Date: May 31, 2022

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 Call of Delhivery Limited ("the Company")

Dear Sir/ Madam,

In furtherance to our earlier communication dated May 27, 2022 and pursuant to the provisions of
the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015, (“LODR”), we hereby attach a copy of presentation of earning conference call of the Company
with investors/ analysts schedule to be held on May 31, 2022 at 4.30 P.M. (IST) on Financial Results
of the Company for the quarter/ year ended March 31, 2022.

The aforesaid disclosure will also be hosted on the Company's website at

https://www.delhivery.com/investor-relations/ as per the provisions of the LODR.

You are requested to take the above on records.

Thanking you,

Yours faithfully,

For Delhivery Limited

SUNIL Digitally signed by SUNIL KUMAR BANSAL
DN: c=IN, st=Haryana,
2.5.4.20=3f3d355e170441ddfb5583d3eadbc668a2485e
0e7d7233766c8100a6c38104eb, postalCode=122018,

KUMAR
street=Second Floor,SW-50, Starwood. Malibu Town,
Near Good Earth City Center, Sector - 50,
serialNumber=e1b5caf2ee74555885fe1e33615a0dcad9
15d4d344573ce0eb31a0521af9ff23, o=Personal,

BANSAL
cn=SUNIL KUMAR BANSAL,
pseudonym=61d3cc1a94a361ba0e592dec4e373550
Date: 2022.05.31 13:21:07 +05'30'

Sunil Kumar Bansal

Company Secretary & Compliance Officer
Membership No: F4810

Place: Gurugram

Encl: As above
Earnings Presentation
Q4FY22 and FY22
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, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into
investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it
provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company
and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any
manner whatsoever.

Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company’s operations include changes in the industry
structure, significant changes in political and economic environment in India and overseas, tax laws, labour laws, import duties, litigation and labour relations etc.

Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in this Company without necessary diligence and relying on their own examination of Delhivery Limited
along with the equity investment risk which doesn't guarantee capital protection.

2
We aim to build the
Operating System for
commerce in India

3
India’s largest integrated logistics platform(1)
₹7,241 Cr 63.6% 1.0%
FY22 Proforma revenue(2) FY19 – 22 Revenue CAGR(3) FY22 Proforma adjusted EBITDA margin(2)

1.4 Bn/24-25% 58.6% 2 Mn+ Tons

Express orders shipped since Revenue from customers PTL freight handled(6)
inception/e-Commerce market share(4) using two or more services(5))

80+ 18.15 Mn 18,074

Technology applications(7) Sq. Ft. logistics infrastructure(7) Pin-codes covered(7)

(1) As per RedSeer report basis FY21 revenue (5) For FY22
(2) Proforma FY22 figures include Delhivery and Spoton performance for the twelve months ended March 31, 2022 (6) For FY19, FY20, FY21 and FY22; Spoton included from August 24, 2021 onwards
(3) For the period from FY19 to FY22; For FY22, Proforma revenue considered (7) As of March 31, 2022 4
(4) Express parcel services market share by e-Commerce volumes (including captive players) for the three months ended December 31, 2021, as per the
RedSeer Report
 Delhivery: Team and Directors

Sahil Barua Sandeep Barasia

Managing Director Executive Director
CEO CBO

Deepak Kapoor
Chairman

Kapil Bharati Amit Agarwal

Executive Director CFO
CTO

Kalpana Morparia Romesh Sobti Saugata Gupta Srivatsan Rajan

Independent Director Independent Director Independent Director Independent Director
Ajith Pai Abhik Mitra
COO CCO

Pooja Gupta Suraj Saharan

Don Colleran Munish Verma Suvir Sujan
CPO Head, New Ventures
Investor Director Investor Director Investor Director

