Delhivery Ltd
Directors Reports
Dear Members,
The Board of Directors ("the Board") have pleasure in
presenting the 12th Annual Report of Delhivery Limited (formerly known as
Delhivery Private Limited) (hereinafter referred as
"Company"/"Delhivery") along with the Audited Financial Statements for
the financial year ("FY") ended March 31, 2023 (hereinafter referred as
"FY23" or "during the year").
Financial Performance
Key highlights of the financial results of your Company for the FY23
are as under:
Amount (Rs. in Million)
| Particulars |
Standalone – FY ended |
Consolidated – FY ended |
| March 31, 2023 |
March 31, 2022 |
March 31, 2023 |
March 31, 2022 |
| Revenue from Operations |
66,586.61 |
59,109.96 |
72,253.01 |
68,822.86 |
| Other Income |
3,311 .74 |
1,698.59 |
3,049.48 |
1,561.41 |
| Total Income |
69,898.35 |
60,808.55 |
75,302.49 |
70,384.27 |
| Less: Total expenses |
77,908.26 |
69,421.85 |
85,968.83 |
80,645.30 |
| Loss before exceptional items, share of net profit/(loss)
of |
(8,009.91) |
(8,613.30) |
(10,666.34) |
(10,261.03) |
| associate and tax |
|
|
|
|
| Less: Exceptional Items |
113.11 |
21.87 |
- |
- |
| Loss before tax and share of profit/(loss) of associate |
(8,123.02) |
(8,635.17) |
(10,666.34) |
(10,261.03) |
| Less: Tax Expense |
- |
- |
(452.81) |
(183.30) |
| Loss after tax before share of profit/(loss) of associate |
(8,123.02) |
(8,635.17) |
(10,213.53) |
(10,077.73) |
| Add: Share of profit/(loss) of associate (net) |
- |
- |
135.74 |
(32.27) |
| Loss for the year |
(8,123.02) |
(8,635.17) |
(10,077.79) |
(10,110.00) |
| Other Comprehensive (loss)/Income |
(8.87) |
9.64 |
12.30 |
14.37 |
| Total Comprehensive Loss for the year |
(8,131.89) |
(8,625.53) |
(10,065.49) |
(10,095.63) |
The Standalone and Consolidated Financial Statements of your Company
for FY23 are prepared in compliance with the applicable provisions of the Companies Act,
2013 (‘the Act'), Indian Accounting Standards (‘Ind AS') and the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended [‘SEBI Listing Regulations'].
a The revenue from operations on standalone basis for FY23 stood at
RS.6,586.61 million as against RS.9,109.96 million for FY22, registering a growth of
12.65%. Whereas the loss for FY23 stood at Rs.,123.02 million as against Rs.,635.17
million for FY22, a reduction by 5.93%.
a The revenue from operations on consolidated basis for FY23 stood at
RS.2,253.01 million as against RS.8,822.86 million for FY22, registering a growth of
4.98%. Whereas the loss for FY23 stood at RS.0,077.79 million as against Rs. 10,110.00
million for FY22, a reduction by 0.32%.
a The increase in revenue from operations is on account of:
Increase in revenue from our Express Parcel, Supply Chain Services and
Truckload services.
Spoton Logistics Private Limited ("Spoton"), a wholly-owned
subsidiary of Delhivery, contributed to the revenues for the full year in FY23 as compared
to approximately 7 months in FY22.
a The increase in expenses is on account of:
increase in freight, handling and servicing cost, employee benefit
expenses and other expenses attributable to the increase in revenues.
increase in depreciation and amortisation expenses majorly due to
depreciation and amortisation of assets acquired during integration of Spoton with
Delhivery.
State of Affairs of the Company/ Business
Operations
Your Company's mission is to enable customers to operate flexible,
reliable and resilient supply chains at the lowest costs. As of March 31, 2023, we
provided supply chain solutions to a diverse base of over 27,000 active customers such as
e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across
several verticals such as FMCG, consumer durables, consumer electronics, lifestyle,
retail, automotive and manufacturing.
This is achieved through high-quality logistics infrastructure and
network engineering, a vast network of domestic and global partners and significant
investments in automation, all of which are orchestrated by our self-developed logistics
operating system that drive network synergies within and across our services and enhance
our value proposition to customeRs.
The key differentiators of business of your Company are:
a Integrated solutions: Your Company provides a full range of
logistics services, including express parcel delivery, heavy goods delivery, Part Truck
Load ("PTL") freight, Truck Load ("TL") freight, warehousing, supply
chain solutions, cross-border express and freight services and supply chain software,
along with value added services such as e- commerce return services, payment collection
and processing, installation and assembly services and fraud detection.
a Proprietary logistics operating system: In-house logistics
technology stack is built by your Company to meet the dynamic needs of modern supply
chains. Your Company has over 80 applications through which your Company provides various
services, orchestrated by the platform to govern transaction flows from end to end. The
platform of your Company is designed as a set of foundational layers, libraries and APIs
that form the building blocks for logistics applications and provides a configurable
framework and tools to enable both internal and external developers to build custom
applications.
a Data Intelligence: Your Company collects, structures, stores
and processes vast amounts of transaction and environmental data to guide real-time
operational decision making. We used machine learning extensively to build various
capabilities, including intelligent geo-location, network design, route optimisation, load
aggregation, ETA prediction, product identification and fraud detection, which enabled us
to execute operations in an efficient and precise manner.
a Automation: Your Company operated 24 fully and semiautomated
sortation centres and 94 gateways across India (including those operated by Spoton) as of
March 31, 2023. We have a Rated Automated Sort Capacity of 5.4 million shipments per day
as of March 31, 2023. We have automated material handling systems at gateways in Tauru
(Haryana), Bhiwandi (Maharashtra) and Bengaluru (Karnataka). Your Company is expanding the
gateway infrastructure in Bhiwandi and Bengaluru to
700,000 sq.ft. and 1,000,000 sq.ft. respectively, which will enable
your Company to service the increasing demand for its services. This automation, combined
with system directed floor operations, path expectation algorithms and machine-vision
guided truck loading systems, together enable the facility staff to be more productive and
reduce errors in their operations.
