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Logistics Sector Second Quarter FY23 Research Report | Amicus Growth Advisors

Explore Amicus Growth Advisors' comprehensive Logistics Sector Second Quarter FY23 Research Report. Gain valuable insights into market trends, performance, and key indicators that impact the logistics industry. Stay informed and make informed decisions in this dynamic sector.

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Logistics Sector Second Quarter FY23 Research Report | Amicus Growth Advisors

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  1. Second Quarter FY23 Research Report Sector: Logistics NOVEMBER 2022

  2. Macroeconomics 2Q FY2023 Global economy is facing significant downside risk to growth with persistent high inflation. However, in relation to the Indian economy & logistics sector, domestic demand continues to be quite robust in India • •

  3. Logistics Sectoral Highlights • India’s logistics sector is estimated to account for about 14.4% of GDP The National Logistics Policy was released by the Central Government in September 2022, aims to lower the cost of logistics from its current 14% of GDP to less than 10% by 2030 Additionally, PM Gati Shakti – National Master Plan for Multi- Modal Connectivity is an initiative to ensure seamless connectivity on various levels. In September 2022, Mahindra Logistics acquired Rivigo’s B2B express business, with the aim to strengthen its end-to-end 3PL portfolio In November, Trucking aggregator Onmove announced that it has acquired 100% stake of Transin Logistics, a Hyderabad based trucking aggregation platform • • • •

  4. Company Performance - Console View Total Revenue (In INR Million) Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % 9 out of the 12 logistics companies in • Current CYLQ LYSQ the publicly-traded universe are AllCargo 53,002 56,749 49,779 -6.6% 6.5% showing double-digit YoY % growth APSEZ 52,108 50,581 39,229 3.0% 32.8% Inflationary pressures and oil prices • Container Corp 19,863 19,940 18,372 -0.4% 8.1% kept operational environment Transport Corp 9,321 9,029 8,251 3.2% 13.0% challenging for many of the players VRL Logistics 7,307 7,171 6,364 1.9% 14.8% YoY% growth was ranging from flat • BlueDart 13,253 12,933 11,236 2.5% 17.9% performance by Gati to 54% growth Gati 4,352 4,310 3,994 1.0% 9.0% for Snowman Logistics TCI Express 3,099 2,904 2,734 6.7% 13.3% Aggregate Logistics group revenues • Delhivery 1,796 1,746 1,498 2.9% 19.9% grew at 18.1% YoY and was almost Mahindra Logistics 13,263 11,999 10,330 10.5% 28.4% flat at 0.9% QoQ Snowman Logistics 1,086 873 701 24.4% 55.0% Logistics Group Total 1,78,451 1,78,235 1,52,487 0.1% 17.0%

  5. Company Performance - Console View Revenue Overview 60,000 50,000 40,000 30,000 20,000 10,000 - AllCargo APSEZ Container Corp Transport Corp VRL Logistics BlueDart Gati TCI Express Delhivery Mahindra Logistics Snowman Logistics Q2 FY23 Current Q1 FY23 CYLQ Q2 FY22 LYSQ

  6. Company Performance - Console View Profit Before Tax (In INR Million) PBT PBT PBT PBT % Q2 FY23 PBT % Q1 FY23 PBT % Q2 FY22 APSEZ and Concor continued their great PBT performance, while Delhivery looked to reduce it’s operating losses compared to previous quarters • Q2 FY23 Q1 FY23 Q2 FY22 Current CYLQ LYSQ Current CYLQ LYSQ AllCargo 3,564 3,904 3,191 6.7% 6.9% 6.4% APSEZ 18,974 11,054 12,652 36.4% 21.9% 32.3% Profitability at Mahindra Logistics remained subdued as the management mentioned that increase in cost related to frontline workers and outsourced manpower, impacted their 3PL contract logistics business. • Container Corp 3,957 3,945 3,354 19.9% 19.8% 18.3% Transport Corp 846 879 858 9.1% 9.7% 10.4% VRL Logistics 440 661 657 6.0% 9.2% 10.3% BlueDart 1,311 1,590 1,220 9.9% 12.3% 10.9% Gati 100 88 530 2.3% 2.0% 13.3% Among the express players, TCI Express continued to lead on both the growth as well as the profitability • TCI Express 499 411 450 16.1% 14.2% 16.4% Delhivery -266 -405 -633 -14.8% -23.2% -42.3% Mahindra Logistics 167 190 77 1.3% 1.6% 0.7% Snowman Logistics 52 31 20 4.8% 3.5% 2.9% Logistics Group Total 29,643 22,346 22,375 16.6% 12.5% 14.7%

