Delhivery Q1 net loss reduces to Rs 89.5 cr as revenue grows 11% to Rs 1,930 cr

Loss after tax in the same period narrowed by 78 percent on a year-on-year basis and 44 percent on a quarter-on-quarter basis from Rs 159 crore in Q4 FY23, the company said in a separate statement.

The company's revenue from services grew 11 percent to Rs 1,930 crore in Q1 FY24 from Rs 1,746 crore in Q1 FY23. Express Parcel shipment volumes increased 19 percent to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23, the company said.

"We won important contracts in Q1, from marquee clients like Havells, TATA Motors, MamaEarth, which we expect to reflect in subsequent quarters," its MD and CEO Sahil Barua said in a statement.

Additionally, Delhivery has appointed Anindya Ghose as an independent director. He currently holds the position of Heinz Riehl Chair Professor of Technology and Marketing at New York University's Leonard N Stern School of Business.

"He (Ghose) is an expert at helping companies on their AI transformation journeys..." the company said.