1 Certain statements contained in this document may be statements of - - PowerPoint PPT Presentation

1

2

• Certain statements contained in this document may be statements of future expectations and other forward

looking statements that are based on management„s current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results performance or events to differ materially from those expressed or implied in such statements.

• The information contained in this presentation has not been independently verified and no representation or

warranty expressed or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of this information or opinions contained herein.

• This presentation may contain certain forward looking statements within the meaning of applicable securities

law and regulations. These statements include descriptions regarding the intent belief or current expectations

• f the Company or its directors and officers with respect to the results of operations and financial condition of

the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. Many factors could cause the actual results performances or achievements of the Company to be materially different from any future results performances or achievements. Significant factors that could make a difference to the Company‟s operations include domestic and international economic conditions changes in government regulations tax regime and other statutes

• None of VRL logistics ltd or any of its affiliates advisors or representatives shall have any liability whatsoever

(in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or

• therwise arising in connection with this document.
• This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither

it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

3

4

Source : Crisil research

VRL is predom dominan inantl tly a parcel el deliv iver ery servi vice e provi vide der (66.29% % of tot

• tal

l revenues) es) with pan-Indi India last mile e connec ectiv ivity ity through

• ugh a fleet

et of 3649 owned ed goods

• ds transp

spor

• rt vehicles

icles ( M Mar-15)

5

VRL can levera erage e the benef efits its of being an LFO

Source : Crisil research

6

VRL is look

• king to capital

italise ise on the growt wth h prospec ects s of the industry

Source : Crisil research

7

8

COMPANY TIMELINE

• Dr. Vijay

Sankeshwar started goods transportation business through a proprietary firm

• Incorporated as

Vijayanand Roadlines Private Limited

• Commencement
• f courier service

business in Karnataka

• Became a

deemed public limited company

• Name changed to

VRL Logistics Limited

• Obtained

ISO9001:2000 certification

• Investment

by NSR

• Turnover

crosses INR10bn

• Commencement
• f passenger

transportation business

• Foray into car

carrying and liquid transportation

• Listed in Limca Book
• f Records 2013 as

the single largest fleet

• wner of commercial

vehicles in the private sector in India

• Listing on

NSE and BSE stock exchanges

Largest est fleet et owner er of comm mmercial ial vehic icle les s in privat ate e sector

• r

9 Passenger Transportation Reputed brand name „Vijayanand travels General Parcel Delivery services –core business 59.3 .34% 97.10% 1.33% 0.38%

Business Segments Transportation

Goods Transportation Main business vertical Priority Parcel Door to door delivery in a time bound manner 19.8 .84% 77.2 .23% Door to door services catering to large customers 6.95% Less than truck load (LTL) 66.2 .29% Full truck load (FTL) Car Carrier Liquid Transport 1.95% 8.4 .47% 0.14% Courier For time sensitive documents and parcels Wind Power generation 42.5 MW wind farm Air charter operations 0.7% 2 aircraft

Parcel el deliv ivery (66.29%) %) is the key business ess segmen ment

Note: Approximate revenue contribution to the revenue from operations as of FY15

Others(sale of scrap) 1.32% 0.9% 0.38%

10 10

Strong

• ng operations

ns with largest fleet et and mark rket et leading operation

• ns

Hub-and-Spoke model to aggregate small parcels and maximize capacity utilization of its vehicles One of the largest widespread pan-Indian transportation network in 28 states and 4 union territories. Operational infrastructure compromises of 652 branches ( 20 owned) & 325 agencies in 977 locations Strategically placed 48 (7 owned).transshipment hubs 71 new branches added in FY 15 Focus on growth in the North and the Eastern parts of the country Established brand since four decades Market leader in India Critical infrastructure facilities comprising of branches agencies godowns and transhipment hubs enables us to cater diversified customer base spread across different geographical locations

