WIXLIB

Industry outlookMarket conditions are challengingImproving regulatory environmentLarge opportunities remain intact Geopolitical conditions continue tocause significant disruption Infrastructure status for logistics,continued improvement of road, air andrail infrastructure e-Commerce market growth willcontinue; individual players likely tosee volatility in demand and risingcustomer acquisition costsContinued increase in online purchasefrequency, rising e-Commercepenetration in Tier 3/4 cities, newcategory development Tailwinds from Govt reforms - Make inIndia, Gati Shakti, PLI schemes M&A driven consolidation acrosslogistics industryRapid adoption of digitization (GST,EWB, e-POD, e-Invoicing) Continued shift towards organisedplayers and consolidation of LSPs bylarge enterprises Leading enterprises continue to shift to3PL/end-to-end supply chain visibilityand solutions Development of new automationsystems driving operating leverage andservice enhancements Input cost inflation continues to affectconsumer sentiment; unlikely to havelarge impact on non-discretionarylogistics spends, however Wage inflation and talent shortage toincrease in medium term Climate change continues to causesignificant disruption to operations New axle load norms enabling higherGWV and loading capacity of trucksONDC, new data privacy law likely toincrease merchant demand for directlogistics services20

Pan-India network coverage2,023 Surface connections connecting 8,659 OD pairs daily274 Air connections daily21Note: Maps for representation purpose only. Coloured portion of the maps represent Delhivery’s pin-code reach

Key operating metricsAs of end ofFY19FY20FY21FY22(1)Pin-code reach(2)13,48515,87516,67718,074Countries served424242220 No. of active customers(3)4,8677,95716,74123,613Infrastructure (in million sq. ft.)5.969.8512.2318.15Gateways738388123Automated sort centers17211921Processing 3,63930,63433,24260,3734308401,1891,224Partner agents(5)5,1919,78219,84434,360Fleet size – daily average3,1163,6945,0959,120Revenue/person ( )(6)9,09111,81814,28615,584Revenue/sq.ft. ( , Transportation)(7)56635766Revenue/sq.ft. ( , Warehousing)(8)NM5.14.56.4Express delivery centersFreight service centersTeam size(4)Partner centers (constellation/BAs)(1) Figures and calculations for FY22 on proforma basis(2) Out of 19,300 Pin-codes as per India Post(3) Active Customers for a quarter are those customers on whom an invoice was raised at least once during such quarter. Active Customers for a period are calculated as the average number of Active Customers for each of thequarters in the period(4) Includes permanent employees and contractual workers (excluding partner agents, daily wage manpower and security guards) as of the last day of the relevant period(5) Count of last mile delivery partner agents in the last month of the relevant period(6) Derived by dividing revenue from operations by total team size as described in note (4)(7) Derived by dividing Express Parcel PTL freight revenue by total logistics area excluding warehousing area(8) Derived by dividing revenue from warehousing segment of Supply Chain Services by weighted average warehousing area for the year22

Operating leverage improving consistently MnFreight, Handling and Servicing Cost(1,2)% of Revenue from Customers(1)Line haul expenses% of revenueContractual manpower expenses% of revenueVehicle rental expenses% of revenueRent% of revenueSecurity expenses% of revenuePower, fuel & water charges% of revenuePacking material% of revenueStores and spares% of revenueLost shipment expense (net)% of revenue(1) On reported basis(2) Breakup as per notes to 3%0.4%0.4%0.4%131590.5%1.3%0.5%1.0%1.0%23

Working capital position improving YoYNet Working ivable daysFY21FY22Payable daysNet Working Capital Days (Receivable Days – Payable Days)Receivable days (Trade receivable Unbilled receivables) * 365 / Revenue from operation 4Q annualized24

Strong liquidity positionDebt to Equity MnFY19FY20Term loan8222630Working capital )4404123687740.03x0.08x0.10x0.06xDebt (excludes CCPS) (A)Cash and cash equivalents1 (B)Net debt (A-B)Networth (C)Debt/Equity (A/C)(1) Includes cash and other bank balances, investments, margin money deposits and deposits with original maturity for 12 monthsFY21FY2225

