1) Financial data given in the reports of specific years are true for that respective year

2) SGA expenses for Delhivery comprises of "Employee benefits expenses" and "Other expenses"
3) COGS for Delhivery comprises of "Freight, Handling, and Servicing Costs" and "Purchase of Traded Goods"
4) Interest expense for Delhivery is assumed to be the "Finance Costs"
5) Inventory Carrying Cost(ICC) is assumed to be 0.2
er expenses"
rchase of Traded Goods"
 Gati Ltd.
31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020
ROE (Return on Equity) -0.0319 -0.2823 -0.0723
ROA (Return on Assets) -0.0296 -0.2468 -0.0559
ROFL (Return on financial leverage) -0.0023 -0.0356 -0.0163
Profit Margin -0.0782 -0.6154 -0.1298
Asset turnover 0.3781 0.4010 0.4310
APT (accounts payable turnover) 6.5486 7.2849 2.7910
ART (accounts recieveable turnover) 29.6092 34.2294 21.0049
INVT(inv turnover) 6.0323 8.0332 63.1373
PPET (prop,plsnt & equip turnover) 10.3704 9.0407 1.8124
C2C (cash to cash cycle) 0.0468 0.0164 -0.2949
SG&A/ Revenue 0.9356 0.9273 0.7634

Days of Raw Material Inventory (DRM) 60.50802139 45.436254231 5.7810505413

Days of WIP Inventory (DWIP)
Supply Chain Working Capital (SWC) 89.2 80.3 -222.5
Location
Capacity
Role
c2c
avg inv (in cr)
inv turn
mode of transport
coordination
push vs pull
forecasting
Economy of scale
everyday low vs everyday high
fixed price vs menu price
 Delhivery
31 Mar 2019 31 Mar 2019 31 Mar 2020 31 Mar 2021 31 Mar 2022 31 Mar 2023
0.0316 -0.5206 -0.0899 -0.1230 -0.1402 -0.0188
0.0241 -0.4660 -0.0541 -0.0579 -0.0947 -0.0018
0.0075 -0.0546 -0.0358 -0.0650 -0.0456 -0.0170
0.0447 -1.0656 -0.0787 -0.0750 -0.1266 -0.0015
0.5389 0.4374 0.6875 0.7724 0.7479 1.2074
2.5931 7.3158 8.0989 6.3811 6.4574 12.6398
13.3971 7.8169 4.9618 6.2310 7.8451 14.3165
61.5898 59.5767 122.7330 101.9274 171.6108 514.1583
1.9213 10.2703 12.6662 15.0126 10.1036 16.9917
-0.2948 0.0080 0.0862 0.0136 -0.0216 -0.0073
0.6418 0.1016 0.2540 0.2525 0.0193 0.2571

5.9263078054 6.1265594636 2.9739344614 3.5809816974 2.126906209 0.7098980321

49857.5 65833.4 79347.7 125538.92
-218.5 4991 34951 18536 12789.5 17563.8
Centalized from Gurgaon
-0.4660 -0.0541 -0.0579 -0.0947 -0.0018
Both warehouse and cross docking
0.0080 0.0862 0.0136 -0.0216 -0.0073
1069.7 1375.5 1849 2487
59.5767 122.7330 101.9274 171.6108 514.1583
Road, rail, air, sea, last mile
fleet mgmt sys, order mgmt sys, crm, communication sys
pull based system
delivery process complex, forecasting is ok
yes
everyday low pricing
menu price
 ROE
0.0000
-0.1000
-0.2000
-0.3000
-0.4000
-0.5000
-0.6000
31 Mar 31 Mar 31 Mar 31 Mar 31 Mar
2019 2020 2021 2022 2023
 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 31 Mar 2019
C2C 0.046845187 0.016427898 -0.294850159 -0.294766126

Gati C2C
0.1

0.05

0
1 Jan 2019 1 Jan 2020 1 Jan 2021 1 Jan 2022
-0.05

-0.1

-0.15

-0.2

-0.25

-0.3

-0.35

31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 31 Mar 2019
SG&A/ Revenue 0.935636646 0.927329843 0.763421045 0.6417930534 SG&A/ Revenue

Gati SG&A/ Revenue

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
1 Jan 2019 1 Jan 2020 1 Jan 2021 1 Jan 2022
 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 31 Mar 2019
C2C -0.007320561 -0.021565339 0.013586409 0.086212906 0.008021049

Delhivery C2C
0.1

0.08

0.06

0.04

0.02

0
1 Jan 2019 1 Jan 2020 1 Jan 2021 1 Jan 2022 1 Jan 2023
-0.02

-0.04

31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 31 Mar 2019
SG&A/ Revenue
0.2570726383 0.0193166915 0.252472307 0.253992225 0.101624714