5
 Our evolution • Launched Delhivery
Direct and Franchise
• Launched Supply Chain • Acquisition of
Services division Primaseller
• Launched Truckload • Introduced Volvo
Services division tractor-trailer fleet 7,241
• Acquired Aramex India
assets, global partnership
• Setup Seattle center for
platform development • Launched mega
trucking terminals in • Acquisition of Spoton and Transition
GGN, BWD, BLR(1) Robotics
• Acquisition of • Strategic alliance with FedEx
• Automated shipment
RoadPiper • Investment in Falcon Autotech
sortation at major gateways
with addition of 13 sorters • 1 Bn express parcels delivered
• Introduced time-defined • Achieved adjusted EBITDA profitability
surface delivery network for and positive adjusted cash PAT
e-Commerce • Introduced full/semi-automation at
• Launched Cross
mega-facilities in GGN, BWD, BLR
• Launched WMS Border services 3,647
and warehousing • Launch of platform services in SL
for e-Commerce

• Launched 2,781
Constellation & • Launched PTL
• Launched Addfix and Cosmos partner services
NetPlan, begun programs
• Commenced operationalizing mesh
Express parcel network design • Listing on NSE and
1,654 BSE
services focused
on e-Commerce
1,023
223 744
61 496
1 17

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

First Generation Second Generation Third Generation Fourth Generation

MVP Scale Integration Platform

Note: Graph represents revenues in ₹ Cr. For FY22, proforma revenues considered 6
(1) Gurugram, Bhiwandi, Bengaluru
Delhivery: Investment case
1 $200B+ addressable market - large and highly fragmented

2 Largest integrated logistics platform with a full range of supply chain services

3 Industry leading revenue growth and scale

4 Operating leverage driving adjusted EBITDA profitability

5 Unified network infrastructure, inter-operable across business lines and services

6 Asset-light business model with pan-India coverage

7 Proprietary technology and vast data intelligence and engineering capabilities

8 Proven track record of complementary acquisitions

9 High-quality, experienced management team and board

7
Industry outlook
Market conditions are challenging Improving regulatory environment Large opportunities remain intact

• Geopolitical conditions continue to • Infrastructure status for logistics, • Continued increase in online purchase
cause significant disruption continued improvement of road, air and frequency, rising e-Commerce
rail infrastructure penetration in Tier 3/4 cities, new
• e-Commerce market growth will category development
continue; individual players likely to • Tailwinds from Govt reforms - Make in
see volatility in demand and rising India, Gati Shakti, PLI schemes • M&A driven consolidation across
customer acquisition costs logistics industry
• Rapid adoption of digitization (GST,
• Input cost inflation continues to affect EWB, e-POD, e-Invoicing) • Continued shift towards organised
consumer sentiment; unlikely to have players and consolidation of LSPs by
large impact on non-discretionary • New axle load norms enabling higher large enterprises
logistics spends, however GWV and loading capacity of trucks
• Leading enterprises continue to shift to
• Wage inflation and talent shortage to • ONDC, new data privacy law likely to 3PL/end-to-end supply chain visibility
increase in medium term increase merchant demand for direct and solutions
logistics services
• Climate change continues to cause • Development of new automation
significant disruption to operations systems driving operating leverage and
service enhancements

8
Delhivery: Outperforming on business growth

70%
FY15-22 CAGR (%)

50%

30%

India nominal GDP growth: 9.5%(1)

10%

0 2,000 4,000 6,000 8,000

-10% FY22 Revenue (₹ Cr)

(1) India GDP data source: FY15-FY21 from RBI Time-Series Publication, FY22 estimate from NSO MOSPI Second Advance Estimate
(2) Each bubble indicates a logistics player listed in India 9
(3) Data for other entities from their public filings. Size of the bubble corresponds to Cash & Cash equivalents as on March 31, 2022 adjusted for any material fund-raising thereafter
Revenue is diversifying rapidly CAGR (FY19-22)

Revenue(1) 7,241
(₹ Cr)
Cross-border 233.3%
8% SCS 61.0%
4% TL NM(2)

24% PTL 130.0%

3,647

11%
2,781 6%
8% 11%
13%
8% 58% Express 45.1%
1,654 Parcel
8%
1,023 70%
743 5% 69%
495 83%
223 97% 89%
1 17 61 98%
97%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Express Parcel PTL TL SCS Cross Border Others
(1) FY22 figures are on proforma basis
(2) Not meaningful 10
Consistent volume growth
Express Parcel shipments
(In Millions)

582
Annual Quarterly 170 176

135

102
289 94
82
225 73 73
55 53
148 44 43 40
93 31 37 37
45 68
0 2 6 20

FY 12 13 14 15 16 17 18 19 20 21 22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY20 FY21 FY22