a Unified Infrastructure and Network: Your Company operates a
pan-India network and provides services in
18,540 postal index number ("PIN") codes, as of March 31,
2023. Logistics platform, data intelligence and automation of your Company enable the
network to be seamlessly interoperable and allows to share infrastructure and operational
capacity across business lines and set new service standards, such as providing
e-commerce-like turnaround times to traditional part-truckload shippers on several lanes.
a Asset-light operations: Your Company follows an asset light
model. The approach is to invest in critical service elements and IP-sensitive areas of
the network, while delivering services through a large number of network partneRs. Network
partners with warehousing, freight
(truckload or air) or first/last-mile capacity can sign up and find
customers via the partner applications. The systems of your Company function as managed
marketplaces that match partner capacity with its internal and third-party client demand
based on partners' service quality ratings and pricing. This approach has enabled
your Company to quickly expand to geographically dispersed locations, optimise loads,
improve the cost structure and maintain flexibility in handling seasonal variations and
changes in client requirements while incurring minimal fixed costs and capital
expenditures.
a Entrepreneurial team: The experienced team of your Company has
driven service excellence and industry first innovations that have enabled your Company to
gain market leadership in a short span of time. The team comes from diverse backgrounds in
engineering, technology, operations, R&D and design from across industries such as
technology, e-commerce, manufacturing, telecommunications, management consulting,
financial services and the armed forces, among otheRs.
Acquisitions and Investments
In line with the strategy to build scale and new capabilities both
organically and inorganically, your Company completed important acquisitions in FY23 as
detailed below:
Algorhythm Tech Private Limited ("Algorhythm Tech")
Your Company acquired Algorhythm Tech in India by acquiring 100% of its
share capital for RS.49.06 million during January, 2023. Algorhythm Tech is a supply chain
software company that offers comprehensive, end-to-end supply chain planning &
execution solutions for industry sectors like FMCG, pharma, steel, auto, telecom etc.
through their proprietary, AI-enabled and cloud-ready rhythm 3.0 platform.
The platform consists of a dozen products designed to deal with various
problems in manufacturing, supply chain, and sales & distribution processes.
Further, your Company has made following strategic investments during
FY23.
Boxseat Ventures Private Limited ("Boxseat Ventures")
Investment of 4.97% in the equity share capital of Boxseat
Ventures in India for a consideration of RS.97.90 million during
October, 2022. Boxseat Ventures is engaged in the business of acquiring cash flow positive
eCommerce merchants selling on marketplaces like Amazon and Flipkart.
Further, post the closing of FY23 and till the date of this report,
your Company also strategically invested in:
Vinculum Solutions Private Limited ("Vinculum")
Investment of 10.94% in the equity share capital of Vinculum in India
for a consideration of Rs. 250 million during FY24. Vinculum is one of the early software
companies from India, enabling brands to tap into the opportunity presented by eCommerce
and Omni Channel. In response to the industry and consumer shifts post the pandemic
Vinculum has scaled up into a leading SaaS Omni Channel software company working with over
400 brands across Grocery &
FMCG, Healthcare, Beauty, Cosmetics, Fashion, and Jewelry in India,
South East Asia, and the Middle East markets.
Transfer to Reserves and Dividend
As your Company does not have Profits for the FY23 hence no amount is
available for transfer to reserves. Accordingly, the Board does not recommend any dividend
for the FY23. In terms of Regulation 43A of the SEBI Listing Regulations, the dividend
distribution policy is available on the company's website at
https://www.delhivery.com/company/investor-relations.
Initial Public Offer ("IPO") of Equity Shares
Your Company floated Initial Public Offer ("IPO") of its
Equity Shares during FY23. The IPO was completed, and your Company got
listed at the National Stock Exchange of India Limited ("NSE") and BSE Limited
("BSE") (collectively referred to as "Stock Exchanges") on May 24,
2022. Despite extremely challenging times stemming from geo-political tensions, supply
chain constraints, rising interest rates and volatile market conditions, your Company
completed its IPO successfully with participation of several leading domestic and global
investoRs. The Board is gratified and humbled by the faith shown in the Company by its
MembeRs. The total size of the IPO was Rs.52,350.00 million comprising of 107,497,225
equity shares including fresh issue of 82,137,328 equity shares aggregating to
Rs.40,000.00 million and offer for sale of 25,359,897 equity shares aggregating to
Rs.12,350.00 million by selling shareholdeRs. The IPO opened on May 11, 2022 and closed on
May 13, 2022 and the Equity shares were allotted / allocated at a price of Rs.487/- per
Equity Share (including a share premium of Rs.486/- per Equity Share) on May 20, 2022. A
discount of Rs. 25/- was offered to eligible employees. Your Company has appointed Axis
Bank Ltd. as the Monitoring Agency in terms of Regulation 41(2) of the SEBI (Issue of
Capital & Disclosure Requirements) Regulations, 2018, as amended, to monitor the
utilisation of IPO proceeds and has obtained a monitoring report, for every quarter and
submitted the same with Stock Exchanges as required under SEBI Listing Regulations. The
proceeds realised by the
Company from the IPO are being utilised as per objects of the offer
disclosed in the Prospectus of the Company.
Out of the Net proceeds of fresh issue of RS.8,703.00 million (net of
provisional IPO expense in relation to fresh issue amounting to Rs.,297.00 million) your
Company has utilised the funds as detailed herein below:
Amount (Rs. in Million)
| Sl. No. |
Objects of fund raising |
Amount of funds Allocated |
Funds utilised as on March
31, 2023 |
Funds utilised as on June
30, 2023 |
| 1. |
Organic Growth Initiatives
Building scale in existing business lines and developing new adjacent business lines |
1,600.00 |
1,247.82 |
1547.77 |
|
Expanding network infrastructure of your
Company |
13,600.00 |
4,205.691 |
5,949.962 |
|
Upgrading and improving
proprietary logistics operating system of your Company |
4,800.00 |
2,454.86 |
3,092.93 |
| 2. |
Funding inorganic growth through acquisition
and other strategic Initiatives |
10,000.00 |
161.25 |
411.25 |
| 3. |
General Corporate purposes |
8,703.00 |
5,125.24 |
5,125.24 |
|
Total |
38,703.00 |
13,194.86 |
16,127.15 |
1 Lease payment also includes payment towards security deposit of
Rs. 274.45 million from the date of IPO till the quarter ended March 31, 2023. 2
Lease payment also includes payment towards security deposit of Rs. 329.54 million from
the date of IPO till the quarter ended June 30, 2023.
