Delhivery Limited · NSE:DELHIVERY
Delhivery — Q3 FY24 Earnings Presentation
19 slides from Delhivery's earnings presentation, Feb 2, 2024
Slide 1: Exchange filing cover letter for investor presentation
Date: February 02, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy 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: Investor Presentation for the
Slide 2: Earnings Presentation Q3 FY24
Earnings Presentation Q3 FY24
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 Peak Quarter
Positive Peak Quarter DELHIVEryY it or d | et) 2 i}
Slide 5: India's largest integrated logistics platform
India’s largest integrated logistics platform(1) ss ₹2,194 Cr 20.4% / 13.0% Q3 FY24 revenue from services YoY / QoQ revenue growth rate(2) ₹92 Cr / 4.2% ₹12 Cr / 0.5% Adj. EBITDA / Adj. EBITDA margin PAT / PAT margin Q2 FY24: ₹(13) Cr / (0.6%) Q2 FY24: ₹(103) Cr / (5.0%) Q3 FY23: ₹(67) Cr / (3.7%) Q
Slide 6: Key operating metrics
Key operating metrics As of end of / for the period Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24 Pin-code reach(1) 17,488 18,510 18,655 18,675 Countries and territories served(2) 220+ 220+ 220+ 220+ No. of active customers(3) 23,113 26,845 30,359 30,598 Infrastructure (in million sq ft.) (4) 17.12 17.89 18.39 19
Slide 7: Q3 FY24 highlights
Q3 FY24 highlights 1 Highest ever quarterly revenue and Adj. EBITDA margin, PAT profitable in Q3 a Operating leverage driving Q3 performance; ~50% incremental gross margin in transport business b Adj. EBITDA of ₹92 Cr, margin expanded ~800bps on YoY and ~500bps on QoQ basis c Q3 Adj. EBITDA profitab
Slide 8: Q3 FY24 performance
Q3 FY24 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 20% (₹ Cr) YoY: 21% (Mn) YoY: 18% QoQ: 13% QoQ: 20% QoQ: 11% 2,194 1,448 201 170 181 1,200 1,210 1,942 8% 1,822 7% 8% 10% 8% 17% 6% 19% 15% Q3 FY23 Q2 FY24 Q3 FY24 Q3 FY23 Q2 FY24 Q3 FY24 PTL fre
Slide 9: Q3 FY24 performance
Q3 FY24 performance Revenue from services(1) TL Service revenue Supply Chain Services revenue (₹ Cr) YoY: 20% (₹ Cr) YoY: 51% (₹ Cr) YoY: (3%) QoQ: 13% QoQ: 5% 2,194 QoQ: 2% 1,942 8% 178 173 164 1,822 7% 150 153 8% 102 10% 8% 17% 6% 19% 15% Q3 FY23 Q2 FY24 Q3 FY24 Q3 FY23 Q2 FY24 Q3 FY24 Cross Borde
Slide 10: Adjusted EBITDA
Adjusted EBITDA (₹ Cr) (58) (26) 74 81 (217) (125) (67) 6 (25) (13) 92 3.9% 4.2% 3.7% 0.3% (0.6%) (1.6%) (1.3%) (3.8%) (3.7%) (7.0%) (12.5%) Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 FY22 FY23 FY24 9 Note: FY22 figures are on proforma basis
Slide 11: Adjusted EBITDA
Adjusted EBITDA ₹ Cr Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 9M FY24 FY23 Service EBITDA refers Revenue from customers(1) 1,746 1,796 1,824 1,860 1,930 1,942 2,194 6,066 7,225 to cash EBITDA generated after accounting for direct variable and fixed Service EBITDA (6) 86 139 205 196 20
Slide 12: Adjusted EBITDA bridge
Adjusted EBITDA bridge ₹ Cr Q3 FY23 Q2 FY24 Q3 FY24 9M FY24 FY23 Remarks Total revenue from customers 1,824 1,942 2,194 6,066 7,225 Less: Freight handling and servicing cost 1,409 1,442 1,572 4,452 5,669 Less: Purchase & change in inventory of 2 - - - 2 traded goods Less: Employee benefit expense 34
Slide 13: Cost drivers – Q3 FY24 vs Q2 FY24
Cost drivers – Q3 FY24 vs Q2 FY24 ₹ Cr Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24 FY23 Freight, Handling and Servicing Cost(1,2) 1,454 1,409 1,442 1,572 5,669 % of Revenue from services(2) 72.9% 77.4% 74.3% 71.6% 78.5% Line haul expenses 687 608 632 696 2,517 % of revenue 34.5% 33.4% 32.5% 31.7% 34.8% Vehicle
Slide 14: Quarterly financial performance
Quarterly financial performance ₹ Cr Q3 FY23 Q2 FY24 Q3 FY24 QoQ% YoY% 9M FY23 9M FY24 FY23 Income Revenue for services (A) 1,822 1,942 2,194 13% 20% 5,364 6,066 7,224 Revenue from traded goods (B) 2 - - - - 2 - 2 Revenue from customers (A+B) 1,824 1,942 2,194 13% 20% 5,366 6,066 7,225 Other income
Slide 15: Appendix
Appendix 14
Slide 16: Q3 FY24: Drivers of adjusted EBITDA movements vs Q2 FY24
Q3 FY24: Drivers of adjusted EBITDA movements vs Q2 FY24 ₹ Cr Remarks Q2 FY24 Adjusted EBITDA (A) (13) Incremental revenue in Transport (Express and PTL) 244 Incremental gross profit in Transport (Express and PTL) (B) 119 ~50% incremental gross profit in transport business Full quarter impact of cap
Slide 17: Employee Stock Options
Employee Stock Options(1) Estimated P&L charge (non-cash) for ESOPs already granted Cost of performance-based ₹ Cr Cost of time-based options(2) options(3) FY24 143 94 FY25 93 40 FY26 38 12 FY27 6 2 FY28 0 - Total 279 147 Number of employees holding ESOPs (vested + unvested) : 1,516 ESOPs ungranted
Slide 18: Definitions and abbreviations
Definitions and abbreviations Cross Border Cross border ocean & air freight and express parcel services by the Company The pro forma consolidated P&L and adjusted EBITDA compiled by our Company to illustrate the impact of the acquisition of SpotOn Logistics Private Limited on our consolidated financ
Slide 19: For any queries, please write to us at ir@delhivery.com
18 For any queries, please write to us at ir@delhivery.com