PTL Freight tonnage(1)

(In ‘000 Tonnes)
1,579
Annual Quarterly
443 456
401

279

374 138
243 77 85 94
58 66 56
78 122 29 33 29 31 42
11

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY17 FY18 FY19 FY20 FY21 FY22
FY19 FY20 FY21 FY22
(1) FY22 figures are on proforma basis 11
Key operating metrics
As of end of
FY19 FY20 FY21 FY22(1)
Pin-code reach(2) 13,485 15,875 16,677 18,074
Countries served 42 42 42 220+
No. of active customers(3) 4,867 7,957 16,741 23,613
Infrastructure (in million sq. ft.) 5.96 9.85 12.23 18.15
Gateways 73 83 88 123
Automated sort centers 17 21 19 21
Processing centers 138 156 129 178
Express delivery centers 1,744 2,030 2,098 2,961
Freight service centers 84 103 95 267
Team size(4) 23,639 30,634 33,242 60,373
Partner centers (constellation/BAs) 430 840 1,189 1,224
Partner agents(5) 5,191 9,782 19,844 34,360
Fleet size – daily average 3,116 3,694 5,095 9,120
Revenue/person (₹ lacs)(6) 7.0 9.1 11.0 12.0
Revenue/sq.ft. (₹, Transportation)(7) 4,324 4,647 4,397 5,089
Revenue/sq.ft. (₹, Warehousing)(8) NM 379 344 495

(1) Figures and calculations for FY22 on proforma basis

(2) Out of 19,300 Pin-codes as per India Post
(3) Active Customers for a quarter are those customers on whom an invoice was raised at least once during such quarter. Active Customers for a period are calculated as the average number of Active Customers for each of the
quarters in the period
(4) Includes permanent employees and contractual workers (excluding partner agents, daily wage manpower and security guards) as of the last day of the relevant period
(5) Count of last mile delivery partner agents in the last month of the relevant period
(6) Derived by dividing revenue from operations by total team size as described in note (4)
(7) Derived by dividing Express Parcel + PTL freight revenue by total logistics area excluding warehousing area 12
(8) Derived by dividing revenue from warehousing segment of Supply Chain Services by weighted average warehousing area for the year
Pan-India network coverage
2,023 Surface connections connecting 8,659 OD pairs daily 274 Air connections daily

13
Note: Maps for representation purpose only. Coloured portion of the maps represent Delhivery’s pin-code reach
 Breakeven achieved at Adjusted EBITDA level

₹ Cr FY19 FY20 FY21 FY22(1)

Revenue 1,654 2,781 3,647 7,241

Service EBITDA refers to
cash EBITDA generated by Yield per express parcel (₹) 92 86 88 72
all the services after
accounting for direct variable Fuel price per litre(2) (₹) 66 62 82 93
and fixed costs of
operations, excluding
corporate overheads Service EBITDA 42 89 136 756

Service EBITDA margin 2.5% 3.2% 3.7% 10.4%

Includes Spoton
corporate overheads
Corporate overheads 230 343 389 684

Corp. overheads (% of revenue) 13.9% 12.3% 10.7% 9.4%

Tech expenses 78 117 153 243

Adjusted EBITDA (188) (253) (253) 72

Adjusted EBITDA margin (11.3%) (9.1%) (6.9%) 1.0%

(1) FY22 figures are on proforma basis, FY19, FY20 and FY21 are on reported basis 14
(2) As at the end of the fiscal year in New Delhi (Source: https://www.petroldieselprice.com/diesel-price-previous-historical-trend-chart-in-New-Delhi/Delhi)
Breakeven achieved at Adjusted EBITDA level
Adjusted EBITDA(1)
(₹ Cr)

(40) (58) (26) 74 81 (188) (253) (253) 72

3.7% 3.9%

1.0%

(1.6%)

(4.0%) (3.8%)

(6.9%)

(9.1%)

(11.3%)

Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY19 FY20 FY21 FY22

Quarterly Yearly

(1) FY22 figures are on proforma basis 15

Operating leverage improving consistently
₹ Cr Q4FY21 Q3FY22 Q4FY22 FY21 FY22
Freight, Handling and Servicing Cost(1,2) 752 1,454 1,502 2,778 4,980

