Sandeep Kumar Barasia resigned citing personal reasons, with effect from July 1, 2024
Delhivery slipped into the losses in Q4, posting a consolidated loss of INR 69 Cr
The company is also setting up a new wholly-owned subsidiary, Delhivery Robotics India, to enter the drone manufacturing space
Logistics unicorn Delhivery’s executive director and chief business officer Sandeep Kumar Barasia has tendered his resignation.
In an exchange filing, the company said that Barasia resigned citing personal reasons, with effect from July 1, 2024.
Barasia was associated with Delhivery
for over nine years. He is also a board member of Mumtaz Hotels, the holding company of Oberoi Amarvillas. He presently co-chairs the Confederation of Indian Industry’s (CII’s) National Committee on Shipping & Logistics.
Earlier, Bharasia worked with companies like Bain & Company, Deloitte, and Godrej Nature’s Basket.
The logistics major also reported its financial results for the quarter ended March 31, 2024 today. It slipped into the losses during the quarter, posting a consolidated loss of INR 69 Cr. The company had reported a consolidated profit after tax of INR 11.7 Cr in the preceding third quarter.
Meanwhile, operating revenue also declined 5% sequentially to INR 2,076 Cr in the three month period ended March 2024. However, on a year-on-year (YoY) basis, operating revenue was up by 12%.
The company attributed the sequential drop in top line to a decline in express parcel and cross-border service volumes during the quarter, largely on account of Chinese New Year.
Meanwhile, Delhivery has reignited its drone ambitions in a bid to diversify its offerings and create alternate revenue streams. As part of this, the logistics major said it is setting up a wholly-owned subsidiary, Delhivery Robotics India, to manufacture drones and provide freight air transportation services.
The subsidiary will be established with an authorised share capital of INR 5 Cr, primarily offering Drone as a Service (DaaS) for shipment movement and remote sensing. Alongside, it will also produce and sell unmanned aerial vehicles (UAVs) globally.
Shares of Delhivery closed 0.78% higher at INR 453.85 on the BSE on Friday (May 17), ahead of the announcement of the results.
