Slides
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Q2’25 Earnings Presentation
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Snapshot of Q2’25 2 Revenues1 ₹ 104.27 Cr. ▲ 54.05% YoY Contribution Margin2 ₹ 95.36 Cr. ▲ 55.57% YoY Adjusted EBIDTA3 ₹ 24.64 Cr. ▲ +29.74 Cr. YoY Transacting Customers 6,99,206 ▲ 22.32% YoY Users (>2 Services) 3,29,550 ▲ 32.73% YoY GTV Payments 5269 Cr. ▲ 31.84% YoY Strong profitable growth, while continuing to build the future of Indian Trucking! 1. Revenues is defined as Total Income as per Consolidated statement of Profit and Loss as reduced by Other Gains (net) 2. Contribution Margin is defined as Total Income excluding other gains (net) from continuing operations, minus the direct co sts associated with delivering service activities 3. Adjusted EBIDTA is defined as profit/(loss) before tax from continuing operations and adjusted for (a) finance costs (b) d epreciation and amortization expense (c) employee share -based payment expenses (d) other gains/ losses (net) and (e) exceptional items.
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Trucking industry overview Transform Truck Operators → Transform Indian Trucking Truck Operator’s Lifecycle Buying & Selling Loads Compliance 3.5 Mn Truck Owners 12.5 Mn Trucks $170-175 Bn Industry 8-9% CAGR 75% trucks owned by small operators (<5 Trucks) Financing Lower Accessibility leading to higher costs Payments Cash Leakages Ineffective Monitoring Maintenance Lower Accessibility Ineffective Monitoring Lower Accessibility leading to higher costs High Intermediation Ineffective Monitoring 3 Source: RedSeer Report Note: Represents for FY24
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Distribution Our Strategy 4 Offerings PipelineLoads Platform Vehicle Finance Vehicle TrackingTolling Brokerage Platform Fuel Sensor Fuel Payments Fleet Docs + … 86.42% of Revenues BlackBuck Platform 41 Mins Daily App Usage 6,99,206 Transacting Customers x 9374+ Physical Touchpoint Network 80%+ Districts Presence Truck Operator’s Lifecycle
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5 Operational Metrics KEY METRICS Q2’25 Q2’24 YoY H1’25 H1’24 YoY Average monthly transacting truck operators Units 699,206 571,606 22.32% 693,600 564,022 22.97% Monthly transacting users using at least two services Units 329,550 248,289 32.73% 325,945 242,124 34.62% Time spent on App Daily by Transacting Customers Minutes 41.17 38.04 8.22% 41.35 39.27 5.30% Gross transaction value of payments ₹ in Cr. 5,269 3,996 31.84% 10625.0 7893.4 34.61% Total number of payments transactions Units in Cr. 12.50 9.44 32.39% 25.3 18.9 33.79% Gross Revenues ₹ in Cr. 104.27 67.68 54.05% 202.59 132.04 53.35% Revenue from continuing operations ₹ in Cr. 98.77 63.37 55.86% 190.93 122.83 55.44% Revenue from growth businesses (Except Tolling & Vehicle Tracking Service) ₹ in Cr. 13.39 5.48 144.49% 24.79 11.28 119.68% Revenue from growth businesses (%) % 13.56% 8.65% - 12.99% 9.18% - Contribution margin ₹ in Cr. 95.36 61.30 55.57% 187.07 119.91 56.00% Contribution margin (%) % 91.46% 90.57% - 92.34% 90.81% - Adjusted EBITDA ₹ in Cr. 24.64 -5.10 +29.74 42.90 -10.91 +53.81
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6 Key Highlights • BlackBuck continued its strong performance with the overall revenues of the company growing YoY by 54% in Q2’25 and 53% in H1’25 • The core businesses (Tolling and Vehicle tracking solutions) which contribute to majority revenues continued its growth momentum and delivered a YoY growth of 47% in Q2’25 and 49% in H1’25 • Multiple new business verticals continue to take shape and scale well, with the revenue momentum from Loads Marketplace and Vehicle Finance businesses, the new businesses demonstrating a YoY revenue growth of 144% in Q2’25 and 120% in H1’25 • The operational metrics continued to grow at healthy pace demonstrating the strong value proposition of the platform. On a YOY basis: 22% growth in Monthly transacting truck operators, 32% growth in Payments GTV, and growth of 8% in time spent by users on the App. • All the above points ensured that the profitability of the company continues to improve, with Adjusted EBIDTA moving from (5.10 Cr.) In Q2’24 to 24.64 Cr. In Q2’25 demonstrating an improvement of +29.74 Cr. and from (10.91Cr.) in H1’24 to 42.90 in H1’25 demonstrating an improvement of +53.81 Cr.