Pan Indian an net etwor

• rk with 977 location

ations

11 11 Goods ds transpor

• rtation

ation fleet t include des : 3649 owned vehicles. 1245(34%) vehicles less than 5 years old. 2372 (65%) of vehicles are debt free 1427 (39%) of vehicles book value is Re 1 Average age of goods fleet is 8.2 years Wide range of vehicles with carrying capacity from 1 ton to 32 tons Passeng nger er transpor

• rta

tati tion n fleet et includes udes 375 owned vehicles 339 (90%) vehicles are less than 5 years old 61(16%) of vehicles are debt free Average age of Passenger vehicles is 3.7 years Signif nific icanc ance e of ow

• wn ve

vehic icles les Enables us to significantly reduce hiring and

• perational costs

Enables us cover a large no of routes reduce dependence on third party hired vehicles Enables better control over time bound delivery enhancing service quality and ensuring reliable quality services Passenger transportation vehicles enables us to provide safe on time comfortable travel experience

Total tal of 4024 4 owned ed vehic icle les provi vides es great ater er lever erag age in terms of pricin ing and servi vice e

NOTE: (1) Small vehicles are defined as vehicles with carrying capacity up to 2500 kilograms. (2) Light commercial vehicles are defined as vehicles with carrying capacity between 2500 kilograms and 7500 kilograms. (3) Heavy commercial vehicles are defined as vehicles with carrying capacity of more than 7500 kilograms. (4) Used for transportation of automobiles. (5) Used for transportation of liquid. (6) Cranes are predominantly used for internal operations. As of Small Vehicle (1) Light Commercial Vehicle(2) Heavy Commercial Vehicles(3) Car Carrier (4) Tanker (5) Cranes (6) Total Vehicles Owned BUSES TOTAL FLEET 31-Mar-10 180 842 1480 7 10 2519 196 2715 31-Mar-11 171 892 1575 7 10 2655 296 2951 31-Mar-12 139 883 1916 102 27 12 3079 423 3502 31-Mar-13 122 883 1941 102 27 13 3088 460 3548 31-Mar-14 122 882 2210 102 23 13 3352 477 3829 31-Mar-15 120 975 2423 102 16 13 3649 375 4024

12 12

Dedicated in-house goods vehicle body design facilities

In In–hous

• use

e goods ds ve vehic icle le body designing ing fa facilit lity at Hubballi lli

• Technology to fabricate vehicles with lighter and longer bodies thereby reducing overall weight
• f the vehicle and ensure higher payloads without violating permissible payload limits
• Higher length chassis sourced from manufacturers on specifications provided by company

resulting in additional space

• Concept of Charged weight and Actual weight based on nature of consignments booked

resulting in higher payloads

Fuel procurement

FUEL L SOURCING RCING

• Fuel cost form 26.67% of total income in FY 15
• Operate two own consumer diesel pumps located at Hubballi and Chitradurga in the State of

Karnataka to ensure quality fuel supply and reduced fuel costs

• Our own pumps contribute 25% of our total procurement of fuel, Procurement from IOC is

54%, Procurement from HP is 19% and Procurement from BP is 3%.

• Tie up with nearly 100 designated fuel pump retailers across country for re fuelling during

transits and also availing fuel at discounted price

• Significant savings by means of redemption points availed by Fuel companies
• Employ staff in such locations to ensure enroute compliance of vehicles
• Payment by fleet cards credit cards enables discount s and extended credit period

Spares procurement

• Ashok Leyland & VE commercial (Volvo) have established their own spare parts yard in our

premises resulting in procurement of spare parts at factory rates and saving on carrying cost .

• Procurement of other spare parts & consumables directly from manufacturers
• Arrangements with Michelin India Tyres Private Limited and CEAT Limited for procurement of

tyres at competitive rates

• Maintain records of comparative rates for our spare parts and consumables in our ERP system

to maintain control over spare parts cost Note: 1-data computed for the month of March 2015

13 13

In-house maintenance facilities

Fleet et servic icing ing and Mainten enanc ance

• In-house servicing and Maintenance at workshop facility in Hubballi and satellite workshops in

14 other locations across India to minimize on road repair expense.

