Delhivery Limited · NSE:DELHIVERY

Delhivery — Q2 FY24 Earnings Presentation

24 slides from Delhivery's earnings presentation, Nov 4, 2023

  1. Slide 1: Exchange filing cover letter for investor presentation

    Date: November 04, 2023 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Exchange 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

  2. Slide 2: Earnings Presentation Q2 FY24

    Earnings Presentation Q2 FY24

  3. 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

  4. Slide 4: Strong H1, well set for H2

    Strong H1, well set for H2 DELHIVErY it a | > — i

  5. Slide 5: India's largest integrated logistics platform

    ss India’s largest integrated logistics platform(1) ₹1,942 Cr 8.1% / 0.6% (0.6%) Q2 FY24 revenue from services YoY / QoQ growth rate(2) Adjusted EBITDA margin 181 Mn 348K Tons 18,655 Express parcels shipped in Q2 FY24 PTL freight handled in Q2 FY24 Pin-codes covered(3) 6.65 Mn 28 days ₹5,534 Cr Net

  6. Slide 6: Key operating metrics

    Key operating metrics As of end of / for the period Q2 FY22 Q2 FY23 Q1 FY24 Q2 FY24 Pin-code reach(1) 17,279 18,454 18,530 18,655 Countries and territories served(2) 65+ 220+ 220+ 220+ No. of active customers(3) 22,660 28,100 26,514 30,359 Infrastructure (in million sq. ft.) 13.66 18.46 17.39 18.39

  7. Slide 7: Quarterly highlights

    Quarterly highlights 1 Strong start to Q3: Oct Express Parcel volumes 70 Mn+ (with higher proportion of heavy); PTL ~120K tons 2 Key Focus Areas: Working capital: Significant improvement in net working capital days (28 days vs 38 days as of Mar’23) primarily due a to 12 days reduction in receivables

  8. Slide 8: Q2 FY24 performance

    Q2 FY24 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 8% (₹ Cr) YoY: 8% (Mn) YoY: 12% QoQ: 0.7% QoQ: (0.5)% QoQ: 0.6% 1,202 1,210 182 181 1,125 161 1,930 1,942 1,796 11% 8% 10% 7% 8% 6% 18% 19% 16% Q2 FY23 Q1 FY24 Q2 FY24 Q2 FY23 Q1 FY24 Q2 FY24 PTL

  9. Slide 9: Q2 FY24 performance

    Q2 FY24 performance Revenue from services(1) TL revenue Supply Chain Services revenue (₹ Cr) YoY: 8% (₹ Cr) YoY: 46% (₹ Cr) YoY: (9%) QoQ: (20%) QoQ: 0.6% QoQ: 15% 206 1,930 1,942 180 164 1,796 150 8% 131 11% 103 10% 7% 8% 6% 18% 19% 16% Q2 FY23 Q1 FY24 Q2 FY24 Q2 FY23 Q1 FY24 Q2 FY24 Cross Border S

  10. Slide 10: Adjusted EBITDA

    Adjusted EBITDA Adjusted EBITDA(1) (₹ Cr) (58) (26) 74 81 (217) (125) (67) 6 (25) (13) 3.7% 3.9% 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 FY22 FY23 FY24 9 (1) FY22 figures are on proforma basis

  11. Slide 11: Adjusted EBITDA

    Adjusted EBITDA ₹ Cr Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 FY23 Service EBITDA refers to Revenue from customers(1) 1,746 1,796 1,824 1,860 1,930 1,942 7,225 cash EBITDA generated after accounting for direct variable and fixed costs of Service EBITDA (6) 86 139 205 196 201 422 operations, e

  12. Slide 12: Q2 FY24: Drivers of adjusted EBITDA movements vs Q1 FY24

    Q2 FY24: Drivers of adjusted EBITDA movements vs Q1 FY24 ₹ Cr Remarks Q1 FY24 Adjusted EBITDA (A) (25) Incremental revenue in Transport (Express and PTL) 35 Incremental gross profit in Transport (Express and PTL) (B1) ~18 Prior to 2Q specific items listed below (-) Planned investments in last mile (

