Explore the dynamics of Quarter 4 and Annual Results FY23 in the Logistics Industry, unraveling key trends and performance indicators.

1. Transform | Grow | Succeed
Fourth Quarter FY2023 Report
1
Jun-23

2. About the Report
• The current report is in the series of quarterly reports compiled by Amicus Growth Advisors
• The current report covers the Fourth Quarter of Fiscal Year 2023 (Q4, FY2023) performance
of the leading publicly traded companies in the logistics industry.
• The segment mix includes Express Service providers, rail/ road transportation companies,
contract logistics players, Cold Chain, Multimodal container and CFS/ICD operators, and
Port operators
• Amicus team has compiled the financial and other relevant information from company
filings, earnings reports, management call transcripts, industry reports, and other public
sources.
• We have presented the data to identify trends, patterns, and insights that can assist investors,
analysts, and other stakeholders in the logistics industry. In all cases, we have considered the
consolidated results of the companies under review.
2
Transform | Grow | Succeed 2
Jun-23

3. Transform | Grow | Succeed
Macroeconomics
3
Jun-23

4. India in Q4 2023
• India's GDP growth in Q4 FY23 shot up to 6.1%, compared
to just 4.4% in the preceding quarter. The overall GDP
growth in FY 22-23 was at a record 7.2%.
• According to International Monetary Fund (IMF),
India is expected to grow by 6.4% in FY 2023–24 by
an average rate of 6.5 - 6.8% over the next five years.
• Growth in the next year will likely pick up as investments
kickstart the virtuous circle of job creation, income,
productivity, demand, and exports supported by favorable
demographics in the medium term.
• Overall outlook for the Indian economy remains positive​
with increasing FDIs and staggering inflation rates.​
Transform | Grow | Succeed 4
Jun-23

5. Domestic Freight Activity FY2023
Eway Bill Generation (Pre to Post COVID) – in Mn
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
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
Jan-23
Feb-23
Mar-23
Apr-23
Intra State Inter State
First Wave Second Wave Third Wave
• The number of e-way bills generated is a lead indicator of economic
activity and domestic trade.
• Over 90 million e-way bills in March and the revenue collected in
March of ₹1.6 trillion (relating to February sales), the second highest
since April 2022
• GST revenue receipts indicate businesses are pushing themselves to
achieve year-end sales targets and fulfill orders.
Particulars
Quaterly (in Mn) Growth Annual (in Mn)
Growth
Q4 FY23 Q3 FY23 Q4 FY22 QoQ (%) YoY(%) FY23 FY22
No. of E-Way Bill
(Inter+Intra)
340.79 322.68 292.07 5.6% 16.7% 1284.05 1003.8 27.9%
Transform | Grow | Succeed 5
Jun-23

6. Transform | Grow | Succeed
Consolidated Quarterly Performance
6/8/2023 6
Transform | Grow | Succeed 6
Jun-23

7. Consolidated Revenue 4Q & FY2023
Company Core-Segment
Quaterly Comparision Annual Comparision
Total Revenue (in Cr) Growth Total Revenue (in Cr) Growth
Q4 FY23 Q3 FY23 Q4 FY22 QoQ(%) YoY(%) FY22-23 FY21-22 %
TCI Express Express 328 316 300 3.9% 9.2% 1248 1090 14.5%
Bluedart Express Express 1225 1346 1170 -9.0% 4.8% 5204 4441 17.2%
Gati Ltd Express 423 444 387 -4.9% 9.3% 1746 1505 16.0%
Delhivery Ltd Express 1934 1918 2127 0.8% -9.1% 7530 7038 7.0%
Transport Corporation of India Road & Rail 991 974 905 1.8% 9.5% 3813 3277 16.4%
VRL Logistics Road (FTL/ PTL) 703 686 601 2.5% 17.0% 2663 2180 22.1%
Ritco Logistics Road (FTL) 198 195 176 1.5% 12.3% 754 597 26.4%
Mahindra Logistics Contract Logistics/ SCM 1276 1335 1095 -4.4% 16.6% 5144 4154 23.8%
Adani Ports & SEZ Ports, CFS & Rail 6179 5051 4739 22.3% 30.4% 22405 19343 15.8%
Allcargo Logistics CFS, ICD & Rail 3415 4128 5464 -17.3% -37.5% 18115 19092 -5.1%
Container Corporation CFS, ICD & Rail 2278 2111 2127 7.9% 7.1% 8483 7898 7.4%
Gateway Distripark CFS, ICD & Rail 391 344 377 13.6% 3.7% 1443 1407 2.6%
Snowman Logistics Cold Chain 116 111 78 4.9% 49.0% 425 290 46.5%
Group Total 19458 18959 19546 2.6% -0.4% 78974 72313 9.2%
Transform | Grow | Succeed 7
Jun-23