• Periodic preventive and remedial maintenance
• Ensure optimal efficiency levels by minimizing vehicle time in the workshop through time-and-

motion studies as part of our maintenance procedures and efficiency enhancement studies Re Re-eng nginee ineering ing departme tment

• To design and reengineer unique solutions for vehicle component to reduce operating costs and

enhance performance

• Allocation of unique laser marked identification to prevent substitution of tyres .

In house software with own servers and dedicated IT team

Central ral informat ation ion technology

• logy network
• rk through

h ERP system fa facilit litat ating. ing.

• In-house E.R.P for Accounts Inventory and Maintenance
• Real-time monitoring of operations and tracking of consignments
• Integrated GPS tracking systems
• Customized software alerts to track vehicle maintenance and optimize load planning
• SMS based alert service to customers about consignment/ticket status
• Customized in-house software applications to track service and spare replacement.
• Time series data MIS available to management for detailed analysis to improve efficiency and

decision making

• Bus ticketing is implemented through a centralized online system that tracks passenger
• ccupancy and determines anticipated demand and pricing of tickets
• We have been awarded the New Era Award for Technology Innovation and Quality by Otherways

Management Association France in 2010 and the Technology Best Practices Adopter Award at Apollo-CV Awards 2010.

In In-hou

• use

e capab abili ilitie ies help ret etain in competitiv itive edge

14 14

Recruiting Drivers as full time employees with all statutory benefits Large pool of experienced and trained drivers Driver performance is evaluated and incentives provided is based on measures of – safety record – time taken for journeys undertaken – distances covered – fuel consumption – useful life of tyres Drivers are provided with comfortable equipment effective training direct communication channels with senior management competitive salaries and benefits Drivers are provided with group insurance facility to cover life risks during employment. In addition to a competitive compensation structure we also focus on training and development initiatives for drivers and have developed a training facility at Hubballi which conducts training for drivers. Well furnished rest houses provided at Hubballi facility Drivers also receive cash awards for providing superior service and developing satisfactory safety records.

DRIVERS

Strat ateg egy of recruiti iting drivers as full time empl mployee ees s with a defined ined salar ary structure assoc

• cia

iated ed benef efits its and attrac activ tive incen entiv tive schemes emes

15 15 Rubber er Plasti tics Metal al and metal product ucts Wood Food d products Autom

• moti

tive parts & machine hinery Textiles iles & Readymade ade garment nts Furnitu niture re Pharmac aceu eutic ical al FMCG Applianc liances es

Diver ersif sified ied custom

• mer

er base se across

• ss a wide

de range e of industr tries ies

VRL‟s largest customer and top 10 customers contributed only 1.1% and 6.3% of revenues from the goods transportation business in 2014-15 respectively Primarily small and medium enterprises distributors and traders represent a significant majority of the “paid” and “topay”customer group Average bad debts in the last 5 years have not exceeded INR 1 m in a year Trade receivables for FY15 at 20 days of total revenue; improving y-o-y from 28 days in FY11

High share of “Paid” and “To-pay” customers

FY15 tota

• tal

l revenue e fro rom goods transp nspor

• rtation

ion: : INR 12.9 .9bn bn

Diver erse se custome

• mer base

se has allowed d the Compan any to histor

• ric

ically lly pass-on

• n signific

icant t portio ion of increa eases ses in operating ing costs sts

57.4% 11.6% 17.3% 13.7% To -pay customers Paid Customers Ongoing Accounts Others Paper er

YEAR NO OF VEHICLES TOTAL TURNOVER YEAR NO OF VEHICLES TOTAL TURNOVER INR in Mn INR in Mn 1983-84 8 3 1999-00 945 934 1984-85 11 4 2000-01 1022 1207 1985-86 15 7 2001-02 1121 1465 1986-87 24 14 2002-03 1202 1683 1987-88 45 20 2003-04 1255 2042 1988-89 81 29 2004-05 1683 2774 1989-90 117 41 2005-06 1891 3570 1990-91 147 71 2006-07 2426 4430 1991-92 215 106 2007-08 2697 5470 1992-93 248 138 2008-09 2668 6507 1993-94 292 176 2009-10 2730 7146 1994-95 398 239 2010-11 2978 8929 1995-96 525 311 2011-12 3528 11353 1996-97 596 419 2012-13 3590 13353 1997-98 621 508 2013-14 3874 15038 1998-99 792 646 2014-15 4084 16789 16 16

