Q3 FY2023 LOGISTICS REVIEW REPORT FEB 2023

February 2023
Q3 FY2023 Industry Review
Sector: Logistics
Y O U R B U S I N E S S T H I N K T A N K
@ 2 0 2 3 A M I C U S A D V I S O R S , C O N F I D E N T I A L

About the Report Y O U R B U S I N E S S T H I N K T A N K
• This report is the second in a series of quarterly reports focused on the
logistics sector.
• The current report for Third Quarter Fiscal Year 2023 (Q3, FY2023),
provides insights into the financial performance of the leading twelve
listed companies in the logistics industry. The segment mix including
Express Service providers, rail/ road transportation companies, contract
logistics players, Multimodal container and CFS/ICD operators and Ports
• Amicus team has compiled the financial and and other relevant
information from company filings, industry reports, and other public
sources. We have presented the data to identify trends, patterns, and
insights that can help investors, analysts, and other stakeholders in the
logistics industry.
• Macroeconomic trends and numbers have been compiled from
appropriate source data.
• In all cases, we have considered the Consolidated results of the
companies under review

Buoyant about India Y O U R B U S I N E S S T H I N K T A N K
It's Not India's
Decade, It's
India's Century
I'm very bullish
on India
India will be big
export economy
Bob Sternfels
•Global McKinsey Head, Sep 2022
Tim Cook
•CEO, Apple, Feb 2023
Sundar Pichai
•CEO, Google, Feb 2023

Macroeconomics &
Industry Highlights

India Growth Story Y O U R B U S I N E S S T H I N K T A N K
• The Indian economy has demonstrated a V-shaped recovery in 2021, with an increase in consumer confidence, strong financial markets,
and an improvement in manufacturing and exports.
• India is among the fastest-growing economies in the world and it is set to surpass Japan and Germany to become the world's third-largest
economy by 2029.
• The most recent Industrial production numbers suggest that production expanded for the second consecutive month in December 2022,
but growth eased to 4.3% from 7.3% in the preceding month, as tepid manufacturing took the sheen off the sharp rebound in mining and
electricity.
• India's GDP is estimated to be 2.73 trillion USD, and the government has set a target to reach 5 trillion USD by 2025. According to World
Bank data, India's per capita GDP has grown significantly to 2100 USD.
5.0% 4.5% 4.7% 3.1%
-24.4%
-7.4%
0.4% 1.6%
20.1%
8.4%
5.4% 4.1%
13.5%
6.3%
India’s GDP Quarter Wise (Pre to Post COVID)

India Freight Activity Y O U R B U S I N E S S T H I N K T A N K
• E-way bills can be considered as a high-frequency indicator of economic activity. More goods transported across the country in
December 2022 points towards strong GST collections in January 2023.
• The e-way bill generation had moderated in October 2022 from the level seen in September 2022 due to the higher number of holidays
in October.
• However, the e-way bill generation picked up momentum in November and December 2022 as consumption remained strong.
Eway Bill Generation (Pre to Post COVID) – in Mn
-
20.0
40.0
60.0
80.0
100.0
120.0
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Intra Inter
First Wave Second Wave Third Wave

Indian Logistics Industry Y O U R B U S I N E S S T H I N K T A N K
• The logistics sector globally has a market size of over USD 5.2
trillion. The sector accounts for between 8–20% of the country's
GDP.
• Indian Logistics Market is estimated to grow to 380 billion dollars in
2025, at a compound annual growth rate between 10 to 12 percent.
• The Indian government has set a goal of reducing logistics costs to
below 10% of the country's GDP. To achieve this, the government
has launched several initiatives such as the National Logistics
Policy, Gati Shakti Master Plan, and Sagarmala Project, among
others.
• The e-commerce boom in India has also had a significant impact on
the logistics industry, with companies such as Flipkart, Amazon, and
other e-commerce driving demand for efficient and cost-effective
logistics solutions.
Source: Amicus Research, Industry Report
170
250
380
0
50
100
150
200
250
300
350
400
2017 2021 2025
In
Billion
Dollars

Budget 2023 – Logistics Perspective Y O U R B U S I N E S S T H I N K T A N K
Allocation of 2.7 lakh crore for Ministry of Road
Transport and Highways, up by 10% from the previous
budget.
INR 27,000 Crores allocated to Dedicated Freight
Corporation of India which is 75% higher than the
previous budget.
Allocation to NCRTC for the country's first regional rapid
transport system reduced by 23% to reach INR 3500
crore
100 critical transport infra projects to be taken up with an
investment of INR 75,000 crores including 15,000 crores
from the private sector.
Highest ever capital expenditure allocation to railway
ministry in 2024. Total allocation of INR 2.4 trillion
Labs for developing applications using 5G services to be
set up in Engineering colleges. Applications include
smart classrooms, precision farming, among others.
Coastal shipping to be promoted as an energy efficient
mode of transportation, both for passengers and freight
through PPP Model
50 additional airports, heliports, water aerodromes &
advance landing grounds to be revive to improve
regional air connectivity

National Logistics Policy Y O U R B U S I N E S S T H I N K T A N K
• India’s logistics cost as a proportion of GDP is believed to be around 13-14 per cent. The
government now aims to bring it down to single digits as soon as possible.
• The Policy will help make the sector an integrated, cost-efficient, resilient, and sustainable
logistics ecosystem in the country
Key Building Blocks:
1. Digital Integration System: It will lead to seamless and faster work-flow, making logistics
significantly more efficient.
2. Unified Logistics Interface Platform: It aims to collapse all logistics and transport sector digital
services into a single portal, thereby freeing manufacturers and exporters from the present
tyranny of long and cumbersome processes.
3. Ease of Logistics Services: E-Logs, a new digital platform, will allow industry to directly take up
operational issues with government agencies for speedy resolution.
4. Comprehensive Logistics Action Plan: The Comprehensive Logistics Action Plan comprising
integrated digital logistics systems, standardisation of physical assets, benchmarking service
standards, human resource development, capacity building, development of logistics parks, etc.