Funds unutilised as on March 31, 2023 is RS.5,508.14/- and as on June
30, 2023 is RS.2,575.85 million. There has been no deviation in the utilisation of the IPO
proceeds of the Company. The Monitoring Agency Report is available at the Company's
website at https://www.delhivery.com/company/investor-relations.
Change in the nature of Business
There has been no change in the nature of business of your Company
during the year.
Material Changes and Commitment affecting Financial Position of the
Company
There were no material changes between the end of the financial year of
your company and the date of this report, affecting the Financial Position of your Company
other than issuance of fresh shares as detailed in this report.
| Share Capital |
| A. A uthorised Share Capital |
| There has been no change in the
Authorised/Nominal Share Capital of the Company during FY23. The said Share as on March
31, 2023 was Rs.,342,535,980 divided into: |
| a 873,502,280 Equity Shares of Rs. 1 each, |
| a 300,000 Preference Shares of RS.0 each and |
| a 4,660,337 Preference Shares of Rs. 100 each |
| B. Changes in Issued, Subscribed and Paid-up Share Capital |
| D uring the FY23, the changes in Issued, Subscribed and
Paid-up Share Capital of your Company was as follows: |
| Particulars |
No. of shares |
Amount (in Rs. ) |
| Issued, Subscribed and Paid up Share Capital at the beginning
of the financial year 2022-23 |
642,106,100 |
642,106,100 |
| Shares issued/allotted during the financial year 2022-23 |
86,609,049 |
86,609,049 |
| Issued, Subscribed and Paid-up Share Capital at the end of
the financial year 2022-23 |
728,715,149 |
728,715,149 |
D etails of shares issued/allotted during the financial year 2022-23
are as follows:
| SI. No. |
Date of allotment |
Mode of issue/allotment |
No. of shares allotted |
Face Value per equity
share (in Rs. ) |
Nature of consideration |
| 1. |
April 19, 2022 |
Employee Stock Options Exercised |
259,727 |
1 |
Cash |
| 2. |
May 20, 2022 |
Fresh issue of shares pursuant to Initial
Public Offer |
82,137,328 |
1 |
Cash |
| 3. |
August 08, 2022 |
Employee Stock Options Exercised |
210,250 |
1 |
Cash |
| 4. |
September 02, 2022 |
Employee Stock Options Exercised |
1,032,950 |
1 |
Cash |
| 5. |
October 10, 2022 |
Employee Stock Options Exercised |
604,362 |
1 |
Cash |
| 6. |
November 05, 2022 |
Employee Stock Options Exercised |
533,922 |
1 |
Cash |
| 7. |
December 06, 2022 |
Employee Stock Options Exercised |
1,255,568 |
1 |
Cash |
| 8. |
January 06, 2023 |
Employee Stock Options Exercised |
170,676 |
1 |
Cash |
| 9. |
February 06, 2023 |
Employee Stock Options Exercised |
134,563 |
1 |
Cash |
| 10. |
March 05, 2023 |
Employee Stock Options Exercised |
269,703 |
1 |
Cash |
A fter the closure of the reporting period, your Company has allotted
Equity Shares as per following details:
| SI. No. |
Date of allotment |
Mode of issue/allotment |
No. shares allotted |
Face Value per equity
share (in Rs. ) |
Nature of consideration |
| 1. |
April 06, 2023 |
Employee Stock Options Exercised |
158,855 |
1 |
Cash |
| 2. |
May 06, 2023 |
Employee Stock Options Exercised |
385,739 |
1 |
Cash |
| 3. |
June 08, 2023 |
Employee Stock Options Exercised |
1,941,454 |
1 |
Cash |
| 4. |
July 10, 2023 |
Employee Stock Options Exercised |
1,728,427 |
1 |
Cash |
| 5. |
August 08, 2023 |
Employee Stock Options Exercised |
197,846 |
1 |
Cash |
A s on the date of this report, your Company's paid-up share capital
amounts Rs. 733,127,470/- to
Alteration of Memorandum of Association (MOA) & Articles of
Association (AOA)
MOA
During the year, there was no alteration in your Memorandum of
Association (MOA) of the Company.
AOA
With effect from the date of listing of Equity Shares of your Company
at Stock Exchanges i.e. May 24, 2022,
Part A of the AOA continues to be effective and Part B has become
ineffective. The Articles of Association (AOA) of your Company were further amended by
special resolution passed on July 10, 2022 through the Postal Ballot.
Employees' Stock Option Plans ("ESOPs")
Your Company has four ESOPs, namely, Delhivery Employees Stock Option
Plan, 2012 ("ESOP I 2012"), Delhivery Employees Stock Option Plan II, 2020
("ESOP II 2020"), Delhivery Employees Stock Option Plan III, 2020 ("ESOP
III 2020") and Delhivery Employees Stock Option Plan IV, 2021 ("ESOP IV
2021", and collectively, the "ESOPs").
These Plans are in compliance with the Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (hereinafter referred to as "SEBI SBEB & SE
Regulations") and have also been ratified by the Members of the Company on July 10,
2022 through postal ballot.
The Secretarial Auditors of your Company have provided a certificate
stating that the aforesaid ESOP Plans have been implemented in accordance with SEBI SBEB
& SE Regulations and are in accordance with the approval of shareholders of the
Company, from time to time. The said certificate will be placed before the members at the
AGM. The disclosures as required under Regulation 14 of SEBI SBEB & SE Regulations,
are available on the website of the Company at
https://www.delhivery.com/company/investor-relations.
Credit Rating
Not applicable
Investor Grievances
Your Company has a Stakeholders' Relationship Committee of the
Board to examine and redress investors' complaints.
The status of complaints is presented before the Committee on a
periodic basis.
During the year under review, the status of Investor
Grievances is as under:
| Pending at the beginning of the financial year |
Nil |
| Received during the financial year |
5 |
| Disposed off during the financial year |
5 |
| Pending at the end of the financial year |
Nil |
| Complaints not resolved to the satisfaction of investor |
Nil |
Directors and Key Managerial Personnel
Your Company has an appropriate mix of directors on its Board of
Directors (‘Board'). As on March 31, 2023, the Board consisted of three (3)
Executive Directors, five (5) Non-Executive Independent Directors including one (1) Woman
Independent Director and two (2) Non-Executive Directors in compliance with the applicable
provisions of the Act and the SEBI Listing Regulations. Your Directors are eminent
individuals of diverse backgrounds with skills, experience and expertise in various areas,
the complete list of which has been provided in the Corporate Governance Report forming
part of this report.