% of Revenue from Customers(1) 75.0% 72.9% 72.5% 76.2% 72.4%

Line haul expenses 383 687 724 1,328 2,398

% of revenue 38.2% 34.5% 35.0% 36.4% 34.8%

Contractual manpower expenses 111 221 222 473 751

% of revenue 11.0% 11.1% 10.7% 13.0% 10.9%

Vehicle rental expenses 196 409 419 680 1,355

% of revenue 19.6% 20.5% 20.2% 18.6% 19.7%

Rent 22 43 47 104 153

% of revenue 2.2% 2.2% 2.3% 2.8% 2.2%

Security expenses 14 21 22 58 79

% of revenue 1.4% 1.1% 1.0% 1.6% 1.1%

Power, fuel & water charges 16 35 39 72 123

% of revenue 1.6% 1.7% 1.9% 2.0% 1.8%

Packing material 3 6 10 12 23

% of revenue 0.3% 0.3% 0.5% 0.3% 0.3%

Stores and spares 3 6 8 14 28

% of revenue 0.3% 0.3% 0.4% 0.4% 0.4%

Lost shipment expense (net) 5 26 10 36 71

% of revenue 0.5% 1.3% 0.5% 1.0% 1.0%

(1) On reported basis 16

(2) Breakup as per notes to accounts
Adjusted EBITDA bridge
Adjusted EBITDA(1)
₹ Cr Q4FY21 Q3FY22 Q4FY22 FY21 FY22 Remarks
Total revenue 1,003 1,995 2,072 3,647 7,241
Less: Total expenses 1,150 2,155 2,254 4,213 8,509
Add: Finance cost on borrowings 6 7 6 20 51
Lease Adjustments due to AS 116 11 11 8 47 45
Leased properties accounted as Right of Use (ROU)
assets under Ind AS 116. Rent paid on such leased
Add: Depreciation on right of use asset 49 65 65 190 249
properties recognised in the P&L partly as depreciation
on the ROU asset
Rent obligation on leased properties accounted as
Lease liabilities under Ind AS 116. Rent paid on such
Add: Interest on lease liabilities 18 20 17 68 79
leased properties recognised in the P&L partly as
interest on such lease liabilities
Actual cash rent paid on leased properties recognised
Less: Actual lease rent paid (57) (75) (74) (212) (284)
under Ind AS 116
Add: Non-cash recurring costs 81 216 249 237 765

Depreciation & amortization 51 122 158 164 445 Depreciation on tangible and intangible assets

ESOP expense 30 95 92 72 320 Accounting expenses towards ESOPs already granted

Non-cash expense due to fair value adjustment of

Add: Non-cash discontinued cost 9 0 0 9 300
CCPS
One-time discontinued expense on account of certain
Add: One-time discontinued cost 0 0 0 0 178
employee payments
Adjusted EBITDA (40) 74 81 (253) 72 17
(1) FY22 figures are on proforma basis
Adjusted Cash PAT is positive
Adjusted cash PAT(1)
(₹ Cr)

(17) (28) (2) 101 141 (157) (57) (82) 212

6.6%
5.0%

2.9%

(0.1%)
(1.7%) (1.8%) (1.9%) (2.1%)

(9.2%)

Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY19 FY20 FY21 FY22

Quarterly Yearly

Note: Not adjusted for any non-cash deferred taxes 18

(1) FY22 figures are on proforma basis
Adjusted Cash PAT bridge
Adjusted Cash PAT(1)
₹ Cr Q4FY21 Q3FY22 Q4FY22 FY21 FY22 Remarks
Profit after tax (118) (127) (120) (416) (1,081)
Lease adjustments due to AS 116 11 11 8 47 45

Leased properties accounted as Right of Use (ROU)

assets under Ind AS 116. Rent paid on such leased
Add: Depreciation on right of use asset 49 65 65 190 249
properties recognised in the P&L partly as depreciation
on the ROU asset
Rent obligation on leased properties accounted as
Lease liabilities under Ind AS 116. Rent paid on such
Add: Interest on lease liabilities 18 20 17 68 79
leased properties recognised in the P&L partly as
interest on such lease liabilities
Actual cash rent paid on leased properties recognised
Less: Actual lease rent paid (57) (75) (74) (212) (284)
under Ind AS 116

