Logistics company Delhivery has said its consolidated net loss narrowed to ₹68.4 crore in the March 2024 quarter, aided by higher income. It had posted a ₹158.6 crore net loss in the year-ago period, the company said in an exchange filing on Friday.
The company's total income in the quarter under review increased to ₹2,194.5 crore from ₹1,934.2 crore a year ago. Its expenses were ₹2,257.2 crore against ₹2,107.6 crore a year ago. For the full 2024 fiscal, the company's net loss declined to ₹259.2 crore from ₹1,007.7 crore in FY23.
In a separate statement, the company's MD and CEO Sahil 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".
Express parcel shipments grew by 11 per cent to 740 million in FY24 from 663 million in FY23. The company's board has also approved the incorporation of a wholly-owned subsidiary for manufacturing drones and freight air transport services.
Gurugram-based Delhivery, an integrated logistics services provider, covers around 19,000 pin codes in India.
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