Delhivery Limited · NSE:DELHIVERY
Delhivery — Q3 FY23 Earnings Presentation
23 slides from Delhivery's earnings presentation, Feb 10, 2023
Slide 1: Exchange filing cover letter for earnings call presentation
Date: February 10, 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
Slide 2: Earnings Presentation Q3 FY23
Earnings Presentation Q3 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: Continued sequential improvement in profitability and growth in e-commerce volumes
Continued sequential improvement in profitability and growth in e-commerce volumes 3
Slide 5: India's largest integrated logistics platform
ss India’s largest integrated logistics platform(1) ₹1,822 Cr 1.5% -3.7% vs -7.0% Q3 FY23 revenue from services QoQ growth rate(2) Adjusted EBITDA margin (Q3 FY23 vs Q2 FY23) (Q3 FY23 vs Q2 FY23) 170 Mn (5.6% QoQ growth) 258K Tons 17.9 Mn Express parcels shipped in Q3 FY23 PTL freight handled in Q3
Slide 6: Key operating metrics
Key operating metrics As of end of / for the period FY19 FY20 FY21 FY22(1) Q1 FY23 Q2 FY23 Q3 FY23 Pin-code reach(2) 13,485 15,875 16,677 18,074 18,435 18,454 18,510 Countries served 42 42 42 220+ 220+ 220+ 220+ No. of active customers(3) 4,867 7,957 16,741 23,613 29,282 28,100 26,845 Infrastructure
Slide 7: Highlights
Highlights 1 Adjusted EBITDA improvements continue QoQ, post SpotOn integration a Network footprint optimization continued in Q3 b Pricing revisions carried out with low-margin customers, expected to continue into Q4 c Continue to drive capacity utilization, especially in mid-mile operations 2 PTL B
Slide 8: Q3 FY23 performance
Q3 FY23 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: (9%) (₹ Cr) YoY: (1%) (Millions) YoY: 0% QoQ: 7% Shopee contribution in QoQ: 6% 1,214 1,200 QoQ: 1% 1,125 Q3 FY22 ~5Mn 170 170 161 1,995 1,796 1,822 7% 10% 165 10% 24% 15% 16% Q3 FY22 Q2 FY23 Q3
Slide 9: PTL week-wise volumes
PTL week-wise volumes 5,000 Incremental average 4,500 daily volume excluding Impact of an extra the impact of Sunday (for holiday on account a like to like comparison 4,000 of Republic day with other months) Daily avg. volumes (Tons) 3,500 3,000 Jan lower due to one of the days being a Sunday 2,500
Slide 10: Q3 FY23 performance
Q3 FY23 performance Revenue from services(1) TL revenue Supply Chain Services revenue (₹ Cr) YoY: (9%) (₹ Cr) YoY: 33% (₹ Cr) YoY: 33% QoQ: (1%) QoQ: 1% QoQ: (1%) 1,995 180 178 1,796 1,822 133 7% 103 102 10% 76 10% 24% 15% 16% Q3 FY22 Q2 FY23 Q3 FY23 Q3 FY22 Q2 FY23 Q3 FY23 Cross-Border Services rev
Slide 11: Adjusted EBITDA
Adjusted EBITDA ₹ Cr Q3 FY22 Q1 FY23 Q2 FY23 Q3 FY23 FY19 FY20 FY21 FY22(1) Service EBITDA refers to Revenue from customers(2) 1,995 1,746 1,796 1,824 1,654 2,781 3,647 7,241 cash EBITDA generated by all the services after accounting for direct variable and fixed costs of Service EBITDA 256 (6) 86 1
Slide 12: Q3 FY23: Drivers of adjusted EBITDA movements vs Q2 FY23
Q3 FY23: Drivers of adjusted EBITDA movements vs Q2 FY23 ₹ Cr Remarks Q2 FY23 Adjusted EBITDA (A) (125) Incremental revenue in Transport (Express and PTL) 59 • Incremental GM in transport businesses continues to be ~50% • Additional efforts that increased gross profit in Q3 FY23: (+) Incremental gro
Slide 13: Improvement in key costs – Q3 vs Q1
Improvement in key costs – Q3 vs Q1 ₹ Cr Q3 FY22 Q1 FY23 Q2 FY23 Q3 FY23 FY21 FY22 Freight, Handling and Servicing Cost(1) 1,454 1,453 1,436 1,409 2,778 4,980 % of Revenue from services(1) 72.9% 83.2% 79.9% 77.4% 76.2% 72.4% Line haul expenses 687 648 645 608 1,328 2,398 % of revenue 34.5% 37.1% 35.