Add: Share of loss of associates 0 0 3 0 3 Non-cash share of loss after tax of associate company

Add: Non-cash recurring costs 81 216 249 237 765

Depreciation & amortization 51 122 158 164 445 Depreciation on tangible and intangible assets

ESOP expense 30 95 92 72 320 Accounting expenses towards ESOPs already granted

Non-cash expense due to fair value adjustment of

Add: Non-cash discontinued cost 9 0 0 9 300
CCPS
Add: One-time discontinued costs & One-time discontinued expense on account of certain
0 0 0 41 180
exceptional items employee payments & exceptional item
Adjusted cash PAT (17) 101 141 (82) 212

Note: Not adjusted for any non-cash deferred taxes 19

(1) FY22 figures are on proforma basis
Investing in capacity and capability building
Covid impacted
period
year
Use of funds - mix Use of funds – value(1)
(%) (₹ Cr)
41 790 1,609 402 2,702

6% 2%
14%
13%
33%
49%
20% 63%
13%
62%

29%
60% 18%
55%

20%
21% 19%
3%
FY12-FY14 FY15-FY17 FY18-FY20 FY21 FY22

Operating Cash Burn Capex Working Capital Inorganic Growth

Total cash used during the period (₹ Cr) Cash Burn in Apr Cash profit generated ploughed
& May ‘20 during back into the business
Covid lockdown 20
(1) Until FY22
 Investing in capacity and capability building
Capex Spends
(₹ Cr)

Capex as % of Total 1
9.0% 7.5% 7.2% 6.8%
Revenues from Operations

466

Spill over of ~₹100 Cr of

capex into FY22 1.6%
Covid impacted
year

261 1.1%

0.8% 1.0%
208

1.9% 1.9%
149
1.9% 1.2% 1.2%
0.1% 0.2% 0.3%
1.3% 3.0%
3.2%

3.0% 2.7%
3.8%

FY19 FY20 FY21 FY22

Transportation Warehousing Vehicles Others Total

(1) As % of reported revenues for FY22 21

Proprietary technology platform

Application Ecosystem of 80+ business

applications that can be bundled
Layer Operational In- Fleet Quality & Client Panels Channel Partner Control Tower Billing, Audit, Data into solutions
facility and Management Tracking Integration Management P&L Tracking Intelligence
Field Apps System Levers

Allows tenants to set business-

Configuration specific rules, policies and
structures (customize platform
Layer Order State Integrator Participant Topology Geo Services Policies Product Notifications for their operations)
Machine Onboarding Definition

Core primitives provide reusable,

Core business-agnostic tools and
Operating services, define standard
Participants Order Containers Data Data Authorization Infrastructure Location System App and API frameworks & governance
System Management Management Isolation and & Access Contract Monitoring Management models
Security Library

22
Data intelligence capabilities
Vehicle Trace Data
Over 250 Mn GPS trace points daily across >80 K
Location Stack
unique devices(1,2)
Address standardization(6), geocoding, geofencing,
Location & Product Data locality polygons/ hierarchy, PoIs, travel / service
Address, product and customer data captured for times, property type
60 Mn+ shipments delivered monthly(1,3)
Pickup Points
280 K+ monthly active pickup points including
client warehouses and marketplace locations(1,3) Network Design & Optimization(7)
Optimal facility location, capacity planning, network
Fleet Data connections, dynamic dispatch and route creation
200 K+ monthly trips across >17 K trucks(1,3)

Transaction Data
Intelligence
1.8 Bn+ monthly shipment lifecycle events BIG DATA
ETA, expected loads, Customer Fraud/ RTO
captured(1,3) STACK prediction, Product dimension prediction, Vehicle
Customer Data Utilization, PoD validation, service risk and anomaly
150 Mn+ unique customers in the last year(1,4) detection

Vision Data
50 K+ cameras across facilities(1,5) Analytics
Productivity/ utilization, pricing/
Operator Data compensation, performance, demand forecasting
Activity data from 45 K+ active operators in the
network monthly(1,3)

