The company recorded a pre-tax loss of Rs 92.17 crore in the first quarter of FY24 from pre-tax loss of Rs 405.17 crore reported in the corresponding quarter last fiscal.

During the quarter, adjusted EBITDA loss reduced by 89% YoY to Rs 25 crore in Q1 FY24 compared to Rs 217 crore in Q1 FY23. Adjusted EBITDA margin stood at negative 1.3% in Q1 FY24 as against negative 12.5% in Q1 FY23.

Delhivery said that Express Parcel shipment volumes grew 19% YoY to 182 million in Q1 FY24 from 152 million shipments in Q1 FY23. Volumes grew by more than 2 million shipments over Q4 FY23 as well, despite Q1 traditionally being a seasonally weak quarter. Correspondingly, revenue from Express Parcel services grew 14% YoY to Rs 1,202 crore in Q1 FY24 from Rs 1,051 crore in Q1 FY23.

Revenue from Part Truckload services grew 34% YoY to Rs 347 crore in Q1 FY24 from Rs 259 crore in Q1 FY23 due to increased volumes, achieved through consistently high service quality. Part Truckload volumes grew 44% YoY to 343,000 tons in Q1 FY24 from 239,00 tons in Q1 FY23.

Truckload and Supply Chain Services businesses saw a robust QoQ revenue growth of 20% and 10% respectively.

Sahil Barua, MD & CEO said, “We have won important contracts in Q1, from marquee clients like Havells, TATA Motors, MamaEarth which we expect to reflect in subsequent quarters. In Q1 FY24, we expanded capacity and network footprint in line with our growth expectations for H2 of FY24.”

Delhivery is India's largest and fastest growing fully integrated logistics services provider. With its nationwide network covering over 18,500 pin codes, the company provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.

Shares of Delhivery closed 5.93% higher at Rs 421.50 on the BSE.