Explore Amicus Growth Advisors' comprehensive Logistics Sector Second Quarter FY23 Research Report. Gain valuable insights into market trends, performance, and key indicators that impact the logistics industry. Stay informed and make informed decisions in this dynamic sector.

1. NOVEMBER 2022
Second Quarter FY23
Research Report
Sector: Logistics

2. Macroeconomics 2Q FY2023
• Global economy is facing significant downside risk to growth with persistent high inflation.
• However, in relation to the Indian economy & logistics sector, domestic demand continues to be quite
robust in India

3. Logistics Sectoral Highlights
• India’s logistics sector is estimated to account for about 14.4% of
GDP
• The National Logistics Policy was released by the Central
Government in September 2022, aims to lower the cost of logistics
from its current 14% of GDP to less than 10% by 2030
• Additionally, PM Gati Shakti – National Master Plan for Multi-
Modal Connectivity is an initiative to ensure seamless connectivity
on various levels.
• In September 2022, Mahindra Logistics acquired Rivigo’s B2B
express business, with the aim to strengthen its end-to-end 3PL
portfolio
• In November, Trucking aggregator Onmove announced that it has
acquired 100% stake of Transin Logistics, a Hyderabad based
trucking aggregation platform

4. Company Performance - Console View
Total Revenue (In INR Million)
• 9 out of the 12 logistics companies in
the publicly-traded universe are
showing double-digit YoY % growth
• Inflationary pressures and oil prices
kept operational environment
challenging for many of the players
• YoY% growth was ranging from flat
performance by Gati to 54% growth
for Snowman Logistics
• Aggregate Logistics group revenues
grew at 18.1% YoY and was almost
flat at 0.9% QoQ
Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY %
Current CYLQ LYSQ
AllCargo 53,002 56,749 49,779 -6.6% 6.5%
APSEZ 52,108 50,581 39,229 3.0% 32.8%
Container Corp 19,863 19,940 18,372 -0.4% 8.1%
Transport Corp 9,321 9,029 8,251 3.2% 13.0%
VRL Logistics 7,307 7,171 6,364 1.9% 14.8%
BlueDart 13,253 12,933 11,236 2.5% 17.9%
Gati 4,352 4,310 3,994 1.0% 9.0%
TCI Express 3,099 2,904 2,734 6.7% 13.3%
Delhivery 1,796 1,746 1,498 2.9% 19.9%
Mahindra Logistics 13,263 11,999 10,330 10.5% 28.4%
Snowman Logistics 1,086 873 701 24.4% 55.0%
Logistics Group Total 1,78,451 1,78,235 1,52,487 0.1% 17.0%

5. -
10,000
20,000
30,000
40,000
50,000
60,000
AllCargo APSEZ Container
Corp
Transport
Corp
VRL Logistics BlueDart Gati TCI Express Delhivery Mahindra
Logistics
Snowman
Logistics
Revenue Overview
Q2 FY23 Current Q1 FY23 CYLQ Q2 FY22 LYSQ
Company Performance - Console View

6. Company Performance - Console View
Profit Before Tax (In INR Million)
• APSEZ and Concor continued their great
PBT performance, while Delhivery looked
to reduce it’s operating losses compared to
previous quarters
• Profitability at Mahindra Logistics
remained subdued as the management
mentioned that increase in cost related to
frontline workers and outsourced
manpower, impacted their 3PL contract
logistics business.
• Among the express players, TCI Express
continued to lead on both the growth as
well as the profitability
PBT
Q2 FY23
PBT
Q1 FY23
PBT
Q2 FY22
PBT %
Q2 FY23
PBT %
Q1 FY23
PBT %
Q2 FY22
Current CYLQ LYSQ Current CYLQ LYSQ
AllCargo 3,564 3,904 3,191 6.7% 6.9% 6.4%
APSEZ 18,974 11,054 12,652 36.4% 21.9% 32.3%
Container Corp 3,957 3,945 3,354 19.9% 19.8% 18.3%
Transport Corp 846 879 858 9.1% 9.7% 10.4%
VRL Logistics 440 661 657 6.0% 9.2% 10.3%
BlueDart 1,311 1,590 1,220 9.9% 12.3% 10.9%
Gati 100 88 530 2.3% 2.0% 13.3%
TCI Express 499 411 450 16.1% 14.2% 16.4%
Delhivery -266 -405 -633 -14.8% -23.2% -42.3%
Mahindra Logistics 167 190 77 1.3% 1.6% 0.7%
Snowman Logistics 52 31 20 4.8% 3.5% 2.9%
Logistics Group Total 29,643 22,346 22,375 16.6% 12.5% 14.7%

