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Quarter 4 and Annual Results FY23 Logistics Industry

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

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Quarter 4 and Annual Results FY23 Logistics Industry

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

  2. A About the Report bout 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 2 Transform | Grow | Succeed Jun-23

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

  4. India in Q4 2023 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 Jun-23 4

  5. Domestic Freight Activity FY2023 Domestic Freight Activity FY2023 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. • Quaterly (in Mn) Growth Annual (in Mn) Particulars 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% • 140.00 Eway Bill Generation (Pre to Post COVID) – in Mn 120.00 First Wave Second Wave Third Wave 100.00 80.00 60.00 40.00 20.00 0.00 Nov-20 Jun-21 Aug-19 Nov-19 Aug-20 Aug-21 Nov-21 Aug-22 Nov-22 Jun-19 Jun-20 Jun-22 Oct-19 Oct-20 Oct-21 Oct-22 May-19 Apr-20 May-20 May-21 May-22 Apr-19 Apr-21 Apr-22 Apr-23 Jul-19 Sep-19 Feb-20 Jul-20 Sep-20 Feb-21 Jul-21 Sep-21 Feb-22 Jul-22 Sep-22 Feb-23 Dec-19 Dec-20 Dec-21 Dec-22 Jan-20 Jan-21 Jan-22 Jan-23 Mar-20 Mar-21 Mar-22 Mar-23 Intra State Inter State Transform | Grow | Succeed Jun-23 5

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

  7. Consolidated Revenue 4Q & Consolidated Revenue 4Q & FY2023 FY2023 Quaterly Comparision Annual Comparision Total Revenue (in Cr) Growth Total Revenue (in Cr) Growth Company Core-Segment 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 Jun-23 7

  8. Margins Margins - - Q4 & FY2023 Q4 & FY2023 Quaterly Margins Annual Margins Company 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% 40.0% 49.8% 39.0% 22.6% 23.7% 25.4% 24.2% Group Margin 42.7% 39.6% 38.4% 26.7% 23.8% 22.8% Transform | Grow | Succeed Jun-23 8

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

  10. TCI Express TCI Express Quaterly Annual Management Comments Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 QoQ % YoY % FY 22-23 FY 21-22 Growth Operating Revenue 326.3 314.4 298.2 1,241.0 1,081.5 3.8% 9.4% 14.8% • “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 Other Income 1.7 1.3 2.1 7.2 8.2 28.5% -20.5% -12.2% Total Revenue 327.9 315.7 300.3 1,248.2 1,089.6 3.9% 9.2% 14.5% Less: Operating Cost 219.2 218.9 199.4 849.7 733.0 0.1% 9.9% 15.9% Operating Profit 108.7 96.8 100.9 398.5 356.7 12.3% 7.8% 11.7% Improved profitability and growth was primarily driven by higher capacity utilization of 85%, demand from both Corporate and SME customers • Operating Profit % 33.2% 30.7% 33.6% 31.9% 32.7% Employee Cost 31.4 31.2 29.3 124.3 109.9 0.5% 7.1% 13.1% Admin Cost 21.6 18.3 19.3 72.5 63.8 18.1% 11.9% 13.6% EBITDA 55.8 47.4 52.3 201.7 182.9 17.8% 6.7% 10.3% 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 • EBITDA% 17.0% 15.0% 17.4% 16.2% 16.8% Finance Cost 0.7 0.4 0.3 1.8 0.9 68.2% 155.2% 98.9% Depreciation 4.2 4.3 3.2 15.3 10.0 -2.1% 32.9% 53.4% Exceptional Items - - - 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” • PBT 50.9 42.7 48.9 184.5 172.0 19.3% 4.1% 7.3% Tax 12.4 10.6 12.9 45.3 43.2 16.8% -3.9% 4.8% PAT 38.5 32.0 35.9 139.3 128.8 20.1% 7.0% 8.1% PAT % 11.7% 10.1% 12.0% 11.2% 11.8% EPS 10.04 8.32 9.21 36.24 33.48 20.7% 9.0% 8.2% Transform | Grow | Succeed Jun-23 10

  11. Ratios Ratios – – TCI Express TCI Express DSO Particulars 61 Market Cap as on 31 Mar 2022 (in Cr) 5719.50 51 50 49 48 PE Ratio as on 31 Mar 2022 41.20 Stock Return - 5 Year CAGR 24% Sales Growth - 5 Year CAGR 7% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 3000 20000 ROCE 2500 42.1% 15000 2000 1500 10000 TCI Express 34.3% Nifty 31.8% 1000 30.5% 30.2% 5000 500 0 0 MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 Mar-22 Mar-23 APR-19 Mar-20 Mar-21 27 Transform | Grow | Succeed Jun-23 11