Gati Shakti Master Plan Y O U R B U S I N E S S T H I N K T A N K
• Driven by seven engines: Roads, Railways, Airports, Ports, Mass Transport, Waterways ,and Logistics
Infrastructure.
• National Master Plan aimed at world-class modern infrastructure and logistics synergy.
• Formulation of Master Plan for expressways. Completing 25000 km national highways in 2022-23
• Unified Logistics Interface Platform allowing data exchange among all mode operators
• Open Source Mobility Stack for seamless travel of passengers
• 4 Multimodal Logistics parks through PPP
• Multimodal connectivity between mass urban transport and railway stations
• National Ropeways Development Plan as sustainable alternative to conventional roads.
• Capacity building for infrastructure Projects
• Integration of Postal and Railways Network facilitating parcel movement.
• One Station One Product Extending coverage under Kavach
• 400 new generation of Vande Bharat Trains

Industry Updates Q3 FY2023 Y O U R B U S I N E S S T H I N K T A N K
Delhivery to acquire supply chain software firm Algorhythm for ₹14.90 cr
Trucking aggregator Onmove recently announced that it has acquired 100% stake of Transin Logistics, a
Hyderabad based trucking aggregation platform.
Amazon launches dedicated air cargo service in India to speed up deliveries
Logistics management firm Locad raises $11 million in Series-A funding
Allcargo Logistics expands in Germany through acquisition of Fair Trade GmbH
Freightify raises $12 million in series A led by Sequoia Capital
Multimodal supply chain visibility startup Intugine raises Rs 19 crores in pre-series A

Quarterly Results
Q3 FY2023

Industry Growth Y O U R B U S I N E S S T H I N K T A N K
Company Name
Revenue Growth (in INR Cr)
QoQ YoY
Q3 FY23 Q2 FY23 Growth(%) Q3 FY23 Q3 FY22 Growth(%)
Transport Corporation of India 974 939 3.6% 974 843 15.5%
VRL Logistics 686 657 4.5% 686 606 13.1%
TCI Express 316 312 1.1% 316 289 9.2%
Blue Dart Express 1,346 1,333 1.0% 1,346 1,269 6.1%
Delhivery 1,918 1,883 1.8% 1,918 2,019 -5.0%
Gati 444 443 0.4% 444 416 6.8%
Mahindra Logistics 1,335 1,330 0.4% 1,335 1,139 17.2%
Allcargo Logistics 4,106 5,101 -19.5% 4,106 5,613 -26.8%
Adani Ports & SEZ 5,071 5,652 -10.3% 5,071 4,728 7.2%
Container Corporation of India 2,111 2,031 3.9% 2,111 1,994 5.9%
Gateway Distriparks 344 362 -5.0% 344 356 -3.4%
Snowman Logistics 111 110 1.1% 111 75 48.6%
Public Sub-groupTotal 18,762 20,152 -6.9% 18,762 19,348 -3.0%

Industry Margins Y O U R B U S I N E S S T H I N K T A N K
Company Name
Q3 FY23
Revenue
(in Cr)
Gross Margin
EBITDA
Margin
Transport Corporation of India 974 20.9% 12.5%
VRL Logistics 686 32.1% 15.7%
TCI Express 316 30.7% 15.0%
Blue Dart Express 1346 42.0% 17.6%
Delhivery 1,918 26.4% 1.1%
Gati 444 24.6% 4.9%
Mahindra Logistics 1,335 15.0% 5.1%
Allcargo Logistics 4,106 22.7% 5.8%
Adani Ports & SEZ 5,071 74.% 58.6%
Container Corporation of India 2,111 33.6% 25.4%
Gateway Distriparks 344 39.9% 27.3%
Snowman Logistics 111 40.9% 22.7%
Public Sub-groupTotal 18,762 40.0% 23.9%
Company Name
Q3 FY22
Revenue
(in Cr)
Gross Margin
EBITDA
Margin
Transport Corporation of India 843 22.0% 13.6%
VRL Logistics 606 35.8% 20.2%
TCI Express 289 32.5% 17.0%
Blue Dart Express 1269 47.5% 22.7%
Delhivery 2019 28.1% 3.9%
Gati 416 22.5% 3.9%
Mahindra Logistics 1139 13.4% 4.2%
Allcargo Logistics 5613 18.6% 8.0%
Adani Ports & SEZ 4728 77.4% 68.9%
Container Corporation of India 1994 33.5% 26.0%
Gateway Distriparks 356 39.3% 28.2%
Snowman Logistics 75 49.2% 26.0%
Public Sub-groupTotal 19,348 38.6% 26.1%

Transport Corp of India Y O U R B U S I N E S S T H I N K T A N K
Revenue & EBITDA(%)
In INR Cr
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Dec-22 Sep-22 Dec-21
Operating Revenue 966.70 932.09 837.68 3.71% 15.40%
Other Income 7.05 7.37 5.32 -4.34% 32.52%
Total Revenue 973.75 939.46 843.00 3.65% 15.51%
Less: Operating Cost 770.22 752.42 657.54 2.37% 17.14%
Operating Profit 203.53 187.04 185.46 8.82% 9.74%
Operating Profit (%) 20.9% 19.9% 22.0%
Employee Cost 49.28 49.23 43.67 0.10% 12.85%
Admin Cost 32.79 34.48 27.29 -4.90% 20.15%
EBITDA 121.46 103.33 114.50 17.55% 6.08%
EBITDA% 12.5% 11.0% 13.6%
Finance Cost 2.61 2.54 2.59 2.76% 0.77%
Depreciation 31.39 30.03 25.52 4.53% 23.00%
Exceptional Items &
Profit of JV & Associate
10.18 13.83 7.22 -26.39% 41.00%
PBT 97.64 84.59 93.61 15.43% 4.31%
Tax 11.04 11.59 10.80 -4.75% 2.22%
PAT 86.60 73.00 82.81 18.63% 4.58%
PAT % 8.9% 7.8% 9.8%
EPS 11.08 9.34 10.61 18.63% 4.43%
932
967
11%
12.50%
Q2 FY 23 Q3 FY 23
838
967
14%
12.50
%
Q3 FY 22 Q3 FY 23
QoQ YoY
Operating Cost 79%
Employee Cost 5%
Admin Cost 3%
Finance Cost 0%
Depreciation 3%
Tax 1.1%
Profit 8.9%

Management Comments
• In Quarter 3 of the financial year, the company has accomplished consistent performance amidst a
stable macro environment. All our business segments have delivered satisfactory results in line with
expectations
• While we keep a balanced view on the industrywide challenges around inflation and tightening of credit
we are confident of achieving our goals to build an integrated multi-modal logistics solutions
organization. At TCI, our value system and our people remain at the core our customers' success
• But certainly what we are seeing is that the consumer trends for this particular quarter are a little weaker
than the previous quarter
• But predominantly on the B2B side, which is where we are active, we are really not seeing any kind of a
slowdown or any kind of a degrowth happening.
• The freight business grew at about 14% in the quarter, and the company is confident of achieving a 40%
RoCE by 2025.