7. Company Performance - Console View
Profit After Tax (In INR Million)
• APSEZ and Concor continued their
great PBT performance, while
Delhivery looked to reduce it’s
operating losses compared to previous
quarters
• Profitability at Mahindra Logistics
remained subdued as the
management mentioned that increase
in cost related to frontline workers
and outsourced manpower, impacted
their 3PL contract logistics business.
• Among the express players, TCI
Express continued to lead on both the
growth as well as the profitability
PAT
Q2 FY23
PAT
Q1 FY23
PAT
Q2 FY22
PAT %
Q2 FY23
PAT %
Q1 FY23
PAT %
Q2 FY22
Current CYLQ LYSQ Current CYLQ LYSQ
AllCargo 2,300 2,802 2,634 4.3% 4.9% 5.3%
APSEZ 17,348 11,775 10,502 33.3% 23.3% 26.8%
Container Corp 2,959 2,940 2,483 14.9% 14.7% 13.5%
Transport Corp 730 786 762 7.8% 8.7% 9.2%
VRL Logistics 315 494 495 4.3% 6.9% 7.8%
BlueDart 936 1,188 906 7.1% 9.2% 8.1%
Gati 77 66 464 1.8% 1.5% 11.6%
TCI Express 378 310 340 12.2% 10.7% 12.4%
Delhivery -254 -399 -635 -14.1% -22.9% -42.4%
Mahindra Logistics 119 136 46 0.9% 1.1% 0.4%
Snowman Logistics 27 19 5 2.5% 2.2% 0.7%
Logistics Group Total 24,934 20,116 18,001 14.0% 11.3% 11.8%

8. Company Performance - AllCargo
Quarterly P&L Analysis
"We have posted the highest-ever Q2
revenue and EBITDA and also the
highest margin ever for any quarter,
this time,"
Shashi Kiran Shetty
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 53,002 56,749 49,779 -6.6% 6.5%
OtherIncome 330 741 721 -55.5% -54.3%
TotalRevenue 53,332 57,489 50,500 -7.2% 5.6%
Operating Expenses 41,756 46,089 40,490 -9.4% 3.1%
Opex % 78.3% 80.2% 80.2%
ManpowerCosts 4,938 4,685 4,027 5.4% 22.6%
Manpower% 9.3% 8.1% 8.0%
Admin Costs 1,809 1,631 1,639 10.9% 10.4%
G&A % 3.4% 2.8% 3.2%
EBITDA 4,829 5,085 4,343 -5.0% 11.2%
EBITDA % 9.1% 8.8% 8.6%
FinanceCosts 370 289 270 28.1% 37.1%
Depreciation 895 892 882 0.2% 1.4%
PBT 3,564 3,904 3,191 -8.7% 11.7%
PBT% 6.7% 6.9% 6.4%
PAT 2,300 2,802 2,634 -17.9% -12.7%
PAT% 4.3% 4.9% 5.3%

9. Company Performance - AllCargo
53,002
56,749
49,779
9.1%
8.8%
8.6%
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue EBITDA%
3,564
3,904
3,191
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
2,300
2,802 2,634
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Key Highlights
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 53,002 56,749 49,779
EBITDA% 9.1% 8.8% 8.6%
PBT 6.7% 6.9% 6.4%
PAT 4.3% 4.9% 5.3%
(In INR Million)

10. Company Performance - APSEZ
Quarterly P&L Analysis
“H1 FY23 is a record half-year in
APSEZ’s history, with the highest
ever cargo volume, revenue and
EBITDA.”
Karan Adani CEO
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 52,108 50,581 39,229 3.0% 32.8%
OtherIncome 4,411 4,856 1,609 -9.2% 174.1%
TotalRevenues 56,519 55,437 40,838 2.0% 38.4%
Operating Expenses 14,147 12,579 10,313 12.5% 37.2%
Opex % 25.0% 22.7% 25.3%
ManpowerCosts 2,331 2,655 1,990 -12.2% 17.1%
Manpower% 4.1% 4.8% 4.9%
Admin Costs 6,724 14,454 1,564 -53.5% 329.8%
G&A % 11.9% 26.1% 3.8%
EBITDA 33,317 25,749 26,971 29.4% 23.5%
EBITDA % 58.9% 46.4% 66.0%
FinanceCosts 5,801 6,292 6,492 -7.8% -10.7%
Depreciation 8,543 8,404 7,827 1.7% 9.1%
PBT 18,974 11,054 12,652 71.7% 50.0%
PBT% 33.6% 19.9% 31.0%
PAT 17,348 11,775 10,502 47.3% 65.2%
PAT% 30.7% 21.2% 25.7%
(In INR Million)

