Delhivery Limited · NSE:DELHIVERY
Delhivery — Q4 FY23 Earnings Presentation
29 slides from Delhivery's earnings presentation, May 20, 2023
Slide 1: Exchange filing cover letter for earnings call presentation
Date: May 20, 2023 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 India India Scrip Code: 543529 Symbol: DELHIVERY Sub: Presentation of Earnings Conference Call
Slide 2: Earnings Presentation Q4 FY23
Earnings Presentation Q4 FY23
Slide 3: Safe harbour and disclaimer
Safe harbour and disclaimer This Presentation is prepared by Delhivery Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and nothing in it shall be construed as an invitation, offer, solicitation, r
Slide 4: Positive momentum continues
Positive momentum continues 3
Slide 5: India's largest integrated logistics platform
ss India’s largest integrated logistics platform(1) ₹1,860 Cr 2.0% 0.3% Q4 FY23 revenue from services QoQ growth rate(2) Adjusted EBITDA margin (Q4 FY23 vs Q3 FY23) 180 Mn 318K Tons z 18,540 (5.6% QoQ growth) (23.4% QoQ growth) Express parcels shipped in Q4 FY23 Pin-codes covered(3) PTL freight hand
Slide 6: Key operating metrics
Key operating metrics As of end of / for the period FY22(1) Q3 FY23 Q4 FY23 Pin-code reach(2) 18,074 18,510 18,540 Countries served 220+ 220+ 220+ No. of active customers(3) 23,613 26,845 27,253 Infrastructure (in million sq. ft.) 18.15 17.89 17.99 Gateways 123 92 94 Automated sort centers 21 22 24
Slide 7: Quarterly highlights
Quarterly highlights Express Business: ~ 10 Mn higher shipments in Q4 than a seasonally strong Q3 helped in further consolidation of 1 our market leadership; 17% shipment volume growth in Q4 YoY ex-Shopee PTL Business: robust Q4 FY23 ensures we start FY24 with a strong momentum in volume growth & su
Slide 8: Q4 FY23 performance
Q4 FY23 performance Shopee contribution in Q4 FY22 ~ ₹ 161 Cr / 23 Mn Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: (10%) (₹ Cr) YoY: (4%) (Mn) YoY: 2% QoQ: (2%) QoQ: 6% 1,232 1,200 1,177 QoQ: 2% 170 180 161 176 2,072 23 10% 1,822 1,860 5% 10% 10% 1,071 153 6%
Slide 9: Q4 FY23 performance
Q4 FY23 performance Revenue from services(1) TL revenue Supply Chain Services revenue (₹ Cr) YoY: (10%) (₹ Cr) YoY: 7% (₹ Cr) YoY: (6%) QoQ: 6% QoQ: 2% 2,072 QoQ: 8% 200 178 188 10% 1,822 1,860 5% 102 102 109 10% 10% 6% 6% 23% 15% 18% Q4 FY22 Q3 FY23 Q4 FY23 Q4 FY22 Q3 FY23 Q4 FY23 Cross Border Serv
Slide 10: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA(1) (₹ Cr) 81 (217) (125) (67) 6 (188) (253) (253) 72 (404) 3.9% 1.0% 0.3% (3.7%) (5.6%) (7.0%) (6.9%) (9.1%) (11.3%) (12.5%) Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY19 FY20 FY21 FY22 FY23 Quarterly Yearly 9 (1) FY22 figures are on proforma basis
Slide 11: Adjusted EBITDA
Adjusted EBITDA ₹ Cr Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY21 FY22(1) FY23 Service EBITDA refers to Revenue from customers(2) 2,072 1,746 1,796 1,824 1,860 3,647 7,241 7,225 cash EBITDA generated after accounting for direct variable and fixed costs of Service EBITDA 282 (6) 86 139 205 136 756 42
Slide 12: Q4 FY23: Drivers of adjusted EBITDA movements vs Q3 FY23
Q4 FY23: Drivers of adjusted EBITDA movements vs Q3 FY23 ₹ Cr Remarks Q3 FY23 Adjusted EBITDA (A) (67) Incremental revenue in Transport (Express and PTL) 29 Incremental GM in transport businesses continues to be >50% Continued efforts that increased gross profit in Q4 FY23: a) Sourcing of market fle
Slide 13: Improvement in key costs – Q4 vs Q3
Improvement in key costs – Q4 vs Q3 ₹ Cr Q4 FY22 Q3 FY23 Q4 FY23 FY21 FY22 FY23 Freight, Handling and Servicing Cost(1) 1,502 1,409 1,372 2,778 4,980 5,669 % of Revenue from services(2) 72.5% 77.4% 73.8% 76.4% 74.4% 78.5% Line haul expenses 724 608 616 1,328 2,398 2,517 % of revenue 35.0% 33.4% 33.1
Slide 14: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Adjusted EBITDA(1) ₹ Cr Q4 FY22 Q3 FY23 Q4 FY23 FY22 FY23 Remarks Total revenue from customers 2,072 1,824 1,860 7,241 7,225 Less: Freight handling and servicing cost 1,502 1,410 1,372 5,240 5,669 Less: Purchase of traded goods 0 0 0 175 0 Less: Change in inventory of traded g
Slide 15: Appendix
Appendix 14
Slide 16: FY23 performance