The year under review saw the following changes to the Board
composition / Change in terms of Appointment of the
Board members:
Appointment
a The Members at its AGM held on September 29, 2022 have approved the
appointment of Ms. Aruna Sundararajan (DIN: 03523267) as a Non-Executive Independent
Director for a period of 5 years, w.e.f. July 08, 2022, not liable to retire by rotation.
Change(s) in terms of Appointment
a The Members at its AGM held on September 29, 2022 have approved the
changed terms of appointment of Mr. Sahil Barua, Managing Director and Chief Executive
Officer of the Company, from being "not liable to retire by rotation" to
"liable to retire by rotation" w.e.f. July 09, 2022.
a The Members at its AGM held on September 29, 2022 have approved the
changed terms of appointment of
Mr. Sandeep Kumar Barasia, Executive Director and Chief
Business Officer of the Company, from being "not liable to retire
by rotation" to "liable to retire by rotation" w.e.f. July 08, 2022.
a Consequent upon listing of shares of the Company, Mr. Suvir Suren
Sujan (DIN: 01173669), Non-Executive Nominee director representing M/s Nexus Ventures III
Ltd. and Nexus Opportunity Fund Ltd., Equity Investors of the Company has ceased to be a
nominee of M/s Nexus Ventures III Ltd. and Nexus Opportunity Fund Ltd., and continues as a
Non-Executive Director w.e.f. May 24, 2022.
a Consequent upon listing of shares of the Company, Mr. Donald Francis
Colleran (DIN: 09431299) was appointed as Non-Executive Nominee Director to represent M/s
FedEx Express Transportation and Supply Chain Services (India) Private Limited
("FedEx"), Equity
Investor of the Company, has ceased to be a nominee of
FedEx and continues as a Non-Executive Director w.e.f. May 24, 2022.
Cessation(s) / Resignation(s)
a Ms. Kalpana Jaisingh Morparia (DIN: 00046081) resigned from the Board
w.e.f. February 11, 2023, due to preoccupation.
a Mr. Munish Ravinder Varma (DIN: 02442753), Non-Executive Nominee
Director representing M/s SVF Doorbell (Cayman) Ltd, an Equity Investor of the Company,
resigned from the Board w.e.f. June 29, 2022 due to personal reasons.
a Mr. Agus Tandiono (DIN: 08577542), Non-Executive Nominee Director
representing M/s Canada Pension Plan Investment Board, an Equity Investor of the Company,
resigned from the Board w.e.f. April 08, 2022 due to personal reasons and preoccupation.
The Board places on record its appreciation for Ms. Kalpana Jaisingh
Morparia, Mr. Munish Ravinder Varma and Mr. Agus
Tandiono, Directors who have ceased as Directors, for their invaluable
contribution and guidance during their tenure. Post the completion of FY23, based on the
recommendation of the Nomination and Remuneration Committee of the Company, the Board of
Directors in its meeting held on August 04, 2023 have approved the appointment of Mr.
Anindya Ghose (DIN: 10243913) as an Additional Director under the category of Independent
Director of the Company for a term of five years with effect from August 04, 2023, subject
to the approval of members in the ensuing 12th AGM. The Board recommends his appointment
as Non-Executive Independent Director at the ensuing AGM. The details as required under
the SEBI Listing Regulations are contained in the Notice convening the ensuing AGM of your
Company.
Further, Mr. Suvir Suren Sujan, Non-Executive Director, ceased to be
associated with your Company w.e.f. August 24, 2023, pursuant to his resignation on
account of preoccupation and other commitments.
The Non-Executive Directors of the Company had no pecuniary
relationship or transactions during the year with your Company, other than sitting fees,
remuneration and reimbursement of expenses, if any, as detailed in Corporate Governance
Report forming part of this report.
Key Managerial Personnel
During FY23, there was no change in Key Managerial Personnel
(‘KMP') of your Company.
Directors and the KMP as on March 31, 2023 are as under:
| S. No. |
Name of Director and KMP |
Designation |
| 1 |
Mr. Deepak Kapoor |
Chairperson and Non-Executive Independent
Director |
| 2 |
Mr. Srivatsan Rajan |
Non-Executive Independent Director |
| 3 |
Mr. Romesh Sobti |
Non-Executive Independent Director |
| 4 |
Mr. Saugata Gupta |
Non-Executive Independent Director |
| 5 |
Ms. Aruna Sundararajan |
Non-Executive Independent Director |
| 6 |
Mr. Sahil Barua |
Managing Director and Chief Executive
Officer |
| 7 |
Mr. Sandeep Kumar Barasia |
Executive Director and Chief Business
Officer |
| 8 |
Mr. Kapil Bharati |
Executive Director and Chief Technology
Officer |
| 9 |
Mr. Suvir Suren Sujan1 |
Non-Executive Director |
| 10 |
Mr. Donald Francis Colleran |
Non-Executive Director |
| 11 |
Mr. Amit Agarwal |
Chief Financial Officer |
| 12 |
Mr. Sunil Kumar Bansal2 |
Company Secretary and Compliance Officer |
1 M r. Suvir Suren Sujan, Non-Executive Director, ceased to be
associated with your Company w.e.f. August 24, 2023, pursuant to his resignation on
account of pre-occupation and other commitments.
2 M r. Sunil Kumar Bansal, Company Secretary and Compliance
Officer, ceased to be associated with your Company w.e.f. May 31, 2023, pursuant to his
resignation.
It may be noted that Mr. Vivek Kumar who was already associated with
the Company as Director- Corporate Affairs and Deputy Company Secretary, was appointed as
the Company Secretary and Compliance Officer of the Company w.e.f. June 01, 2023.