Adjusted EBITDA bridgeAdjusted EBITDA(1) MnQ4FY21Q3FY22Q4FY22FY21FY22Total revenue130259269474940Less: Total expenses1492802935471,105Add: Finance cost on borrowings11137Lease Adjustments due to AS 11611166Add: Depreciation on right of use asset68825Remarks32Leased properties accounted as Right of Use (ROU)assets under Ind AS 116. Rent paid on such leasedproperties recognised in the P&L partly as depreciationon the ROU asset232910Rent obligation on leased properties accounted asLease liabilities under Ind AS 116. Rent paid on suchleased properties recognised in the P&L partly asinterest on such lease liabilitiesLess: Actual lease rent paid(7)(10)(10)(28)(37)Actual cash rent paid on leased properties recognisedunder Ind AS 116Add: Non-cash recurring costs1128323199Depreciation & amortization716202158Depreciation on tangible and intangible assetsESOP expense41212942Accounting expenses towards ESOPs already grantedAdd: Non-cash discontinued cost100139Non-cash expense due to fair value adjustment ofCCPSAdd: One-time discontinued cost000023One-time discontinued expense on account of certainemployee payments(5)1011(33)9Add: Interest on lease liabilitiesAdjusted EBITDA(1) FY22 figures are on proforma basis26

Adjusted Cash PAT bridgeAdjusted Cash PAT(1) MnProfit after taxLease adjustments due to AS 116Add: Depreciation on right of use 0)1116668825Remarks32Leased properties accounted as Right of Use (ROU)assets under Ind AS 116. Rent paid on such leasedproperties recognised in the P&L partly as depreciationon the ROU asset232910Rent obligation on leased properties accounted asLease liabilities under Ind AS 116. Rent paid on suchleased properties recognised in the P&L partly asinterest on such lease liabilities(7)(10)(10)(28)(37)Actual cash rent paid on leased properties recognisedunder Ind AS 116Add: Share of loss of associates0.00.00.40.00.4Non-cash share of loss after tax of associate companyAdd: Non-cash recurring costs1128323199Depreciation & amortization716202158Depreciation on tangible and intangible assetsESOP expense41212942Accounting expenses towards ESOPs already grantedAdd: Non-cash discontinued cost100139Non-cash expense due to fair value adjustment ofCCPSAdd: One-time discontinued costs &exceptional items000523One-time discontinued expense on account of certainemployee payments & exceptional item(2)1318(11)27Add: Interest on lease liabilitiesLess: Actual lease rent paidAdjusted cash PATNote: Not adjusted for any non-cash deferred taxes(1) FY22 figures are on proforma basis27

Wide ownership across organizationESOPs1StageESOPs granted, of whichVestedUnvestedESOPs ungranted, of whichTotal% shareholding on fully diluted erformance-based ESOPs217,100,000Time-based ESOPs326,747,397Total (Granted Ungranted)479,352,9735.45%9.87%Number of Employees holding ESOPs1 (vested unvested) : 1,418(1)(2)(3)(4)As of 14th May 2022To be unlocked in three equal tranches upon achieving share prices of 10, 130 and 156; and vest equally over 2 years thereafterVesting period of 4 years with schedule of 10%-30%-30%-30%Out of the total ESOP pool of 79.4Mn, 46.5Mn options have time-based vesting and 32.9Mn options have performance-based vesting28

Projected ESOP costsEstimated P&L charge (non-cash) for ESOPs alreadygranted1 MnDistribution of P&L charge over vesting period forfuture ESOP ) Related to costs attributable to ESOPs already granted; in event of forfeiture of ESOPs upon resignation/ termination of employee prior to completion of vesting, costs will bereversed. This does not include the costs of performance-based ESOPs of ESOP IV already granted(2) Cost of an ESOP Fair market value at time of grant minus exercise price ( 0.01), to be recognized in P&L over the vesting period as per the schedule in the table29