• A pioneer in providing integrated multimodal logistics and supply chain solutions.
• It provides an array of end-to-end logistics and supply chain solutions in India
and SAARC countries through multiple modes, including road, rail, and sea.
• TCI Group has a strong presence in the SAARC countries. It caters to Nepal,
Bangladesh, Bhutan, Sri Lanka with offices at borders & capital cities.
A) Freight Division (47% of FY22 revenue)
It can manage any size and dimension of cargo or product such as FTL, LTL ,ODC
(Over Dimensional Cargoes), PHH (Project Heavy Haul), and Foldable Large
Containers (FLCs).
B) Supply Chain Solutions (34%)
It caters to demands in key industry verticals such as Healthcare, Chemical, Hi-
Tech, Retail & CP’s Auto, among others.
C) Sea Freight (18%)
TCI Seaways is India’s leading multi-modal coastal player, connecting India’s
western, eastern and southern ports. The division has extensive knowledge and
expertise in coastal shipping, container cargo movement, liner, charter, first and
last-mile connectivity via rail and road.
Particulars
Market Cap as on 31 Dec 2022 (in Cr) 4,797
PE Ratio 14.92
Return on Capital Employed 17.1%
DSO (as on 31.3.2022) 57
Sales (as on 31.3.2022) 3,257
Account Receivable (as on 31.3.2022) 508
Operating Profit (%) 20.9%
EBITDA Margin (%) 12.5%
PAT Margin (%) 8.9%

VRL Logistics Y O U R B U S I N E S S T H I N K T A N K
Operating Cost 68%
Employee Cost 15%
Admin Cost 1%
Finance Cost 2%
Depreciation 6%
Tax 2%
Profit 7%
601.45
682
20%
15.70
%
Q3 FY 22 Q3 FY 23
654
682
14.50
%
15.70
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 4.48 2.20 4.91 103.64% -8.76%
Total Revenue 686.01 656.67 606.36 4.47% 13.14%
Employee Cost 104.42 103.64 87.17 0.75% 19.79%
Admin Cost 8.19 8.47 7.47 -3.31% 9.64%
EBITDA 107.76 95.23 122.47 13.16% -12.01%
EBITDA% 15.7% 14.5% 20.2%
Finance Cost 15.07 13.93 11.55 8.18% 30.48%
Depreciation 42.10 38.38 38.38 9.69% 9.69%
Exceptional Items & Profit
of JV & Associate
15.32 1.05 5.21 1359.05% 194.05%
PBT 65.91 43.97 77.75 49.90% -15.23%
Tax 16.70 12.51 17.24 33.49% -3.13%
PAT 49.21 31.46 60.51 56.42% -18.67%
PAT % 7.2% 4.8% 10.0%
EPS 5.57 3.56 6.85 56.46% -18.69%
Revenue & EBITDA(%)
In INR Cr

Management Comments
• We are glad to inform you that as we strategized to focus on high growth goods transport business the
exit from the remaining segment process has been completed as on date.
• The increase in revenue is mainly on account of increase in tonnage which has been reached to
10,10,000 tonnes in the current quarter as against 8,77,000 tonnes in the previous year which is
increased by almost around 15%.
• We added around 218 branches post pandemic and these branches have contributed around 12% to
the total tonnage in Q3. Our strategy of expansion of branch network is going to be continued. I am
planning to add around 25 to 30 branches every quarter especially in the untapped market.
• Some of the sectors have grown tremendously in the current quarter, to name a few the agro products
and equipment these commodities have been increased by around 47% on year-on-year basis, the
automobiles has been increased by around 25%, the educational goods related items which is
increased by around 31%, FMCG products are increased by around 23%, footwear is around 36%, and
metals and hardware around 28%.

VRL is an established logistics service provider in India with the largest fleet of owned vehicles
in the country, comprising a fleet of 5111 vehicles (including 4,852 goods transport vehicles and
295 passenger buses), and operational infrastructure facilities spread across 956 locations.
A) Goods Transport (89%)
VRL offers its goods transportation services across 23 States and, 5 Union Territories covering
all major cities and towns in India. VRL has its exclusive offices across 553 towns and cities in
India. Operations in this division are conducted through a network of 908 branches and
agencies.
B) Bus Operations (9%)
VRL is one of the front runners in the Indian Passenger Travel Industry amongst the private
sector players. These operations are conducted under the aegis of "VIJAYANAND TRAVELS"
covering more than 350 routes connecting nearly 100 destinations with over 295 luxury Buses /
Coaches.
C) Sale of Power (1%)
The company currently has 32 windmills at Gadag with a total capacity of 40 MW, supported by
a 20-year power purchase agreement (PPA) with the Hubli Electricity Supply Company Limited.
D) Air Charter (0.5%)
In 2008, VRL Logistics Ltd. ventured into the Transport of Passengers by Air Industry. VRL
decided to enter the Transport of Passengers by Air Industry and serve VVIPs, VIPs &
Corporate India.
Particulars
PE Ratio 25.66
DSO (as on 31.3.2022) 10
Sales (as on 31.3.2022) 2,394
PAT Margin (%) 7.2%

TCI Express Y O U R B U S I N E S S T H I N K T A N K
287
314
17.0%
15.0%
Q3 FY 22 Q3 FY 23
310
314
17.2%
15.0%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 1.30 2.27 2.07 -42.73% -37.20%
Total Revenue 315.72 312.17 288.99 1.14% 9.25%
Operating Profit 96.83 101.52 93.85 -4.62% 3.18%
Operating Profit(%) 30.7% 32.5% 32.5%
Employee Cost 31.18 30.90 27.73 0.91% 12.44%
Admin Cost 18.27 16.87 16.87 8.30% 8.30%
EBITDA 47.38 53.75 49.25 -11.85% -3.80%
EBITDA% 15.0% 17.2% 17.0%
Finance Cost 0.44 0.35 0.19 25.71% 131.58%
Depreciation 4.29 3.49 2.23 22.92% 92.38%
PBT 42.65 49.91 46.83 -14.55% -8.93%
Tax 10.63 12.12 11.71 -12.29% -9.22%
PAT 32.02 37.79 35.12 -15.27% -8.83%
PAT % 10.1% 12.1% 12.2%
EPS 8.32 9.82 9.12 -15.27% -8.77%
Operating Cost 69%
Employee Cost 10%
Admin Cost 6%
Finance Cost 0%
Depreciation 1%
Tax 3%
Profit 10%
In INR Cr

Management Comments
• The growth was primarily driven by strong demand from the festive season, growth in the Index of
Industrial Production and E Way bill generation which ended on a strong note.
• On the investment side, during the 9 M FY 2023 we incurred a capex of Rs 98.5 crores, primarily spent
towards the acquisition of land for setting up new automated sorting center in Kolkata and for new
corporate office in Gurgaon.
• We added 28 new branches in the West and South region to expand our presence to cater the growing
demand with industry leading services
• Among our newly launched services, Rail Express offering getting good traction from customers and we
expanded customer base from 250 to 1750 and presence from 10 routes to 125 routes since our
inception
• New services ( Rail Express, C2C Express, Pharma Cold Chain Express and Air Express) are expected
to contribute 25% to top line.