Track record of growth: The Company has demonstrated a consistent track record of growth since inception as is evident from the table. We are well poised to accelerate our growth once the opportunities present by way of GST roll out as well as the ongoing gradual shift of business from the unorganized sector to the

• rganized players such as VRL.

17 17

• Dr. Vijay Sankeshwa

eshwar Chairma man n and Managin ging g Director

• r

Actively involved in day-to-day affairs, has about four decades of experience in the transport industry Former Member of Parliament in the 11th 12th and 13th Lok Sabha Recipient of awards - the „Udyog Ratna‟ by Institute of Economic Studies New Delhi in 1994 „Transport Personality of the year‟ (CEAT Indian Road Transportation Awards 2012)

• Mr. Anand Sankeshw

shwar r Managin ing g Dire rect ctor

• r

Actively involved in day-to-day affairs Recipient of awards - „Youth Icon‟ in 2004 by Annual Business Communicators of India „Best 2nd Generation Entrepreneur‟ byTiE Global USA in 2010 Experi erienced ed and mot

• tiv

ivated ed manag agem ement team

18 18

Senio ior managem agement Mr. . V V Karama madi di National Head (Operations)

Has been associated with VRL since Oct 1995

Mr. . S G Patil Vice President (Human Resource Development)

Holds a bachelors‟ degree in law and a post graduate degree in political science from Karnatak University Associated with VRL since Jun 2005

Mr. . Prabh bhu A Salager ageri Vice President (Travels)

Holds a post graduate degree in Commerce Associated with VRL since Mar 1994

Mr. . D N N Kulkarni Vice President (Finance)

Holds a B Com from Karnatak University Associated with VRL since Nov 1987

Mr. . Raghavendra dra B Malgi Vice President (Accounts)

Holds a B Com from Karnatak University and is a qualified associate of the ICAI Associated with VRL since Jun 2009

Mr. . S R Hatti Vice President (Administration)

He is a Master of Arts from Karnatak University Associated with VRL since Nov 2004

Mr. . K N Um Umesh sh Chief Operating Officer

Was re-appointed as the Chief Operating Officer in Jun 2012 Associated with VRL since Mar 1984

Mr. . L R Raman manand and Bhatt Chief Technical Officer

Holds a diploma in Mechanical Engineering and is a certified member of the Institute of Engineers in tool design. Has been associated with VRL since July 1995

Mr. . Sunil Nalavadi di Chief Financial Officer

Holds a B Com from Karnatak University and is a qualified associate of the ICAI Associated with VRL since Mar 2005

Mr. . Aniruddha ddha A. Phadnavis is General Manager (Finance) and Company Secretary

Holds a B Com from Karnatak University, is a qualified associate of the ICAI, a qualified company secretary, associated with ICSI and a certified associate of the Indian Institute of Banking & Finance Associated with VRL since Jun 2007

Managem agement t team m has been en assoc

• ciat

iated ed with the Comp mpan any for an aver erage e of over er 13 year ars

19 19 India Logistics Voice of Customer Award by Frost and Sullivan in 2014 for achieving excellence in Logistics India says Yes Award to AC bus journey with VRL Travels in 2014 from HolidayIQ.com Service Provider of the Year (luxury coaches) in 2013 from World Travel Brands for its bus operations National record in 2013 as largest fleet of vehicles in the private sector as of May 31 2012 from the Limca Book of World Records Certificate of Excellence in recognition of exemplary growth to our Company in the India Inc 500 awards in 2011 Apollo Fleet of the Year Award in 2011 for leadership in

