Shiprocket reports quarterly profit as revenue climbs 35%
India-based ecommerce logistics provider Shiprocket returned to profitability in the September quarter, citing a 35% year-on-year revenue increase.
Shiprocket recorded a consolidated net profit of ₹0.6 crore for the quarter ending September, marking a turnaround from the ₹20.3 crore loss reported during the same period last year. The company's operating revenue reached ₹673.6 crore, a 34.7% increase compared to the ₹500.2 crore generated in the corresponding quarter of the previous fiscal year.
The logistics firm, which debuted on the National Stock Exchange and Bombay Stock Exchange in August, saw its revenue grow at a faster pace than its operational costs. Total expenses for the period rose by 29.6% to ₹692.9 crore, up from ₹534.8 crore in the prior year.
Sequentially, the company improved its financial standing, moving from a loss of ₹13.7 crore in the previous quarter to profitability. Total income, bolstered by ₹19.9 crore in other income, reached ₹693.5 crore, narrowly surpassing total expenditure. The company did not report any tax expenses for this quarter.