8. Margins - Q4 & FY2023
Company
Quaterly Margins Annual Margins
Operating Margin EBITDA Margin Operating Margin EBITDA Margin
Q4 FY23 Q3 FY23 Q4 FY22 Q4 FY23 Q3 FY23 Q4 FY22 FY23 FY22 FY23 FY22
TCI Express 33.2% 30.7% 33.6% 17.0% 15.0% 17.4% 31.9% 32.7% 16.2% 16.8%
Bluedart Express 42.6% 42.0% 47.7% 17.0% 17.6% 25.3% 42.6% 48.6% 18.6% 23.2%
Gati Ltd 24.7% 24.6% 24.7% 4.3% 5.0% 3.5% 25.1% 23.7% 5.3% 3.3%
Delhivery Ltd 29.1% 26.4% 29.4% 4.5% 1.1% 5.6% 24.7% 26.8% -1.9% -4.5%
Transport Corporation of India 20.9% 20.9% 22.3% 12.1% 12.5% 14.0% 20.5% 21.4% 11.9% 13.1%
VRL Logistics 33.6% 32.1% 37.4% 16.9% 15.7% 20.2% 32.4% 35.0% 15.6% 17.9%
Ritco Logistics 11.7% 10.8% 11.6% 8.0% 7.2% 7.3% 11.0% 11.4% 7.4% 7.4%
Mahindra Logistics 15.9% 14.9% 15.0% 5.3% 5.1% 5.3% 14.7% 14.6% 5.4% 4.8%
Adani Ports & SEZ 72.8% 74.5% 76.7% 59.1% 58.6% 56.0% 74.8% 74.8% 55.8% 60.7%
Allcargo Logistics 25.2% 22.6% 18.1% 4.8% 6.1% 7.1% 21.0% 18.4% 6.6% 6.8%
Container Corporation 34.2% 33.6% 32.4% 23.9% 25.4% 22.9% 34.0% 33.5% 25.7% 25.3%
Gateway Distripark 38.6% 39.9% 42.1% 27.4% 27.3% 29.9% 38.6% 40.1% 27.1% 28.6%
Snowman Logistics 39.4% 40.9% 47.4% 22.0% 22.7% 23.1% 41.5% 49.8% 22.6% 25.4%
Group Margin 42.7% 39.6% 38.4% 26.7% 23.8% 22.8% 40.0% 39.0% 23.7% 24.2%
Transform | Grow | Succeed 8
Jun-23

9. Quarterly and Annual Results
Transform | Grow | Succeed 9
Jun-23

10. TCI Express
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 326.3 314.4 298.2 3.8% 9.4% 1,241.0 1,081.5 14.8%
Other Income 1.7 1.3 2.1 28.5% -20.5% 7.2 8.2 -12.2%
Total Revenue 327.9 315.7 300.3 3.9% 9.2% 1,248.2 1,089.6 14.5%
Less: Operating Cost 219.2 218.9 199.4 0.1% 9.9% 849.7 733.0 15.9%
Operating Profit 108.7 96.8 100.9 12.3% 7.8% 398.5 356.7 11.7%
Operating Profit % 33.2% 30.7% 33.6% 31.9% 32.7%
Employee Cost 31.4 31.2 29.3 0.5% 7.1% 124.3 109.9 13.1%
Admin Cost 21.6 18.3 19.3 18.1% 11.9% 72.5 63.8 13.6%
EBITDA 55.8 47.4 52.3 17.8% 6.7% 201.7 182.9 10.3%
EBITDA% 17.0% 15.0% 17.4% 16.2% 16.8%
Finance Cost 0.7 0.4 0.3 68.2% 155.2% 1.8 0.9 98.9%
Depreciation 4.2 4.3 3.2 -2.1% 32.9% 15.3 10.0 53.4%
Exceptional Items - - -
PBT 50.9 42.7 48.9 19.3% 4.1% 184.5 172.0 7.3%
Tax 12.4 10.6 12.9 16.8% -3.9% 45.3 43.2 4.8%
PAT 38.5 32.0 35.9 20.1% 7.0% 139.3 128.8 8.1%
PAT % 11.7% 10.1% 12.0% 11.2% 11.8%
EPS 10.04 8.32 9.21 20.7% 9.0% 36.24 33.48 8.2%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth
Management Comments
• “Successfully closed the year with highest ever
quarterly revenue of Rs. 326 crores and
EBITDA Rs. 56 crores with double-digit Y-o-Y
growth
• Improved profitability and growth was primarily
driven by higher capacity utilization of 85%,
demand from both Corporate and SME
customers
• Capex of Rs. 125 Crores incurred during
FY2023 primarily spent towards land
acquisition in Kolkata and Ahmedabad for
setting up new automated sorting center and for
new corporate office in Gurgaon
• 35 new branches were added during FY2023 to
penetrate deeper in the key growing markets in
West and South region to cater the growing
demand with industry leading services”
10
Jun-23

11. Ratios – TCI Express
27
Transform | Grow | Succeed
42.1%
34.3%
30.2%
31.8%
30.5%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
48
49
61
51
50
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2022 (in Cr) 5719.50
PE Ratio as on 31 Mar 2022 41.20
Stock Return - 5 Year CAGR 24%
Sales Growth - 5 Year CAGR 7%
11
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TCI Express
Nifty
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

12. Blue Dart Express Ltd.
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 1,216.6 1,337.1 1,165.9 -9.0% 4.3% 5,172.2 4,410.5 17.3%
Other Income 8.7 9.0 3.6 -3.1% 140.2% 32.0 30.8 4.1%
Total Revenue 1,225.2 1,346.0 1,169.5 -9.0% 4.8% 5,204.3 4,441.3 17.2%
Less: Operating Cost 702.8 781.2 611.9 -10.0% 14.9% 2,988.0 2,281.4 31.0%
Operating Profit 522.4 564.9 557.6 -7.5% -6.3% 2,216.3 2,159.9 2.6%
Operating Profit % 42.6% 42.0% 47.7% 42.6% 48.6%
Employee Cost 208.9 203.3 165.5 2.7% 26.2% 837.8 765.4 9.5%
Admin Cost 105.6 124.6 96.7 -15.2% 9.1% 409.0 363.9 12.4%
EBITDA 207.9 237.0 295.4 -12.3% -29.6% 969.5 1,030.6 -5.9%
EBITDA% 17.0% 17.6% 25.3% 18.6% 23.2%
Finance Cost 14.9 15.9 19.6 -6.3% -24.0% 66.9 87.0 -23.1%
Depreciation 96.4 99.6 92.5 -3.3% 4.1% 394.5 395.4 -0.2%
Exceptional Items - - - - 36.0 -100.0%
PBT 96.6 121.5 183.3 -20.5% -47.3% 508.2 512.3 -0.8%
Tax 27.2 32.8 46.3 -17.2% -41.2% 137.7 130.1 5.8%
PAT 69.4 88.7 137.0 -21.7% -49.3% 370.5 382.2 -3.1%
PAT % 5.7% 6.6% 11.7% 7.1% 8.6%
EPS 29.27 37.37 57.73 -21.7% -49.3% 156.16 161.08 -3.1%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “We closed FY'23 with a strong
potential for the future by developing
creative solutions for our customers and
expanding our fleet with two Boeing
737 aircraft to serve the length and
breadth of the country.
• We will benefit from a consolidated
market and deepened relationships with
our existing stakeholders.
• As we enter FY24, we see an increasing
need for businesses to stay agile by
leveraging next-generation
technologies.”
12
Jun-23