In addition to the aforesaid Directors and KMP, your Company, as on
March 31, 2023, had following Senior Management Personnel (‘SMP') who were also
designated as KMP, along with other SMP:
| S. No. |
Name |
KMP and/or SMP |
Designation |
| 1. |
Mr. Suraj Saharan |
KMP and SMP |
Head of New Ventures |
| 2. |
Mr. Ajith Pai |
KMP and SMP |
Chief Operating Officer |
|
Mangalore |
|
|
| 3. |
Ms. Pooja Gupta |
KMP and SMP |
Chief People Officer |
| 4. |
Mr. Abhik Mitra* |
KMP and SMP |
Managing Director and CEO of
Spoton. Also designated as Chief Customer Experience Officer of Delhivery w.e.f. May 14,
2022 |
| 5. |
Mr. Uday Sharma |
SMP |
Head of Business Development |
*Mr. Abhik Mitra ceased to be associated with Delhivery and Spoton
w.e.f. April 24, 2023, pursuant to his resignation.
Directors retiring by Rotation:
All the Directors (other than the Independent Directors), on the Board
of your Company are liable to retire by rotation. In terms of the provisions of Section
152(6) of the Act and the Rules made thereunder, Mr. Kapil Bharati, Executive Director
& Chief Technology Officer, and Mr. Donald Francis Colleran, Non-Executive Director,
are scheduled for retirement by rotation at the ensuing AGM. Mr. Kapil Bharati, being
eligible, has offered himself for re-appointment. Based on the recommendations of the NRC,
the Board recommends re-appointment of Mr. Kapil Bharati at the ensuing AGM. However, Mr.
Donald Francis Colleran has expressed his unwillingness to be re-appointed due to his
present & upcoming commitments elsewhere. Accordingly, the Board does not recommend
the re-appointment of Mr. Colleran, and has recommended not to fill-up the vacancy
resulting from his cessation as a Director at the upcoming AGM. The details of above
Directors, as required under the SEBI Listing Regulations are contained in the Notice
convening the ensuing AGM of your Company.
Independent Directors' Declaration
Your Company has received necessary declarations from each Independent
Director under the provisions of Section
149 of the Act and Regulation 16 of SEBI Listing Regulations that they
meet the criteria of independence laid down under the said Section and Regulation.
In the opinion of the Board, there has been no change in the
circumstances which may affect their status as Independent Directors of your Company and
the Board is satisfied of the integrity, expertise, and experience (including proficiency
in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent
Directors on the Board. Further, in terms of Section 150 of the Act read with Rule 6 of
the Companies (Appointment and Qualification of Directors)
Rules, 2014, as amended, Independent Directors of your
Company have included their names in the data bank of Independent
Directors maintained with the Indian Institute of
Corporate AffaiRs.
Familiarisation Programme for Directors
Disclosure pertaining to familiarisation programmes for Directors is
provided in the Corporate Governance Report forming part of this Report.
Board and Committee Meetings
During the year under review, Nine (9) Board Meetings were held to
consider and approve various matteRs. The details of the meetings and the attendance of
the Directors are provided in the Corporate Governance Report forming part of this report.
The Board constituted Committees as on March 31, 2023 are: a) Audit
Committee; b) Nomination and Remuneration Committee; c) CSR & Sustainability Committee
1; d) Stakeholders Relationship Committee; e) Risk Management Committee; f) IPO
Committee2; g) Merger and Amalgamation
("M&A") Committee3.
The details with respect to the composition, terms of reference, number
of meetings held, and business transacted by the aforesaid Committees, are given in the
Corporate
Governance Report forming part of this Report.
Policy on Director's Appointment, Remuneration and other matters
The Policy of your Company on appointment and remuneration including
criteria for determining the qualification, positive attributes, independence and other
matters of Directors, KMP and SMP as per applicable provisions under Sec 178 of the Act
read with SEBI Listing
Regulations has been formulated by the NRC and approved by the Board.
The said Policy is uploaded on the website of your Company at
https://www.delhivery.com/company/investor-relations and is followed for respective
appointment(s). The Salient Features of the Policy on Nomination, Remuneration &
Evaluation are as follows:
1. Objective: The policy should clearly state its objective,
which is to ensure a transparent and fair process for the selection, appointment, and
remuneration of directors,
KMP and SMP.
2. Nomination Process: The policy outlines the process for
identifying and selecting suitable candidates for various positions within your company,
including directors, KMP and SMP. It may include factors such as qualifications,
experience, independence, diversity, and skills required for the specific role.
3. Board Evaluation: The policy includes provisions for
conducting regular evaluations of the performance of the board, individual directors, and
board committees.
The evaluation process helps in identifying areas for improvement and
ensuring the effectiveness of the board.
4. Remuneration Framework: The policy defines the principles and
guidelines for determining the remuneration of directors, KMP and SMP. It may consider
factors such as industry benchmarks, company performance, individual performance, and
responsibilities.
Board Evaluation
The NRC has formulated a Policy and criteria for evaluation of the
Board, its Committees and Individual Directors, which has been adopted by the Board. Their
performance of the
Board and its Committees were evaluated after seeking inputs from all
the Directors on the basis of criteria such as the composition and meetings, role &
responsibilities and overall effectiveness of the Board & Committees. Evaluation of
the performance of all Individual Directors (including Independent Directors and
Chairperson) was also done this year. The details of the Board Evaluation process are
mentioned in the Corporate Governance Report forming part of this Report.
Pursuant to Schedule IV of the Act read with Regulation 25 of SEBI
Listing Regulations, the Independent Directors met on May 04, 2022 and March 29, 2023
without the presence of Non-Independent DirectoRs. Further, details regarding this are
mentioned in the Corporate Governance Report forming part of this Report.
Directors' Responsibility Statement
In terms of the Section 134(5) of the Act, the Directors have relied on
the Independent Auditors report, representation by the management team and to the best of
their knowledge and belief, state that: (a) in preparation of the annual accounts for the
FY23, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
(b) they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of your Company as at
March 31, 2023 and loss of your Company for the period ended on that
date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
(d) they had prepared annual accounts on a going concern basis;
(e) they had laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and were operating
effectively; and
(f) they had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
Internal Controls and their Adequacy
Your Company has internal control systems in place commensurate with
the size scale and complexity of its operations. The internal controls have been designed
further to the interest of all its stakeholders by providing an environment which is
facilitative to conduct its operations and take care of, inter alia, financial and
operational risk with emphasis on integrity and ethics as part of work culture.
