DELHIVERY 2022-23 Annual Report Analysis

Tue, 5 Sep

DELHIVERY has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

DELHIVERY Income Statement Analysis

• Operating income during the year rose 5.0% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 6.1% in FY23 as against 6.9% in FY22.
• Depreciation charges increased by 36.1% and finance costs decreased by 10.7% YoY, respectively.
• Other income grew by 95.3% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 14.7% in FY22 to 13.9% in FY23.

DELHIVERY Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	68,823	72,253	5.0%
Other income	Rs m	1,561	3,049	95.3%
Total Revenues	Rs m	70,384	75,302	7.0%
Gross profit	Rs m	-4,752	-4,380	NA
Depreciation	Rs m	6,107	8,311	36.1%
Interest	Rs m	995	888	-10.7%
Profit before tax	Rs m	-10,293	-10,531	NA
Tax	Rs m	-183	-453	NA
Profit after tax	Rs m	-10,110	-10,078	NA
Gross profit margin	%	-6.9	-6.1
Effective tax rate	%	1.8	4.3
Net profit margin	%	-14.7	-13.9

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DELHIVERY Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 13 billion as compared to Rs 15 billion in FY22, thereby witnessing an decrease of -14.7%.
• Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY22, a fall of 2.7%.
• Current assets rose 75% and stood at Rs 69 billion, while fixed assets fell 2% and stood at Rs 42 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 112 billion as against Rs 83 billion during FY22, thereby witnessing a growth of 35%.

DELHIVERY Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	56,014	86,168	53.8
Current Liabilities	Rs m	15,019	12,811	-14.7
Long-term Debt	Rs m	1,176	1,144	-2.7
Total Liabilities	Rs m	82,508	111,664	35.3
Current assets	Rs m	39,543	69,389	75.5
Fixed Assets	Rs m	42,965	42,275	-1.6
Total Assets	Rs m	82,508	111,664	35.3

DELHIVERY Cash Flow Statement Analysis

• DELHIVERY's cash flow from operating activities (CFO) during FY23 stood at Rs -273 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -34 billion, an improvement of 24.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 35 billion, an improvement of 22% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 1 billion from the Rs -809 million net cash flows seen during FY22.

DELHIVERY Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	-2,405	-273	-
Cash Flow from Investing Activities	Rs m	-27,421	-34,107	-
Cash Flow from Financing Activities	Rs m	29,018	35,385	21.9%
Net Cash Flow	Rs m	-809	1,005	-

Current Valuations for DELHIVERY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -13.8, an improvement from the EPS of Rs -15.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 440.0, stands at -45.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 4.4 times.
• The company's price to cash flow (P/CF) ratio stood at -206.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	107.2	99.2
TTM Earnings per share	Rs	-15.7	-13.8
Diluted earnings per share	Rs	-13.8	-13.7
Price to Cash Flow	x	0.0	-206.2
TTM P/E ratio	x	0.0	-45.3
Price / Book Value ratio	x	0.0	4.2
Market Cap	Rs m	0	364,157
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DELHIVERY

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.4x during FY23, from 2.6x during FY22. 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 deteriorated and stood at -10.9x during FY23, from -9.3x during FY22. 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 -11.7% during FY23, from -18.0% during FY23. 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 -11.0% during FY23, from -16.3% during FY22. 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 -8.2% during FY23, from -11.0% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	2.6	5.4
Debtors’ Days	Days	53	48
Interest coverage	x	-9.3	-10.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-11.0	-8.2
Return on equity	%	-18.0	-11.7
Return on capital employed	%	-16.3	-11.0

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 565.2 to Rs 440.0, registering a loss of Rs 125.2 or around 22.2%.

Overall, the S&P BSE SENSEX is up 11.9% over the year.

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