  7. Company Performance - Console View Profit After Tax (In INR Million) PAT PAT PAT PAT % Q2 FY23 PAT % Q1 FY23 PAT % Q2 FY22 APSEZ and Concor continued their great PBT performance, while Delhivery looked to reduce it’s operating losses compared to previous quarters • Q2 FY23 Q1 FY23 Q2 FY22 Current CYLQ LYSQ Current CYLQ LYSQ AllCargo 2,300 2,802 2,634 4.3% 4.9% 5.3% APSEZ 17,348 11,775 10,502 33.3% 23.3% 26.8% Container Corp 2,959 2,940 2,483 14.9% 14.7% 13.5% Profitability at Mahindra Logistics remained subdued as the management mentioned that increase in cost related to frontline workers and outsourced manpower, impacted their 3PL contract logistics business. • Transport Corp 730 786 762 7.8% 8.7% 9.2% VRL Logistics 315 494 495 4.3% 6.9% 7.8% BlueDart 936 1,188 906 7.1% 9.2% 8.1% Gati 77 66 464 1.8% 1.5% 11.6% TCI Express 378 310 340 12.2% 10.7% 12.4% Among the express players, TCI Express continued to lead on both the growth as well as the profitability • Delhivery -254 -399 -635 -14.1% -22.9% -42.4% Mahindra Logistics 119 136 46 0.9% 1.1% 0.4% Snowman Logistics 27 19 5 2.5% 2.2% 0.7% Logistics Group Total 24,934 20,116 18,001 14.0% 11.3% 11.8%

  8. Company Performance - AllCargo Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ "We have posted the highest-ever Q2 Oprating Revenues Other Income Total Revenue Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 53,002 330 53,332 41,756 78.3% 4,938 9.3% 1,809 3.4% 4,829 9.1% 370 895 3,564 6.7% 2,300 4.3% 56,749 741 57,489 46,089 80.2% 4,685 8.1% 1,631 2.8% 5,085 8.8% 289 892 3,904 6.9% 2,802 4.9% 49,779 721 50,500 40,490 80.2% 4,027 8.0% 1,639 3.2% 4,343 8.6% 270 882 3,191 6.4% 2,634 5.3% -6.6% -55.5% -7.2% -9.4% 6.5% -54.3% 5.6% 3.1% revenue and EBITDA and also the highest margin ever for any quarter, 5.4% 22.6% this time," 10.9% 10.4% Shashi Kiran Shetty -5.0% 11.2% 28.1% 0.2% -8.7% 37.1% 1.4% 11.7% -17.9% -12.7%

  9. Company Performance - AllCargo (In INR Million) Revenue EBITDA% PBT PAT 56,749 2,802 2,634 9.1% 3,904 2,300 3,564 53,002 3,191 8.8% 49,779 8.6% Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 53,002 56,749 EBITDA% 9.1% PBT 6.7% PAT 4.3% Revenue 49,779 8.6% 6.4% 5.3% 8.8% 6.9% 4.9%

