Delhivery Limited · NSE:DELHIVERY
Delhivery — Q4 FY25 Earnings Presentation
29 slides from Delhivery's earnings presentation, May 16, 2025
Slide 1: Exchange filing cover letter for investor presentation
Date: May 16, 2025 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 India Bandra (E), Mumbai – 400 051 India Scrip Code: 543529 Symbol: DELHIVERY Sub: Investor Presentation for the ‘Earn
Slide 2: Earnings Presentation Q4 & FY25
Earnings Presentation Q4 & FY25
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: Profitability expansion continues
Profitability expansion continues 3
Slide 5: India's largest integrated logistics platform
ss India’s largest integrated logistics platform(1) Q4 FY25 FY25 ₹2,192 Cr ₹2,303 Cr ₹8,932 Cr ₹9,372 Cr Revenue from services Total income Revenue from services Total income YoY: 5.6% / QoQ: (7.9%) YoY: 4.9% / QoQ: (7.0%) YoY: 9.7% YoY: 9.0% ₹119 Cr / 5.4% ₹73 Cr / 3.1% ₹376 Cr / 4.2% ₹162 Cr / 1.7
Slide 6: Key operating metrics
Key operating metrics As of end of / for the period Q4 FY24 Q3 FY25 Q4 FY25 Pin-code(1) 18,793 18,780 18,833 Countries and territories served(2) 220+ 220+ 220+ No. of Active Customers(3) 33,278 39,775 44,290 Infrastructure (in million sq ft.) 18.82 20.63 20.10 Gateways 111 112 111 Automated sort cen
Slide 7: Q4 & FY25 performance
Q4 & FY25 performance Revenue from services (₹ Cr) Q4 FY25 FY25 YoY: 6% YoY: 10% QoQ: (8%) 8,932 2,378 8,142 10% 2,192 2,076 9% 7,224 10% 7% 7% 10% 11% 7% 7% 11% 21% 8% 19% 6% 19% 24% 16% 20% 63% 62% 60% 59% 57% 63% Q4 FY24 Q3 FY25 Q4 FY25 FY23 FY24 FY25 Express Parcel PTL TL SCS Cross Border Expres
Slide 8: Q4 FY25 performance
Q4 FY25 performance Express Parcel revenue Express Parcel shipments PTL revenue PTL tonnage (₹ Cr) (Mn) YoY: 1% (₹ Cr) (‘000 Tons) YoY: 3% YoY: 24% YoY: 19% QoQ: (16%) QoQ: (14%) QoQ: 11% QoQ: 12% 1,488 206 458 517 176 177 462 412 417 384 1,256 1,217 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q
Slide 9: FY25 performance
FY25 performance Express Parcel revenue Express Parcel shipments PTL revenue PTL tonnage (₹ Cr) (Mn) (₹ Cr) YoY: 25% (‘000 Tons) YoY: 19% YoY: 5% YoY: 2% 1,889 1,696 5,077 5,318 752 740 1,429 4,552 663 1,517 1,157 1,101 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Supply Chain Service
Slide 10: Service line-wise profitability
Service line-wise profitability ₹ Cr Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY24 FY25 Revenue from services 1,930 1,942 2,194 2,076 2,172 2,190 2,378 2,192 8,142 8,932 Total service EBITDA 196 201 306 238 258 203 256 267 941 984 % margin 10.2% 10.4% 14.0% 11.5% 11.9% 9.3% 10
Slide 11: Profit after tax
Profit after tax (₹ Cr) (399) (254) (196) (159) (89) (103) 12 (69) 54 10 25 73 (1,008) (249) 162 2.4% 3.1% 1.0% 1.7% 0.5% 0.4% (3.1%) (2.9%) (4.4%) (5.0%) (8.2%) (10.2%) (13.5%) (13.4%) (22.3%) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY23 FY24
Slide 12: Reducing capex intensity
Reducing capex intensity 9.0% 7.5% 7.2% 6.8% 7.8% 7.4% 5.2% 1.6% 0.5% 0.4% 1.1% 0.6% 1.1% 1.7% 1.6% 3.5% 1.9% 2.8% 0.4% 2.0% 2.0% 1.7% 1.1% 2.1% 1.3% 1.2% 1.0% 1.7% 2.7% 1.7% 0.8% 1.2% 1.0% 2.3% 1.8% 2.1% 1.9% 1.2% 1.2% 1.4% 0.1% 0.2% (1,2) FY19 FY20 FY21(1) FY22 FY23 FY24 FY25 Vehicles Automation P
Slide 13: Proposed acquisition of Ecom Express
Proposed acquisition of Ecom Express 12
Slide 14: Integration materially different from Spoton and entails lower risks
Integration materially different from Spoton and entails lower risks ● Nearly 100% overlap of customers Customers ● All customers are already deeply integrated and familiar with Delhivery systems ● All customer-facing business processes are equivalent or similar ● Ecom Express’ volumes are ~40% of D
Slide 15: Express Parcel volume growth
Express Parcel volume growth Jan-Feb daily Mar daily average Apr daily average May(MTD) daily average volumes volumes volumes average volumes 7 day average pick-up volumes 14
Slide 16: Ecom P&L: Reflects current pricing and cost structure