  13. Slide 13: Cost Drivers – Q2 FY24 vs Q1 FY24

    Cost Drivers – Q2 FY24 vs Q1 FY24 ₹ Cr Q2 FY22 Q2 FY23 Q1 FY24 Q2 FY24 FY23 Freight, Handling and Servicing Cost(1,2) 1,157 1,436 1,438 1,442 5,669 % of Revenue from services(2) 78.5% 79.9% 74.4% 74.3% 78.5% Line haul expenses 558 645 648 632 2,517 % of revenue 37.8% 35.9% 33.6% 32.5% 34.8% Vehicle

  14. Slide 14: Adjusted EBITDA Bridge

    Adjusted EBITDA Bridge Adjusted EBITDA ₹ Cr Q2 FY23 Q1 FY24 Q2 FY24 FY23 Remarks Total revenue from customers 1,796 1,930 1,942 7,225 Less: Freight handling and servicing cost 1,436 1,438 1,442 5,669 Less: Purchase & change in inventory of traded - - - 2 goods Less: Employee benefit expense 353 353

  15. Slide 15: Working capital position improving YoY

    Working capital position improving YoY Net Working Capital (Days) 43 73 47 37 38 28 106 87 78 77 74 65 40 37 39 37 35 33 Mar '19 Mar '20 Mar '21 Mar '22 Mar '23 Sep '23 Receivable days Payable days Net Working Capital Days (Receivable days – Payable days) Receivable days = (Trade receivable + Unbill

  16. Slide 16: Appendix

    Appendix 15

  17. Slide 17: Quarterly financial performance

    Quarterly financial performance Income (₹ Cr) Q2 FY23 Q1 FY24 Q2 FY24 Q-o-Q% Y-o-Y% FY23 Revenue for services (A) 1,796 1,930 1,942 1% 8% 7,224 Revenue from traded goods (B) - - - - - 2 Revenue from customers (A+B) 1,796 1,930 1,942 1% 8% 7,225 Other income 87 101 101 (0.1%) 16% 305 Total income 1,8

  18. Slide 18: Balance sheet

    Balance sheet ₹ Cr ₹ Cr Equity and Liabilities Mar ‘23 Sep ’23 Assets Mar ‘23 Sep ‘23 Total equity 9,177 9,111 Non – current assets Non – current cash equivalents(1) 670 1,222 Non – current liabilities Property, plant and equipment (Incl CWIP) 817 972 Borrowings 114 80 Goodwill and other intangible

  19. Slide 19: Strong liquidity position

    Strong liquidity position Debt to Equity ₹ Cr Mar ‘22 Sep ‘22 Mar ’23 Sep ’23 Term loan 233 246 199 170 Working capital loan 120 5 - - Debt (excludes CCPS) (A) 353 251 199 170 Cash and cash equivalents(1) (B) 2,512 5,752 5,508 5,534 Net debt (A-B) (2,159) (5,502) (5,309) (5,364) Networth (C) 5,957 9

  20. Slide 20: Cash flow summary

    Cash flow summary ₹ Cr H1 FY23 H1 FY24 Net cash from / (used in) operating activities (119) 305 Cash generated from / (used in) operations (81) 297 Cash operating profit/ (loss) before working capital changes(1) (122) 186 Changes in net assets(1,2) 41 111 Direct taxes paid (net of refund) (38) 8 Net

  21. Slide 21: Investing in capacity and capability building

    Investing in capacity and capability building 9.0% 7.5% 7.2% 6.8% 7.8% 7.0% 0.6% 0.5% 0.4% 1.6% 1.1% 1.1% 1.7% 1.8% 1.9% 2.8% 2.0% 3.5% 2.0% 1.5% 2.1% 1.2% 1.3% 0.8% 1.7% 2.7% 1.0% 1.2% 2.3% 2.4% 1.4% 1.8% 1.2% 1.2% 0.2% FY19 FY20 FY211 FY22 1,2 FY23 H1 FY24 Vehicles Automation Plant, Machinery & Le

  22. Slide 22: 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 155 94 FY25 95 40 FY26 38 12 FY27 5 2 FY28 0 0 Total 294 147 Number of Employees holding ESOPs (vested + unvested) : 1,631 ESOPs not yet gr

  23. Slide 23: 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

  24. Slide 24: For any queries, please write to us at ir@delhivery.com

    23 For any queries, please write to us at ir@delhivery.com

Delhivery — Q2 FY24 Earnings Presentation on 6ix