13. Ratios – Blue Dart Express
27
Transform | Grow | Succeed
17.0%
13.0%
17.0%
31.0%
27.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
56
61
57
48
45
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 14742.53
PE Ratio as on 31 Mar 2023 39.79
Stock Return - 5 Year CAGR 13.0%
Sales Growth - 5 Year CAGR 12.5%
13
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Bluedart
Express
NIFTY 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

14. Gati Ltd
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 415.7 441.4 376.7 -5.8% 10.3% 1,723.2 1,489.9 15.7%
Other Income 6.9 2.9 10.0 140.4% -31.5% 22.9 15.3 49.5%
Total Revenue 422.5 444.2 386.7 -4.9% 9.3% 1,746.0 1,505.2 16.0%
Less: Operating Cost 318.2 334.8 291.4 -5.0% 9.2% 1,307.3 1,149.1 -72.3%
Operating Profit 104.3 109.4 95.3 -4.6% 9.4% 438.7 356.1 -70.7%
Operating Profit % 24.7% 24.6% 24.7% 25.1% 23.7%
Employee Cost 47.4 47.2 41.9 0.3% 13.1% 188.2 158.1 -70.0%
Admin Cost 38.7 39.8 40.0 -2.9% -3.4% 157.6 148.4 -73.9%
EBITDA 18.3 22.3 13.5 -18.2% 35.8% 92.9 49.7 -63.2%
EBITDA% 4.3% 5.0% 3.5% 5.3% 3.3%
Finance Cost 7.3 7.1 7.2 3.2% 1.0% 29.4 27.3 -73.2%
Depreciation 18.1 15.1 12.4 19.7% 46.1% 59.2 34.9 -48.3%
Exceptional Items 5.7 0.8 22.3 626.6% -74.3% -1.0 -12.1 -147.6%
PBT -12.8 -0.6 -28.5 1939.7% -54.9% 5.3 -0.5 2470.0%
Tax 7.6 4.1 1.3 86.7% 508.0% 16.2 3.9 93.4%
PAT -20.4 -4.7 -29.7 335.1% -31.2% -10.9 -4.4 361.6%
PAT % -4.8% -1.1% -7.7% -0.6% -0.3%
EPS -1.23 -0.26 -2.91 373.1% -57.7% -0.74 -0.72 70.8%
Annual
Growth
FY 22-23 FY 21-22
Particulars
QoQ % YoY %
Quaterly
Management Comments
• “The company remarked that the performance
reflects company’s focus on volume growth and
operational efficiency. The year saw Gati
launching its mega surface trans-shipment hub at
Bhiwandi (Mumbai), in addition to hubs at
Nagpur and Guwahati.
• In the next phase of infrastructure development,
the company said that they'll be setting up four
surface trans-shipment hubs in Bengaluru,
Hyderabad, Indore and Kolkata.
• 1000+ First and Last miles vehicles to enhance
brand visibility. Developed ~40 new franchisee
PAN India in an endeavor to decrease First and
Last Mile TATs, Cost while simultaneously
increase in Booking Loads.
• Electric vehicles introduced in first mile and last
mile of operations, successfully achieved a
milestone of plying 100+ electric vehicles pan
India.”
14
Jun-23

15. Ratios – Gati Ltd
36
Transform | Grow | Succeed
8.0%
0.0% 0.0%
2.0%
4.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
47
44
54
57
57
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 1311.70
PE Ratio as on 31 Mar 2023 -
Stock Return - 5 Year CAGR 0.0%
Sales Growth - 5 Year CAGR 5.0%
15
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Gati
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

16. Delhivery Ltd
44
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 1,859.6 1,823.8 2,071.8 2.0% -10.2% 7,225.3 6,882.3 5.0%
Other Income 74.6 94.3 55.3 -20.9% 35.0% 305.0 156.1 95.3%
Total Revenue 1,934.2 1,918.1 2,127.0 0.8% -9.1% 7,530.3 7,038.4 7.0%
Less: Operating Cost 1,371.5 1,411.1 1,501.5 -2.8% -8.7% 5,671.1 5,152.3 10.1%
Operating Profit 562.7 507.0 625.5 11.0% -10.0% 1,859.2 1,886.1 -1.4%
Operating Profit % 29.1% 26.4% 29.4% 24.7% 26.8%
Employee Cost 357.4 339.6 340.6 5.2% 4.9% 1,400.0 1,313.3 6.6%
Admin Cost 117.3 146.4 166.3 -19.9% -29.5% 605.8 888.7 -31.8%
EBITDA 88.0 21.0 118.5 318.8% -25.8% -146.7 -315.8 -53.6%
EBITDA% 4.5% 1.1% 5.6% -1.9% -4.5%
Finance Cost 18.9 21.4 23.3 -11.4% -18.8% 88.8 99.5 -10.8%
Depreciation 242.5 207.3 222.6 17.0% 8.9% 831.1 610.8 36.1%
Exceptional Items -0.8 1.4 3.2 -155.7% -123.6% -13.6 3.2 -520.6%
PBT -172.6 -209.0 -130.6 -17.4% 32.2% -1,053.1 -1,029.3 2.3%
Tax -14.0 -13.4 -10.7 4.3% 30.1% -45.3 -18.3 147.0%
PAT -158.7 -195.6 -119.9 -18.9% 32.4% -1,007.8 -1,011.0 -0.3%
PAT % -8.2% -10.2% -5.6% -13.4% -14.4%
EPS -2.14 -2.65 -2.01 -19.2% 6.5% -14 -17 -17.6%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “Indicators like service precision, network speed
and delivery quality parameters are at all time
high levels and are share of wallet growth.
• Express Business: ~ 10 Mn higher shipments in
Q4 than a seasonally strong Q3 helped in further
consolidation of our market leadership; 17%
shipment volume growth in Q4 YoY ex-Shopee
• PTL Business: robust Q4 FY23 ensures we start
FY24 with a strong momentum in volume
growth & superior service levels.
• Third consecutive quarter of improvement in
profitability:
I. Operating Leverage continues to play out
with increase in Express and PTL
volumes
II. Pricing revisions carried out with low-
margin customers, expected to continue
in Q1 & Q2 FY24”
16
Jun-23