• TCI Express Limited is an express cargo logistics company with its own set up
across India. It carries distribution through various modes of transport and is
specialized in offering time definite solutions.
• Asset-Light Business Model: The Co does not have any fleet on its books and
relies on the fleet hired from attached business vendors
• The Co. launched value added services such as Pharma Cold Chain, C2C and rail
express in FY 22 which contributed approximately 15% towards the Co.’s revenue.
Services
• Surface Express- The Co offers express pick-up and delivery in India at 40,000
locations
• Domestic Air Express- The Co delivers in all major metros in 24 hours and Mini
Metros and A-class cities in 48 hours.
• International Air Express- The Co provides services to around 208 countries
across the globe (Commercial/Non-Commercial) from over 3000 pickup points in
India.
• E-Commerce Express- The Co is a vendor to warehouses and inter warehouses. It
has IT interfaces with customers and Real-Time tracking API with an easy
customer login portal.
Particulars
PE Ratio 50.53
DSO (as on 31.3.2022) 64
Sales (as on 31.3.2022) 1,081
PAT Margin (%) 10.1%

Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Operating Revenue 1,337.08 1,325.28 1,254.75 0.89% 6.56%
Other Income 8.95 7.68 14.36 16.54% -37.67%
Total Revenue 1,346.03 1,332.96 1,269.11 0.98% 6.06%
Less: Operating Cost 781.16 783.61 665.83 -0.31% 17.32%
Operating Profit 564.87 549.35 603.28 2.83% -6.37%
Employee Cost 203.32 209.67 207.36 -3.03% -1.95%
Admin Cost 124.55 89.01 107.89 39.93% 15.44%
EBITDA 237.00 250.67 288.03 -5.45% -17.72%
EBITDA% 17.6% 18.8% 22.7%
Finance Cost 15.92 18.41 19.56 -13.53% -18.61%
Depreciation 99.60 101.13 103.09 -1.51% -3.39%
of JV & Associate
- - -
PBT 121.48 131.13 165.38 -7.36% -26.54%
Tax 32.82 37.49 41.96 -12.46% -21.78%
PAT 88.66 93.64 123.42 -5.32% -28.16%
PAT % 6.6% 7.0% 9.7%
EPS 36.64 38.78 51.49 -5.52% -28.84%
Operating Cost 58%
Employee Cost 15%
Admin Cost 9%
Finance Cost 1%
Depreciation 7%
Tax 2.4%
Profit 6.6%
1255
1337
22.70
%
17.60
%
Q3 FY 22 Q3 FY 23
1325
1337
18.80
%
17.60
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Blue Dart Express
In INR Cr

Blue Dart Express Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• During the quarter, Blue Dart said, the geo-political scenario continues to remain
volatile. International crude prices and foreign currencies specifically witnessed high
volatility, leading to a high inflationary ecosystem.
• The company has been working on enhancing its package handling capacity on air
and ground to handle increased volume and improve service quality
• We are expanding our presence in tier II & III markets. We have about 700 retail
stores (with DHL) across India. Additionally, we plan to set up about 100 new stores
in the near future to aggressively expand our channel footprint

• Blue Dart Express Limited, incorporated in 1983, is involved in transportation and
door-to-door distribution of time-sensitive shipments, through an integrated ground
and air transportation network.
• The company is regarded as South Asia’s leading courier and integrated air
express package distribution company
• In FY22, 99% of the shipments were domestic, total of 9 lakh international
shipments overall weight more than 932,690 tonnes.
• The company has warehouses at 85 locations across the country as well as bonded
warehouses in the 7 major metros
Services
 Domestic Priority day-definite and time-definite services: It enables deliveries at
predefined times for critical shipments such as passports, tenders, original
papers/certificates, etc. under 32kgs per package.
 Industry-specific services: Temperature Controlled Logistics products, tailored
specifically for customers in the Life Sciences & Healthcare sector, various types of
thermal packaging, etc.
 Critical Express: It caters to an essential domestic need for the safe movement of
passports, tenders, and other securitized items.
Particulars
PE Ratio 41.65
DSO (as on 31.3.2022) 48
Sales (as on 31.3.2022) 4,410
PAT Margin (%) 6.6%
Blue Dart Express

1995
1824
3.90%
1.10%
Q3 FY 22 Q3 FY 23
1796
1824
-2.70%
1.10%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Operating Revenue 1,823.84 1,796.10 1,995.04 1.54% -8.58%
Other Income 94.27 87.29 24.16 8.00% 290.19%
Total Revenue 1,918.11 1,883.39 2,019.20 1.84% -5.01%
Less: Operating Cost 1,411.07 1,435.84 1,452.77 -1.73% -2.87%
Operating Profit 507.04 447.55 566.43 13.29% -10.48%
Employee Cost 339.62 352.82 321.91 -3.74% 5.50%
Admin Cost 146.42 145.13 166.18 0.89% -11.89%
EBITDA 21.00 -50.40 78.34 -141.67% -73.19%
EBITDA% 1.1% -2.7% 3.9%
Finance Cost 21.36 23.96 27.62 -10.85% -22.66%
Depreciation 207.30 200.05 186.54 3.62% 11.13%
Exceptional Items &
-1.37 8.17 -
PBT -209.03 -266.24 -135.82 -21.49% 53.90%
Tax -13.37 -12.13 -9.31 10.22% 43.61%
PAT -195.66 -254.11 -126.51 -23.00% 54.66%
PAT % -10.2% -13.5% -6.3%
EPS -2.65 3.43 -2.18 -177.26% 21.56%
Operating Cost 74%
Employee Cost 18%
Admin Cost 8%
Finance Cost 1%
Depreciation 11%
Tax -1%
Profit -10%
Delhivery
In INR Cr

Delhivery Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• The incremental gross margin trend for the business has continued into quarter three and operating leverage
in the business has remained intact, while service standards have improved.
• We delivered 258,000 tonnes of Part Truckload freight in quarter three fiscal ’23. We’ve delivered about 3
million tonnes, since fiscal ’19. More importantly, in December, we delivered about 98,000 tonnes of PTL
freight.
• At the end of financial ’22, we were in 18,074 pin codes, that has expanded to 18,510 pin codes as of Q3
FY2023. This is a regular operational expansion that we expect will continue in Q4 and beyond.
• On Express Parcel, between Q2 FY2023 and Q3 FY2023, we’ve seen growth quarter-on-quarter of about 7%.
We closed the quarter at about INR1,200 crores of revenue in Q3 FY2023. We delivered close to 170 million
shipments in Q3 FY2023.
• Our sense is that, at the conservative end, e-commerce volumes should be expected to grow in sort of the
15% to 20% range.

