Delhivery Limited · NSE:DELHIVERY
Delhivery — Q4 FY24 Earnings Presentation
27 slides from Delhivery's earnings presentation, May 17, 2024
Slide 1: Exchange filing cover letter for investor presentation
Date: May 17, 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 India Bandra (E), Mumbai – 400 051 India Scrip Code: 543529 Symbol: DELHIVERY Sub: Investor Presentation for the ‘Earn
Slide 2: Earnings Presentation Q4 & FY24
Earnings Presentation Q4 & 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: FY24: EBITDA profitable
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Slide 5: FY24 highlights
FY24 highlights 1 Significant improvement in profitability during FY24 - full year EBITDA profitability achieved a FY24 EBITDA increased by Rs. 578 Cr to Rs. 127 Cr from Rs. (452 Cr) in FY23 b PAT profitable in Q3 FY24; PAT loss reduced by Rs. 759 Cr from Rs. (1,008 Cr) in FY23 2 Express Parcel: 18%
Slide 6: India's largest integrated logistics platform (FY24)
ss India’s largest integrated logistics platform(1) FY24 ₹8,142 Cr ₹127Cr / 1.6% ₹76Cr / 0.9% FY24 revenue from services EBITDA / EBITDA margin Adj. EBITDA / Adj. EBITDA margin FY23: ₹(452) Cr / (6.3%) FY23: ₹(404) Cr / (5.6%) YoY: 12.7%(2) 740 Mn 1.4 Mn Tons Express parcel shipments in FY24 PTL fre
Slide 7: India's largest integrated logistics platform (Q4 FY24)
ss India’s largest integrated logistics platform(1) Q4 FY24 ₹2,076 Cr ₹46Cr / 2.2% ₹21 Cr / 1.0% Q4 FY24 revenue from services EBITDA / EBITDA margin Adj. EBITDA / Adj. EBITDA margin YoY: 11.6% / QoQ: (5.4%) (2) Q4 FY23: ₹13 Cr / 0.7% Q4 FY23: ₹6 Cr / 0.3% Q3 FY24: ₹109 Cr / 5.0% Q3 FY24: ₹92 Cr / 4
Slide 8: Key operating metrics
Key operating metrics As of end of / for the period Q4 FY22 Q4 FY23 Q3 FY24 Q4 FY24 Pin-code reach(1) 18,074 18,540 18,675 18,793 Countries and territories served(2) 220+ 220+ 220+ 220+ No. of Active Customers(3) 23,613 27,253 30,598 33,278 Infrastructure (in million sq ft.) 18.15 17.99 19.24 18.82
Slide 9: FY24 performance
FY24 performance Revenue from services(1,2) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 13% (₹ Cr) (Mn) YoY: 12% YoY: 11% 8,142 5,077 4,552 740 4,191 663 7,224 10% 7,054 582 7% 8% 11% 4% 6% 19% 24% 16% FY22 FY23 FY24 FY22 FY23 FY24 PTL freight revenue(2) PTL freight tonnage(2) (₹ Cr)
Slide 10: FY24 performance
FY24 performance Revenue from services(1,2) TL revenue Supply Chain Services revenue (₹ Cr) YoY: 13% (₹ Cr) (₹ Cr) YoY: (1%) 8,142 YoY: 40% 782 776 7,224 10% 609 7,054 551 7% 436 8% 11% 4% 287 6% 19% 24% 16% FY22 FY23 FY24 FY22 FY23 FY24 Cross Border Services revenue (3) (₹ Cr) 62% 63% 59% YoY: (48%
Slide 11: Q4 FY24 performance
Q4 FY24 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 12% (₹ Cr) YoY: 3% (Mn) YoY: (2%) QoQ: (5%) QoQ: (16%) QoQ: (13%) 2,194 1,448 201 2,076 180 176 8% 1,217 1,177 1,860 11% 7% 10% 8% 17% 6% 20% 18% Q4 FY23 Q3 FY24 Q4 FY24 Q4 FY23 Q3 FY24 Q4 FY24 P
Slide 12: Q4 FY24 performance
Q4 FY24 performance Revenue from services(1) TL Service revenue Supply Chain Services revenue (₹ Cr) YoY: 12% (₹ Cr) YoY: 59% (₹ Cr) YoY: 25% QoQ: (5%) QoQ: 36% 2,194 QoQ: 14% 234 2,076 8% 174 188 173 1,860 11% 153 7% 10% 8% 109 17% 6% 20% 18% Q4 FY23 Q3 FY24 Q4 FY24 Q4 FY23 Q3 FY24 Q4 FY24 Cross Bo
Slide 13: Adjusted EBITDA
Adjusted EBITDA (₹ Cr) (217) (125) (67) 6 (25) (13) 92 21 (404) 76 4.2% 1.0% 0.9% 0.3% (0.6%) (1.3%) (3.7%) (5.6%) (7.0%) (12.5%) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY23 FY24 Quarterly Quarterly Yearly 12
Slide 14: Adjusted EBITDA
