Delhivery (DELHIVERY) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue rose 88.74% YoY to ₹68,822.86 million; net loss widened to ₹10,110.00 million, while adjusted EBITDA turned positive at ₹464.30 million.

• Pro forma FY22 highlights showed revenue of ₹72,414 million, up 63% YoY, and adjusted EBITDA of ₹715 million at a 1.0% margin; consolidated reported adjusted EBITDA margin was 0.67%.

• Express parcel and PTL drove scale, supported by Spoton integration, expanding automation, the FedEx alliance and a successful IPO listing in May 2022.

Financial highlights

• Consolidated revenue from customers increased 88.74% YoY to ₹68,822.86 million; total income rose 83.37% to ₹70,384.27 million.

• Consolidated net loss widened to ₹10,110.00 million from ₹4,157.43 million; adjusted cash profit after tax was ₹1,956.02 million versus a loss of ₹818.40 million.

• Adjusted EBITDA improved to ₹464.30 million from a loss of ₹2,532.82 million; margin rose to 0.67% from -6.95%, driven by productivity, utilization and operating leverage.

• Loss included a ₹2,997.39 million non-cash fair-value loss on preference-share liabilities, ₹3,084.21 million share-based payment expense and ₹1,784.00 million one-time employee bonus.

Outlook and guidance

• Planned network growth includes up to 4 million sq. ft. of infrastructure, automated sort-centre area expansion of 35%, and up to 150 additional tractor-trailers.

• Planned service growth includes expansion of economy PTL, air freight, supply-chain services and cross-border express, with select partnership-led international market entry.

• Automation plans include ~1.4 million additional parcels/day of sortation capacity, plus trials of AGV/AMR, ASRS, UAVs and system-directed operations.

• OS1 is being developed as a logistics platform for third-party developers, enterprises and logistics providers; a SaaS/PaaS offering is planned for select markets and users.