Quarterly & full year financial performanceProforma P&L MnQ3 FY22Q4 FY22Q-o-QGrowth %FY21FY22Y-o-YGrowth %2592694%57894063%Other income37129%2520(19%)Total 1238%1212(3%)1142286%00-023-21220%5610281%Fair value loss on financial liabilities--0%139-Finance costs43(16%)16174%242919%739024%Total expenses2802935%6761,10564%Share of loss of associates (net)0.00.4NA0.00.4NAProfit / (Loss) before exceptional items and tax(18)(17)NA(73)(145)NAProfit / (Loss) after Tax(16)(16)NA(77)(140)NA10119%(29)9NA3.7%3.9%20 bps(5.1%)1.0%606 bpsIncomeRevenue from customersExpenseTotal freight, handling and servicing costEmployee benefit expenseEmployee benefit expense excl. share based payments &one time expensesEmployee benefit expense: share based paymentsEmployee benefit expense: one time expensesOther operating expenseDepreciation and amortization expenseAdj. EBITDAAdj. EBITDA marginsLink to Reported P&L30

Quarterly & full year financial performanceReported P&L MnQ4 FY21Q3 FY22Q4 FY22Q-o-QGrowth %Y-o-YGrowth %FY21FY22Y-o-YGrowth %1302592694%107%47489489%Other income437129%90%2520(19%)Total 79%18303210%75%7010753%Employee benefit expense: share based payments41212(3%)207%940327%Employee benefit expense: one time expenses000--023-1221220%85%4899106%Fair value loss on financial liabilities1--0%0%139-Finance costs343(16%)(6%)121312%13242919%122%467972%Total expenses1492802935%96%5471,04791%Share of loss of associates (net)0.00.00.4NANA0.00.4NAProfit / (Loss) before exceptional items and tax(15)(18)(17)NANA(49)(134)NAProfit / (Loss) after 9%20 bps793 bps0.7%762 bpsIncomeRevenue from customersExpenseTotal freight, handling and servicing costEmployee benefit expenseEmployee benefit expense excl. share basedpayments & one time expensesOther operating expenseDepreciation and amortization expenseAdj. EBITDAAdj. EBITDA margins(4.0%)3.7%(6.9%)Link to Proforma P&L31

Balance sheet Mn MnEquity and LiabilitiesTotal equityMar 2021Mar 2022368774Non – current liabilitiesAssetsMar 2021Mar 2022Non – current cash de receivables77129Unbilled receivables48883337575971,072Non – current assetsBorrowings1715Property, plant and equipment (Incl CWIP)Lease liabilities8574Goodwill and other intangible assets(2)Provisions35Deferred tax liabilities (net)-8Right of use assetsInvestments in subsidiaries/associates(3)Non - current tax assetsCurrent liabilitiesOther non - current assetsBorrowings2231Lease liabilities212323Trade payables57108Other current liabilities2231Total liabilities229298Total equity and liabilities5971,072ProvisionsCurrent assetsCash & cash equivalents(4)InventoriesOther current assetsTotal assets(1) Includes non-current investments, non – current margin money deposits and non – current deposits with original maturity of 12 months(2) Including intangible assets under development(3) Includes investment in Falcon Autotech(4) Includes cash and other bank balances, current investments, current margin money deposits and current deposits with original maturity of 12 months32

Cash flow summary MnFY21FY22835(5)(64)3(29)(2)(2)Net cash from / (used in) operating activities1(31)Net cash from / (used in) investing activities44(357)77(50)Net cash from / (used in) capex and M&A(33)(307)Net cash from / (used in) financing activities(19)377Net change in cash26(11)Opening cash balance at the being of the year1036Closing cash balance at the end of the year (A)3625Cash equivalents at the end of the year(2) (B)224301Cash & cash equivalents at the end of the year (A B)260326Operating profit/ (loss) before working capital changesChanges in net assets(1)Cash generated from / (used in) operationsDirect taxes paid (net of refund)Net cash from / (used in) investing into treasury instruments(1) Change in inventory, receivables, other financial assets, loans, other assets, payables, other liabilities(2) Includes investments, margin money deposits and deposits with original maturity for 12 months33

Investing in capacity and capability buildingCapex Spends( Mn)Capex as % of TotalRevenues from Operations9.0%16.8%7.2%7.5%61Spill over of 13 Mn ofcapex into FY221.6%Covid 1.9%1.2%1.2%0.2%1.3%(1) As % of reported revenues for lesOthersTotal34