• peration – large fleet operator to our Company from

Apollo New Era Award for Technology Innovation and Quality by Otherways Management Association France in 2010 Technology Best Practices Adopter Award at Apollo-CV Awards 2010

VRL has receiv eived ed numerous s industry awar ards s and recogni

• gnitions

tions over er the year ars

20 20

21 21

Total tal Reven enue e (INRm) & Growth wth rate e (%) EBITD ITDA A (INRm) m) & EBITD TDA margin in (%)

8929 11353 13353 15038 16789 FY11 FY12 FY13 FY14 FY15 Total Revenue Growth (%) 1700 1968 2050 2166 2804 FY11 FY12 FY13 FY14 FY15 Ebitda Ebitda margin 25.0% 27.1% 17.6% 12.6% 11.6% 19.0% 17.3% 15.4% 14.4% 16.7%

EBITD ITDA margins s demonst strat rated ed resil ilien ence e despi pite ris ising ing costs sts

Consistent revenue growth over the difficult years VRL’s change in policy on tariffs since FY14 to pass through cost to customer on an immediate basis to ensure revenue growth

22 22 Goods ds transpor

• rt Reve

venu nue (INRm) & Grow

• wth

h (%) Bus transpor

• rt

t Reve venue ue (INRm) & Grow

• wth

th (%) Bus transpor

• rt

t EBITDA (INRm) & EBITDA margin n (%) Goods ds transpor

• rt EBITDA (INRm

Rm) & EBITDA margin in (%)

18.4% 18.1% 14.5% 14.7% 16.2%

7204 8630 9923 11334 12908 FY 11 FY 12 FY 13 FY 14 FY 15

GT REV Growth (%)

1324 1566 1440 1663 2085 FY 11 FY 12 FY 13 FY 14 FY 15

GT EBITDA

23.7% 19.8% 15.0% 14.2% 13.9%

1344 2178 2848 3091 3316 FY 11 FY 12 FY 13 FY 14 FY 15

BT REV Growth (%)

263 195 399 288 595 FY 11 FY 12 FY 13 FY 14 FY 15

BT EBITDA

44.2% 62.0% 30.8% 8.5% 7.3% 19.6% 8.9% 14.0% 9.3% 17.9%

Margin(%) Margin(%)

We have ave been able le to pass cost st in incre reas ases s to a la large e ex extent t in in FY15 thereb eby y stemming margin compr pressi ssion

23 23

Leverage metrics Return metrics

2.6 3.1 2.5 2.4 1.5 3.5 3 3.3 3.5 4.8 FY 11 FY 12 FY 13 FY 14 FY 15 Net debt/Ebitda(x) Ebitda/finance cost(x)

4276 5898 4853 4904 4267 Net debt position (INRm)

15.7% 13.0% 10.3% 11.1% 19.0% 43.0% 47.8% 19.2% 17.5% 27.5% FY 11 FY 12 FY 13 FY 14 FY 15 Return on average capital employed Return on average equity

Improvi ving debt t pro rofile- Has been able le to reduc uce e leve leverage age at the compa mpany y to rela lativ tively ely comf mfortabl table e leve levels ls

24 24

25 25

Particular iculars s (Rs in millions) ions) For the year ended 31 March 2015 2014 2013 2012 2011 2010 Equ quity y and liabili lities ies Shareholders' funds Share capital 855.36 855.36 1811.69 707.00 707.00 707.00 Reserves and surplus 2706.53 2208.55 1082.32 1166.15 628.50 359.19 3561.89 3063.91 2894.01 1873.15 1335.50 1066.19 Non-curren ent liabil ilit ities ies Long-term borrowings 1917.98 2528.80 2851.63 4035.11 2527.33 2151.06 Deferred tax liabilities (net) 887.52 833.64 775.99 692.47 923.00 758.54 Other long term liabilities 85.13 88.66 86.60 78.29 78.05 76.26 Long-term provisions 58.98 26.40 29.13 21.56 1.40 4.06 2949.61 3477.49 3743.35 4827.43 3529.78 2989.92 Curren ent liabil ilit ities ies Short-term borrowings 996.73 1094.25 938.42 729.03 885.72 632.37 Trade payables 44.72 93.11 50.17 55.58 25.02 53.95 Other current liabilities 1892.83 1825.12 1655.06 1760.87 1478.21 1234.00 Short-term provisions 85.29 222.94 370.80 77.24 91.10 218.29 3019.57 3235.41 3014.45 2622.72 2480.05 2138.61 Tot