11. Company Performance - APSEZ
58.9%
46.4%
66.0%
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Series1 Series2
18,974
11,054
12,652
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
17,348
11,775
10,502
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 52,108 50,581 39,229
EBITDA% 58.9% 46.4% 66.0%
PBT 33.6% 19.9% 31.0%
PAT 30.7% 21.2% 25.7%
Key Highlights
(In INR Million)

12. Company Performance – Container Corp
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 19,863 19,940 18,372 -0.4% 8.1%
OtherIncome 446 685 631 -34.9% -29.3%
TotalRevenues 20,309 20,625 19,003 -1.5% 6.9%
Operating Expenses 13,348 13,617 12,539 -2.0% 6.5%
Opex % 65.7% 66.0% 66.0%
ManpowerCosts 930 1,043 1,004 -10.8% -7.4%
Manpower% 4.6% 5.1% 5.3%
Admin Costs 530 493 511 7.5% 3.7%
G&A % 2.6% 2.4% 2.7%
EBITDA 5,502 5,473 4,949 0.5% 11.2%
EBITDA % 27.1% 9.9% 12.1%
FinanceCosts 159 155 156 2.9% 2.1%
Depreciation 1,386 1,373 1,440 0.9% -3.8%
PBT 3,957 3,945 3,354 0.3% 18.0%
PBT% 19.5% 19.1% 17.6%
PAT 2,959 2,940 2,483 0.6% 19.2%
PAT% 14.6% 14.3% 13.1%
“Core margins are intact, but as the
company has started a new end
logistics business vertical its
generating higher volumes from the
new business but at a lower margin.
The company is hopeful of reaching
10%-12% growth on the top & bottom
line. The Board has declared 2nd
Interim Dividend for FY 2022-23 of
60% i.e. Rs.3.00 per equity share of
face value of Rs.5/- each amounting to
Rs.182.79 crores.”
Kalyana Rama, CEO
https://www.timesnownews.com/videos/et-now/companies/concor-q2-results-analyzing-t
he-performance-business-outlook-v-kalyana-rama-video-95456457
(In INR Million)

13. Company Performance – Container Corp
Key Highlights
19,863 19,940
18,372
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
3,957 3,945
3,354
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
2,959 2,940
2,483
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 19,863 19,940 18,372
EBITDA% 27.1% 9.9% 12.1%
PBT 19.5% 19.1% 17.6%
PAT 14.6% 14.3% 13.1%
(In INR Million)

14. Company Performance – TCI
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 9,321 9,029 8,251 3.2% 13.0%
OtherIncome 212 151 102 40.7% 107.8%
TotalRevenues 9,533 9,180 8,353 3.8% 14.1%
Operating Expenses 7,524 7,243 6,542 3.9% 15.0%
Opex % 78.9% 78.9% 78.3%
ManpowerCosts 492 471 412 4.6% 19.6%
Manpower% 5.2% 5.1% 4.9%
Admin Costs 345 276 253 25.2% 36.4%
G&A % 3.6% 3.0% 3.0%
EBITDA 1,172 1,191 1,147 -1.6% 2.1%
EBITDA % 12.3% 13.0% 13.7%
FinanceCosts 25 23 33 10.0% -22.8%
Depreciation 300 289 256 3.9% 17.1%
PBT 846 879 858 -3.8% -1.4%
PBT% 8.9% 9.6% 10.3%
PAT 730 786 762 -7.1% -4.1%
PAT% 7.7% 8.6% 9.1%
“In Q2 & HY FY23, the company demonstr
ated consistent performance. Focus on co
re business fundamentals coupled with ris
ing demand in the automobile and consu
mption sectors enabled all business segm
ents to deliver satisfactory results despite
inflationary pressure.”
Vineet Agarwal, Managing
Director
(In INR Million)

15. Company Performance – TCI
Key Highlights
9,321
9,029
8,251
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
846
879
858
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
730
786
762
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 9,321 9,029 8,251
EBITDA% 12.3% 13.0% 13.7%
PBT 8.9% 9.6% 10.3%
PAT 7.7% 8.6% 9.1%
(In INR Million)