17. Ratios – Delhivery Ltd
45
Transform | Grow | Succeed
-250.0%
-7.0% -5.0% -14.0% -8.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
47
79
60
48
45
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 24189.08
PE Ratio as on 31 Mar 2023 -
Stock Return - 1 Year CAGR -31.0%
Sales Growth - 5 Year CAGR 46.0%
17
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Delhivery
Nifty 50
May-22 Oct-22 Mar-23
Jun-23

18. Transport Corporation of India Ltd.
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 979.3 966.8 898.5 1.3% 9.0% 3,782.6 3,258.8 16.1%
Other Income 12.1 7.0 6.8 72.9% 76.5% 30.3 17.8 70.1%
Total Revenue 991.4 973.8 905.3 1.8% 9.5% 3,812.8 3,276.6 16.4%
Less: Operating Cost 783.8 770.2 703.5 1.8% 11.4% 3,030.7 2,576.6 17.6%
Operating Profit 207.6 203.5 201.8 2.0% 2.9% 782.2 700.0 11.7%
Operating Profit % 20.9% 20.9% 22.3% 20.5% 21.4%
Employee Cost 51.0 49.3 43.9 3.4% 16.1% 196.5 170.0 15.6%
Admin Cost 36.6 32.8 31.0 11.5% 17.9% 131.4 101.3 29.7%
EBITDA 120.1 121.5 126.9 -1.1% -5.3% 454.3 428.7 6.0%
EBITDA% 12.1% 12.5% 14.0% 11.9% 13.1%
Finance Cost 2.4 2.6 2.2 -9.6% 5.4% 9.8 12.8 -23.5%
Depreciation 31.1 31.4 37.1 -0.9% -16.2% 121.4 113.0 7.4%
Exceptional Items -7.2 -10.2 -9.7 -29.1% -25.6% -41.0 -27.7 48.1%
PBT 93.9 97.6 97.2 -3.9% -3.4% 364.0 330.5 10.2%
Tax 11.5 11.0 10.9 3.9% 5.7% 43.4 37.7 15.4%
PAT 82.4 86.6 86.4 -4.8% -4.6% 320.6 292.8 9.5%
PAT % 8.3% 8.9% 9.5% 8.4% 8.9%
EPS 10.52 11.08 11.06 -5.1% -4.9% 40.96 37.5 9.2%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “The company believes that the coming quarters
will be impacted due to multiple domestic and
global factors.
• It’s going to be still a little tougher for railways
to catch up because the pricing mechanism
is more lopsided towards weight rather than
volume of cargo.
• The company said that the uptrend in the
mobility sector, private capex and steady
consumption trends have helped their
businesses.
• There is hardly or no receivables for our LTL
business.
• Moderate Growth in Q4 on an elevated base,
however overall, 16% growth momentum amidst
improved economic activities and higher
volumes from large customers”
18
Jun-23

19. Ratios – Transport Corporation of India
Transform | Grow | Succeed
17.0%
15.0% 15.0%
23.0% 23.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
68
65
67
57
54
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 4865.17
PE Ratio as on 31 Mar 2023 15.30
Stock Return - 5 Year CAGR 20.0%
Sales Growth - 5 Year CAGR 10.0%
19
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Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

20. VRL Logistics
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 698.2 681.5 593.9 2.4% 17.6% 2,648.5 2,163.6 22.4%
Other Income 4.7 4.5 6.6 4.5% -29.2% 14.3 16.8 -14.7%
Total Revenue 702.9 686.0 600.5 2.5% 17.0% 2,662.9 2,180.4 22.1%
Less: Operating Cost 467.0 465.7 375.9 0.3% 24.2% 1,799.0 1,418.2 26.9%
Operating Profit 235.9 220.4 224.7 7.0% 5.0% 863.8 762.2 13.3%
Operating Profit % 33.6% 32.1% 37.4% 32.4% 35.0%
Employee Cost 108.4 104.4 96.2 3.8% 12.6% 414.9 346.9 19.6%
Admin Cost 8.8 8.2 6.9 6.8% 26.6% 33.0 23.9 37.9%
EBITDA 118.8 107.8 121.6 10.2% -2.3% 416.0 391.4 6.3%
EBITDA% 16.9% 15.7% 20.2% 15.6% 17.9%
Finance Cost 13.3 15.1 11.8 -11.9% 12.9% 54.3 42.2 28.9%
Depreciation 45.3 42.1 40.8 7.5% 10.9% 159.1 144.5 10.1%
Exceptional Items -132.2 -11.4 -3.9 1055.6% 3298.5% -157.1 -4.0 3866.2%
PBT 192.4 62.0 72.9 210.3% 164.1% 359.6 208.7 72.3%
Tax -0.8 12.8 16.7 -105.9% -104.5% 36.4 48.6 -25.1%
PAT 193.2 49.2 56.2 292.6% 243.8% 323.2 160.1 101.9%
PAT % 27.5% 7.2% 9.4% 12.1% 7.3%
EPS 21.87 5.57 6.36 292.6% 243.9% 36.58 18.12 101.9%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “The increase in revenue is mainly on account
of increase in tonnage. The total tonnage has
reached to 39 lakhs 12,000 tons in the current
year, which has grown by around 21%. The
company's average daily tonnage delivery has
reached to 11,400 tons in Q4 FY '23.
• Apart from this expansion in branch network,
the steps taken by the GST authority to increase
in compliances especially with respect to
applicability of e-invoice for the movement of
the goods is further supporting the shift of
customers from unorganized to organized
players.
• 184 new Branches added in FY23 and 57 new
Branches added in Q4FY23- expanded VRL
Logistics presence in hitherto untapped
markets. Focus on Volume Growth is going to
continue by Expansion of Branch Network.”
20
Jun-23