Your Company has laid down a set of standards, policies and processes
to implement internal financial control across the organisation and same are adequate and
operating effectively. Your Company has an adequate Internal Financial
Control System over financial reporting ensuring that all transactions
are authorised, recorded, and reported correctly in a timely manner to provide reliable
financial information and to comply with applicable accounting standards which
commensurate with the size and volume of business of your
Company. Details of the internal financial controls of the
Company are mentioned in the Management Discussion and
Analysis Report ("MD&A Report") forming part of this
report.
The Internal Auditors monitor and evaluate the efficacy and adequacy of
internal control systems in your Company and its compliance with accounting procedures,
financial reporting and policies. The reports of Internal Audit are reviewed and discussed
by the Audit Committee in detail and the process owners take corrective actions in their
respective areas and thereby strengthen the controls. A summary of the suggested
corrective actions is placed before the Board by the Management and the Chairperson of the
Audit Committee briefs the Board on recommendations of the
Audit Committee for its discussion and suggestions thereon.
Subsidiary, Associate & Joint Venture Companies
Subsidiary Companies:
Your Company has the following wholly-owned subsidiaries
(including four (4) wholly-owned step-down subsidiaries) as on March
31, 2023. The details are as follows:
1. Delhivery Freight Services Private Limited, India
("DFSPL")
2. Orion Supply Chain Private Limited, India ("OSCPL")
3. Delhivery Cross Border Services Private Limited, India
(formerly known as Skynet Logistics Private Limited)
4. Delhivery Corp Limited, United Kingdom
5. Delhivery HK Pte. Limited, Hong Kong
6. Delhivery USA, LLC, USA ("Delhivery USA")
7. Delhivery Singapore Pte. Ltd., Singapore ("Delhivery
Singapore")
8. Delhivery Robotics LLC, USA, ("Delhivery Robotics")
(Subsidiary of Delhivery Singapore)
9. Spoton Logistics Private Limited, India ("Spoton") 10.
Spoton Supply Chain Solutions Private Limited, India
(Subsidiary of Spoton)
The following companies have become wholly-owned
Subsidiaries/ step down subsidiaries of your Company during the FY23.
11. A lgorhythm Tech Private Limited ("Algo") 12. Delhivery
Bangladesh Logistics Pvt. Ltd. ("DBLPL")
(Subsidiary of Delhivery Singapore)
13. Delhivery Logistics (Shenzhen) Company Limited
("DLSCL") (Subsidiary of Delhivery Singapore)1
Your Board reviewed the affairs of subsidiaries and there has been no
material change in the nature of the business of such subsidiaries. Further, no Company
ceased to be a subsidiary of the Company during FY23.
Associate Companies:
During the year under review, no company became or ceased to be the
associate of the Company. As on March 31, 2023, your Company has one associate company
i.e. Falcon
Autotech Private Limited ("Falcon") wherein the Company holds
34.55% of equity shares.
Joint Venture Companies:
During the year under review, no company became or ceased to be a joint
venture of the Company. Furthermore, your
Company did not have any joint ventures as defined under the provisions
of the Act during the year.
In accordance with the provisions of Section 129 of the
Act, your Company has prepared Consolidated Financial Statements of the
Company and all its subsidiaries and associates which form part of this Report. Further,
the report on the performance and financial position of each subsidiary and associate, as
applicable, and salient features of their Financial Statements in the prescribed Form
AOC-1 is annexed to this Report as Annexure 1. Further, contribution of
subsidiaries and associates to the overall performance of your Company have been disclosed
in Note 41 of the Consolidated Financial Statements.
In accordance with the provisions of Section 136 of the Act and the
amendments thereto, read with the SEBI Listing
Regulations, the audited financial statements, including the
consolidated financial statements and related information of your Company and financial
statements of the subsidiary companies are available on the website of your Company at
https://www.delhivery.com/company/investor-relations for inspection by the MembeRs.
Pursuant to the provisions of Regulation 16(c) of SEBI Listing
Regulations, the Board has approved and adopted a Policy for
determining Material Subsidiary. During the period under review, Spoton was a material
subsidiary of your Company.
Policy on Material Subsidiary is uploaded on the website of your
Company at https://www.delhivery.com/company/ investor-relations.
Deposits
During FY23, your Company has not accepted any deposits from the public
in terms of the provisions of Section 73 of the Act. Further, no amount on account of
principal or interest on deposits from the public was outstanding as on
March 31, 2023.
Particulars of Loans, Guarantees or Investments
Your Company has not given any guarantee and/or provided any security
to any body corporate, whether directly or indirectly, within the meaning of Section 186
of the Act. The details of loans and investments covered under Section
186 of the Act have been disclosed in note no. 35 to the standalone
financial statements forming part of this Report.
Related Party Transactions
Your Company has formulated a Policy on Related Party Transactions in
accordance with the provisions of Sections
177 and 188 of the Act and Rules made thereunder read with Regulation
23 of SEBI Listing Regulations, and the same is available on the website of your Company
at https:// www.delhivery.com/company/investor-relations. The
Policy intends to ensure that proper reporting, approval and disclosure
processes are in place for all transactions between your Company and its related parties.
All Related Party contracts or arrangements or transactions entered
during the year were on arm's length basis and in the ordinary course of business and
in compliance with the applicable provisions of the Act/ SEBI Listing Regulations. None of
the contract or arrangement or transaction with any of the Related Parties was in conflict
with the interest of your Company.
Since all the transactions with related parties during the year were on
arm's length basis and in the ordinary course of business, hence, the disclosure of
related party transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is
not applicable to your Company for FY23.
Details of related party transactions entered into by your
Company, in terms of Ind AS-24 have been disclosed in the Note 35 of
the standalone and Note 34 of the consolidated financial statements, respectively, forming
part of this report.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
Details of the energy conservation, technology absorption and foreign
exchange earnings and outgo as stipulated under Section 134(3)(m) read with Rule 8 of the
Companies (Account) Rules, 2014 are annexed to this Report as
Annexure 2.