(1) All figures excluding Spoton

(2) Daily average for March 2022
(3) For March 2022
(4)
(5)
For April 2021 to March 2022
As of March 2022
23
(6) Awarded US Patent for proprietary Addfix technology; 2 patents pending for unique address identification
(7) 2 patents pending for intelligent system direction in the network
FY23 Growth initiatives
1 Integration of DLV and SO networks, realize network synergies, launch economy PTL service

2 Up to 4 Mn sqft infra expansion, fleet expansion by 150 TTs, 35% expansion of ASCs

3 Introduction of new automation - AGVs/AMRs, ASRS systems, system-directed MM operations

4 Expand usage of EVs in FM/LM operations; piloting LNG & EVs in MM operations

5 Aggressively grow cross-border express product (DLV + FedEx)

6 Accelerating SCS business growth with focus on key industrial verticals

7 Launch of Delhivery D2C Academy with key ecosystem partners

8 Launch Unified Client Portal, merchant panel for SMB customers to access all products

9 Launch Delhivery Direct (C2C) mobile app, Orion (truckload price discovery and booking)

10 Launch of PaaS for global 3P developers along with SaaS offering in select international markets
24
 ESG initiatives
• 1.5MW of Solar power plants already installed at our Gurgaon and Kolkata mega gateways
Environment

• Active pilots on 2 & 3-wheeler EVs across first mile, last mile and carting and CNG in mid mile. Engaged with
various OEMs to explore EV and LNG vehicle options for carting and line haul movements
• Increased utilization of Bharat VI compliant larger format 46’ trucks that are 14-25% more efficient than typical 32’
& 24’ trucks that are prevalent in the industry
• Implemented E-PODs with select PTL clients

• Number of women off-roll employees grew ~4x during FY22 to 1,887 as of March 31, 2022
• Delhivery Academy engaged in providing training & development to ensure upskilling from grass root to
supervisory levels. Special programme for driver safety to minimise on road accidents
Social

• Voluntarily engaged in community service*–

o Distributed 794 tons of oxygen concentrators and other relief material during Q1FY22 (COVID second wave)
o Contributions towards ‘Olympic Gold Quest’, a program oriented towards Indian athletes aspiring for the Olympics
o Logistics partner of Goonj, an NGO focused on humanitarian aid and community development efforts
• Supported 80 team members with ₹1.81 Cr in FY22 through the Employee Welfare Fund
Governance

• Independent Board with all the requisite committees strongly committed towards highest degree of governance and disclosures
o 5 of 11 Board Members are Independent Directors; plan to appoint at least one more woman director by end of FY23
o 8 of 11 Board members are non-executive

*Delhivery yet to qualify for mandatory CSR spend thresholds 25

Appendix

26
Working capital position improving YoY
Net Working Capital
(Days)

43 73 47 37

106

87
78
74

40 37
35 33

FY19 FY20 FY21 FY22

Receivable days Payable days

Net Working Capital Days (Receivable Days – Payable Days)

Receivable days = (Trade receivable + Unbilled receivables) * 365 / Revenue from operation 4Q annualized
27
Strong liquidity position
Debt to Equity

₹ Cr FY19 FY20 FY21 FY22

Term loan 65 166 199 233

Working capital loan 29 91 84 120

Debt (excludes CCPS) (A) 94 257 283 353

Cash and cash equivalents1 (B) 2,994 2,315 1,998 2,512

Net debt (A-B) (2,900) (2,058) (1,715) (2,159)

Networth (C) 3,388 3,170 2,837 5,957

Debt/Equity (A/C) 0.03x 0.08x 0.10x 0.06x

(1) Includes cash and other bank balances, investments, margin money deposits and deposits with original maturity for >12 months 28
Wide ownership across organization
ESOPs1