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

  13. Ratios Ratios – – Blue Dart Express Blue Dart Express Particulars DSO Market Cap as on 31 Mar 2023 (in Cr) 14742.53 61 57 56 48 45 PE Ratio as on 31 Mar 2023 39.79 Stock Return - 5 Year CAGR 13.0% Sales Growth - 5 Year CAGR 12.5% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 10000 20000 ROCE 9000 8000 31.0% 15000 27.0% 7000 6000 5000 10000 Bluedart Express 17.0% 17.0% 4000 13.0% 3000 NIFTY 50 5000 2000 1000 0 0 MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 Mar-22 Mar-23 APR-19 Mar-20 Mar-21 27 Transform | Grow | Succeed Jun-23 13

  14. Gati Gati Ltd Ltd Quaterly Annual Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 Management Comments QoQ % YoY % FY 22-23 FY 21-22 Growth • “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. Operating Revenue 415.7 441.4 376.7 1,723.2 1,489.9 -5.8% 10.3% 15.7% Other Income 6.9 2.9 10.0 22.9 15.3 140.4% -31.5% 49.5% Total Revenue Less: Operating Cost 422.5 318.2 444.2 334.8 386.7 291.4 1,746.0 1,307.3 1,505.2 1,149.1 -4.9% 9.3% 16.0% -5.0% 9.2% -72.3% Operating Profit Operating Profit % 104.3 24.7% 109.4 24.6% 95.3 24.7% 438.7 25.1% 356.1 23.7% -4.6% 9.4% -70.7% 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. • Employee Cost 47.4 47.2 41.9 188.2 158.1 0.3% 13.1% -70.0% Admin Cost 38.7 39.8 40.0 157.6 148.4 -2.9% -3.4% -73.9% EBITDA EBITDA% 18.3 4.3% 22.3 5.0% 13.5 3.5% 92.9 5.3% 49.7 3.3% -18.2% 35.8% -63.2% 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. • Finance Cost 7.3 7.1 7.2 29.4 27.3 3.2% 1.0% -73.2% Depreciation 18.1 15.1 12.4 59.2 34.9 19.7% 46.1% -48.3% Exceptional Items 5.7 0.8 22.3 -1.0 -12.1 626.6% -74.3% -147.6% Electric vehicles introduced in first mile and last mile of operations, successfully achieved a milestone of plying 100+ electric vehicles pan India.” • PBT Tax -12.8 7.6 -0.6 4.1 -28.5 1.3 5.3 16.2 -0.5 3.9 1939.7% -54.9% 2470.0% 86.7% 508.0% 93.4% PAT PAT % -20.4 -4.8% -4.7 -1.1% -29.7 -7.7% -10.9 -0.6% -4.4 -0.3% 335.1% -31.2% 361.6% EPS -1.23 -0.26 -2.91 -0.74 -0.72 373.1% -57.7% 70.8% Transform | Grow | Succeed Jun-23 14

  15. Ratios Ratios – – Gati Gati Ltd Ltd Particulars DSO 57 57 54 Market Cap as on 31 Mar 2023 (in Cr) 1311.70 47 44 PE Ratio as on 31 Mar 2023 - Stock Return - 5 Year CAGR 0.0% Sales Growth - 5 Year CAGR 5.0% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 250 20000 ROCE 200 15000 8.0% 150 10000 Gati 4.0% 100 Nifty 50 2.0% 5000 50 0.0% 0.0% 0 0 MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 Mar-22 Mar-23 APR-19 Mar-20 Mar-21 36 Transform | Grow | Succeed Jun-23 15

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

  17. Ratios Ratios – – Delhivery Delhivery Ltd Ltd Particulars DSO Market Cap as on 31 Mar 2023 (in Cr) 24189.08 79 60 PE Ratio as on 31 Mar 2023 - 48 47 45 Stock Return - 1 Year CAGR -31.0% Sales Growth - 5 Year CAGR 46.0% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 800 20000 ROCE 700 -5.0% -7.0% -8.0% -14.0% 600 500 400 15000 Delhivery 300 Nifty 50 200 -250.0% 100 0 10000 MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 Mar-23 May-22 Oct-22 45 Transform | Grow | Succeed Jun-23 17