16. Company Performance – VRL Logistics Ltd
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 7,307 7,171 6,364 1.9% 14.8%
OtherIncome 22 30 18 -25.7% 24.6%
TotalRevenues 7,330 7,201 6,381 1.8% 14.9%
Operating Expenses 5,101 4,881 4,273 4.5% 19.4%
Opex % 59.7% 58.1% 54.6%
ManpowerCosts 1,111 1,059 901 4.9% 23.4%
Manpower% 13.0% 12.6% 11.5%
Admin Costs 103 87 57 18.6% 81.5%
G&A % 1.2% 1.0% 0.7%
EBITDA 1,014 1,174 1,151 -13.6% -11.9%
EBITDA % 11.9% 2.1% 2.8%
FinanceCosts 146 123 98 18.3% 48.4%
Depreciation 429 390 396 10.0% 8.4%
PBT 440 661 657 -33.5% -33.1%
PBT% 5.1% 1.2% 1.6%
PAT 315 494 495 -36.3% -36.4%
PAT% 3.7% 5.9% 6.3%
“In Goods Transport business, we are
taking many key steps to expand our
business at unparalleled growth. As we
envisaged, we are on a track to increase
our volume growth by 20% plus in the
current fiscal year, as compared to the last
year.
“During the quarter, we have opened
around 29 additional branches and from
April '21 we have opened totally around 188
branches. These branches have been
contributed around 8% tonnage
this is additional tonnage to the Company.”
SUNIL NALAVADI – CFO
https://www.vrlgroup.in/investor_download/Investor_Meeti
ng_on_11_11_2022_transcript.pdf
(In INR Million)

17. Company Performance – VRL Logistics Ltd
Key Highlights
7,307
7,171
6,364
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
440
661 657
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
315
494 495
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 7,307 7,171 6,364
EBITDA% 11.9% 2.1% 2.8%
PBT 5.1% 1.2% 1.6%
PAT 3.7% 5.9% 6.3%
(In INR Million)

18. Company Performance – Blue Dart
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 13,253 12,933 11,236 2.5% 17.9%
OtherIncome 77 67 -297 13.9% -125.8%
TotalRevenues 13,330 13,001 10,939 2.5% 21.9%
Operating Expenses 7,836 7,203 5,655 8.8% 38.6%
Opex % 58.8% 55.4% 51.7%
ManpowerCosts 2,097 2,159 1,996 -2.9% 5.0%
Manpower% 15.7% 16.6% 18.3%
Admin Costs 890 898 832 -0.9% 6.9%
G&A % 6.7% 6.9% 7.6%
EBITDA 2,507 2,740 2,455 -8.5% 2.1%
EBITDA % 18.8% 21.1% 22.4%
FinanceCosts 184 176 227 4.6% -19.0%
Depreciation 1,011 974 1,007 3.8% 0.4%
PBT 1,311 1,590 1,220 -17.5% 7.4%
PBT% 9.8% 12.2% 11.2%
PAT 936 1,188 906 -21.2% 3.4%
PAT% 7.0% 9.1% 8.3%
“The company is doing well due to a
balanced mix of growth and
transformational projects. India's
economic recovery from COVID-19,
along with other current economic
and geopolitical uncertainties in the
world, is progressing well and the
trajectory will continue further”
Balfour Manuel,
Managing Director
(In INR Million)

19. Company Performance – Blue Dart
Key Highlights
13,253
12,933
11,236
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
1,311
1,590
1,220
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
936
1,188
906
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 13,253 12,933 11,236
EBITDA% 18.8% 21.1% 22.4%
PBT 9.8% 12.2% 11.2%
PAT 7.0% 9.1% 8.3%
(In INR Million)

