The financial results of the fourth quarter and financial year ended March 31, 2022 were released by Delhivery Limited on May 30. The country’s largest fully integrated logistics provider posted 63 per cent YoY (YoY) growth in revenue. Up from Rs 7,241 crore in FY22. 4,450 crore last year. From Rs 3,647 crore in FY21 to Rs 6,882 crore in FY22, the underlying reported revenue climbed 89 per cent. In FY22, the company achieved full year operating profitability with an adjusted EBITDA of Rs. 72 crore and after adjusted cash profit tax (PAT) of Rs. 212 crores. Adjusted cash PAT is calculated after adjusting FY22 PAT for lump-sum/non-recurring expenses and non-cash expenses, such as depreciation/lease expenses, amortization, and ESOP costs. This success can be attributed to several factors.
Express package shipments grew 101 percent, much higher than the industry’s 40 percent growth. together, delhivery It has broadened its revenue base, with express parcel service accounting for 58 per cent of sales and part-truckload (PTL) freight at 24 per cent in FY12.
Revenue increased to Rs. Up from Rs 2,072 crore in Q4FY22. 1,279 crore in Q4FY21. Adjusted EBITDA, a measure of operating profitability, improved year-on-year, from -3.7 per cent in Q1 FY22 to 3.7 per cent and 3.9 per cent in Q3FY22 and Q4 FY22, respectively. The company’s adjusted EBITDA margin for the full year of FY12 is 1.0 percent.
Delhivery remains extremely well capitalized with cash and investments of Rs. 2,512 crore till March 31, 2022, further enhanced from Rs. 3,846 crore of net IPO proceeds were raised in May 2022.
Delhivery Financial Highlights for Q4FY22 and FY22:
| Rupee. Ten million. | Q4FY21 | Q4FY22 | year on year increase | FY 21 | FY22 | year on year increase |
| reported income | 1,003 | 2,072 | 107% | 3,647 | 6,882 | 89% |
| proforma revenue | 1,279 | 2,072 | 62% | 4,450 | 7,241 | 63% |
| express parcel revenue | 667 | 1,232 | 84.60% | 2,551 | 4,191 | 64% |
| Reported PTL Freight Revenue | 107 | 482 | 350% | 384 | 1,346 | 250% |
| TL service revenue | 81 | 102 | 25% | 214 | 287 | 34% |
| supply chain service revenue | 120 | 200 | 67% | 390 | 551 | 41% |
| cross border service revenue | 24 | 54 | 123% | 96 | 318 | 230% |
| Reported Adjusted EBITDA | -40 | 81 | No | -253 | 46 | No |
| Proforma Adjusted EBITDA | , | 81 | No | -226 | 72 | No |
| Proforma – Adjusted Cash PAT | , | 141 | No | -82 | 212 | No |
In FY22, most of Delhivery’s investments were in capex (7 per cent of revenue) and capacity and capacity expansion in the form of inorganic growth as well as investments in working capital requirements. These improvements are projected to increase scale and efficiency, reduce delivery costs, and shorten delivery times.