21. Ratios – VRL Logistics
Transform | Grow | Succeed
21.0%
6.0%
0.0%
23.0%
18.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
14
15
13
10
11
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 5585.44
PE Ratio as on 31 Mar 2023 17.29
Stock Return - 5 Year CAGR 15.0%
Sales Growth - 5 Year CAGR 7.0%
21
0
5000
10000
15000
20000
0
100
200
300
400
500
600
700
800
VRL
Logistic
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

22. Ritco Logistics
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 196.7 194.6 174.1 1.1% 13.0% 751.1 593.3 26.6%
Other Income 1.2 0.5 2.1 150.0% -43.9% 2.9 3.4 -15.0%
Total Revenue 197.9 195.0 176.2 1.5% 12.3% 754.0 596.7 26.4%
Less: Operating Cost 174.8 174.0 155.8 0.5% 12.2% 670.7 528.8 26.8%
Operating Profit 23.1 21.1 20.4 9.5% 13.5% 83.3 67.9 22.6%
Operating Profit % 11.7% 10.8% 11.6% 11.0% 11.4%
Employee Cost 4.1 4.0 2.0 3.5% 103.5% 14.2 7.2 97.9%
Admin Cost 3.2 3.0 5.4 6.6% -40.3% 13.6 16.6 -18.0%
EBITDA 15.8 14.1 12.9 11.8% 22.0% 55.5 44.2 25.7%
EBITDA% 8.0% 7.2% 7.3% 7.4% 7.4%
Finance Cost 4.8 4.5 3.2 7.6% 49.1% 16.5 13.3 23.8%
Depreciation 1.4 1.3 2.0 11.7% -27.0% 5.2 8.7 -40.2%
Exceptional Items - - - - -
PBT 9.5 8.4 7.8 14.0% 23.1% 33.9 22.2 52.6%
Tax 3.3 1.9 2.0 76.1% 68.0% 9.2 5.9 54.5%
PAT 6.2 6.5 5.8 -4.0% 7.8% 24.7 16.3 51.9%
PAT % 3.1% 3.3% 3.3% 3.3% 2.7%
EPS 2.55 2.64 2.36 -3.4% 8.1% 10.1 6.65 51.9%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “We expects the strong business
growth to continue on the back of
new client additions, new
geographic expansion and providing
higher value adding services with
increased scale of business coupled
with cost optimization initiatives &
moderate inflation outlook, we
expect margins to expand in coming
times.
• Ritco is emerging is now
strategically focusing on
infrastructure development specially
on bulk movement”
22

23. Ratios – Ritco Logistics
Transform | Grow | Succeed
18.0%
6.0%
9.0%
13.0%
15.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
103
111
132
124
118
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 370.04
PE Ratio as on 31 Mar 2023 15.00
Stock Return - 3 Year CAGR 181.0%
Sales Growth - 5 Year CAGR 17.0%
23
10000
15000
20000
0
50
100
150
200
250
300
RITCO
NIFTY 50
APR-22 Sep-22 Mar-23
Jun-23

24. Mahindra Logistics
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 1,272.5 1,329.6 1,088.5 -4.3% 16.9% 5,128.3 4,140.8 23.8%
Other Income 3.8 5.6 6.3 -31.4% -39.2% 15.9 13.6 16.7%
Total Revenue 1,276.3 1,335.1 1,094.8 -4.4% 16.6% 5,144.1 4,154.3 23.8%
Less: Operating Cost 1,073.1 1,135.9 930.8 -5.5% 15.3% 4,386.5 3,549.8 23.6%
Operating Profit 203.3 199.2 164.0 2.0% 24.0% 757.6 604.6 25.3%
Operating Profit % 15.9% 14.9% 15.0% 14.7% 14.6%
Employee Cost 98.1 94.5 79.5 3.9% 23.5% 354.6 314.7 12.7%
Admin Cost 37.6 36.4 26.8 3.2% 40.5% 127.5 92.0 38.5%
EBITDA 67.6 68.3 57.7 -1.1% 17.0% 275.6 197.9 39.3%
EBITDA% 5.3% 5.1% 5.3% 5.4% 4.8%
Finance Cost 16.9 15.0 9.1 13.1% 85.4% 51.6 29.8 72.9%
Depreciation 55.3 49.8 39.3 10.9% 40.7% 189.5 141.7 33.7%
Exceptional Items - - - - -
PBT -4.6 3.5 9.4 -230.4% -149.5% 34.5 26.3 31.3%
Tax -4.8 1.9 3.1 -356.9% -256.8% 7.1 11.3 -36.7%
PAT 0.2 1.7 6.3 -88.0% -96.8% 27.4 15.1 82.1%
PAT % 0.0% 0.1% 0.6% 0.5% 0.4%
EPS -0.11 0.19 1.03 -157.9% -110.7% 3.65 5.16 -29.3%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “Despite slowdown in some end markets,
the company's core 3PL business
demonstrated positive traction on order
intake and margin expansion.
• The company has decided to increase its
investments in its last mile delivery
business and increase its warehousing
footprints.
• The increased pressure on the freight
forwarding business has led to a steep
decline in the YoY revenues.
• The increase in revenue was because of
an adjustment in the Bajaj account and a
decline in the freight forwarding
business.”
24