20. Company Performance – Gati
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 4,352 4,310 3,994 1.0% 9.0%
OtherIncome 108 99 493 8.7% -78.2%
TotalRevenues 4,459 4,409 4,487 1.1% -0.6%
Operating Expenses 3,274 3,284 3,054 -0.3% 7.2%
Opex % 73.4% 74.5% 68.1%
ManpowerCosts 484 459 408 5.4% 18.7%
Manpower% 10.8% 10.4% 9.1%
Admin Costs 392 377 371 4.1% 5.7%
G&A % 8.8% 8.5% 8.3%
EBITDA 309 289 654 7.1% -52.7%
EBITDA % 6.9% 6.6% 14.6%
FinanceCosts 76 74 53 2.6% 42.7%
Depreciation 134 127 71 5.3% 88.2%
PBT 100 88 530 13.4% -81.2%
PBT% 2.2% 2.0% 11.8%
PAT 77 66 464 16.1% -83.5%
PAT% 1.7% 1.5% 10.3%
“The performance for Q2 FY23 is as per our
expectations and reflects the focus on
execution across the organisation in line
with our articulated strategy”
“Sales acceleration initiatives have led to
highest-ever quarterly gross revenue for the
current quarter. The monthly tonnage
achieved a milestone of 100,000 tons. As a
part of the strategy to push sales, customer
adoption programme is launched in Gati
where each CXO is assigned five
customers to nurture."
Pirojshaw Sarkari, CEO
(In INR Million)

21. Company Performance – Gati
Key Highlights
4,352
4,310
3,994
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
100 88
530
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
77 66
464
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 4,352 4,310 3,994
EBITDA% 6.9% 6.6% 14.6%
PBT 2.2% 2.0% 11.8%
PAT 1.7% 1.5% 10.3%
(In INR Million)

22. Company Performance – TCI Express
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 3,099 2,904 2,734 6.7% 13.3%
OtherIncome 23 19 24 17.6% -3.8%
TotalRevenues 3,122 2,924 2,758 6.8% 13.2%
Operating Expenses 2,107 2,010 1,861 4.8% 13.2%
Opex % 67.5% 68.7% 67.5%
ManpowerCosts 309 309 274 0.1% 12.9%
Manpower% 9.9% 10.6% 9.9%
Admin Costs 169 158 147 6.7% 14.8%
G&A % 5.4% 5.4% 5.3%
EBITDA 538 447 476 20.2% 12.9%
EBITDA % 17.2% 15.3% 17.3%
FinanceCosts 4 3 3 20.7% 16.7%
Depreciation 35 33 24 4.8% 47.9%
PBT 499 411 450 21.4% 11.0%
PBT% 16.0% 14.1% 16.3%
PAT 378 310 340 21.9% 11.0%
PAT% 12.1% 10.6% 12.3%
Quarter started on a positive note.
The recovery trend was visible in
many internal & external economic
indicators and parameters.
We have invested for land purchase
in Kolkata for setting up an
automated sorting centre and
network expansion by adding 22 new
branches to serve a growing market.
Chander Agarwal
Managing Director
(In INR Million)

23. Company Performance – TCI Express
Key Highlights
3,099
2,904
2,734
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
499
411
450
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
378
310
340
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 3,099 2,904 2,734
EBITDA% 17.2% 15.3% 17.3%
PBT 16.0% 14.1% 16.3%
PAT 12.1% 10.6% 12.3%
(In INR Million)

24. Company Performance – Delhivery
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 1,796 1,746 1,498 2.9% 19.9%
OtherIncome 95 55 30 74.2% 213.7%
TotalRevenues 1,892 1,801 1,528 5.1% 23.8%
Operating Expenses 1,436 1,453 1,174 -1.2% 22.3%
Opex % 75.9% 80.7% 76.8%
ManpowerCosts 353 350 444 0.8% -20.6%
Manpower% 18.7% 19.4% 29.1%
Admin Costs 145 197 397 -26.3% -63.5%
G&A % 7.7% 10.9% 26.0%
EBITDA -42 -199 -488 -78.8% -91.3%
EBITDA % -2.2% -11.1% -31.9%
FinanceCosts 24 25 26 -2.5% -7.4%
Depreciation 200 181 120 10.3% 66.9%
PBT -266 -405 -633 -34.3% -58.0%
PBT% -14.1% -22.5% -41.4%
PAT -254 -399 -635 -36.4% -60.0%
PAT% -13.4% -22.2% -41.6%
“With the integration of Spoton behind us, we
remain optimistic about the future. Our structural
cost and network advantages coupled with
investments in technology, automation and our
extremely strong balance sheet position us to
strengthen our market position across segments
in the Rs 15 lakh crore Indian logistics industry,”
Sahil Barua, MD and CEO,
Delhivery.
https://economictimes.indiatimes.com/tech/startups/delhivery-q2-revenue-jumps-19-to-rs-
1796-crore-losses-narrow-60/articleshow/95458271.cms
(In INR Million)

25. Company Performance – Delhivery
Key Highlights
1,796
1,746
1,498
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
-266
-405
-633
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
-254
-399
-635
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 1,796 1,746 1,498
EBITDA% -2.2% -11.1% -31.9%
PBT -14.1% -22.5% -41.4%
PAT -13.4% -22.2% -41.6%
(In INR Million)

