DELHIVERY 2023-24 Annual Report Analysis

Mon, 12 Aug

DELHIVERY has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

DELHIVERY Income Statement Analysis

• Operating income during the year rose 12.7% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 1.4% in FY24 as against 6.1% in FY23.
• Depreciation charges decreased by 13.2% and finance costs decreased by 0.3% YoY, respectively.
• Other income grew by 48.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 13.9% in FY23 to 3.1% in FY24.

DELHIVERY Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	72,253	81,415	12.7%
Other income	Rs m	3,049	4,527	48.5%
Total Revenues	Rs m	75,302	85,942	14.1%
Gross profit	Rs m	-4,380	1,129	NA
Depreciation	Rs m	8,311	7,216	-13.2%
Interest	Rs m	888	885	-0.3%
Profit before tax	Rs m	-10,531	-2,444	NA
Tax	Rs m	-453	47	NA
Profit after tax	Rs m	-10,078	-2,492	NA
Gross profit margin	%	-6.1	1.4
Effective tax rate	%	4.3	-1.9
Net profit margin	%	-13.9	-3.1

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DELHIVERY Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 13 billion as compared to Rs 13 billion in FY23, thereby witnessing an increase of 3.2%.
• Long-term debt down at Rs 402 million as compared to Rs 1 billion during FY23, a fall of 64.9%.
• Current assets fell 15% and stood at Rs 60 billion, while fixed assets rose 30% and stood at Rs 55 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 115 billion as against Rs 112 billion during FY23, thereby witnessing a growth of 2%.

DELHIVERY Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	86,430	85,776	-0.8
Current Liabilities	Rs m	13,052	13,465	3.2
Long-term Debt	Rs m	1,144	402	-64.9
Total Liabilities	Rs m	111,905	114,530	2.3
Current assets	Rs m	69,630	59,502	-14.5
Fixed Assets	Rs m	42,275	55,028	30.2
Total Assets	Rs m	111,905	114,530	2.3

DELHIVERY Cash Flow Statement Analysis

• DELHIVERY's cash flow from operating activities (CFO) during FY24 stood at Rs 5 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -991 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 75 million from the Rs 1 billion net cash flows seen during FY23.

DELHIVERY Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	-297	4,724	-
Cash Flow from Investing Activities	Rs m	-34,107	-991	-
Cash Flow from Financing Activities	Rs m	35,385	-3,661	-
Net Cash Flow	Rs m	1,005	75	-92.5%

Current Valuations for DELHIVERY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.4, an improvement from the EPS of Rs -13.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 407.7, stands at -283.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 3.7 times.
• The company's price to cash flow (P/CF) ratio stood at 63.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	99.2	110.5
TTM Earnings per share	Rs	-13.8	-3.4
Diluted earnings per share	Rs	-13.6	-3.4
Price to Cash Flow	x	-139.1	63.1
TTM P/E ratio	x	-24.1	-283.2
Price / Book Value ratio	x	4.2	3.5
Market Cap	Rs m	364,157	298,066
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DELHIVERY

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.4x during FY24, from 5.3x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at -1.8x during FY24, from -10.9x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at -2.9% during FY24, from -11.7% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at -1.8% during FY24, from -11.0% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at -1.4% during FY24, from -8.2% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	5.3	4.4
Debtors’ Days	Days	77	64
Interest coverage	x	-10.9	-1.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-8.2	-1.4
Return on equity	%	-11.7	-2.9
Return on capital employed	%	-11.0	-1.8

To see how DELHIVERY has performed over the last 5 years, please visit here.

DELHIVERY Share Price Performance

Over the last one year, DELHIVERY share price has moved down from Rs 421.0 to Rs 407.7, registering a loss of Rs 13.4 or around 3.2%.

Overall, the S&P BSE SENSEX is up 21.4% over the year.

(To know more, check out historical annual results for DELHIVERY and quarterly results for DELHIVERY)