Sandeep Barasia resigns from Delhivery after 9 years

Logistics firm Delhivery on Friday announced that Sandeep Barasia, executive director and chief business officer, has quit the firm after serving it for over nine years. His last day will be June 30, 2024. Barasia joined Delhivery in 2015. Under his leadership as the Chief Business Officer, the company entered new business segments of supply chain services, truckload, and cross-border logistics and significantly diversified its revenue base. Barasia is leaving to “pursue outside interests,” Delhivery said.

"Sandeep has been instrumental in the growth and scale up journey of Delhivery and has significantly contributed to making Delhivery the largest logistics player in India. On behalf of the entire Board, I want to thank Sandeep and wish him all the very best for the future," said Sahil Barua, Founder & Chief Executive Officer, Delhivery.

Earlier in the day, Delhivery posted a loss of Rs 68.5 crore in the quarter ended 31 March, 2024, down 57 per cent from a loss of Rs 159 crore in the corresponding period last year. In Q4FY24, the company’s revenue increased to Rs 2,076 crore, which was 12 per cent higher than Rs 1,860 crore recorded in the same quarter last year.

Barua said: “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,” said Sahil Barua, MD & Chief Executive Officer.

In the December quarter, Delhivery had clocked a revenue of Rs 2,194 crore and generated a surprise profit of Rs 11.7 crore, its first ever since at least 2021.

While revenue from express parcel services grew by 12% to Rs 5,077 crore in FY24, its other segments saw a higher growth. Revenue from PTL grew 31% to Rs 1,517 crore in FY24. Revenue from supply chain services was Rs 776 crore, truckload services ₹609 crore and cross-border services Rs 153 crore.

The company also said it has incorporated a wholly owned subsidiary, Delhivery Robotics Pvt Ltd, to conduct research and development in drone technology and manufacturing. The proposal was approved at the company’s board meeting on 17 May.

The company has a proposed authorised capital of Rs 5 crore. Authorised capital is the maximum amount of share capital a company is allowed to issue to shareholders according to its constitutional documents.

Shares of Delhivery closed at Rs 453.85, up by +0.78%.