  10. Company Performance - APSEZ (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 52,108 4,411 56,519 14,147 25.0% 2,331 4.1% 6,724 11.9% 33,317 58.9% 5,801 8,543 18,974 33.6% 17,348 30.7% 50,581 4,856 55,437 12,579 22.7% 2,655 4.8% 14,454 26.1% 25,749 46.4% 6,292 8,404 11,054 19.9% 11,775 21.2% 39,229 1,609 40,838 10,313 25.3% 1,990 4.9% 1,564 3.8% 26,971 66.0% 6,492 7,827 12,652 31.0% 10,502 25.7% 3.0% -9.2% 2.0% 12.5% 32.8% 174.1% 38.4% 37.2% “H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and -12.2% 17.1% EBITDA.” -53.5% 329.8% Karan Adani CEO 29.4% 23.5% -7.8% 1.7% 71.7% -10.7% 9.1% 50.0% 47.3% 65.2%

  11. Company Performance - APSEZ (In INR Million) PBT PAT Series1 Series2 18,974 66.0% 17,348 58.9% 12,652 11,775 11,054 46.4% 10,502 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 52,108 50,581 EBITDA% 58.9% PBT 33.6% PAT 30.7% Revenue 39,229 66.0% 31.0% 25.7% 46.4% 19.9% 21.2%

  12. Company Performance – Container Corp (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % “Core margins are intact, but as the company has started a new end logistics business vertical its generating higher volumes from the new business but at a lower margin. Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 19,863 446 20,309 13,348 65.7% 930 4.6% 530 2.6% 5,502 27.1% 159 1,386 3,957 19.5% 2,959 14.6% 19,940 685 20,625 13,617 66.0% 1,043 5.1% 493 2.4% 5,473 9.9% 155 1,373 3,945 19.1% 2,940 14.3% 18,372 631 19,003 12,539 66.0% 1,004 5.3% 511 2.7% 4,949 12.1% 156 1,440 3,354 17.6% 2,483 13.1% -0.4% -34.9% -1.5% -2.0% 8.1% -29.3% 6.9% 6.5% -10.8% -7.4% The company is hopeful of reaching 10%-12% growth on the top & bottom line. The Board has declared 2nd Interim Dividend for FY 2022-23 of 60% i.e. Rs.3.00 per equity share of face value of Rs.5/- each amounting to Rs.182.79 crores.” 7.5% 3.7% 0.5% 11.2% 2.9% 0.9% 0.3% 2.1% -3.8% 18.0% Kalyana Rama, CEO 0.6% 19.2% https://www.timesnownews.com/videos/et-now/companies/concor-q2-results-analyzing-t he-performance-business-outlook-v-kalyana-rama-video-95456457

  13. Company Performance – Container Corp (In INR Million) Revenue PBT PAT 2,959 2,940 19,940 3,957 3,945 19,863 2,483 3,354 18,372 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 19,863 19,940 EBITDA% 27.1% PBT 19.5% PAT 14.6% Revenue 18,372 12.1% 17.6% 13.1% 9.9% 19.1% 14.3%

  14. Company Performance – TCI (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 9,321 212 9,533 7,524 78.9% 492 5.2% 345 3.6% 1,172 12.3% 9,029 151 9,180 7,243 78.9% 471 5.1% 276 3.0% 1,191 13.0% 8,251 102 8,353 6,542 78.3% 412 4.9% 253 3.0% 1,147 13.7% 3.2% 40.7% 3.8% 3.9% 13.0% 107.8% 14.1% 15.0% “In Q2 & HY FY23, the company demonstr ated consistent performance. Focus on co re business fundamentals coupled with ris ing demand in the automobile and consu mption sectors enabled all business segm ents to deliver satisfactory results despite inflationary pressure.” 4.6% 19.6% 25.2% 36.4% Vineet Agarwal, Managing -1.6% 2.1% Director 25 300 846 8.9% 730 7.7% 23 289 879 9.6% 786 8.6% 33 256 858 10.0% 3.9% -3.8% -22.8% 17.1% -1.4% 10.3% 762 9.1% -7.1% -4.1%