25. Ratios – Mahindra Logistics
39
Transform | Grow | Succeed
28.0%
15.0%
8.0% 8.0% 7.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
49
56
54
43
46
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 2554.48
PE Ratio as on 31 Mar 2023 97.07
Stock Return - 5 Year CAGR -8.0%
Sales Growth - 5 Year CAGR 8.0%
25
0
5000
10000
15000
20000
0
100
200
300
400
500
600
700
800
900
Mahindra
Log
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

26. Adani Ports & SEZ
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 5,796.9 4,786.2 4,140.8 21.1% 40.0% 20,851.9 17,118.8 21.8%
Other Income 382.3 265.0 598.3 44.3% -36.1% 1,553.5 2,223.7 -30.1%
Total Revenue 6,179.1 5,051.2 4,739.1 22.3% 30.4% 22,405.4 19,342.5 15.8%
Less: Operating Cost 1,677.9 1,289.6 1,103.3 30.1% 52.1% 5,654.6 4,865.1 16.2%
Operating Profit 4,501.2 3,761.6 3,635.8 19.7% 23.8% 16,750.8 14,477.4 15.7%
Operating Profit % 72.8% 74.5% 76.7% 74.8% 74.8%
Employee Cost 452.2 227.4 198.0 98.9% 128.4% 1,178.2 779.4 51.2%
Admin Cost 396.1 572.7 782.4 -30.8% -49.4% 3,072.1 1,949.8 57.6%
EBITDA 3,653.0 2,961.5 2,655.4 23.3% 37.6% 12,500.6 11,748.2 6.4%
EBITDA% 59.1% 58.6% 56.0% 55.8% 60.7%
Finance Cost 622.6 533.9 649.5 16.6% -4.1% 2,362.6 2,543.9 -7.1%
Depreciation 844.9 883.6 764.3 -4.4% 10.5% 3,423.2 3,099.3 10.5%
Exceptional Items 1,266.0 -19.9 -10.2 -6458.8% -12536.4% 1,225.6 387.8 216.0%
PBT 919.5 1,563.9 1,251.8 -41.2% -26.5% 5,489.1 5,717.1 -4.0%
Tax -221.5 227.4 140.1 -197.4% -258.1% 96.4 764.0 -87.4%
PAT 1,141.0 1,336.5 1,111.6 -14.6% 2.6% 5,392.8 4,953.2 8.9%
PAT % 18.5% 26.5% 23.5% 24.1% 25.6%
EPS 5.36 6.09 5.1 -12.0% 5.1% 24.58 22.62 8.7%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth
Management Comments
• "With 339 million tonne in FY23 (April
2022 to March 2023), APSEZ recorded
its largest port cargo volumes ever, which
is a good 9 per cent year-on-year
growth,“
• "The improvement in cargo volumes is
testimony to the faith that our customers
have in us," said Karan Adani, CEO,
APSEZ.
• "APSEZ's flagship port, Mundra (in
Gujarat), is outpacing all its closest rivals
and continues to be the largest port in the
nation in terms of volumes handled.
Mundra's infrastructure meets the world
standards and provides service levels on
par with those of its global competitors,
making it India's gateway for container
goods."
26
Jun-23

27. Ratios – Adani Ports & SEZ
Transform | Grow | Succeed
14.0%
12.0%
14.0%
11.0%
10.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
93
98
85
57
57
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 136517.58
PE Ratio as on 31 Mar 2023 25.71
Stock Return - 5 Year CAGR 14.0%
Sales Growth - 5 Year CAGR 13.0%
27
0
5000
10000
15000
20000
0
200
400
600
800
1000
1200
Adani Ports
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

28. Allcargo Logistics
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 3,395.1 4,127.0 5,464.2 -17.7% -37.9% 18,050.8 19,062.1 -5.3%
Other Income 20.3 1.0 0.1 1992.8% 33733.3% 64.7 30.4 112.8%
Total Revenue 3,415.4 4,128.0 5,464.2 -17.3% -37.5% 18,115.4 19,092.5 -5.1%
Less: Operating Cost 2,553.6 3,193.2 4,476.4 -20.0% -43.0% 14,307.1 15,586.3 -8.2%
Operating Profit 861.8 934.8 987.9 -7.8% -12.8% 3,808.4 3,506.2 8.6%
Operating Profit % 25.2% 22.6% 18.1% 21.0% 18.4%
Employee Cost 485.2 501.6 435.9 -3.3% 11.3% 1,907.1 1,614.1 18.2%
Admin Cost 213.5 179.6 162.0 18.9% 31.8% 707.1 593.8 19.1%
EBITDA 163.1 253.6 390.0 -35.7% -58.2% 1,194.1 1,298.3 -8.0%
EBITDA% 4.8% 6.1% 7.1% 6.6% 6.8%
Finance Cost 19.0 19.8 22.5 -4.4% -15.7% 75.4 86.9 -13.3%
Depreciation 80.7 53.2 66.1 51.5% 22.0% 278.0 237.6 17.0%
Exceptional Items 0.9 4.5 -14.5 -79.7% -106.3% -54.6 -247.9 -78.0%
PBT 62.6 176.0 315.8 -64.4% -80.2% 895.3 1,221.6 -26.7%
Tax 10.7 30.4 75.3 -64.8% -85.8% 242.1 257.0 -5.8%
PAT 51.9 145.6 240.5 -64.4% -78.4% 653.2 964.6 -32.3%
PAT % 1.5% 3.5% 4.4% 3.6% 5.1%
EPS 2.51 5.89 10.05 -57.4% -75.0% 25.62 37.68 -32.0%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “The express business operations are now best in
industry and with mega hubs in place, we expect
revenue and margins to gradually expand.
Contract Logistics business continues its strong
performance and is poised for strong growth in
FY24.
• 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.
• The volumes continue to remain lower in the
flagship international supply chain business due
to reduced global trade. Most leading
international forwarders have reported 5% to
17% YoY drop in volumes in the quarter ending
March 2023.
• Yields are expected to remain range bound with
short term decline driven by competitive
pressure and bounce back with improved
operating parameters including utilisation and
share of 40 feet containers.”
28