Ecom P&L: Reflects current pricing and cost structure FY24 9M FY25 ₹ Cr Remarks (Audited) (Unaudited) Express volume (mn) 514 405 ~430mn for FY24 and ~340mn for 9M FY25 (Assuming RTO rate of 16%) Express revenue 2,349 1,713 Warehousing revenue 260 199 Total revenue 2,609 1,912 Reported EBITDA(1) 104
Slide 17: Ecom Balance Sheet: Usable fixed assets and working capital
Ecom Balance Sheet: Usable fixed assets and working capital Mar '24 Dec '24 ₹ Cr Remarks (Audited) (Unaudited) CCPS held by shareholders (~₹1,100 Cr as of Dec-24 and ~₹600 Cr as of Mar ‘24) Networth (incl. CPPS) 856 998 are classified as borrowings in the reported financial statements Debt (excl. CC
Slide 18: Appendix
Appendix 17
Slide 19: Quarterly financial performance
Quarterly financial performance ₹ Cr Q4 FY24 Q3 FY25 Q4 FY25 QoQ% YoY% Income Revenue from services 2,076 2,378 2,192 (7.9%) 5.6% Other income 119 99 112 13.4% (6.2%) Total income 2,195 2,477 2,303 (7.0%) 4.9% Expense Total freight, handling and servicing cost 1,519 1,751 1,566 (10.5%) 3.1% Employee
Slide 20: Annual financial performance
Annual financial performance ₹ Cr FY23 FY24 FY25 YoY% Income Revenue from services 7,224 8,142 8.932 9.7% Other income 305 453 440 (2.8%) Total income 7,530 8,594 9,372 9.0% Expense Total freight, handling and servicing cost 5,669 5,971 6,535 9.4% Employee benefit expense 1,400 1,437 1,376 (4.2%) Em
Slide 21: Improvements in cost structure
Improvements in cost structure ₹ Cr Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 Freight, Handling and Servicing Cost(1) 1,519 1,751 1,566 5,971 6,535 % of Revenue from services 73.2% 73.6% 71.5% 73.3% 73.2% Line haul expenses 708 749 697 2,684 2,888 % of revenue 34.1% 31.5% 31.8% 33.0% 32.3% Vehicle rental ex
Slide 22: Adjusted EBITDA bridge
Adjusted EBITDA bridge ₹ Cr Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 Remarks Total revenue from services 2,076 2,378 2,192 8,142 8,932 Less: Freight, handling and 1,519 1,751 1,566 5,971 6,535 servicing cost Less: Employee benefit expense 357 356 338 1,437 1,376 Less: Other expenses 154 169 169 607 645 Rep
Slide 23: Balance sheet
Balance sheet Total cash balance: ₹ 5,493 Cr Equity and Liabilities (₹ Cr) Mar ‘23 Mar ’24 Mar ‘25 Assets (₹ Cr) Mar ‘23 Mar ’24 Mar ‘25 Total equity 9,177 9,145 9,432 Non – current assets Non – current liabilities Non – current cash equivalents(1) 596 1,411 1,433 Property, plant and equipment (incl
Slide 24: Continued improvement in working capital position
Continued improvement in working capital position Net Working Capital (Days) 47 37 38 27 22 21 87 77 74 (1) 62 (1) (1) 59 57 40 39 37 35 37 36 Mar '21 Mar '22 Mar '23 Mar '24 Sep '24 Mar '25 Receivable days Payable days Net Working Capital Days (Receivable days – Payable days) (1) For Mar ’24, Sep ’
Slide 25: Cash flow summary
Cash flow summary ₹ Cr FY23 FY24 FY25 Net cash from / (used in) operating activities (30) 472 567 Cash generated from / (used in) operations 42 510 593 Cash operating profit/ (loss) before working capital changes (22) 495 617 Changes in net assets(1) 64 15 (25) Income taxes (paid) / refund (72) (37)
Slide 26: Strong liquidity position
Strong liquidity position Debt to Equity ₹ Cr Mar ’23 Mar ’24 Mar ’25 Term loan 199 126 40 Working capital loan - - Debt (excludes CCPS) (A) 199 126 40 Cash and cash equivalents(1) (B) 5,508 5,444 5,493 Net debt (A-B) (5,309) (5,318) (5,453) Networth (C) 9,177 9,145 9,432 Debt/Equity (A/C) 0.02x 0.0
Slide 27: 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) FY26 68 12 FY27 28 2 FY28 7 - FY29 1 - Total 103 13 Number of employees holding ESOPs (vested + unvested) : 1,356 ESOPs ungranted % of shares ou
Slide 28: Definitions and abbreviations
Definitions and abbreviations Cross Border Cross border ocean & air freight and express parcel services by the Company PTL Part truckload freight service by the Company RedSeer Report Report titled “Logistics Market in India” dated April 21, 2022 prepared by RedSeer in connection with the public off
Slide 29: For any queries, please write to us at ir@delhivery.com
For any queries, please write to us at ir@delhivery.com