Recently-listed Delhivery Ltd contained its fourth quarter losses at Rs 119.8 crore, almost flat from Rs 118.5 crore in the year-ago quarter ending March 2021 on the back of strong revenue growth.
Sequentially, the loss was reduced by 5% from Rs 126.5 crore in October to December quarter.
The online logistics firm continued to report losses year-on-year due to rise in expenses, which doubled to Rs 2254.4 crore in Q4FY22 as compared with Rs 1150 crore in Q4FY21.
Meanwhile, Delhivery’s revenues doubled to Rs 2,071.7 crore in the January to March quarter ending 2022 from Rs 1,002.6 crore. It inched up marginally by 3% from Rs 1995.2 crore in the preceding quarter.
Its annual loss jumped by over 143% to Rs 1011 crore for FY22 as against Rs 415.7 crore in FY21. Revenues for the year under review grew 89% to Rs 6,882.2 crore from Rs 3,646.5 crore last year.
Last week, the SoftBank-backed tech platform debuted on the Indian stock exchanges with a 10% closing premium to the issue price of Rs 487 apiece, taking the firm's market capitalisation at Rs 38,900 crore ($5 billion).
On Monday, before the financial results announcement, Delhivery’s shares ended 3.62% weaker at Rs 521.40 per share on the BSE.
Its key investor SoftBank, which first invested around $400 million in Delhivery in 2019, now holds 18.51% stake valued at over Rs 7,000 crore (around $1 billion), more than double the value of its three-year old bet.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati as a hyperlocal express logistics services firm. It became a unicorn touching $1 billion valuation, in 2019.