29. Ratios – Allcargo Logistics
39
Transform | Grow | Succeed
13.0%
10.0% 10.0%
26.0%
20.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
50
57
76
56
41
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 6814.22
PE Ratio as on 31 Mar 2023 10.82
Stock Return - 5 Year CAGR 26.0%
Sales Growth - 5 Year CAGR 24.0%
29
0
5000
10000
15000
20000
0
100
200
300
400
500
600
Allcargo
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

30. Container Corporation of India
41
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 2,184.3 2,004.5 2,057.6 9.0% 6.2% 8,169.1 7,652.7 6.7%
Other Income 93.8 106.5 69.5 -12.0% 35.0% 313.4 245.5 27.6%
Total Revenue 2,278.1 2,111.0 2,127.0 7.9% 7.1% 8,482.5 7,898.3 7.4%
Less: Operating Cost 1,498.0 1,401.8 1,438.1 6.9% 4.2% 5,596.0 5,251.8 6.6%
Operating Profit 780.1 709.2 688.9 10.0% 13.2% 2,886.5 2,646.5 9.1%
Operating Profit % 34.2% 33.6% 32.4% 34.0% 33.5%
Employee Cost 125.1 108.5 121.0 15.3% 3.3% 430.8 417.6 3.2%
Admin Cost 110.2 64.0 81.1 72.2% 35.9% 276.4 234.3 18.0%
EBITDA 544.9 536.7 486.8 1.5% 11.9% 2,179.3 1,994.7 9.3%
EBITDA% 23.9% 25.4% 22.9% 25.7% 25.3%
Finance Cost 16.7 15.8 15.5 6.0% 7.6% 63.9 62.8 1.7%
Depreciation 157.5 139.6 139.0 12.8% 13.3% 573.0 561.4 2.1%
Exceptional Items - - - - -
PBT 370.6 381.3 332.3 -2.8% 11.5% 1,542.4 1,370.4 12.6%
Tax 96.5 93.0 79.8 3.7% 20.9% 389.7 342.2 13.9%
PAT 274.1 288.3 252.5 -4.9% 8.6% 1,152.7 1,028.2 12.1%
PAT % 12.0% 13.7% 11.9% 13.6% 13.0%
EPS 4.58 4.83 4.25 -5.2% 7.8% 19.27 17.32 11.3%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “This is the third year where the company
saw good growth in domestic. On
revenue side, the company grew by
25%, on the volumes by almost 15%.
• Trying to get more share of
existing EXIM volume. Our share is
getting affected that we are working on to
recover back that share about where we
were.
• The company said that they'll be getting
some containers on lease to manage their
supply lines.
• The company remarked that they are
expecting a good domestic growth this
year, though EXIM scenario is a
worrisome factor.”
30
Jun-23

31. Ratios – Container corporation of India
Transform | Grow | Succeed
17.0%
4.0%
8.0%
13.0%
14.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
5
9
9
9
10
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 35365.12
PE Ratio as on 31 Mar 2023 30.11
Stock Return - 5 Year CAGR 4.0%
Sales Growth - 5 Year CAGR 4.0%
31
0
5000
10000
15000
20000
0
100
200
300
400
500
600
700
800
900
CONCOR
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

32. Gateway Distriparks
53
Transform | Grow | Succeed
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 377.0 341.1 359.1 10.5% 5.0% 1,420.9 1,373.7 3.4%
Other Income 13.9 2.9 18.0 382.4% -22.9% 22.1 33.2 -33.4%
Total Revenue 390.8 344.0 377.0 13.6% 3.7% 1,443.0 1,406.8 2.6%
Less: Operating Cost 239.9 206.8 218.2 16.0% 9.9% 885.4 843.3 5.0%
Operating Profit 150.9 137.2 158.8 10.0% -5.0% 557.7 563.6 -1.0%
Operating Profit % 38.6% 39.9% 42.1% 38.6% 40.1%
Employee Cost 16.5 17.4 19.8 -5.4% -16.7% 66.4 65.8 0.9%
Admin Cost 27.2 25.9 26.1 4.9% 4.1% 100.7 96.0 4.9%
EBITDA 107.2 93.8 112.9 14.3% -5.0% 390.5 401.7 -2.8%
EBITDA% 27.4% 27.3% 29.9% 27.1% 28.6%
Finance Cost 11.7 10.5 16.2 11.4% -27.7% 45.3 64.7 -30.0%
Depreciation 25.9 25.9 28.8 0.1% -10.2% 103.9 127.7 -18.6%
Exceptional Items -1.6 -1.5 0.0 8.2% -4172.9% -5.0 -0.8 531.4%
PBT 71.2 58.9 67.8 20.9% 5.1% 246.3 210.1 17.2%
Tax 2.6 3.6 -17.4 -27.7% -115.0% 4.4 -13.7 -132.0%
PAT 68.6 55.3 85.2 24.0% -19.5% 241.9 223.8 8.1%
PAT % 17.6% 16.1% 22.6% 16.8% 15.9%
EPS 1.37 1.11 1.7 23.4% -19.4% 4.84 4.48 8.0%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “Import volumes have been growing to a
large extent. Our focus remains on
improving efficiencies and expanding our
network.
• GDL also said that after payment of
license fees of Rs 16.44 crore to Punjab
State Warehousing Corporation, it was a
loss making facility for the company.
• The company said that in the beginning
of FY23, the company had allocated Rs
500 crore towards capital expenditure to
be utilized by fiscal year 2025, with about
Rs 200 crore already invested so far
towards the acquisition of ICD Kashipur
and land procurement and initial
development of ICD Jaipur.”
32
Jun-23

