Temasek-backed Indian logistics firm Shiprocket on Monday reported a narrower first-quarter loss, boosted by its core shipping business.
The results mark the company’s first quarterly earnings since its $170 million initial public offering in August.
Shiprocket, which competes with Delhivery and Blue Dart Express, operates an integrated logistics platform offering shipping, fulfillment, payments and other services for online merchants.
The company posted a consolidated loss of 137.1 million rupees ($1.45 million) for the quarter ended June 30, narrowing from a loss of 180.3 million rupees a year earlier.
On a standalone basis, which excludes subsidiaries, the company posted a profit of 201.6 million rupees, from a loss of 89.9 million rupees a year earlier.
Pre-tax profit from Shiprocket’s core business, which covers domestic shipping and related software tools, grew nearly 28% to 526.9 million rupees. Revenue from its emerging business, spanning cargo and fulfilment, cross-border shipping, marketing solutions and merchant financing, jumped 70%.
The company said it continues to invest in its emerging businesses, which posted a pre-tax loss of 437.5 million rupees.
Overall, Shiprocket’s consolidated quarterly revenue rose about 34% to 5.92 billion rupees, while expenses increased nearly 31%.
Freight handling and servicing costs have risen across the sector, while network expansion and inflation add to expenses.
India’s e-commerce market is projected to grow to $250 billion by 2030 from about $90 billion currently, as more consumers shop online and spending per shopper rises, according to a Google-Deloitte report.
($1 = 94.4850 Indian rupees)
Reuters