26. Company Performance – Mahindra Logistics Ltd
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 13,263 11,999 10,330 10.5% 28.4%
OtherIncome 34 31 23 8.4% 43.8%
TotalRevenues 13,297 12,030 10,354 10.5% 28.4%
Operating Expenses 11,467 10,284 8,836 11.5% 29.8%
Opex % 86.2% 85.5% 85.3%
ManpowerCosts 830 790 795 5.1% 4.4%
Manpower% 6.2% 6.6% 7.7%
Admin Costs 290 268 231 8.2% 25.5%
G&A % 2.2% 2.2% 2.2%
EBITDA 709 688 492 3.1% 44.2%
EBITDA % 5.3% 5.7% 4.8%
FinanceCosts 107 89 69 20.3% 55.0%
Depreciation 436 409 346 6.5% 25.8%
PBT 166 190 77 -12.2% 117.4%
PBT% 1.3% 1.6% 0.7%
PAT 119 136 46 -12.7% 158.4%
PAT% 0.9% 1.1% 0.4%
“Demand has remained muted across many
categories, especially e-commerce.
Underlying volume growth has been lower
than what was forecasted by our enterprise
customers.
Operating environment remained
challenging during Q2. During the quarter,
we saw Increase in cost related to frontline
workers and outsourced manpower which
impacted our 3PL contract logistics
business.”
Rampraveen Swaminathan,
Managing Director/CEO
(In INR Million)

27. Company Performance – Mahindra Logistics Ltd
Key Highlights
13,263
11,999
10,330
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
166
190
77
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
119
136
46
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 13,263 11,999 10,330
EBITDA% 5.3% 5.7% 4.8%
PBT 1.3% 1.6% 0.7%
PAT 0.9% 1.1% 0.4%
(In INR Million)

28. Company Performance – Snowman Logistics
Quarterly P&L Analysis
Q2FY23 Q1FY23 Q2FY22 QoQ% YoY %
Current CYLQ LYSQ
Oprating Revenues 1,086 873 701 24.4% 55.0%
OtherIncome 10 12 10 -13.3% -1.8%
TotalRevenues 1,096 885 711 23.9% 54.2%
Operating Expenses 657 471 341 39.4% 92.6%
Opex % 59.9% 53.2% 47.9%
ManpowerCosts 83 83 72 -0.4% 14.5%
Manpower% 40.2% 40.4% 35.1%
Admin Costs 116 118 108 -1.7% 7.8%
G&A % 10.6% 13.3% 15.1%
EBITDA 241 213 190 13.4% 26.7%
EBITDA % 22.0% 24.0% 26.8%
FinanceCosts 57 54 42 5.2% 35.2%
Depreciation 133 128 128 3.7% 3.5%
PBT 52 31 20 68.4% 156.7%
PBT% 4.7% 3.5% 2.8%
PAT 27 19 5 41.8% 469.8%
PAT% 2.4% 2.1% 0.7%
https://www.moneycontrol.com/stocks/reports/snowman-logistics
-board-meeting-outcome-for-outcomeboard-meeting-31343641.
html
(In INR Million)

29. Company Performance – Snowman Logistics
Key Highlights
1,086
873
701
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
Revenue
52
31
20
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PBT
27
19
5
Current CYLQ LYSQ
Q2 FY23 Q1 FY23 Q2 FY22
PAT
Q2 FY23 Q1 FY23 Q2 FY22
Revenue 1,086 873 701
EBITDA% 22.0% 24.0% 26.8%
PBT 4.7% 3.5% 2.8%
PAT 2.4% 2.1% 0.7%
(In INR Million)

30. Safe Harbor Statement
Except for the historical information contained herein, statements in this presentation t
hat contain words or phrases such as 'will', ‘would', 'indicating’, ‘expected to, etc., and si
milar expressions or variations of such expressions may constitute 'forward-looking
statements’
These forward-looking statements involve a number of risks, uncertainties, and other fa
ctors that could cause actual results, opportunities, and growth potential to differ mater
ially from those suggested by the forward-looking statements.
These risks and uncertainties include, but are not limited to, the actual growth in dema
nd for broking and other financial products and services in the countries in which we op
erate or where a material number of our customers reside.

31. NOVEMBER 2022
Thank You
For more insights,
please contact
business@amicusllp.com
www.amicusllp.com
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