• tal

9531. 1.07 9776.8 .82 9651. 1.81 9323.30 7345.33 619 194.72

26 26

Rs in millions

Partic ticular lars s (Rs in millio ions) s) For the year ended ed 31 March h 2015 2014 2013 2012 2011 2010 Assets ts Non-current assets Fixed assets Tangible assets 7051.46 7393.64 7100.91 6941.95 4988.10 4690.16 Intangible assets 17.10 9.72 2.01 3.75 11.68 19.23 Capital work-in-progress 90.74 140.37 140.28 100.21 402.54 115.27 Non-current investments 1.08 1.08 0.78 1.28 1.25 1.25 Long-term loans and advances 819.88 907.47 966.63 916.66 778.25 498.77 Other non-current assets 25.27 25.21 7.16 12.27 5.40 11.22 8005.53 8477.48 8217.77 7976.12 6187.22 5335.90 Current assets Inventories 149.97 134.76 96.84 87.31 60.75 69.55 Trade receivables 901.81 799.56 853.94 785.22 688.04 495.59 Cash and bank balances 166.08 150.92 154.36 136.00 151.40 174.43 Short-term loans and advances 258.71 198.05 185.47 151.45 111.13 111.30 Other current assets 48.96 16.04 143.43 187.20 146.79 7.95 1525.53 1299.34 1434.04 1347.18 1158.11 858.82 Total tal 9531.0 .07 9776.82 .82 9651.81 9323.30 .30 7345.33 .33 6194.72 .72

27 27

Rs in millions

Particular iculars s (Rs in millions) ions) For the year ended 31 March 2015 2014 2013 13 2012 2011 2010 Revenue Revenue from operations tions 16712.01 14937.8 .84 13 13254.97 113 1303.83 83 8888.02 7113 13.47 Other income 76.60 99.93 98.27 48.95 41.13 32.66 Tot

• tal revenue

16788.61 15037.79 79 13 13353.24 113 1352.78 78 8929.15 7146.13 13 Expenses Operating expenses 11793.77 10911.72 9626.49 7911.18 6033.64 4677.91 Employee benefits expense 1979.90 1744.59 1482.55 1289.19 1044.83 899.75 Finance costs 586.00 598.40 591.23 651.42 479.13 508.44 Depreciation and amortisation expense 876.60 866.16 823.37 695.98 509.34 464.22 Other expenses 209.60 215.61 193.71 184.37 150.86 157.56 Prior Period Items 0.88 Tot

• tal expense

ses s 15446.75 14336.4 .48 12717.35 35 10732.14 8217.80 6707.88 Profit before exceptional item and tax 1341.86 701.31 635.89 620.64 711.35 438.25 Add: Exceptional item (refer note 9 of Annexure 5) 37.16 66.37

• Profit before tax

1379.02 767.68 635.89 620.64 711.35 438.25 Current tax (net of MAT credit) 409.69 139.91 95.34 83.95 30.25 0.71 Deferred tax* 59.35 57.64 83.52

• 230.53

164.46 150.00 MAT credit entitlement pertaining to earlier years (2.25) Profit it for the period