FY23 performance Shopee contribution in FY22 ~ ₹ 192 Cr / 27 Mn Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 2% (₹ Cr) (Mn) YoY: 9% YoY: 14% 7,224 7,054 4,552 4,191 663 582 8% 11% 192 27 4% 6% 2,551 289 24% 16% 3,999 555 3,635 11% FY21 FY22 FY23 FY21 FY22 FY23
Slide 17: FY23 performance
FY23 performance Revenue from services(1) TL revenue Supply Chain Services revenue (₹ Cr) YoY: 2% (₹ Cr) (₹ Cr) YoY: 42% 7,224 7,054 782 11% YoY: 52% 8% 551 4% 6% 436 390 16% 287 24% 214 3,635 11% FY21 FY22 FY23 FY21 FY22 FY23 6% 11% Cross Border Services revenue 63% (₹ Cr) 59% 70% YoY: (7%) (2) FY2
Slide 18: Quarterly financial performance
Quarterly financial performance ₹ Cr Q-o-Q Y-o-Y Y-o-Y Income Q4 FY22 Q3 FY23 Q4 FY23 FY22(1) FY23 Growth % Growth % Growth % Revenue for services (A) 2,072 1,822 1,860 2% (10%) 7,054 7,224 2% Revenue from traded goods (B) 0 2 0 - - 188 2 - Revenue from customers (A+B) 2,072 1,824 1,860 2% (10%) 7,2
Slide 19: Balance sheet
Balance sheet ₹ Cr ₹ Cr Equity and Liabilities Mar ‘22 Sep ‘22 Mar ‘23 Assets Mar ‘22 Sep ‘22 Mar ‘23 Total equity 5,957 9,386 9,177 Non – current assets Non – current liabilities Non – current cash equivalents(1) 692 447 670 Borrowings 118 118 114 Property, plant and equipment (Incl CWIP) 681 882 8
Slide 20: Working capital position improving YoY
Working capital position improving YoY Net Working Capital (Days) 43 73 47 37 38 106 87 78 77 74 40 37 39 35 33 FY19 FY20 FY21 FY22 FY23 Receivable days Payable days Net Working Capital Days (Receivable days – Payable days) Receivable days = (Trade receivable + Unbilled receivables) * 365 / Annualiz
Slide 21: Strong liquidity position
Strong liquidity position Debt to Equity ₹ Cr Mar ‘21 Mar ‘22 Sep ‘22 Mar ’23 Term loan 199 233 246 199 Working capital loan 84 120 5 0 Debt (excludes CCPS) (A) 283 353 251 199 Cash and cash equivalents1 (B) 1,998 2,512 5,752 5,508 Net debt (A-B) (1,715) (2,159) (5,502) (5,309) Networth (C) 2,837 5,
Slide 22: Cash flow summary
Cash flow summary ₹ Cr FY22 FY23 Operating profit/ (loss) before working capital changes 275 (22) Changes in net assets(1) (502) 66 Cash generated from / (used in) operations (227) 44 Direct taxes paid (net of refund) (13) (72) Net cash from / (used in) operating activities (241) (27) Net cash from
Slide 23: Adjusted cash PAT
Adjusted cash PAT Adjusted cash PAT(1) (₹ Cr) 141 (187) (32) 34 90 (157) (57) (82) 212 (93) 6.6% 4.7% 2.9% 1.8% (1.2%) (1.7%) (1.9%) (2.1%) (9.2%) (10.4%) Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY19 FY20 FY21 FY22 FY23 Quarterly Yearly Note: Not adjusted for any non-cash deferred taxes 22 (1) FY22
Slide 24: Adjusted cash PAT bridge
Adjusted cash PAT bridge Adjusted Cash PAT(1) ₹ Cr Q4 FY22 Q3 FY23 Q4 FY23 FY22 FY23 Remarks Profit after tax (120) (196) (159) (1,081) (1,008) Add: Lease adjustments due to AS 116 8 5 6 45 29 Leased properties accounted as Right of Use (ROU) assets under Ind AS 116. Rent paid on such leased Add: De
Slide 25: Daily avg. volumes (Tons)
PTL week-wise volumes Impact of an extra holiday on account Sunday effect for Jan (1 out 3 days in stub) and April (1 of Republic day out of 2 days in stub) 5,000 Impact of Labour 4,500 day (1st May) 4,000 Daily avg. volumes (Tons) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1st-7th 8th-14th 15th-21st
Slide 26: Wide ownership across organization
Wide ownership across organization ESOPs(1) Stage Total % shareholding on fully diluted basis ESOPs granted, of which 35,974,324 4.47% Vested 3,453,848 Unvested 32,520,476 ESOPs ungranted, of which 40,558,755 5.04% Time-based ESOPs(2) 25,661,255 Performance-based ESOPs(3) 14,897,500 Total (Granted +
Slide 27: Projected ESOP costs
Projected ESOP costs Estimated P&L charge (non-cash) for ESOPs already Distribution of P&L charge over vesting period for granted future ESOP grants(3) Cost of Cost of time-based ₹ Cr performance-based Year Time-based options(1) options(2) FY24 140 94 Y1 42.5% FY25 71 40 Y2 32.5% FY26 23 12 Y3 17.5%
Slide 28: Definitions and abbreviations
Definitions and abbreviations Cross Border Cross border express parcel and freight service by the Company The pro forma consolidated P&L, adjusted EBITDA and adjusted cash PAT have been compiled by our Company to illustrate the impact of the acquisition of SpotOn Logistics Private Limited Pro forma
Slide 29: Thank You
Thank You For any queries please write to us at ir@delhivery.com