InCred Equities - Delhivery

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue (Rsm)	67,063	78,127	99,085	119,784
Operating EBITDA (Rsm)	(4,232)	(9,013)	(4,675)	(3,915)
Net Profit (Rsm)	(10,116)	(12,219)	(8,375)	(9,715)
Core EPS (Rs)	(17.5)	(17.6)	(11.5)	(13.4)
Core EPS Growth	140.5%	0.8%	(34.5%)	16.0%
FD Core P/E (x)	(19.71)	(19.27)	(29.83)	(25.72)
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	(49.17)	(25.58)	(52.47)	(68.25)
P/FCFE (x)	(4.87)	(9.42)	143.01	(13.42)
Net Gearing	14.6%	(5.6%)	(5.7%)	25.0%
P/BV (x)	3.71	2.86	3.16	3.61
ROE	(23.1%)	(16.4%)	(10.1%)	(13.1%)
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Net Revenues	67,063	78,127	99,085	119,784
Gross Profit	24,772	26,515	36,860	44,919
Operating EBITDA	(4,232)	(9,013)	(4,675)	(3,915)
Depreciation And Amortisation	(4,168)	(5,500)	(6,000)	(6,500)
Operating EBIT	(8,401)	(14,513)	(10,675)	(10,415)
Financial Income/(Expense)	1,098	2,472	2,300	700
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	(2,997)
Profit Before Tax (pre-EI)	(10,299)	(12,041)	(8,375)	(9,715)
Exceptional Items		(178)
Pre-tax Profit	(10,299)	(12,219)	(8,375)	(9,715)
Taxation	183
Exceptional Income - post-tax
Profit After Tax	(10,116)	(12,219)	(8,375)	(9,715)
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(10,116)	(12,219)	(8,375)	(9,715)
Recurring Net Profit	(10,116)	(12,041)	(8,375)	(9,715)
Fully Diluted Recurring Net Profit	(10,116)	(12,041)	(8,375)	(9,715)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
EBITDA	(4,232)	(9,013)	(4,675)	(3,915)
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,596)	(15,503)	(5,000)	(8,000)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(2,997)	178
Other Operating Cashflow
Net Interest (Paid)/Received	1,098	2,472	2,300	700
Tax Paid	183
Cashflow From Operations	(7,544)	(21,866)	(7,375)	(11,215)
Capex	(24,461)	(6,379)	(8,000)	(8,000)
Disposals Of FAs/subsidiaries	(9,626)	3,785	17,122
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(34,087)	(2,594)	9,122	(8,000)
Debt Raised/(repaid)	734	(543)		600
Proceeds From Issue Of Shares	41,322	40,002
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(3,695)	32	210	210
Cash Flow From Financing	38,361	39,491	210	810
Total Cash Generated	(3,271)	15,031	1,957	(18,405)
Free Cashflow To Equity	(40,898)	(25,003)	1,747	(18,615)
Free Cashflow To Firm	(41,379)	(24,210)	2,047	(18,915)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Cash And Equivalents	2,290	16,933	18,680	65
Total Debtors	16,709
Inventories	253
Total Other Current Assets	9,454	43,885	52,610	64,289
Total Current Assets	28,706	60,818	71,290	64,354
Fixed Assets	17,310	19,764	23,889	28,045
Total Investments	20,907	17,122
Intangible Assets	13,814	13,799	13,799	13,799
Total Other Non-Current Assets	1,771	1,771	1,771	1,771
Total Non-current Assets	53,802	52,456	39,459	43,615
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	8,345
Other Current Liabilities	2,984	13,885	17,610	21,289
Total Current Liabilities	11,329	13,885	17,610	21,289
Total Long-term Debt	11,015	12,031	14,156	17,413
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	11,015	12,031	14,156	17,413
Total Provisions	590
Total Liabilities	22,934	25,917	31,767	38,702
Shareholders Equity	59,574	87,357	78,982	69,268
Minority Interests
Total Equity	59,574	87,357	78,982	69,268

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue Growth	84.4%	16.5%	26.8%	20.9%
Operating EBITDA Growth	35.5%	113.0%	(48.1%)	(16.3%)
Operating EBITDA Margin	(6.3%)	(11.5%)	(4.7%)	(3.3%)
Net Cash Per Share (Rs)	(13.59)	6.75	6.23	(23.90)
BVPS (Rs)	92.78	120.37	108.83	95.44
Gross Interest Cover	(33.24)	(58.05)	(35.58)	(34.72)
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days	71.63	39.03
Inventory Days	2.21	0.89
Accounts Payables Days
ROIC (%)	(32.5%)	(30.2%)	(16.3%)	(14.0%)
ROCE (%)	(15.3%)	(17.1%)	(11.1%)	(11.6%)
Return On Average Assets	(17.5%)	(14.8%)	(9.5%)	(9.5%)

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com