• Delhivery provides a full range of Logistics services, including delivery of
express parcels and heavy goods, PTL freight, TL freight, warehousing,
supply chain solutions, cross-border Express, freight services, and
supply chain software.
• Delhivery operated 22 fully and semi-automated sortation centers.
• Delhivery has 80+ applications through which they provide various
services, orchestrated by their platform to govern end-to-end transaction
flows
Services
Express Parcel services – (66%)
Part Truck Load services – (15%)
Truck Load Services – (4%)
Supply chain services – (10%)
Cross Border service – (5%)
Key Metrics: Dec 2022
Pin Code Reach – 18,510
No. of gateways – 92
Fleet Size– 11,703
Team size – 52,789
No. of Active Customers- 26,845
Particulars
PE Ratio -
Return on Capital Employed -19.4%
DSO (as on 31.3.2022) 48
Sales (as on 31.3.2022) 5,911
PAT Margin (%) -10.2%
Delhivery

414
441
3.90%
4.90%
Q3 FY 22 Q3 FY 23
435
441
7.00%
4.90%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 2.85 7.45 2.25 -61.74% 26.67%
Total Revenue 444.20 442.60 416.01 0.36% 6.78%
Operating Profit 109.38 116.00 93.73 -5.71% 16.70%
Employee Cost 47.21 47.80 39.03 -1.23% 20.96%
Admin Cost 40.62 37.28 38.36 8.96% 5.89%
EBITDA 21.55 30.92 16.34 -30.30% 31.88%
EBITDA% 4.9% 7.0% 3.9%
Finance Cost 7.08 7.58 5.78 -6.60% 22.49%
Depreciation 15.10 13.36 7.03 13.02% 114.79%
PBT -0.63 9.98 3.53 -106.31% -117.85%
Tax 4.07 2.33 -1.49 74.68% -373.15%
PAT -4.70 7.65 5.02 -161.44% -193.63%
PAT % -1.1% 1.7% 1.2%
EPS -0.26 0.48 0.31 -154.17% -183.87%
Operating Cost 75%
Employee Cost 11%
Admin Cost 9%
Finance Cost 2%
Depreciation 3%
Tax 1%
Profit -1%
Gati
*Company reported attributable Loss to Gati is 3.33 Cr
In INR Cr

Gati Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• The company has recorded highest ever quarterly revenue for Q3 FY23 which stands at ₹379 crore. This
performance reflects companies’ focus on customer delight and operational efficiency.
• In the next phase of infrastructure development, we’ll be setting up four surface transhipment hubs in
Bengaluru, Hyderabad, Indore and Kolkata.
• Hub modernisation and enhanced automation will lead to better efficiency which will translate to higher
volumes.
• Gati has launched strategically located state-of-the-art and tech-enabled surface transhipment centre (STC) in
Nagpur recently, with this now we have four operational hubs in Mumbai, Farukhnagar and Guwahati.
• Keeping an eye on improving the cost, company has launched over 20 EV’s for first mile and last delivery

Gati Ltd is primarily engaged in express distribution and supply chain solution through
surface, air and rail logistics, supply chain management (SCM), E-comm logistics,
freight forwarding and cold chain - transportation and warehousing.
(A) Express Distribution & Supply Chain Division (~86% of revenues)
• Surface (92%)
• Air Freight (4.5%)
• Supply Chain Management (3.5%)
(B)Fuel Stations Business (~19% of revenues)
Presently, the company owns and operates 5 fuel stations at Bangalore, Belgaum,
Indore, Shadnagar (Hyderabad) and Chattra, Karnataka.
At a group level, the company has a network of 600+ offices including 18 large hubs,
operating a fleet of 5,000 vehicles on road and has 7,000+ business partners across
India.[10]
It has a nationwide coverage to 99% of districts and pincodes across India
Particulars
PE Ratio -
DSO (as on 31.3.2022) 57
Sales (as on 31.3.2022) 1,490
PAT Margin (%) -1.1%
Gati

1136
1330
4.20%
5.10%
Q3 FY 22 Q3 FY 23
1326 1330
5.30%
5.10%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 5.58 3.35 2.88 66.57% 93.75%
Total Revenue 1,335.13 1,329.68 1,138.88 0.41% 17.23%
Less: Operating Cost 1,134.23 1,146.71 986.69 -1.09% 14.95%
Employee Cost 94.48 83.00 80.34 13.83% 17.60%
Admin Cost 38.10 29.03 23.63 31.24% 61.24%
EBITDA 68.32 70.94 48.22 -3.69% 41.68%
EBITDA% 5.1% 5.3% 4.2%
Finance Cost 14.97 10.74 7.52 39.39% 99.07%
Depreciation 49.80 43.55 37.50 14.35% 32.80%
of JV & Associate
- - -
PBT 3.55 16.65 3.20 -78.68% 10.94%
Tax 1.88 4.74 2.05 -60.34% -8.29%
PAT 1.67 11.91 1.15 -85.98% 45.22%
PAT % 0.1% 0.9% 0.1%
EPS 0.19 1.69 0.25 -88.76% -24.00%
Operating Cost 85%
Employee Cost 7%
Admin Cost 3%
Finance Cost 1%
Depreciation 4%
Tax 0.1%
Profit 0.1%
Mahindra Logistics
*Company reported attributable Profit to Mahindra is Rs 1.32 Cr
In INR Cr

Mahindra Logistics Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• The consumer and e-commerce businesses did witness a softer demand environment.
• Mahindra Logistics also flagged weakness in its freight forwarding service due to a sharp drop in freight rates.
• During this quarter, we witnessed robust growth in auto and manufacturing, which offset for some slowness in
some of the other segments, especially e-commerce.
• During the quarter, we saw the completion of the acquisition of the B2B express business of Rivigo to a
subsidiary called MESPL. Almost 90% plus of the customers have been transitioned successfully, and we’ve
been able to improve our service levels on most of the critical deals.