Slide 14: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA(1) (₹ Cr) 74 81 (217) (125) (67) (188) (253) (253) 72 3.7% 3.9% 1.0% (3.7%) (7.0%) (6.9%) (9.1%) (11.3%) (12.5%) Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 FY19 FY20 FY21 FY22 Quarterly Yearly 13 (1) FY22 figures are on proforma basis
Slide 15: Adjusted EBITDA bridge
Adjusted EBITDA bridge Adjusted EBITDA(1) ₹ Cr Q3 FY22 Q2 FY23 Q3 FY23 FY21 FY22 Remarks Total revenue from customers 1,995 1,796 1,824 3,647 7,241 Less: Total expenses 2,155 2,158 2,126 4,213 8,509 Add: Finance cost on borrowings 7 6 5 20 51 Add: Lease Adjustments due to AS 116 11 9 5 47 45 Leased
Slide 16: Adjusted cash PAT
Adjusted cash PAT Adjusted cash PAT(1) (₹ Cr) 101 141 (187) (32) 34 (157) (57) (82) 212 6.6% 5.0% 2.9% 1.8% (1.7%) (1.9%) (2.1%) (9.2%) (10.4%) Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 FY19 FY20 FY21 FY22 Quarterly Yearly Note: Not adjusted for any non-cash deferred taxes 15 (1) FY22 figures are on p
Slide 17: Adjusted cash PAT bridge
Adjusted cash PAT bridge Adjusted Cash PAT(1) ₹ Cr Q3 FY22 Q2 FY23 Q3 FY23 FY21 FY22 Remarks Profit after tax (127) (254) (196) (416) (1,081) Add: Lease adjustments due to AS 116 11 9 5 47 45 Leased properties accounted as Right of Use (ROU) assets under Ind AS 116. Rent paid on such leased Add: Dep
Slide 18: Appendix
Appendix 17
Slide 19: Quarterly financial performance
Quarterly financial performance ₹ Cr Q-o-Q Y-o-Y Y-o-Y Income Q3 FY22 Q2 FY23 Q3 FY23 FY21 FY22 Growth % Growth % Growth % Revenue for services (A) 1,995 1,796 1,822 1% (9%) 4,439 7,054 59% Revenue from traded goods (B) 0 - 2 - - 11 1,88 - Revenue from customers (A+B) 1,995 1,796 1,824 2% (9%) 4,450
Slide 20: Wide ownership across organization
Wide ownership across organization ESOPs1 Stage Total % shareholding on fully diluted basis ESOPs granted, of which 36,648,908 4.55% Vested 3,830,631 Unvested 32,818,277 ESOPs ungranted, of which 40,344,413 5.01% Performance-based ESOPs2 14,722,500 Time-based ESOPs3 25,621,913 Total (Granted + Ungra
Slide 21: 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 options(1) Year Time-based options(2) FY23 238 57 Y1 42.5% FY24 143 94 Y2 32.5% FY25 71 40 Y3 17.5
Slide 22: Definitions and abbreviations
Definitions and abbreviations Cross Border Cross border express parcel and freight service by the Company ONDC Open network for digital commerce The proforma consolidated P&L, adjusted EBITDA and adjusted cash PAT have been compiled by our Company to illustrate the impact of the acquisition of SpotO
Slide 23: Thank You
Thank You For any queries please write to us at ir@delhivery.com