Vigil Mechanism / Whistle-Blower Policy
Pursuant to the provisions of Section 177 of the Act and Regulation 22
of SEBI Listing Regulations, your Company has established a Vigil Mechanism /
Whistle-Blower Policy for Directors, employees, vendors, customers and other stakeholders
of your Company and its subsidiaries to raise and report concerns regarding any unethical
conduct, irregularity, misconduct, actual or suspected fraud or any other violation of the
Policy within your Company. The vigil mechanism provides for adequate safeguards against
victimisation of persons who use such mechanisms and make provision for direct access to
the chairperson of the
Audit Committee in appropriate or exceptional cases. The said Policy is
available on the website of your Company at
https://www.delhivery.com/company/investor-relations. Further, all the Whistle-Blower
Complaints alongwith their status update are periodically placed before the Audit
Committee for their review and discussion. The same are also placed
before the Board for their perusal and necessary action.
Auditors & Auditors Report:
Statutory Auditors
The Members at the AGM held on September 30, 2019, approved the
appointment of M/s. S. R. Batliboi & Associates LLP (Firm Registration No.
101049W/E300004), Chartered
Accountants, as the statutory auditors of your Company for a period of
four years commencing from the conclusion of the
08th AGM held on September 30, 2019, until the conclusion of 12th AGM
of your Company to be held in the year 2023.
The report of the Statutory Auditors forms part of the Annual
Report for FY23. The said report does not contain any qualification,
reservation, adverse remark or disclaimer.
Your Company, based on the recommendation of the Audit Committee and
the Board of Directors vide their resolutions dated August 03, 2023 and August 04, 2023,
respectively, proposes and recommends to the members of the
Company for appointment of M/s. Deloitte Haskins & Sells LLP (Firm
Registration No.117366W/W-100018), Chartered
Accountants, as the new statutory auditors of your Company for the term
of five (5) consecutive years from the conclusion of the ensuing 12th AGM till the
conclusion of 17th AGM of the Company to be held in the calendar year 2028.
Secretarial Auditors
The Board appointed M/s. VAPN & Associates, (Registration No.
P2015DE045500) Practicing Company Secretaries, as the Secretarial Auditor to conduct
Secretarial Audit of your
Company and its material subsidiary i.e. Spoton for FY23 as per the
provisions of Section 204 of the Act. The Secretarial Audit Report for the FY23 is annexed
to this Report as Annexure-3 and Annexure-4. The said reports does not
contain any qualification, reservation, adverse remark or disclaimer.
Further, the Board has appointed M/s. VAPN & Associates as the
Secretarial Auditor of the Company & Spoton for FY24.
Internal Auditors
Pursuant to the provisions of Section 138 of the Act and the Companies
(Accounts) Rules, 2014, M/s
PricewaterhouseCoopers Services LLP, were appointed as Internal
Auditors by the Board to conduct internal audit of your
Company for FY23. The scope and authority of internal audit is defined
by the Audit Committee which is reviewed each year in consultation with statutory auditors
and approved by the Audit Committee. Their report on findings is submitted to the Audit
Committee on a periodic basis and corrective actions are taken by the respective
functional teams as per suggestions of the Internal Auditor and Audit Committee. Further,
the Board has appointed Mr. Jitender Khatri,
Chartered Accountant, an employee of the Company as the
Internal Auditor of your Company for FY24. Mr. Khatri reports to the
Chairperson of the Audit Committee.
Disclosure regarding Frauds
During the year, there were no frauds reported by the Auditors to the
Audit Committee, the Board or to the Central
Government under Section 143(12) of the Act.
Cost Records and Audit
Maintenance of cost records as specified by Central
Government u/s 148(1) of the Act is not applicable to your Company.
Annual Return
The Annual Return in Form MGT - 7 for the FY23 pursuant to Section
92(3) read with Section 134(3)(a) of the Act and Rules made thereunder, is available on
website of your Company at https://www.delhivery.com/company/investor-relations.
Disclosure as per the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
Your Company has zero tolerance towards sexual harassment at the
workplace. Your Company has adopted a policy on prevention, prohibition and redressal of
sexual harassment at workplace in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules made thereunder. Your Company has complied with the
provisions relating to the constitution of the Internal Committee as per the requirement
of the said act.
The details of sexual harassment complaints that were filed, disposed
of and pending during the financial year are provided in the Business Responsibility and
Sustainability
Report of this integrated Annual Report.
Downstream Investment
Your Company is in compliance with applicable laws regarding downstream
investment as per Foreign Exchange Management (Non-debt Instruments) Rules, 2019, issued
by Reserve Bank of India ("RBI") and has obtained requisite certificate from the
statutory auditors in this regard.
CSR & Sustainability Committee
The nomenclature of Corporate Social Responsibility Committee with
changed to "CSR & Sustainability
Committee" w.e.f. May 30, 2022.
Your Company has adopted a CSR Policy and has undertaken CSR activities
on a voluntary basis towards a sustainable community development and such CSR activities
are aligned to the requirements of Section 135 of the Act. The CSR policy, the Composition
of the Committee, terms of reference of the CSR & Sustainability Committee and the
projects undertaken is available on the website of your Company at
https://www.delhivery.com/company/investor-relations. The Annual Report on CSR activities,
in terms of Section 135 of the Act and the Rules framed thereunder, is annexed to this
Report as Annexure 5. Further, details regarding this are mentioned in the
Corporate Governance Report forming part of this Report.
Risk Management
Risk Management is an integral part of the strategy and planning
process of your Company. The Board has formed a Risk Management Committee to frame,
implement and monitor the Risk Management policy/ framework of your
Company. The Committee is responsible for monitoring and reviewing the
risk management framework and ensuring its effectiveness. Your Company has a risk
management policy and framework in place to identify, assess and mitigate risks
appropriately. The Policy is available on the website of your Company at
https://www.delhivery.com/company/ investor-relations. The approach to risk management is
designed to provide reasonable assurance that the assets are safeguarded, the risks facing
the business are being assessed and mitigated and all information that may be required to
be disclosed is reported to senior management, the Audit Committee, the Risk Management
Committee and the Board.
The Audit Committee has additional oversight in the areas of financial
risks and controls, the major risks identified by the business and functions are
systematically addressed on a continuous basis. The details of the Risk Management
Committee and its functions are furnished in the Corporate
Governance Report forming of this Report. More details on risk
management are furnished in the MD&A report forming part of this Report. There are no
risks which in the opinion of the Board threaten the existence of your Company.
Particulars of Employees
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, are attached as Annexure 6
forming part of this Report.