• d/y

/yea ear 912.23 570.12 457.03 767.22 516.64 287.54

28 28

Partic ticular lars s (Rs in million ions) s) For the year ended 31 March

2015

2014 2013 13 2012 2011 2010 Cash h flow

• ws

s from operat ating ing activitie ities s Profit before tax 1379.02 767.65 635.89 620.64 711.35 438.25 Adjustments for : Depreciation and amortisation expense 876.60 866.16 823.37 695.98 509.34 464.22 Interest expense 586.00 598.40 591.23 651.42 479.13 508.44 Interest income (2.76) (2.73) (3.22) (2.16) (2.18) (1.77) Dividend income (0.10) (0.10) (0.29) (0.10) (0.16) (0.18) (Profit)/loss on sale of fixed assets (net) 17.47 7.87 3.14 0.33 14.82 15.54 Advances and bad debts written off 5.72 11.80 0.09 7.53 2.42 9.13 Provision for doubtful advances and debts 2.50 4.30 0.50 2.60 7.42 Credit balance written back (5.79) (7.63) (6.11) (3.85) (1.42) (0.43) Prior Period Items 0.88 Adjustment for exceptional item (37.16) (66.37)

• Operating profit before working capital changes

2819.88 2177.55 2048.40 1970.29 1715.90 1440.62 Adjustments for : (Increase) / decrease in trade receivables (102.25) 52.98 (73.02) (97.68) (195.05) (57.08) (Increase) in loans and advances and other current assets (130.97) (23.65) (184.24) (86.53) (32.73) (24.22) (Increase) / decrease in inventories (15.21) (37.91) (9.54) (26.56) 8.79 (0.92) Increase / (decrease) in trade payables other liabilities and provisions 32.89 12.72 (20.61) 57.03 156.43 62.48 Cash generated from operating activities 2604.34 2181.69 1760.99 1816.55 1653.34 1420.88 Direct taxes paid (net of refunds) (286.89) (149.07) (131.19) (157.33) (185.98) (48.52) Net et cash generat erated ed from operations tions (A) 2317.45 45 2032.62 2 1629.80 1659.22 1467.36 36 13 1372.36 36

29 29 Partic icular ulars (Rs in millions ions) For the year ended d 31 Marc rch 2015 2014 2013 2012 2011 2010 Cash flow

• ws from inves

vesti ting ng activit vitie ies Purchase of fixed assets (including capital advance) (858.91) (1093.57) (914.06) (2440.47) (1351.77) (503.87) Proceeds from sale of fixed assets 368.15 190.61 7.44 8.89 31.61 136.38 Proceeds from advance towards sale of land

• 16.01
• Encashment / (placement) of fixed deposits with

bank 0.05 (10.95) 5.57 5.89 (3.13) (6.22) Sale / (purchase) of non-current investments (0.30) 0.50 (0.03)

• Interest received

(0.02) 3.46 1.89 2.49 1.02 1.15 Dividend income received 0.10 0.10 0.29 0.10 0.16 0.18 Net t cash (used in) inves vesting ing activit vities ies (B) (490.6 .63) (910.6 .65) (898.3 .37) (2423.13) (1306.10) (372.3 .38) Cash flow

• ws from financi

ncing ng activit vities ies Proceeds from issue of shares (including securities premium)

• 1250.00
• Proceeds from / (repayment of) public deposits (net)

(25.97) (60.73) (30.88) 7.65 104.02 Proceeds from / (repayment of) unsecured loans from/to corporates (net)

• (5.50)

(246.00) 250.50 1.00 Proceeds from short term borrowings (net) (97.52) 155.83 214.89 89.31 2.85 250.96 Proceeds from long term borrowings 1010.07 1192.63 931.80 3028.71 1379.37 893.92 Repayment of long term borrowings (1533.74) (1275.94) (2107.97) (1234.08) (995.94) (1671.48) Dividend paid and tax thereon (603.77) (563.59) (304.03) (172.56) (371.41) (132.35) Interest and processing fees paid (586.60) (601.27) (620.58) (629.69) (444.58) (505.73) Share issue expenses

• (10.49)

(43.54) (21.68)

• Net

t cash (used in)/gen ener erat ated ed from financi ncing ng activit ivities ies (C) (1811.5 .56) (1118.3 .31) (712.6 .61) 761.27 (193.2 .24) (1059.6 .66)