Stage Total % shareholding on fully diluted basis

ESOPs granted, of which 35,505,576 4.42%

Vested 1,812,960

Unvested 33,692,616

ESOPs ungranted, of which 43,847,397 5.45%

Performance-based ESOPs2 17,100,000

Time-based ESOPs3 26,747,397

Total (Granted + Ungranted)4 79,352,973 9.87%

Number of Employees holding ESOPs1 (vested + unvested) : 1,418

(1) As of 14th May 2022

(2) To be unlocked in three equal tranches upon achieving share prices of ₹800, ₹1,000 and ₹1,200; and vest equally over 2 years thereafter
(3) Vesting period of 4 years with schedule of 10%-30%-30%-30%
(4) Out of the total ESOP pool of 79.4Mn, 46.5Mn options have time-based vesting and 32.9Mn options have performance-based vesting
29
Projected ESOP costs
Estimated P&L charge (non-cash) for ESOPs already Distribution of P&L charge over vesting period for
granted1 future ESOP grants2

₹ Cr Total
Year Time-based

FY23 232
Y1 42.5%
FY24 98
Y2 32.5%
FY25 47

Y3 17.5%
FY26 13

FY27 1 Y4 7.5%

Total 390 Total 100%

(1) Related to costs attributable to ESOPs already granted; in event of forfeiture of ESOPs upon resignation/ termination of employee prior to completion of vesting, costs will be
reversed. This does not include the costs of performance-based ESOPs of ESOP IV already granted
(2) Cost of an ESOP = Fair market value at time of grant minus exercise price (₹1), to be recognized in P&L over the vesting period as per the schedule in the table
30
Quarterly & full year financial performance
Proforma P&L
₹ Cr
Q-o-Q Y-o-Y
Income Q3 FY22 Q4 FY22 FY21 FY22
Growth % Growth %
Revenue from customers 1,995 2,072 4% 4,450 7,241 63%
Other income 24 55 129% 194 158 (19%)
Total income 2,019 2,127 5% 4,644 7,399 59%
Expense
Total freight, handling and servicing cost 1,454 1,502 3% 3,370 5,240 56%
Employee benefit expense
Employee benefit expense excl. share based payments &
227 249 10% 625 863 38%
one time expenses
Employee benefit expense: share based payments 95 92 (3%) 83 320 286%
Employee benefit expense: one time expenses 0 0 - 0 178 -
Other operating expense 165 166 0% 431 783 81%
Fair value loss on financial liabilities - - 0% 9 300 -
Finance costs 28 23 (16%) 126 131 4%
Depreciation and amortization expense 187 223 19% 559 694 24%
Total expenses 2,155 2,254 5% 5,203 8,509 64%
Share of loss of associates (net) 0 3 NA 0 3 NA
Profit / (Loss) before exceptional items and tax (136) (131) NA (558) (1,113) NA
Profit / (Loss) after Tax (127) (120) NA (596) (1,081) NA

Adj. EBITDA 74 81 9% (226) 72 NA

Adj. EBITDA margins 3.7% 3.9% 20 bps (5.1%) 1.0% 606 bps
Link to Reported P&L
31
Balance sheet
₹ Cr ₹ Cr

Equity and Liabilities Mar 2021 Mar 2022 Assets Mar 2021 Mar 2022

Total equity 2,837 5,957 Non – current assets

Non – current liabilities Non – current cash equivalents(1) 442 692

Borrowings 132 118 Property, plant and equipment (Incl CWIP) 314 681

Lease liabilities 654 573 Goodwill and other intangible assets(2) 33 1,737
Right of use assets 783 694
Provisions 22 38
Investments in subsidiaries/associates(3) - 249
Deferred tax liabilities (net) - 63
Non - current tax assets 123 155
Current liabilities
Other non - current assets 72 83
Borrowings 170 236
Current assets
Lease liabilities 162 176
Cash & cash equivalents(4) 1,557 1,821
Provisions 12 21
Trade receivables 595 990
Trade payables 442 834 Unbilled receivables 367 681
Other current liabilities 168 236 Inventories 26 25
Total liabilities 1,761 2,293 Other current assets 286 443
Total equity and liabilities 4,598 8,251 Total assets 4,598 8,251

(1) Includes non-current investments, non – current margin money deposits and non – current deposits with original maturity of >12 months
(2) Including intangible assets under development
(3) Includes investment in Falcon Autotech
(4) Includes cash and other bank balances, current investments, current margin money deposits and current deposits with original maturity of >12 months 32
Cash flow summary
₹ Cr FY21 FY22

Operating profit/ (loss) before working capital changes 67 272

Changes in net assets(1) (40) (495)

