Delhivery FY22 Results: Net Loss Rises 143% To INR 1,011 Cr

Logistics startup Delhivery on Monday (May 30) reported a 143% increase in its consolidated net loss for financial year 2021-22 (FY22) to INR 1,011 Cr from INR 415.7 Cr in FY21.

The startup’s revenue from operations grew 89% to INR 6,882.2 Cr during FY22, while total expenses rose over 91% to INR 8,064.5 Cr.

In a release, the startup said it delivered full-year operating profitability with an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of INR 72 Cr and adjusted cash profit after tax (PAT) of INR  212 Cr in FY22. 

“Adjusted cash PAT is arrived at after adjusting FY22 PAT for one-time/ non-recurring expenses and non-cash expenses, including depreciation/ lease expenses, amortisation, and ESOP costs,” the release said.

Express parcel volume surged 101% to 582 Mn in FY22, while part-truckload (PTL) volume surged 324% to 1.5 Mn tonnes in  FY22. 

For the quarter ended March 2022, the startup’s net loss was almost flat at INR 119.8 Cr as against INR 118.2 Cr in the year-ago quarter. The net loss stood at INR 126.5 Cr in the preceding December quarter.

Operating revenue more than doubled to INR 2,071.7 Cr from INR 1,002.6 Cr in the March quarter of previous fiscal, while total expenses rose over 96% year-on-year to INR 2,254.3 Cr in the quarter under review.

Delhivery said it increased its reach to 18,074 pincodes in  FY22 from 16,677 pincodes in FY21. Its floor space also grew to 18.15 Mn sq ft as of March 31, 2022 from 12.23 Mn sq ft a year ago, while active customers surged to 23,613 from 16,741 in FY21.

The unicorn made its stock market debut on the stock exchanges last week, raising INR 5,235 Cr. The startup’s initial public offering (IPO) was subscribed 1.63 times.

Shares of Delhivery ended 3.62% lower at INR 521.40 on the BSE on Monday. The startup declared the financial results after market hours.