Delhivery SG&A/ Revenue

0.3

0.25

0.2

0.15

0.1

0.05

0
1 Jan 2019 1 Jan 2020 1 Jan 2021 1 Jan 2022 1 Jan 2023
 Gati Ltd.
Period Ending 31 Mar 2023 31 Mar 2022 31 Mar 2021

Total Revenue NA 2,576 2,865

Cost of Good Sold NA 168.30 266

Gross Profit NA 2,408 2,599

Selling, General and Administrative NA 2,410 2,657

Operating Income or Loss NA -2.5 -57.7

Total other Income NA -230 -1,600
EBIT NA -232 -1,658
Interest expense NA 0 0
Income before tax NA -232 -1,658
Income Tax expense NA -30.7 105
Net Income NA -201 -1,763

Assets
Cash and Cash equivalents NA 54.7 102.1
Investments NA 5632.1 5536.7
Net Recievables NA 87 83.7
Inventory NA 27.9 33.1
Current Deffered Tax Assets, Net NA - -
Other Current Assets NA 34 24.1
Total Current Assets NA 5835.7 5779.7
Property, Plant, and Equipment (PP&E)NA 248.4 316.9
Goodwill NA 6084.1 6096.6
Other Assets NA 728.6 1,047.9
Total Assets NA 6,812.7 7,144.5

Liabilities and stockholder Equity

Accounts Payable NA 25.7 36.5
Short/Current Long-term Debt NA 29.9 74.6
Accrued salaries, wages and related benfiNA - -
Other Current Liabilities NA 86.1 38.1
Long-term Debt NA 10.5 126
Other Liabilities NA 339 625
Deferred Long-term Liability Charges NA - -
Total Liabilities NA 490.9 899.9
Total Stockholder Equity NA 6,321.8 6,244.6

Total equity and Liability NA 6,812.7 7,144.5

Tax Rate
Gati Ltd. Delhivery
31 Mar 2020 31 Mar 2019 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020

4,455.13 5,424.49 1350959.8 608085.5 356954 298643

1,269.06 1,687.56 995204.9 434278.2 263788 218833

3,186.07 3,736.93 355754.9 173807.3 93166 79810

3,401.14 3,481.40 347294.8 11746.2 90121 75853

-215.07 255.53 8460.1 162061.1 3045 3957

0 0 0 0 0 0
-215.07 255.53 -94525.4 -28927.3 -33187 -21481
0 0 15242.3 9389.1 8855 4919
-215.07 255.53 -109767.7 -38316.4 -42042 -26400
363.06 13 0 0 0 0
-578.13 242.53 -17262.7 -86351.7 -35631 -28413

102.8 132.2 29545.2 17826.3 25285 10610

6417.8 5702.5 148172 146123 70756 81044
212.1 404.9 94363.7 77511.4 57287 60188
20.1 27.4 1935.6 2530.6 2588 1783
- - 23857.6 12904.7 12203 10474
34.8 37.4 14134.3 25897.3 9530 8724
6787.6 6304.4 693886 387208 282589 254639
2458.1 2823.4 79507 60185 23777 23578
9245.7 9127.8 - - - -
1090.2 938.2 345535.5 365656.8 155760 156191
10335.9 10066 1118928.5 813049.8 462126 434408

454.7 650.8 78735.5 67252.5 41339 27020

210.3 104.6 27473.6 36654 24595 20131
- - 10983.4 22820.7 23502 8870
10.6 50.7 9377.9 1741 3227 10381
460 750.3 64870.7 68867 78545 48687
1,200 837 9773.7 0 1177 3152
- - 0 0 0 0
2335.3 2393.5 201214.8 197335.2 172385 118241
8000.6 7672.5 917713.7 615714.6 289741 316167

10335.9 10066 1118928.5 813049.8 462126 434408

31 Mar 2019

165383
134822

30561
16807

13754
0
-174956
1879
-176835
0
-178104

88
3006
21157
2263
5963
6144
221683
16103
-
140339
378125

18429
2879
2018
8383
3562
756
0
36027
342098

378125
Metric
Total Length of Supply Chain in Days (L)
Inefficiency of the Supply Chain (SCI)
Supply Chain Working Capital Productivity (SWC) (Similar to C2C cy

Other Formulae
Days of Raw Material Inventory (DRM)
Days of WIP Inventory (DWIP)
Days of Finished Goods Inventory (DFG)

Supply Chain Costs (SCC)

Supply Chain Working Capital (SWC)
Formula Amazon Nordstrom
DRM+DWIP+DFG 49.9255274 66.7922497
SCC/NS 6.74% 4.21%
NS/SWC -7.720833765 4.9023406

DRM = RM*365/CRM DRM = RM*365/CRM

DWIP = SFG*365/CP
DFG = FG*365/CS

SCC = CD+INV*ICC
INV+AR-AP