• Mahindra Logistics is a business venture of Mahindra group in the logistics
sphere that provides supply chain expertise to 400+ corporates in diverse
verticals like Automotive, Engineering, Consumer Goods, etc.
• The company has two subsidiaries- Lords and 2x2. Lords provides international
freight forwarding services for exports and imports, customs brokerage, etc while
2x2 specializes in offering automotive outbound logistics solutions to 4W and
2W industries.
• The Co. has 17.5 million sq. ft. of warehousing space and a growing cross-
border supply chain business.
Financial performance
• In FY22, the Co. earned approx. 96% of its entire revenues from domestic
markets. The company’s export contribution was 4%.
• In FY22, the company earned 77% of its revenue from transportation, 19% from
warehousing and related activities and 4% from enterprise mobility services.
• Additionally, the company derived 48% of its revenues from its parent company
in FY22.
Particulars
PE Ratio 104.54
DSO (as on 31.3.2022) 43
Sales (as on 31.3.2022) 4,083
PAT Margin (%) 0.1%
Mahindra Logistics

5599
4099
8.0%
5.80%
Q3 FY 22 Q3 FY 23
5079
4099
7.60%
5.80%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Operating Revenue 4,099.02 5,078.80 5,599.41 -19.29% -26.80%
Other Income 7.40 21.91 13.86 -66.23% -46.61%
Total Revenue 4,106.42 5,100.71 5,613.27 -19.49% -26.84%
Less: Operating Cost 3,176.02 4,071.73 4,570.38 -22.00% -30.51%
Operating Profit 930.40 1,028.98 1,042.89 -9.58% -10.79%
Employee Cost 505.68 477.01 435.66 6.01% 16.07%
Admin Cost 188.34 164.08 159.38 14.79% 18.17%
EBITDA 236.38 387.89 447.85 -39.06% -47.22%
EBITDA% 5.8% 7.6% 8.0%
Finance Cost 22.29 23.73 20.15 -6.07% 10.62%
Depreciation 69.34 64.84 59.60 6.94% 16.34%
of JV & Associate
-6.71 11.25 30.07
PBT 138.04 310.57 398.17 -55.55% -65.33%
Tax 13.61 117.77 74.21 -88.44% -81.66%
PAT 124.43 192.80 323.96 -35.46% -61.59%
PAT % 3.0% 3.8% 5.8%
EPS 6.35 8.61 13.58 -26.25% -53.24%
Operating Cost 77%
Employee Cost 12%
Admin Cost 5%
Finance Cost 1%
Depreciation 2%
Tax 0.3%
Profit 3.0%
Allcargo Logistics
In INR Cr

Allcargo Logistics Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• I’m glad to state that our flagship business of LCL consolidation, which is the — contributes to almost 70% of
gross profit in the international supply chain business, has continued to see market-share expansion. And for
the first time, we have now crossed 15% global market share in LCL as we speak today.
• On the FCL business, given the macroeconomic slowdown, we have seen a flattening of volume.
• On the trade lanes, we already operate about more than 2,400 direct trade lanes globally, which is by far the
highest for any LCL operator or any other carriers globally.
• From a freight trade perspective, we have already seen that freight trades have come back to the near pre-
COVID levels.
• Contract Logistics revenue for the quarter stood at almost INR100 crores and EBITDA stood at INR31 crores.
Compared to the CFS and ICD segments, we are poised to deliver growth to enhance customer experience
with My-CFS initiative and better import-export mix.

Particulars
PE Ratio 11.27
DSO (as on 31.3.2022) 56
Sales (as on 31.3.2022) 20,072
Account Receivable (as on 31.3.2022) 3,076
PAT Margin (%) 3.0%
Key Business Highlights
• Consolidated debt as of 31st December’22 stood at ₹ 130 crores. Post 31st
December’22 Blackstone transaction has been signed and a total debt of ₹ 295
crore has been alienated from Allcargo books The company has also received
additional cash inflow of over ₹135crores
• The company is in process of acquiring 30% stake from KWE in the operating
entity
• Acquired 75% stake in Fair Trade (Germany) through ECU, Belgium significantly
strengthening position in a key market
• ACCI has received NCLT order for de-merger of contract logistics
• business into ASCPL, which is currently 100% subsidiary of Allcargo
• Logistics
Key Financial Highlights
• Decline in revenue is largely on account of ocean freight rate decline, which is
mostly a pass through and hence a similar decline in operating expenses is also
visible, barring partial impact on FCL business and investments in new trade
lanes
• Increased SG&A is on account of inflation as well as business expansion, as we
continue to invest in people and capabilities to build new products and trade lanes
Allcargo Logistics

Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Operating Revenue 4,786.17 5,210.80 4,071.98 -8.15% 17.54%
Other Income 265.00 438.11 641.39 -39.51% -58.68%
Total Revenue 5,051.17 5,648.91 4,713.37 -10.58% 7.17%
Less: Operating Cost 1,276.42 1,414.67 1,064.76 -9.77% 19.88%
Operating Profit 3,774.75 4,234.24 3,648.61 -10.85% 3.46%
Employee Cost 227.37 233.12 187.00 -2.47% 21.59%
Admin Cost 585.88 672.40 221.05 -12.87% 165.04%
EBITDA 2,961.50 3,328.72 3,240.56 -11.03% -8.61%
EBITDA% 58.6% 58.9% 68.8%
Finance Cost 533.88 577.05 667.70 -7.48% -20.04%
Depreciation 883.63 854.30 783.79 3.43% 12.74%
Exceptional Items &
19.91 3.02 15.02
PBT 1,543.99 1,897.37 1,789.07 -18.62% -13.70%
Tax 227.39 162.58 268.81 39.86% -15.41%
PAT 1,316.60 1,734.79 1,520.26 -24.11% -13.40%
PAT % 26.1% 30.7% 32.3%
EPS 6.09 7.77 7.25 -21.62% -16.00%
Operating Cost 25%
Employee Cost 5%
Admin Cost 12%
Finance Cost 11%
Depreciation 17%
Tax 4.5%
Profit 26.1%
4072
4786
68.80
%
58.60
%
Q3 FY 22 Q3 FY 23
5211
4786
58.90
%
58.60
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Adani Ports & SEZ
In INR Cr

Adani Ports & SEZ Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the
upper end of its full-year revenue and EBITDA guidance provided for FY23
• APSEZ is also targeting FY24 EBITDA of Rs 14,500-15,000 crore.
• Besides an estimated capital expenditure of Rs 4,000-4,500 crore, we are considering total loan repayment
and prepayment of around Rs 5,000 crore, which will significantly improve our Net Debt to EBITDA ratio and
bring it closer to 2.5x by March 24
• With a port EBITDA margin of 70%, Adani Ports said it continues to be one of the most profitable port
companies globally.
• EBITDA of the logistics business segment jumped 66% YoY to Rs 354 crore, supported by margin expansion
of 400 basis points with improved utilization of assets and increased share of the GPWIS revenue stream.
• Given our increased focus of providing supply chain solutions to our customers at their doorstep, our logistics
business segment is experiencing phenomenal growth

