Delhivery loss triples as Spoton integration hurts volumes

Delhivery incurred an adjusted EBITDA loss of Rs 217 crore for the quarter ended June as against an adjusted EBITDA loss of Rs 58 crore for the year-ago period.

“Our EBITDA margins were temporarily affected through the integration phase with Spoton as a result of inherent seasonality in the partial truckload  (PTL) business, slightly slower than planned phasing of customer restarts and retention of capacity to maintain service quality and in anticipation of H2 volumes," said Abhik Mitra, Chief Customer Experience Officer at Delhivery and CEO of Spoton.

Its adjusted EBITDA margin — a key measure of operating efficiency — came in at a negative 12.5 percent for the quarter, as against a negative 3.8 percent for the year-ago period.

Delhivery completed the operational integration of Spoton during the quarter.

The company reported 29,282 active customers for the quarter, as against 23,613 in the entire year ended March 2022, according to an investor presentation. Delhivery counts customers with an invoice at least once during a quarter as active customers.

Delhivery CEO Sahil Barua said the company remains "extremely well-capitalised" with cash and investments of over Rs 6,000 crore, as of June 30. It will continue to invest in building infrastructure, technology and operational capacity to deliver high-quality service to its customers, he said.

Earlier that day, Delhivery shares ended higher by Rs 7.8 or 1.2 percent at Rs 642.8 apiece on BSE, ahead of the earnings announcement.

Delhivery shares debuted on Dalal Street in late May, after its IPO to raise Rs 5,235 crore saw an overall subscription of 1.63 times.

Indian capital markets were shut on Tuesday on account of Muharram. Trading will resume on Wednesday.