Delhivery Limited · NSE:DELHIVERY
Delhivery — Q1 FY24 Earnings Presentation
20 slides from Delhivery's earnings presentation, Aug 5, 2023
Slide 1: Exchange filing cover letter for investor presentation
Date: August 04, 2023 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy LimitedExchange Plaza, C-1, Block G, Towers,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 ‘Ear
Slide 2: Earnings Presentation Q1 FY24
Earnings Presentation Q1 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 momentum continues
Positive momentum continues 3
Slide 5: India's largest integrated logistics platform
ss India’s largest integrated logistics platform(1) ₹1,930 Cr 11% / 4% (1.3%) Q1 FY24 revenue from services YoY / QoQ growth rate(2) Adjusted EBITDA margin 182 Mn 343K Tons 18,530 (YoY:19.2%; QoQ:1.2% growth) (YoY:43.7%; QoQ:8.0% growth) Pin-codes covered(3) Express parcels shipped in Q1 FY24 PTL fr
Slide 6: Key operating metrics
Key operating metrics As of end of / for the period Q1 FY22 Q1 FY23 Q4 FY23 Q1 FY24 Pin-code reach(1) 17,045 18,435 18,540 18,530 Countries and territories served(2) 65+ 220+ 220+ 220+ No. of active customers(3) 21,342 29,282 27,253 26,514 Infrastructure (in million sq. ft.) 12.42 18.89 17.99 17.39
Slide 7: Quarterly highlights
Quarterly highlights 1 Express: Steady shipment volume in a seasonally weak quarter; 19% YoY growth in volumes PTL: Strong growth momentum continues in Q1 (8% QoQ over seasonally strong Q4), service levels continue to be 2 consistently robust, price-revisions and churn of low-margin customers contin
Slide 8: Q1 FY24 performance
Q1 FY24 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 11% (₹ Cr) YoY: 14% (Mn) YoY: 19% QoQ: 2% QoQ: 1% QoQ: 4% 1,177 1,202 180 182 1,051 152 1,930 1,860 1,746 11% 10% 7% 14% 6% 7% 18% 18% 15% Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 PTL frei
Slide 9: Q1 FY24 performance
Q1 FY24 performance Revenue from services(1) TL revenue Supply Chain Services revenue (₹ Cr) YoY: 11% (₹ Cr) YoY: 7% (₹ Cr) YoY: (13%) QoQ: 10% 236 QoQ: 4% QoQ: 20% 206 188 1,930 1,860 1,746 122 131 11% 109 10% 7% 14% 6% 7% 18% 18% 15% Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 Cross Border Ser
Slide 10: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA(1) (₹ Cr) (58) (26) 74 81 (217) (125) (67) 6 (25) 3.7% 3.9% 0.3% (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 FY22 FY23 9 (1) Q1 FY22 figures are on proforma basis
Slide 11: Adjusted EBITDA
Adjusted EBITDA ₹ Cr Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 FY23 Service EBITDA refers to Revenue from customers(1) 1,746 1,796 1,824 1,860 1,930 7,225 cash EBITDA generated after accounting for direct variable and fixed costs of Service EBITDA (6) 86 139 205 196 422 operations, excluding corporate
Slide 12: Q1 FY24: Drivers of adjusted EBITDA movements vs Q4 FY23
Q1 FY24: Drivers of adjusted EBITDA movements vs Q4 FY23 ₹ Cr Remarks Q4 FY23 Adjusted EBITDA (A) 6 Incremental revenue in Transport (Express and PTL) 44 Incremental gross profit in Transport (Express and PTL) ~17 Prior to 1Q specific items listed below (B1) (-) Impact of annual wage increments (B2)
Slide 13: Cost Drivers – Q1 FY24 vs Q4 FY23
Cost Drivers – Q1 FY24 vs Q4 FY23 ₹ Cr Q1 FY22 Q1 FY23 Q4 FY23 Q1 FY24 FY23 Freight, Handling and Servicing Cost(1,2) 868 1,453 1,372 1,438 5,669 % of Revenue from services(2) 75.2% 83.2% 73.8% 74.5% 78.5% Line haul expenses 428 648 616 648 2,517 % of revenue 37.1% 37.1% 33.1% 33.6% 34.8% Vehicle re
Slide 14: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Adjusted EBITDA ₹ Cr Q1 FY23 Q4 FY23 Q1 FY24 FY23 Remarks Total revenue from customers 1,746 1,860 1,930 7,225 Less: Freight handling and servicing cost 1,453 1,372 1,438 5,669 Less: Change in inventory of traded goods 0 0 0 2 Less: Employee benefit expense 350 357 353 1,400 L
Slide 15: Appendix
Appendix 14
Slide 16: Quarterly financial performance
Quarterly financial performance Income (₹ Cr) Q1 FY23 Q4 FY23 Q1 FY24 Q-o-Q% Y-o-Y% FY23 Revenue for services (A) 1,746 1,860 1,930 4% 11% 7,224 Revenue from traded goods (B) 0 0 0 - - 2 Revenue from customers (A+B) 1,746 1,860 1,930 4% 11% 7,225 Other income 49 75 101 36% 108% 305 Total income 1,79
Slide 17: Wide ownership across organization
Wide ownership across organization ESOPs(1) Stage Total % shareholding on fully diluted basis ESOPs granted, of which 36,745,890 4.55% Vested 8,479,542 Unvested 28,266,348 ESOPs ungranted, of which 39,036,941 4.84% Time-based ESOPs(2) 24,139,441 Performance-based ESOPs(3) 14,897,500 Total (Granted +
Slide 18: Projected ESOP costs
Projected ESOP costs Estimated P&L charge (non-cash) for ESOPs already granted Cost of time-based Cost of performance-based ₹ Cr options(1) options(2) FY24 165 94 FY25 93 40 FY26 36 12 FY27 4 2 FY28 0 0 Total 298 147 Note: Any new ESOP grants made in the future will be duly notified to the stock exc
Slide 19: Definitions and abbreviations
Definitions and abbreviations Cross Border Cross border express parcel and freight service by the Company The pro forma consolidated P&L and adjusted EBITDA have been compiled by our Company to illustrate the impact of the acquisition of SpotOn Logistics Private Limited on our consolidated Pro forma
Slide 20: Thank You
Thank You For any queries please write to us at ir@delhivery.com 19