Shadowfax Technologies: Shadowfax Technologies swings to profit in FY24 with adjusted PAT at Rs 2 crore

Third-party logistics provider Shadowfax Technologies on Tuesday said it has recorded an adjusted profit after tax (PAT) of Rs 2 crore in FY24, against a loss of Rs 123.8 crore in the preceding fiscal. Adjusted PAT includes costs related to employee stock ownership plans (ESOPs).

Revenue grew 33% from Rs 1,415 crore in FY23 to Rs 1,885 crore in FY24, according to a company statement.

The Bengaluru-headquartered firm said it has “significantly diversified” its revenue streams and a major contributions now come from value-added services (VAS).

“These services include Prime solutions (same day and next day delivery), reverse logistics, hand-to-hand exchange, and the rapidly expanding quick commerce (10-minute delivery). Shadowfax holds a leadership position or controls upwards of 50% market share in each of these services, establishing itself as one of the most diversified third-party logistics players in the market today,” the statement said.

It further said Shadowfax has accelerated its outlay in the middle-mile network over the past few years, with investments of over Rs 200 crore to automate its 40 sort centres.

Last year, Shadowfax launched Prime Delivery, which provides same-day and next-day delivery services to more than 200 companies across the nation’s top 50 metro areas.

The Prime category now accounts for about 10% of the company’s total orders, the statement said.

“The company recently crossed 250K daily orders in this segment and has experienced more than a five-fold growth here in the past year,” it said.