30 30

Partic ticular lars s (Rs in million ions) s) For the year ended 31 March

2015

2014 2013 2012 2011 2010 Net increase / (decrease) in cash and cash equivalents (A + B + C) 15.26 3.66 18.82 (2.64) (31.98) (59.68) Cash and cash equivalents at the beginning of the period /year 150.41 146.75 127.93 130.57 162.55 222.23 Cash and cash equivalents at the end of the period / year 165.68 150.41 146.75 127.93 130.57 162.55 Cash and cash equivalents comprise: Cash on hand 46.21 36.62 37.69 35.97 23.57 23.41 Cheques / drafts on hand/ in transit 4.18 5.70 8.73 10.12 9.85 Balances with banks

• in current accounts

117.10 107.24 82.08 75.26 91.65 128.17

• in deposit accounts (with maturity upto 3

months) 2.12 0.50 18.88 6.43 3.74 0.62 Cash in transit 0.24 1.87 2.40 1.54 1.49 0.50 Cash and cash equivalents as per note 17 to the financial statements 165.68 150.41 146.75 127.93 130.57 162.55 0.00 0.00 0.00 0.00 0.00 Restricted Cash Fixed deposits pledged with banks 2.12 0.50 18.88 6.43 3.74 0.62 Notes: 1] The above Cash Flow Statements have been prepared under the 'Indirect Method' as set out in Accounting Standard 3 "Cash Flow Statements" notified under the Companies (Accounting Standards) Rules 2006 read with Rule 7 of the Companies (Accounts) Rules 2014. 2] Figures in brackets represent outflows.

31 31

32 32

• Expand pan-India network for the goods transportation business
• Focus on northern central and eastern regions of India for

expansion

• Expand fleet of trucks

Increa ease se goods ds transp spor

• rta

tatio ion net etwor

• rk and fleet

et size Enhan ance net etwor

• rk

k of transship ipment t hubs

• Scale-up operations at existing transshipment hubs through :
• - Mechanized freight handling equipment
• - Expansion of maintenance facilities
• - Setting up fuel stations
• - Improvement in the overall work environment
• Expand proportion of owned transshipment hubs

Imp mprove e operat ation ional al efficien iencies ies through gh technolo

• logy

gy enhan anceme ements ts

• Enhance in-house technology capabilities to:
• -Effectively manage pan-India operations
• -Maintain strict operational and fiscal Controls
• -Enhance customer service levels
• - Preventive and predictive maintenance of vehicles through software

development and improvement in software as required

Conso solida lidatio ion of bus operatio ations

• Focus on improving margins
• - Optimal route planning-
• - Maximizing occupancy levels through direct marketing and

commission agents

• Proposed Transport Bill to :
• - Simplify registration process through a unified vehicle registration

system

• - Simplify system of vehicular and transport permits
• - Reduce inter-state transportation costs

Focus s on higher er margin parcel el deliv iver ery servi vices es

• Focus on increasing market share in parcel delivery

Business

• - relatively superior margins
• - diversified customer base
• Reliance on owned vehicles
• - target higher margins by ensuring optimal load

factors

• - premium rates for remote locations
• Focus on small and medium sized enterprises
• -relatively diversified attractive and under-served

customer segment

Enhance ance operatio ational al contr trols ls to ensure e timely ly deliv liver ery and qu qualit lity servi vices es

• Key growth factors – timely delivery and quality

service

• Profitability - stringent and integrated management

control systems to optimize freight mix and maximize load factors

• Operational efficiency -

measures such as deploying multiple drivers over long distances

• Security - close circuit cameras on passenger buses
• Employees - industry best practices and training
• Proposed GST bill expected to remove the current

multiple taxation and bring supply chain efficiencies

THA HANKING KING YOU

For further her discussions/ scussions/queries ueries Please ase contact tact : Sunil nil Nalavad adi Chief ef Financi ancial al Officer er +91 93425 59298 cfo@

• @vrll

vrllog

• gistics

stics.com

• m

34 34