• Started in 1998 by Gautam Adani, Adani Ports and Special Economic Zone Ltd.
is a ports company of the Adani Group having 10 ports, comprising 45 berths
and 14 terminals across 6 states.
• The company is also the owner of largest private port of India, Mundra Port
which hosts world’s largest coal import terminal.
• As of 2022, the company has a revenue of over 18,000 crore and provides
employment to over 2200 people.
Services
The company has seven logistic parks in different parts of the country with a
capacity of 500,000 TEUs. It also has six inland vessels with capacities ranging
from 64 TEU to 68 TEU. The company is also the largest private container train
operator in the country, operating 43 trains under Category 1 license issued by
the Indian Railways.
The company also has a warehousing capacity of 400,000 sq feet.. In the domain
of agri logistics, the company has 21 storage infrastructure facilities in 9 states
across India. The company also operates 7 BCBFG rakes for transportation of
food grains from base depots in North to field depots across numerous locations
in India
Particulars
Market Cap as on 31 Dec 2022 (in Cr) 1,76,710
PE Ratio 33.53
DSO (as on 31.3.2022) 57
Sales (as on 31.3.2022) 15,934
Account Receivable (as on 31.3.2022) 2,470
Adani Ports & SEZ

Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 106.52 44.60 56.15 138.83% 89.71%
Total Revenue 2,110.98 2,030.94 1,994.18 3.94% 5.86%
Less: Operating Cost 1,401.83 1,334.82 1,326.50 5.02% 5.68%
Operating Profit % 33.6% 34.3% 33.5%
Employee Cost 108.48 93.00 96.78 16.65% 12.09%
Admin Cost 63.99 52.96 53.37 20.83% 19.90%
EBITDA 536.68 550.16 517.53 -2.45% 3.70%
EBITDA% 25.4% 27.1% 26.0%
Finance Cost 15.76 15.94 15.22 -1.13% 3.55%
Depreciation 139.63 138.55 140.17 0.78% -0.39%
PBT 381.29 395.67 362.14 -3.63% 5.29%
Tax 92.99 99.81 85.79 -6.83% 8.39%
PAT 288.30 295.86 276.35 -2.56% 4.32%
PAT % 13.7% 14.6% 13.9%
EPS 4.82 4.99 4.65 -3.41% 3.66%
Operating Cost 66%
Employee Cost 5%
Admin Cost 3%
Finance Cost 1%
Depreciation 7%
Tax 4.4%
Profit 13.7%
1938
2004
26.00
%
25.40
%
Q3 FY 22 Q3 FY 23
1986
2004
27.10
%
25.40
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Revenue & EBITDA(%)
Container Corporation of India
In INR Cr

Container Corporation of India Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• So the overall margin figures have come down a little bit. But the good thing is domestic growth is
continuously there as we’ve seen last year, 30% plus growth.
• In the next four years, we are expecting lot of growth in domestic. And the important part which we all of us
here should note, the domestic revenues which used to be 20% of total revenues in the year 2015-2016 and
that was traditional 80:20 mix of the total revenue, and today it has come in this quarter to 65:35, and it will
further grow.
• We already crossed 3,000 double-stack trains in this year for the nine months, and this year, we are expecting
to cross more than 4,000 trains. It’s a record.
• So the market share in EXIM, we lost around 4%. It was 62.7%, it has come down to 58.3% when I look at all.
• Domestic margins, we work around 18%, and in EXIM, we work with the margins of almost 26%.

• An Indian public sector undertaking, engaged in transportation and handling of
containers, that came into existence in 1988.
• The company is currently under consideration for privatization, which involves
Government of India selling 30% out of its 54% holding.
• The formation of COCOR relieved the Indian railways of its inland container
depots (ICDs).
Domestic Services
The company has 22 exclusive domestic terminals. In domestic service,
CONCOR’s fleet has an approximate TEU of 20,000. While most of these are
owned, some of them are also brought on lease basis. The company also has
different types of special containers like Open Top, Side Doors, Tanks Ventilated,
etc.
Financial performance
In FY 2021-22, the company had a PE Ratio of 38.54. Income from operations
which increased by 18.9% in this FY was majorly because of EXIM segment. The
increase in revenue was mainly on account of increase in revenue from rail
freight, road freight, warehousing income and other operating income.
Particulars
PE Ratio 39
DSO (as on 31.3.2022) 9
Sales (as on 31.3.2022) 7,653
Container Corporation of India

Revenue & EBITDA(%)
Amt in Cr
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Operating Revenue 341.08 359.13 349.27 -5.03% -2.34%
Other Income 2.87 2.77 6.76 3.61% -57.54%
Total Revenue 343.95 361.90 356.03 -4.96% -3.39%
Less: Operating Cost 206.79 224.57 216.20 -7.92% -4.35%
Operating Profit 137.16 137.33 139.83 -0.12% -1.91%
Employee Cost 17.44 15.68 15.18 11.22% 14.89%
Admin Cost 25.91 22.97 24.41 12.80% 6.15%
EBITDA 93.81 98.68 100.24 -4.94% -6.41%
EBITDA% 27.3% 27.3% 28.2%
Finance Cost 10.52 11.27 16.11 -6.65% -34.70%
Depreciation 25.86 26.66 33.43 -3.00% -22.64%
of JV & Associate
1.50 1.07 0.36
PBT 58.93 61.82 51.06 -4.67% 15.41%
Tax 3.61 2.28 3.13 58.33% 15.34%
PAT 55.32 59.54 47.93 -7.09% 15.42%
PAT % 16.1% 16.5% 13.5%
EPS 1.11 1.19 0.96 -6.72% 15.63%
Operating Cost 60%
Employee Cost 5%
Admin Cost 8%
Finance Cost 3%
Depreciation 8%
Tax 1.0%
Profit 16.1%
349
341
28.20
%
27.30
%
Q3 FY 22 Q3 FY 23
359
341
27.30
%
27.30
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Gateway Distriparks

Gateway Distriparks Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• Due to the global macroeconomic situation, there is a dip in throughput in Q3 particularly in the export
direction.
• Track upgradation work was taking place in NCR throughout the month of December, leading to slower
running of trains and reduced double stack and hub and spoke operations of the company
• The construction at the proposed inland container depot in Jaipur remains in progress and the terminal is
expected to be operational in the third quarter of next fiscal
• So overall, also, if you look at our market share, it’s grown on a nine-month compared to nine-month basis.
NCI were at about 16%. And I think we used to be at 12% about a year, year-and-half ago.

