Shares of Delhivery experienced a significant drop of 6% to Rs 443.35 following the release of its September quarter results, which revealed a swing to a consolidated net loss. The logistics company also announced a leadership change in its finance department.

Q2 FY24 Financial Highlights

Despite the reported loss, Delhivery showcased strong operational performance in terms of shipment volumes:

Operational Metrics

The company attributed Rs 90.00 crore of its costs during the quarter to the integration of its recent Ecom Express acquisition.

Leadership Transition

In a significant management change, Delhivery announced a transition in its Chief Financial Officer role:

• Incoming CFO: Vivek Pabari
• Outgoing CFO: Amit Agarwal
• Effective Date: January 1, 2026
• Reason: Agarwal is stepping down for personal reasons after 13 years with the company

This leadership change comes at a crucial time as the company navigates through challenging market conditions and works on integrating its recent acquisition.

The market's reaction to Delhivery's quarterly results and the announced CFO transition reflects investor concerns about the company's short-term profitability. However, the growth in shipment volumes suggests that Delhivery continues to expand its market presence in the competitive logistics sector.

Investors and market analysts will likely keep a close watch on how the new CFO navigates the company's financial strategy, especially in light of the recent loss and ongoing integration costs. The company's ability to return to profitability while maintaining its growth trajectory will be key factors to monitor in the coming quarters.

Delhivery Limited , India's largest fully integrated logistics service provider, announced today significant changes in its leadership team and board composition.

CFO Resignation and Successor Appointment

Chief Financial Officer Amit Agarwal has resigned from his position, effective December 31, 2025, citing personal reasons. The company's board has approved the appointment of Vivek Pabari as the new CFO, effective January 1, 2026.

Board Member Resignation

Aruna Sundararajan, Non-Executive Independent Director, will resign from her position effective January 1, 2026. The resignation comes in light of Sundararajan's recent appointment as a Government nominee on a regulatory body.

Reasons for Sundararajan's Resignation

Sundararajan cited increased responsibilities associated with her new government role as the primary reason for stepping down from Delhivery's board. In her resignation letter, she confirmed that there are no other material reasons for her departure beyond those mentioned.

Board and Committee Positions Affected

As part of her resignation, Sundararajan will also step down from all Board committees where she served, including:

• Chairperson of the Corporate Social Responsibility (CSR) Committee
• Member of the Audit Committee

Tenure and Contribution

Aruna Sundararajan joined Delhivery's board as a Non-Executive Independent Director in July 2022. During her tenure, she played a significant role in strengthening governance and shaping strategy for the company during a period of substantial expansion.

Sahil Barua, MD & Chief Executive Officer of Delhivery, commented on Sundararajan's departure: "Delhivery has greatly benefited from Aruna's vast experience in public service. Her contributions were instrumental in strengthening governance and shaping strategy during a period of significant expansion. On behalf of the Delhivery Board of Directors and team, we express gratitude for her counsel, encouragement, and support."

Other Board Positions

Sundararajan currently holds independent director positions at other prominent companies, including:

1. L&T Technology Services Limited
2. National Bank for Financing Infrastructure and Development

Recent Board Additions

Earlier this year, Delhivery announced the appointments of several new Non-Executive Independent Directors to its board:

• Namita Thapar, Whole-time Director at Emcure Pharmaceuticals Limited
• Sameer Mehta, Co-Founder and CEO of boAt Lifestyle
• Yashish Dahiya, Chairman and CEO of PB Fintech
• Dr. Padmini Srinivasan, Faculty member at IIM Bangalore

These appointments reflect Delhivery's commitment to maintaining a diverse and experienced board as it continues to navigate its growth trajectory in the logistics sector.

As Delhivery adapts to these leadership transitions, the company remains focused on its mission to build the operating system for commerce, leveraging its nationwide network that covers over 18,850 pin codes across India.