Delhivery Ltd.’s net losses contracted in the second quarter aided by an increase in revenue.
The logistics company’s consolidated net loss stood at Rs 254.1 crore in the quarter ended September, as against Rs 635.04 crore over the same period last year, according to its exchange filing.
Delhivery Q2 FY23 Highlights (YoY)
Revenue rose 20% to Rs 1,796 crore.
Operating losses narrowed at Rs 137.75 crore, against a loss of Rs 518.05 crore.
The market sentiment remained “broadly unchanged” from the previous quarter, as consumer discretionary spending remained muted amid high inflation, the company said last month, in a quarterly business update.
Reacting to the cautionary tone, investors pummelled the shares down over 30% to a record low in the next two days.
The company had also said that volumes in supply chain services and truckload business declined quarter-on-quarter, while express parcel volumes remained stable.
“We anticipate moderate growth in shipment volumes through the rest of the financial year,” it had said in the business update.
Shares of Delhivery closed nearly 1% higher before the results were announced today, compared to a 1.8% rise in the Nifty 50.