  15. Company Performance – TCI (In INR Million) Revenue PBT PAT 9,321 786 879 9,029 762 858 8,251 846 730 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 9,321 9,029 EBITDA% 12.3% PBT 8.9% PAT 7.7% Revenue 8,251 13.7% 10.3% 9.1% 13.0% 9.6% 8.6%

  16. Company Performance – VRL Logistics Ltd (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % “In Goods Transport business, we are taking many key steps to expand our business at unparalleled growth. As we envisaged, we are on a track to increase our volume growth by 20% plus in the current fiscal year, as compared to the last year. Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 7,307 7,171 6,364 1.9% -25.7% 1.8% 4.5% 14.8% 24.6% 14.9% 19.4% 22 30 18 7,330 5,101 59.7% 1,111 13.0% 103 1.2% 1,014 11.9% 146 429 440 5.1% 315 3.7% 7,201 4,881 58.1% 1,059 12.6% 6,381 4,273 54.6% 901 11.5% 4.9% 23.4% “During the quarter, we have opened around 29 additional branches and from April '21 we have opened totally around 188 branches. These branches have been contributed around 8% tonnage this is additional tonnage to the Company.” 87 57 18.6% 81.5% 1.0% 1,174 2.1% 123 390 661 1.2% 494 5.9% 0.7% 1,151 2.8% -13.6% -11.9% 98 396 657 1.6% 495 6.3% 18.3% 10.0% -33.5% 48.4% 8.4% -33.1% SUNIL NALAVADI – CFO -36.3% -36.4% https://www.vrlgroup.in/investor_download/Investor_Meeti ng_on_11_11_2022_transcript.pdf

  17. Company Performance – VRL Logistics Ltd (In INR Million) Revenue PAT PBT 7,307 7,171 495 661 494 657 440 315 6,364 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 7,307 7,171 EBITDA% 11.9% PBT 5.1% PAT 3.7% Revenue 6,364 2.8% 1.6% 6.3% 2.1% 1.2% 5.9%

  18. Company Performance – Blue Dart (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % “The company is doing well due to a balanced mix of growth and transformational projects. India's economic recovery from COVID-19, along with other current economic and geopolitical uncertainties in the world, is progressing well and the trajectory will continue further” Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 13,253 12,933 11,236 -297 10,939 5,655 51.7% 1,996 18.3% 832 7.6% 2,455 22.4% 227 1,007 1,220 11.2% 906 8.3% 2.5% 13.9% 2.5% 8.8% 17.9% -125.8% 21.9% 38.6% 77 67 13,330 7,836 58.8% 2,097 15.7% 890 6.7% 2,507 18.8% 184 1,011 1,311 9.8% 936 7.0% 13,001 7,203 55.4% 2,159 16.6% 898 6.9% 2,740 21.1% 176 974 1,590 12.2% 1,188 9.1% -2.9% 5.0% -0.9% 6.9% Balfour Manuel, -8.5% 2.1% Managing Director 4.6% 3.8% -17.5% -19.0% 0.4% 7.4% -21.2% 3.4%

  19. Company Performance – Blue Dart (In INR Million) Revenue PBT PAT 13,253 1,590 1,188 12,933 1,311 936 1,220 906 11,236 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 13,253 12,933 EBITDA% 18.8% PBT 9.8% PAT 7.0% Revenue 11,236 22.4% 11.2% 8.3% 21.1% 12.2% 9.1%

  20. Company Performance – Gati (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % “The performance for Q2 FY23 is as per our expectations and reflects the focus on execution across the organisation in line with our articulated strategy” Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 4,352 108 4,459 3,274 73.4% 484 10.8% 392 8.8% 309 6.9% 4,310 3,994 493 4,487 3,054 68.1% 408 9.1% 371 8.3% 654 14.6% 1.0% 8.7% 1.1% -0.3% 9.0% -78.2% -0.6% 7.2% 99 4,409 3,284 74.5% 459 10.4% 377 8.5% 289 6.6% “Sales acceleration initiatives have led to highest-ever quarterly gross revenue for the current quarter. The monthly tonnage achieved a milestone of 100,000 tons. As a part of the strategy to push sales, customer adoption programme is launched in Gati where each CXO is assigned five customers to nurture." 5.4% 18.7% 4.1% 5.7% 7.1% -52.7% 76 134 100 2.2% 77 1.7% 74 127 88 2.0% 66 1.5% 53 71 530 2.6% 5.3% 13.4% 42.7% 88.2% -81.2% Pirojshaw Sarkari, CEO 11.8% 464 10.3% 16.1% -83.5%