33. Ratios – Gateway Distriparks
Transform | Grow | Succeed
16.0%
13.0%
11.0%
12.0%
13.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
32
26
40
31
35
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 3120.00
PE Ratio as on 31 Mar 2023 12.89
Stock Return - 5 Year CAGR 0.0%
Sales Growth - 5 Year CAGR 12.0%
33
10000
15000
20000
40
50
60
70
80
90
Gateway
Nifty 50
APR-22 Sep-22 Mar-23
Jun-23

34. 50
Transform | Grow | Succeed
Snowman Logistics
Q4 FY23 Q3 FY23 Q4 FY22
Mar-23 Dec-22 Mar-22
Operating Revenue 112.4 109.4 76.6 2.7% 46.6% 417.7 286.2 45.9%
Other Income 3.9 1.4 1.4 173.2% 185.3% 7.5 4.1 84.1%
Total Revenue 116.2 110.8 78.0 4.9% 49.0% 425.2 290.3 46.5%
Less: Operating Cost 70.5 65.5 41.0 7.5% 71.9% 248.8 145.8 70.7%
Operating Profit 45.8 45.3 37.0 1.1% 23.7% 176.4 144.5 22.1%
Operating Profit % 39.4% 40.9% 47.4% 41.5% 49.8%
Employee Cost 7.7 9.7 7.0 -20.5% 10.5% 34.0 27.2 24.7%
Admin Cost 12.5 10.5 12.0 19.7% 4.0% 46.4 43.5 6.7%
EBITDA 25.6 25.2 18.0 1.6% 41.9% 96.1 73.8 30.2%
EBITDA% 22.0% 22.7% 23.1% 22.6% 25.4%
Finance Cost 5.5 5.6 5.4 -2.5% 1.7% 22.2 18.5 20.4%
Depreciation 13.1 13.2 12.9 -0.8% 1.9% 52.4 51.3 2.0%
Exceptional Items - - - - -
PBT 7.0 6.3 -0.3 10.5% -2888.0% 21.5 4.0 436.4%
Tax 1.9 2.6 -0.1 -27.2% -3840.0% 8.1 2.3 248.1%
PAT 5.1 3.7 -0.2 36.4% -2650.0% 13.4 1.7 697.6%
PAT % 4.4% 3.4% -0.3% 3.2% 0.6%
EPS 0.31 0.22 -0.01 40.9% -3200.0% 0.8 0.1 700.0%
Particulars
Quaterly Annual
QoQ % YoY % FY 22-23 FY 21-22 Growth Management Comments
• “Inaugurated our A-Grade in
Q4,2023 , Dry warehouse of 4,500
Pallet capacity in Shoolagiri,
Tamilnadu
• During the year, the company
achieved substantial growth and
success through special focus on
delivering exceptional customer
service, expanding into both
traditional and 5PL segments, and
implementing their new ERP
system.”
34
Jun-23

35. 4.0%
2.0%
3.0% 3.0%
6.0%
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
ROCE
81
84
81
86
63
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
DSO
Transform | Grow | Succeed
Ratios – Snowman Logistics
Particulars
Market Cap as on 31 Mar 2023 (in Cr) 534.41
PE Ratio as on 31 Mar 2023 40.00
Stock Return - 5 Year CAGR -5.0%
Sales Growth - 5 Year CAGR 17.0%
35
0
5000
10000
15000
20000
0
10
20
30
40
50
60
70
80
Snowman
Nifty 50
APR-19 Mar-20 Mar-21 Mar-22 Mar-23
Jun-23

36. Financial Summary – FY 2023
3
Transform | Grow | Succeed 36
Jun-23
Parameters
TCI
Express
Bluedart
Express
Gati Ltd
Delhivery
Ltd
Transport
Corporation of
India
VRL
Logistics
Ritco
Logistics
Mahindra
Logistics
Adani Ports &
SEZ
Allcargo
Logistics
Container
Corporation
Gateway
Distripark
Snowman
Logistics
Revenue Growth 14.5% 17.2% 16.0% 7.0% 16.4% 22.1% 26.4% 23.8% 15.8%
-5.1%
Min
7.4% 2.6%
46.5%
Max
Operating Margin 31.9% 42.6% 25.1% 24.7% 20.5% 32.4%
11%
Min
14.7%
74.8%
Max
21.0% 34.0% 38.6% 41.5%
EBITDA Margin 16.2% 18.6% 5.3%
-1.9%
Min
11.9% 15.6% 7.4% 5.4%
55.8%
Max
6.6% 25.7% 27.1% 22.6%
DSO (in Days) 50 45 57 45 54 11
118
Max
46 57 41
10
Min
35 63
ROCE (in %)
30.5%
Max
27.0% 4.0%
-8%
Min
23.0% 18.0% 15.0% 7.0% 10.0% 20.0% 14.0% 13.0% 6.0%
Market Cap (in Cr) 5719 14743 1312 24189 4865 5585 370 2554 136518 6814 35365 3120 534

37. Disclaimer
• This report has been published solely for information purposes and does 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 Growth Advisors based on the information and data that
Amicus considers reliable, but the organization 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 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.
• Days Sales Outstanding (DSO) is calculated by dividing the average accounts receivable during a
given period by the total value of sales, then multiplying the result by 365
3
Transform | Grow | Succeed 37
Jun-23

38. 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.