Cash generated from / (used in) operations 28 (224)

Direct taxes paid (net of refund) (18) (13)

Net cash from / (used in) operating activities 10 (237)

Net cash from / (used in) investing activities 334 (2,746)

Net cash from / (used in) investing into treasury instruments 590 (381)

Net cash from / (used in) capex and M&A (257) (2,365)

Net cash from / (used in) financing activities (147) 2,902

Net change in cash 196 (81)

Opening cash balance at the being of the year 80 276

Closing cash balance at the end of the year (A) 276 195

Cash equivalents at the end of the year(2) (B) 1,722 2,317

Cash & cash equivalents at the end of the year (A+B) 1,998 2,512

(1) Change in inventory, receivables, other financial assets, loans, other assets, payables, other liabilities
(2) Includes investments, margin money deposits and deposits with original maturity for >12 months
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Quarterly & full year financial performance
Reported P&L
₹ Cr
Q-o-Q Y-o-Y Y-o-Y
Income Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Growth % Growth % Growth %
Revenue from customers 1,003 1,995 2,072 4% 107% 3,647 6,882 89%
Other income 29 24 55 129% 90% 192 156 (19%)
Total income 1,032 2,019 2,127 5% 106% 3,838 7,038 83%
Expense
Total freight, handling and servicing cost 752 1,454 1,502 3% 100% 2,778 4,980 79%
Employee benefit expense
Employee benefit expense excl. share based
142 227 249 10% 75% 539 826 53%
payments & one time expenses
Employee benefit expense: share based payments 30 95 92 (3%) 207% 72 308 327%
Employee benefit expense: one time expenses 0 0 0 - - 0 178 -
Other operating expense 92 165 166 0% 85% 371 761 106%
Fair value loss on financial liabilities 9 - - 0% 0% 9 300 -
Finance costs 25 28 23 (16%) (6%) 89 100 12%
Depreciation and amortization expense 100 187 223 19% 122% 355 611 72%
Total expenses 1,150 2,155 2,254 5% 96% 4,213 8,065 91%
Share of loss of associates (net) 0 0 3 NA NA 0 3 NA
Profit / (Loss) before exceptional items and tax (118) (136) (131) NA NA (374) (1,029) NA
Profit / (Loss) after tax (118) (127) (120) NA NA (416) (1,011) NA

Adj. EBITDA (40) 74 81 9% NA (253) 46 NA

Adj. EBITDA margins (4.0%) 3.7% 3.9% 20 bps 793 bps (6.9%) 0.7% 762 bps
Link to Proforma P&L
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Definitions and abbreviations
AGV Automated guided vehicle
AMR Autonomous mobile robot
ASC Automated sort capacity
BA Business associate
CCPS Compulsorily convertible preference shares
Cross Border Cross border express parcel and freight service by the Company
D2C Direct to consumer
GST Goods and service tax
E2E End to end
E-POD Electronic proof of delivery
EV Electric vehicle
EWB E-way bill
FMCD Fast moving consumer durables
LNG Liquefied natural gas
LSP Logistics service provider
NGO Non-governmental organization
NSE and BSE National Stock Exchange of India Limited and BSE Limited
OD pairs Origination-destination pairs
OEM Original equipment manufacturer
ONDC Open network for digital commerce
PaaS Platform as a service
PLI Production linked incentive scheme
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 Spoton Logistics Private Limited on
Proforma financials our historical financial statements for the year ended March 31, 2021 and consolidated financial statements for the year ended March 31, 2022 as if the acquisition occurred on 1st April 2020
and 1st April 2021 respectively and have not been reviewed / audited by auditors
PTL Freight Part truck load freight service by the Company
RedSeer report Report titled “Logistics Market in India” dated April 21, 2022 prepared by RedSeer in connection with the recent public offer by the Company
SAAS Software as a service
SCS Supply chain services by the Company through which the Company provides integrated supply chain solutions
SEA South East Asia
Spoton Spoton Logistics Private Limited
TL Truck load freight service by the Company which connects shippers with fleet-owners and suppliers of truckload capacity across the country via a centralized bidding and matching engine
WMS Warehouse management system

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 Thank You

For any queries please write to us at [email protected]

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