  21. Company Performance – Gati (In INR Million) Revenue PBT PAT 464 4,352 530 4,310 3,994 100 77 88 66 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 4,352 4,310 EBITDA% 6.9% PBT 2.2% PAT 1.7% Revenue 3,994 14.6% 11.8% 10.3% 6.6% 2.0% 1.5%

  22. Company Performance – TCI Express (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Quarter started on a positive note. The recovery trend was visible in many internal & external economic indicators and parameters. Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 3,099 2,904 2,734 6.7% 17.6% 6.8% 4.8% 13.3% -3.8% 13.2% 13.2% 23 19 24 3,122 2,107 67.5% 309 9.9% 169 5.4% 538 17.2% 2,924 2,010 68.7% 309 10.6% 158 5.4% 447 15.3% 2,758 1,861 67.5% 274 9.9% 147 5.3% 476 17.3% We have invested for land purchase in Kolkata for setting up an automated sorting centre and network expansion by adding 22 new branches to serve a growing market. 0.1% 12.9% 6.7% 14.8% 20.2% 12.9% Chander Agarwal 4 3 3 20.7% 4.8% 21.4% 16.7% 47.9% 11.0% 35 499 33 411 24 450 Managing Director 16.0% 378 12.1% 14.1% 310 10.6% 16.3% 340 12.3% 21.9% 11.0%

  23. Company Performance – TCI Express (In INR Million) Revenue PBT PAT 378 3,099 340 499 310 450 411 2,904 2,734 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 3,099 2,904 EBITDA% 17.2% PBT 16.0% PAT 12.1% Revenue 2,734 17.3% 16.3% 12.3% 15.3% 14.1% 10.6%

  24. Company Performance – Delhivery (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 1,796 1,746 1,498 2.9% 74.2% 5.1% -1.2% 19.9% 213.7% 23.8% 22.3% “With the integration of Spoton behind us, we 95 55 30 remain optimistic about the future. Our structural 1,892 1,436 75.9% 353 18.7% 145 7.7% -42 -2.2% 1,801 1,453 80.7% 350 19.4% 197 10.9% -199 -11.1% 1,528 1,174 76.8% 444 29.1% 397 26.0% -488 -31.9% cost and network advantages coupled with investments in technology, automation and our 0.8% -20.6% extremely strong balance sheet position us to strengthen our market position across segments -26.3% -63.5% in the Rs 15 lakh crore Indian logistics industry,” -78.8% -91.3% Sahil Barua, MD and CEO, 24 200 -266 25 181 -405 26 120 -633 -2.5% 10.3% -34.3% -7.4% 66.9% -58.0% Delhivery. https://economictimes.indiatimes.com/tech/startups/delhivery-q2-revenue-jumps-19-to-rs- 1796-crore-losses-narrow-60/articleshow/95458271.cms -14.1% -254 -13.4% -22.5% -399 -22.2% -41.4% -635 -41.6% -36.4% -60.0%

  25. Company Performance – Delhivery (In INR Million) Revenue PBT PAT 1,796 1,746 Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 1,498 -254 -266 -399 -405 Current CYLQ LYSQ -633 -635 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 1,796 1,746 EBITDA% -2.2% PBT -14.1% PAT -13.4% Revenue 1,498 -31.9% -41.4% -41.6% -11.1% -22.5% -22.2%