Adjusted EBITDA ₹ Cr Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY23 FY24 Revenue from customers(1) 1,746 1,796 1,824 1,860 1,930 1,942 2,194 2,076 7,225 8,142 Service EBITDA refers to EBITDA generated after accounting for direct variable and Service EBITDA (6) 86 139 205 196 20
Slide 15: Service line-wise profitability
Service line-wise profitability ₹ Cr Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY23 FY24 Total Service EBITDA (6) 86 139 205 196 201 306 238 422 941 % margin (0.3%) 4.8% 7.6% 11.0% 10.2% 10.4% 14.0% 11.5% 5.8% 11.6% Express Parcel 94 134 190 219 217 203 299 214 636 934 % margin
Slide 16: Working capital position improving YoY
Working capital position improving YoY Net Working Capital (Days) 73 47 37 38 31 106 87 74 77 66 40 37 39 33 35 Mar '20 Mar '21 Mar '22 Mar '23 Mar '24 Receivable days Payable days Net Working Capital Days (Receivable days – Payable days) Receivable days = (Trade receivables + Unbilled receivables)
Slide 17: Quarterly and full year financial performance
Quarterly and full year financial performance ₹ Cr Q4 FY23 Q3 FY24 Q4 FY24 QoQ% YoY% FY23 FY24 YoY% Income Revenue for services (A) 1,860 2,194 2,076 (5.4%) 11.6% 7,224 8,142 12.7% Revenue from traded goods (B) 0 - - - - 2 - - Revenue from customers (A+B) 1,860 2,194 2,076 (5.4%) 11.6% 7,225 8,142 1
Slide 18: Appendix
Appendix 17
Slide 19: Balance sheet
Balance sheet Total cash balance: ₹ 5,444 Cr Equity and Liabilities (₹ Cr) Mar’ 23 Mar ’24 Assets (₹ Cr) Mar ’23 Mar ’24 Total equity 9,177 9,145 Non – current assets Non – current liabilities Non – current cash equivalents(1) 596 1,411 Property, plant and equipment (Incl CWIP) 817 961 Borrowings 11
Slide 20: Strong liquidity position
Strong liquidity position Debt to Equity ₹ Cr Mar ’23 Mar ’24 Term loan 199 126 Working capital loan - - Debt (excludes CCPS) (A) 199 126 Cash and cash equivalents(1) (B) 5,508 5,444 Net debt (A-B) (5,309) (5,318) Networth (C) 9,177 9,145 Debt/Equity (A/C) 0.02x 0.01x (1) Includes investments, other
Slide 21: Cash flow summary
Cash flow summary ₹ Cr FY23 FY24 Net cash from / (used in) operating activities (30) 472 Cash generated from / (used in) operations 42 510 Cash operating profit/ (loss) before working capital changes(1) (22) 495 Changes in net assets(1,2) 64 15 Direct taxes paid (net of refund) (72) (37) Net cash fr
Slide 22: Investing in capacity and capability building
Investing in capacity and capability building 9.0% 7.5% 7.2% 6.8% 7.8% 7.4% 0.6% 0.5% 0.4% 1.6% 1.1% 1.1% 1.7% 1.6% 1.9% 2.8% 2.0% 3.5% 1.7% 2.0% 2.1% 1.2% 1.3% 1.7% 1.7% 2.7% 1.0% 1.2% 2.3% 1.8% 2.1% 1.4% 1.2% 1.2% 0.2% FY19 FY20 FY21(1) FY22 (1,2) FY23 FY24 Vehicles Automation Plant, Machinery & L
Slide 23: Adjusted EBITDA bridge
Adjusted EBITDA bridge ₹ Cr Q4 FY23 Q3 FY24 Q4 FY24 FY23 FY24 Remarks Total revenue from customers 1,860 2,194 2,076 7,225 8,142 Less: Freight handling and servicing cost 1,372 1,572 1,519 5,669 5,971 Less: Purchase & change in inventory of - - - 2 - traded goods Less: Employee benefit expense 357 3
Slide 24: Cost drivers – Q4 FY24 vs Q3 FY24
Cost drivers – Q4 FY24 vs Q3 FY24 ₹ Cr Q4 FY22 Q4 FY23 Q3 FY24 Q4 FY24 FY23 FY24 Freight, Handling and Servicing Cost(1,2) 1,502 1,372 1,572 1,519 5,669 5,971 % of Revenue from services(2) 72.5% 73.8% 71.6% 73.2% 78.5% 73.3% Line haul expenses 724 616 696 708 2,517 2,684 % of revenue 34.5% 33.1% 31.
Slide 25: 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 132 94 FY25 90 40 FY26 38 12 FY27 6 2 FY28 0 - Total 266 147 Number of employees holding ESOPs (vested + unvested) : 1,432 ESOPs ungranted
Slide 26: 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 27: For any queries, please write to us at ir@delhivery.com
26 For any queries, please write to us at ir@delhivery.com