Proprietary technology atingSystemOperational InFleetfacility andManagementField AppsSystemOrder StateMachineParticipantsIntegratorQuality &TrackingClient ogyPartnerControl Tower Billing, Audit,ManagementP&L TrackingGeo on Infrastructure LocationManagementManagement Isolation and& emMonitoringDataIntelligenceLeversNotificationsApp and APIManagementEcosystem of 80 businessapplications that can be bundledinto solutionsAllows tenants to set businessspecific rules, policies andstructures (customize platformfor their operations)Core primitives provide reusable,business-agnostic tools andservices, define standardframeworks & governancemodels35

Data intelligence capabilitiesVehicle Trace DataOver 250 Mn GPS trace points daily across 80 Kunique devices(1,2)Location StackAddress standardization(6), geocoding, geofencing,locality polygons/ hierarchy, PoIs, travel / servicetimes, property typeLocation & Product DataAddress, product and customer data captured for60 Mn shipments delivered monthly(1,3)Pickup Points280 K monthly active pickup points includingclient warehouses and marketplace locations(1,3)Network Design & Optimization(7)Optimal facility location, capacity planning, networkconnections, dynamic dispatch and route creationFleet Data200 K monthly trips across 17 K trucks(1,3)Transaction Data1.8 Bn monthly shipment lifecycle eventscaptured(1,3)Customer Data150 Mn unique customers in the last year(1,4)Vision Data50 K cameras across facilities(1,5)Operator DataBIG DATASTACKIntelligenceETA, expected loads, Customer Fraud/ RTOprediction, Product dimension prediction, VehicleUtilization, PoD validation, service risk and anomalydetectionAnalyticsProductivity/ utilization, pricing/compensation, performance, demand forecastingActivity data from 45 K active operators in thenetwork monthly(1,3)(1)(2)(3)(4)(5)(6)(7)All figures excluding SpotonDaily average for March 2022For March 2022For April 2021 to March 2022As of March 2022Awarded US Patent for proprietary Addfix technology; 2 patents pending for unique address identification2 patents pending for intelligent system direction in the network36

EnvironmentESG initiatives GovernanceSocial 1.5MW of Solar power plants already installed at our Gurgaon and Kolkata mega gatewaysActive pilots on 2 & 3-wheeler EVs across first mile, last mile and carting and CNG in mid mile. Engaged withvarious OEMs to explore EV and LNG vehicle options for carting and line haul movementsIncreased utilization of Bharat VI compliant larger format 46’ trucks that are 14-25% more efficient than typical 32’& 24’ trucks that are prevalent in the industryImplemented E-PODs with select PTL clients Number of women off-roll employees grew 4x during FY22 to 1,887 as of March 31, 2022Delhivery Academy engaged in providing training & development to ensure upskilling from grass root tosupervisory levels. Special programme for driver safety to minimise on road accidentsVoluntarily engaged in community service*– o Distributed 794 tons of oxygen concentrators and other relief material during Q1FY22 (COVID second wave)o Contributions towards ‘Olympic Gold Quest’, a program oriented towards Indian athletes aspiring for the Olympicso Logistics partner of Goonj, an NGO focused on humanitarian aid and community development effortsSupported 80 team members with 0.24 Mn in FY22 through the Employee Welfare Fund Independent Board with all the requisite committees strongly committed towards highest degree of governance and disclosuresoo5 of 11 Board Members are Independent Directors; plan to appoint at least one more woman director by end of FY238 of 11 Board members are non-executive*Delhivery yet to qualify for mandatory CSR spend thresholds37

Definitions and abbreviationsAGVAMRASCBACCPSCross BorderD2CGSTE2EE-PODEVEWBFMCDLNGLSPNGONSE and BSEOD pairsOEMONDCPaaSPLIProforma financialsPTL FreightRedSeer reportSAASSCSSEASpotonTLWMSAutomated guided vehicleAutonomous mobile robotAutomated sort capacityBusiness associateCompulsorily convertible preference sharesCross border express parcel and freight service by the CompanyDirect to consumerGoods and service taxEnd to

Date: July 4, 2022 BSE Limited Floor 25, P J Towers, Dalal Street, Mumbai - 400 001 India Scrip Code: 543529 National Stock Exchange of India Limited Exchange Plaza, C-1, Block G,