Gateway Distriparks is an integrated inter-modal logistics service provider. It
has a network of 9 Inland Container Depots and Container Freight Stations s
trategically located across the country, operating a fleet of 31 trainsets along
with 500+ trailers for transportation between its facilities and maritime ports,
as well as first & last mile connectivity to provide end to end solutions to the
EXIM industry.
Rail Transportation
• Operating 31 Rakes – 21 Owned & 10 on long term Lease
• Regular services between JNPT, Mundra, Pipavav and hinterland ICDs in
North India
ICD/CFS
Warehousing
Road Transportation
Particulars
PE Ratio 13.31
DSO (as on 31.3.2022) 31
Sales (as on 31.3.2022) 1,360
Gateway Distriparks

Revenue & EBITDA(%)
Particulars
Q3 FY23 Q2 FY23 Q3 FY22
QoQ % YoY %
Other Income 1.42 1.03 1.15 37.86% 23.48%
Total Revenue 110.81 109.65 74.55 1.06% 48.64%
Less: Operating Cost 65.54 65.65 37.87 -0.17% 73.07%
Employee Cost 9.67 8.28 6.21 16.79% 55.72%
Admin Cost 10.45 11.61 11.07 -9.99% -5.60%
EBITDA 25.15 24.11 19.40 4.31% 29.64%
EBITDA% 22.7% 22.0% 26.0%
Finance Cost 5.63 5.69 4.83 -1.05% 16.56%
Depreciation 13.21 13.26 13.52 -0.38% -2.29%
PBT 6.31 5.16 1.05 22.29% 500.95%
Tax 2.57 2.49 0.23 3.21% 1017.63%
PAT 3.74 2.67 0.82 40.07% 356.07%
PAT % 3.4% 2.4% 1.1%
EPS 0.22 0.16 0.05 37.50% 340.00%
Amt in Cr
Operating Cost 59%
Employee Cost 9%
Admin Cost 9%
Finance Cost 5%
Depreciation 12%
Tax 2.3%
Profit 3.4%
73
110
26.00
%
22.70
%
Q3 FY 22 Q3 FY 23
109 110
22.00
%
22.70
%
Q2 FY 23 Q3 FY 23
QoQ YoY
Snowman Logistics

Snowman Logistics Y O U R B U S I N E S S T H I N K T A N K
Management Comments
• We expect to continue the momentum and grow from here. Our efforts towards offering services and solutions
to complex and challenging operations are gaining traction and we hope to add some new businesses to our
kitty soon
• The new distribution model that we had started in the previous quarter has worked out well and is also helping
increase the throughput of both our storage and transportation verticals.
• We are setting up a best-in-class chemical handling warehouse, which is around 55,000 square feet
warehouse in Shoolagiri near Bangalore. We are expecting around INR12 crore of top line per annum from
this business with a 12% margin
• So last year, overall, we have — if we compare Q-on-Q, we have a 7% price increase, ASP increase, average
sales price increase over last year same quarter.

Snowman Logistics is engaged in the business of Temperature controlled
logistics including, but not limited to storage, transportation by road, and
distribution of products requiring a temperature controlled environment.
Transportation Facilities (60%):In Q3 FY23, the Co. had a total of ~523
vehicles, out of which 86 are dedicated vehicles, ~200 are vehicles on need
basis and 237 are owned vehicles
Warehousing Capacity (40%): The company has 43 temperature-controlled
warehouses located across 17 cities near to various major ports and major
consuming cities in India with a 130k pallet capacity
Industry Wise
Dairy & Ice-cream - 32%
QSR & RTC - 21%
Meat, Seafood & Poultry - 19%
Agriculture - 9%
FMCG & Others - 10%
Healthcare & Pharma - 5%
E-Commerce - 4%
Focus
The Co. continues to focus on offering
faster turnaround time for client-centric
solutions, expanding geographies at major
manufacturing & consumer hubs and to
provide additional value-add services.
Particulars
Market Cap as on 31 Dec 2022 (in Cr) 633
PE Ratio 78.96
DSO (as on 31.3.2022) 86
Sales (as on 31.3.2022) 286
PAT Margin (%) 3.4%
Snowman Logistics

Company Name
Market Cap
PE Ratio ROCE DSO
In Cr
Transport Corporation of India 4,797 15 17% 57
TCI Express 6,901 51 38% 64
Blue Dart Express 18,285 42 22% 48
VRL Logistics 4,784 26 18% 10
Delhivery Ltd 24,137 0 -19% 48
Mahindra Logistics 3,613 105 15% 43
Gati Ltd 1,485 0 4% 57
Allcargo Logistics 9,925 11 15% 56
Adani Ports & Sez 1,76,710 34 17% 57
Container Corporation of India 45,015 39 10% 9
Snowman Logistics 633 79 3% 86
Gateway Distriparks 3,388 13 12% 31
Ratios

Disclaimer Y O U R B U S I N E S S T H I N K T A N K
• This report have been prepared solely for information purposes and do not constitute any offer, recommendation or
invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any
contract or binding commitment whatsoever.
• This report has been prepared by AMICUS based on information and data which the AMICUS considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the
truth, accuracy, completeness, fairness and reasonableness of the contents of this report.
• This Report may not be all inclusive and may not contain all of the information that you may consider material. Any liability
in respect of the contents of, or any omission from, this report is expressly excluded.
• Amicus is not responsible for any errors or omissions in the report, or for any loss or damage that may arise from the use
of this report or any of its contents. Users of this report should conduct their own research and analysis before making any
investment decisions.
• Please note that the days sales outstanding (DSO) calculation provided is based on the sales and receivable figures for
FY22

Thank You
Do You have Any Questions?
business@amicusllp.com
+91 9820075360
www.amicusllp.com
Amicus Growth Advisors, located in Mumbai, is a leading firm specialising in business transformation and strategy consulting. We offer a
comprehensive range of services including SME IPO consultancy, IPO advisory, startup consulting, and a suite of diagnostic services (business,
sales, operations, HR). Our expertise extends to board advisory, virtual CFO services, merger assistance, ESG advisory, and solutions tailored
for small businesses. As a go-to market strategist and startup financial consultant, we provide insightful, strategic advice to help businesses
navigate complex challenges and achieve sustainable growth. Our team of experienced business consultants and advisors is committed to
delivering exceptional service and results.

Q3 FY2023 LOGISTICS REVIEW REPORT FEB 2023

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