  26. Company Performance – Mahindra Logistics Ltd (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ “Demand has remained muted across many categories, especially e-commerce. Underlying volume growth has been lower than what was forecasted by our enterprise customers. Operating environment remained challenging during Q2. During the quarter, we saw Increase in cost related to frontline workers and outsourced manpower which impacted our 3PL contract logistics business.” Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 13,263 11,999 10,330 10.5% 8.4% 10.5% 11.5% 28.4% 43.8% 28.4% 29.8% 34 31 23 13,297 11,467 86.2% 830 6.2% 290 2.2% 709 5.3% 107 436 166 1.3% 119 0.9% 12,030 10,284 85.5% 790 6.6% 268 2.2% 688 5.7% 10,354 8,836 85.3% 795 7.7% 231 2.2% 492 4.8% 5.1% 4.4% 8.2% 25.5% 3.1% 44.2% Rampraveen Swaminathan, 89 409 190 1.6% 136 1.1% 69 346 77 0.7% 46 0.4% 20.3% 6.5% -12.2% 55.0% 25.8% 117.4% Managing Director/CEO -12.7% 158.4%

  27. Company Performance – Mahindra Logistics Ltd (In INR Million) Revenue PBT PAT 190 136 13,263 166 11,999 119 10,330 77 46 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 13,263 11,999 EBITDA% 5.3% PBT 1.3% PAT 0.9% Revenue 10,330 4.8% 0.7% 0.4% 5.7% 1.6% 1.1%

  28. Company Performance – Snowman Logistics (In INR Million) Quarterly P&L Analysis Q2 FY23 Q1 FY23 Q2 FY22 QoQ % YoY % Current CYLQ LYSQ Oprating Revenues Other Income Total Revenues Operating Expenses Opex % Manpower Costs Manpower % Admin Costs G&A % EBITDA EBITDA % Finance Costs Depreciation PBT PBT % PAT PAT % 1,086 873 12 885 471 701 10 711 341 24.4% -13.3% 23.9% 39.4% 55.0% -1.8% 54.2% 92.6% 10 1,096 657 59.9% 53.2% 47.9% 83 83 72 -0.4% 14.5% 40.2% 116 10.6% 241 22.0% 40.4% 118 13.3% 213 24.0% 35.1% 108 15.1% 190 26.8% -1.7% 7.8% 13.4% 26.7% 57 133 52 4.7% 27 2.4% 54 128 31 3.5% 19 2.1% 42 128 20 2.8% 5.2% 3.7% 68.4% 35.2% 3.5% 156.7% https://www.moneycontrol.com/stocks/reports/snowman-logistics -board-meeting-outcome-for-outcomeboard-meeting-31343641. html 5 41.8% 469.8% 0.7%

  29. Company Performance – Snowman Logistics (In INR Million) Revenue PBT PAT 1,086 27 52 873 19 701 31 20 5 Current CYLQ LYSQ Current CYLQ LYSQ Current CYLQ LYSQ Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY23 Q1 FY23 Q2 FY22 Key Highlights Q2 FY23 Q1 FY23 Q2 FY22 1,086 EBITDA% 22.0% PBT 4.7% PAT 2.4% Revenue 873 26.8% 2.8% 0.7% 701 24.0% 3.5% 2.1%

  30. Safe Harbor Statement Except for the historical information contained herein, statements in this presentation t hat contain words or phrases such as 'will', ‘would', 'indicating’, ‘expected to, etc., and si milar expressions or variations of such expressions may constitute 'forward-looking statements’ These forward-looking statements involve a number of risks, uncertainties, and other fa ctors that could cause actual results, opportunities, and growth potential to differ mater ially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in dema nd for broking and other financial products and services in the countries in which we op erate or where a material number of our customers reside.

  31. About Us At Amicus we serve our clients at every level of their organizations. Our approach of ‘Transform-Grow-Succeed’ lets us diagnose copious challenges faced by businesses, provide feedback alongwith actionable strategies thereby improving efficiencies by a mile. Thank You For more insights, please contact business@amicusllp.com www.amicusllp.com NOVEMBER 2022

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