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

  19. Ratios Ratios – – Transport Corporation of India Transport Corporation of India Particulars DSO Market Cap as on 31 Mar 2023 (in Cr) 4865.17 68 67 65 57 54 PE Ratio as on 31 Mar 2023 15.30 Stock Return - 5 Year CAGR 20.0% Sales Growth - 5 Year CAGR 10.0% FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 900 20000 ROCE 800 700 15000 23.0% 23.0% 600 17.0% 500 15.0% 15.0% 10000 TCI 400 300 Nifty 50 5000 200 100 0 0 MAR-19 MAR-20 MAR-21 MAR-22 MAR-23 Mar-22 Mar-23 APR-19 Mar-20 Mar-21 Transform | Grow | Succeed Jun-23 19

  20. VRL Logistics VRL Logistics Quaterly Annual Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 Management Comments QoQ % YoY % FY 22-23 FY 21-22 Growth • “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. Operating Revenue 698.2 681.5 593.9 2,648.5 2,163.6 2.4% 17.6% 22.4% Other Income 4.7 4.5 6.6 14.3 16.8 4.5% -29.2% -14.7% Total Revenue Less: Operating Cost 702.9 467.0 686.0 465.7 600.5 375.9 2,662.9 1,799.0 2,180.4 1,418.2 2.5% 17.0% 22.1% 0.3% 24.2% 26.9% Operating Profit Operating Profit % 235.9 33.6% 220.4 32.1% 224.7 37.4% 863.8 32.4% 762.2 35.0% 7.0% 5.0% 13.3% 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. • Employee Cost 108.4 104.4 96.2 414.9 346.9 3.8% 12.6% 19.6% Admin Cost 8.8 8.2 6.9 33.0 23.9 6.8% 26.6% 37.9% EBITDA EBITDA% 118.8 16.9% 107.8 15.7% 121.6 20.2% 416.0 15.6% 391.4 17.9% 10.2% -2.3% 6.3% Finance Cost 13.3 15.1 11.8 54.3 42.2 -11.9% 12.9% 28.9% 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.” • Depreciation 45.3 42.1 40.8 159.1 144.5 7.5% 10.9% 10.1% Exceptional Items -132.2 -11.4 -3.9 -157.1 -4.0 1055.6% 3298.5% 3866.2% PBT Tax 192.4 -0.8 62.0 12.8 72.9 16.7 359.6 36.4 208.7 48.6 210.3% 164.1% 72.3% -105.9% -104.5% -25.1% PAT PAT % 193.2 27.5% 49.2 7.2% 56.2 9.4% 323.2 12.1% 160.1 7.3% 292.6% 243.8% 101.9% EPS 21.87 5.57 6.36 36.58 18.12 292.6% 243.9% 101.9% Transform | Grow | Succeed Jun-23 20

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

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

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

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

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

  26. Adani Adani Ports & SEZ Ports & SEZ Quaterly Annual Management Comments Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 QoQ % YoY % FY 22-23 FY 21-22 Growth "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,“ • Operating Revenue 5,796.9 4,786.2 4,140.8 20,851.9 17,118.8 21.1% 40.0% 21.8% Other Income 382.3 265.0 598.3 1,553.5 2,223.7 44.3% -36.1% -30.1% Total Revenue Less: Operating Cost 6,179.1 1,677.9 5,051.2 1,289.6 4,739.1 1,103.3 22,405.4 5,654.6 19,342.5 4,865.1 22.3% 30.4% 15.8% 30.1% 52.1% 16.2% Operating Profit Operating Profit % 4,501.2 72.8% 3,761.6 74.5% 3,635.8 76.7% 16,750.8 74.8% 14,477.4 74.8% 19.7% 23.8% 15.7% "The improvement in cargo volumes is testimony to the faith that our customers have in us," said Karan Adani, CEO, APSEZ. • Employee Cost 452.2 227.4 198.0 1,178.2 779.4 98.9% 128.4% 51.2% Admin Cost 396.1 572.7 782.4 3,072.1 1,949.8 -30.8% -49.4% 57.6% EBITDA EBITDA% 3,653.0 59.1% 2,961.5 58.6% 2,655.4 56.0% 12,500.6 55.8% 11,748.2 60.7% 23.3% 37.6% 6.4% "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." • Finance Cost 622.6 533.9 649.5 2,362.6 2,543.9 16.6% -4.1% -7.1% Depreciation 844.9 883.6 764.3 3,423.2 3,099.3 -4.4% 10.5% 10.5% Exceptional Items 1,266.0 -19.9 -10.2 1,225.6 387.8 -6458.8% -12536.4% 216.0% PBT Tax 919.5 -221.5 1,563.9 227.4 1,251.8 140.1 5,489.1 5,717.1 764.0 -41.2% -26.5% -4.0% 96.4 -197.4% -258.1% -87.4% PAT PAT % 1,141.0 18.5% 1,336.5 26.5% 1,111.6 23.5% 5,392.8 24.1% 4,953.2 25.6% -14.6% 2.6% 8.9% EPS 5.36 6.09 5.1 24.58 22.62 -12.0% 5.1% 8.7% Transform | Grow | Succeed Jun-23 26