In terms of Section 197(12) of the Act, read with Rule 5(2) and
5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing the names and
other particulars of the employees drawing remuneration in excess of limits set out in
said rules forms part of this Report. Considering the provisions of Section 136 of the
Act, the Annual Report, excluding the aforesaid information, is being sent to the Members
of the Company and others entitled thereto. The said information is available for
inspection at the registered office of your Company or through electronic mode during
business hours on working days up to the date of the forthcoming AGM, by MembeRs.
Any Member interested in obtaining a copy thereof may send an e-mail to
corporateaffairs@delhivery.com.
Human Resources and Employee Relations /
Development
Your company has always believed that employees are its greatest
strength and are key to the company's sustained growth & success. A multitude of
initiatives were undertaken through the year to ensure that the work environment fosters
high performance, inclusivity, respect, empathy, and employees are provided with
opportunities for their development.
The Delhivery Skills Development Program was started in
FY23 with an aim of providing career opportunities to young
job-seekeRs. After a detailed assessment and 4-weeks of rigorous classroom and practical
trainings across Delhivery facilities, offers for full-time permanent employment were
rolled out to the successful candidates.
Your company continued to conduct regular town halls and all-hands
meetings to ensure transparent communication and encourage a steady stream of two-way
communication between the employees and the leadership. The annual engagement survey
provided an opportunity to understand the pulse of the organisation and several
initiatives were undertaken to address employee feedback across various dimensions. An
org-wide Rewards and Recognition program was launched to foster a culture of appreciation.
Several wellness initiatives were undertaken to enhance the overall well-being of
employees which included establishment of fully-equipped gym facilities at corporate
offices and sessions aimed at improving mental wellness. Internal Job
Postings were encouraged, thereby providing an opportunity for
employees to move across roles and functions.
Your company remains deeply committed to helping employees develop the
knowledge, skills and abilities needed for continued growth and success in their roles.
Based on operational challenges and business goals, Delhivery Academy
conducted different types of sessions for the workforce which included induction,
refresher and upskilling training. In FY23, team members participated in skilling programs
and were subsequently absorbed into permanent positions within the company.
Your company has zero tolerance towards any unfair, unethical or
discriminatory practices at the workplace and this reflects in all Company policies.
Employees are continuously made aware and trained on policies such as the
Prevention of Sexual Harassment (PoSH) at the workplace, the
Company's Code of Conduct and the Whistle-Blower Policy. Health, Safety and
Environmental Awareness also continues to be a key focus area.
More details about these initiatives can be found in the Our
People section of this Annual Report.
Management Discussion and Analysis Report
("MD&A Report")
The MD&A Report for FY23, as stipulated under Regulation 34 of the
SEBI Listing Regulations, is annexed separately forming part of this Report.
Integrated Report and Business Responsibility and Sustainability Report
("BRSR Report")
In accordance with Regulation 34(2)(f) of the SEBI Listing Regulations,
the Securities and Exchange Board of India (SEBI), in May 2021, introduced new
sustainability related reporting requirements to be reported in the specific format of
Business Responsibility and Sustainability Report (BRSR). BRSR is a notable departure from
the existing Business
Responsibility Report and a significant step towards giving a platform
to the companies to report the initiatives taken by them in areas of Environment, Social
and Governance. Further, SEBI has mandated top 1,000 listed companies, based on market
capitalisation, to transition to BRSR from
FY2022-23 onwards. Accordingly, we are glad to present our inaugural
BRSR for FY2022-23 separately forming part of this Report.
Corporate Governance
Your Company has complied with the applicable corporate governance
requirements under the Act and SEBI Listing Regulations. A separate section on corporate
governance, along with a certificate from the practicing company secretary confirming
Corporate Governance compliances is annexed forming part of this Report.
Prevention of Insider Trading
Your Company has adopted a Code of Conduct for Prevention of Insider
Trading, in accordance with the requirements of Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015, as amended from time to time. The said
Code is available on the website of your Company at
https://www.delhivery.com/company/investor-relations.
Further, the violations against the Code are reported to the Audit
Committee from time to time and details of the same are placed before the Audit Committee
on a periodic basis for their perusal and necessary action.
Other Disclosures
In terms of the applicable provisions of the Act and SEBI
Listing Regulations, your Company provides following additional
disclosures as on March 31, 2023:
a No equity shares with differential rights as to dividend, voting or
otherwise have been issued.
a No Sweat equity shares have been issued.
a No Buyback of shares have been undertaken.
a None of your Directors has received any remuneration or commission
from any subsidiary of your Company.
a Requirement of one time settlement with Banks or Financial
Institutions was not applicable.
a No amount or Shares were required to be transferred to the Investor
Education and Protection Fund.
a Your Company has complied with the provisions of the applicable
secretarial standards issued by The Institute of
Company Secretaries of India.
a The 99.99% share capital of your Company has been dematerialised.
a No application was required to be made by or against your Company and
no proceeding is pending under the
Insolvency and Bankruptcy Code, 2016.
a No significant and material order was passed by the regulators or
courts or tribunals impacting the going concern status and your Company's future
operations.
Cautionary Statement
Statements in this Report and the Management Discussion
& Analysis Report describing the Company's objectives,
expectations or forecasts may be forward-looking within the meaning of applicable laws and
regulations. Actual results may differ from those expressed in the statements.
Acknowledgement
The success of your Company is directly linked to hard work and
commitment of the employees who worked round-the clock to ensure the business continuity
and exceptional service quality offerings for the CustomeRs.
The Board wishes to place on record its sincere appreciation to all
employees for their hard work, dedication, commitment and efforts put in by them for
achieving encouraging results under difficult conditions during this unprecedented year.
The Board also wishes to express its sincere appreciation and thanks to all customers,
suppliers, banks, financial institutions, solicitors, advisors, Government of India,
concerned State Governments and other regulatory & statutory authorities for their
consistent support and cooperation extended to your Company during the year.
The Board is deeply grateful to the Members of the Company for
entrusting their confidence and faith.
For and on behalf of the Board of Directors
Delhivery Limited
(formerly known as Delhivery Private Limited)
| Sahil Barua |
Deepak Kapoor |
| Managing Director |
Chairperson & Non-Executive |
| and Chief Executive Officer |
Independent Director |
| DIN: 05131571 |
DIN: 00162957 |
| Place: Goa |
Place: Delhi |
| Date: August 24, 2023 |
|
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