, will take on the role of Head of Business Development after Sharma's departure.

Furthermore, Delhivery has increased its stake in Falcon Autotech Private Limited by an additional 4.75 percent through a related party transaction. This acquisition brings Delhivery's ownership in Falcon Autotech to 39.33 percent, and it involved an investment of approximately Rs 52 crore, as indicated in the filings.