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

  28. Allcargo Allcargo Logistics Logistics Quaterly Annual Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 Management Comments QoQ % YoY % FY 22-23 FY 21-22 Growth • “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. Operating Revenue 3,395.1 4,127.0 5,464.2 18,050.8 19,062.1 -17.7% -37.9% -5.3% Other Income 20.3 1.0 0.1 64.7 30.4 1992.8% 33733.3% 112.8% Total Revenue Less: Operating Cost 3,415.4 2,553.6 4,128.0 3,193.2 5,464.2 4,476.4 18,115.4 14,307.1 19,092.5 15,586.3 -17.3% -37.5% -5.1% -20.0% -43.0% -8.2% Operating Profit Operating Profit % 861.8 25.2% 934.8 22.6% 987.9 18.1% 3,808.4 21.0% 3,506.2 18.4% -7.8% -12.8% 8.6% 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. • Employee Cost 485.2 501.6 435.9 1,907.1 1,614.1 -3.3% 11.3% 18.2% Admin Cost 213.5 179.6 162.0 707.1 593.8 18.9% 31.8% 19.1% EBITDA EBITDA% 163.1 4.8% 253.6 6.1% 390.0 7.1% 1,194.1 6.6% 1,298.3 6.8% -35.7% -58.2% -8.0% 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. • Finance Cost 19.0 19.8 22.5 75.4 86.9 -4.4% -15.7% -13.3% Depreciation 80.7 53.2 66.1 278.0 237.6 51.5% 22.0% 17.0% Exceptional Items 0.9 4.5 -14.5 -54.6 -247.9 -79.7% -106.3% -78.0% PBT Tax 62.6 10.7 176.0 30.4 315.8 75.3 895.3 242.1 1,221.6 257.0 -64.4% -80.2% -26.7% 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.” • -64.8% -85.8% -5.8% PAT PAT % 51.9 1.5% 145.6 3.5% 240.5 4.4% 653.2 3.6% 964.6 5.1% -64.4% -78.4% -32.3% EPS 2.51 5.89 10.05 25.62 37.68 -57.4% -75.0% -32.0% Transform | Grow | Succeed 28

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

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

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

  32. Gateway Gateway Distriparks Distriparks Quaterly Annual Particulars Q4 FY23 Mar-23 Q3 FY23 Dec-22 Q4 FY22 Mar-22 Management Comments QoQ % YoY % FY 22-23 FY 21-22 Growth • “Import volumes have been growing to a large extent. Our focus remains on improving efficiencies and expanding our network. Operating Revenue 10.5% 5.0% 3.4% 377.0 341.1 359.1 1,420.9 1,373.7 Other Income 382.4% -22.9% -33.4% 13.9 2.9 18.0 22.1 33.2 Total Revenue Less: Operating Cost 390.8 344.0 377.0 1,443.0 1,406.8 13.6% 3.7% 2.6% 16.0% 9.9% 5.0% 239.9 206.8 218.2 885.4 843.3 Operating Profit Operating Profit % 150.9 38.6% 137.2 39.9% 158.8 42.1% 557.7 38.6% 563.6 40.1% 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. • 10.0% -5.0% -1.0% Employee Cost -5.4% -16.7% 0.9% 16.5 17.4 19.8 66.4 65.8 Admin Cost 4.9% 4.1% 4.9% 27.2 25.9 26.1 100.7 96.0 EBITDA EBITDA% 107.2 27.4% 93.8 27.3% 112.9 29.9% 390.5 27.1% 401.7 28.6% 14.3% -5.0% -2.8% 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.” • Finance Cost 11.4% -27.7% -30.0% 11.7 10.5 16.2 45.3 64.7 Depreciation 0.1% -10.2% -18.6% 25.9 -1.6 25.9 -1.5 28.8 0.0 103.9 -5.0 127.7 -0.8 Exceptional Items 8.2% -4172.9% 531.4% PBT Tax 71.2 2.6 58.9 3.6 67.8 -17.4 246.3 210.1 -13.7 20.9% 5.1% 17.2% 4.4 -27.7% -115.0% -132.0% PAT PAT % 68.6 17.6% 55.3 16.1% 85.2 22.6% 241.9 16.8% 223.8 15.9% 24.0% -19.5% 8.1% EPS 1.37 1.11 1.7 4.84 4.48 23.4% -19.4% 8.0% 53 Transform | Grow | Succeed Jun-23 32

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

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

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

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

  37. Disclaimer 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 Jun-23 37

  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.

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