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7 Operating leverage at play Revenues (₹ Cr.) Adj. EBIDTA (₹ Cr.) Q2’ 25 Q2’ 24 ▲Change 104.27 67.68 +36.59 24.64 (5.10) +29.74 Revenues (₹ Cr.) Adj. EBIDTA (₹ Cr.) Q2’ 25 Q1’ 25 ▲Change 104.27 98.33 +5.94 24.64 18.26 +6.38 YoY QoQ Drivers for Operating Leverage Recurring Revenues 81% 107% Strong User Retention Asset light business model BlackBuck’s platform led revenues driving a P&L with strong operating leverage High Contribution Margin
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8 P&L Snapshot KEY METRICS Q2’25 Q2’24 YoY H1’25 H1’24 YoY Revenue from Operations ₹ in Cr. 98.77 63.37 55.88% 190.86 122.83 55.38% Other Income ₹ in Cr. 5.49 4.32 27.23% 11.69 9.21 26.89% Total Income1 ₹ in Cr. 104.27 67.68 54.05% 202.55 132.04 53.40% Direct Costs ₹ in Cr. 8.9 6.38 39.43% 15.52 12.13 27.97% Contribution2 ₹ in Cr. 95.36 61.3 55.57% 187.03 119.91 55.97% Contribution % % 91.46% 90.57% - 92.34% 90.81% - Total expenses3 ₹ in Cr. 70.72 66.39 6.52% 144.13 130.82 10.17% Adjusted EBITDA4 ₹ in Cr. 24.64 -5.10 +29.74 42.90 -10.91 +53.81 PAT (Excluding Exceptional Item and Discontinued Ops) ₹ in Cr. 12.36 -39.70 +52.06 19.11 -73.01 +92.13 PAT ₹ in Cr. -269.46 -47.67 - -240.79 -83.61 - 1. Total Income is defined as Total Income as per Consolidated statement of Profit and Loss as reduced by Other Gains (net) 2. Contribution margin is defined as Total Income excluding other gains/ losses (net) from continuing operations, minus the d irect costs associated with delivering service activities 3. Total expenses is defined as Total expense as per Consolidated statement of Profit and Loss adjusted for (a) finance costs (b) depreciation and amortization expense (c) employee share -based payment expenses 4. Adjusted EBITDA is defined as profit/(loss) before tax from continuing operations and adjusted for (a) finance costs (b) d epreciation and amortization expense (c) employee share -based payment expenses (d) other gains/ losses (net) and (e) exceptional items.
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9 Walkthrough from PAT to Adjusted EBIDTA KEY METRICS Q2’25 Q2’24 YoY H1’25 H1’24 YoY Profit / (Loss) after Tax ₹ in Cr. -269.46 -47.67 - -240.79 -83.61 - Less: Profit/ (Loss) from discontinued operations ₹ in Cr. 38.92 -7.97 588.29% 35.21 -10.59 432.46% Add: Exceptional items ₹ in Cr. 320.74 - - 295.12 - - Income tax expense ₹ in Cr. 0.13 - - 0.19 0.02 - Finance Costs ₹ in Cr. 0.84 0.66 27.31% 1.60 1.27 26.32% Depreciation and amortisation expense ₹ in Cr. 7.18 6.23 15.18% 14.13 13.17 7.23% Employee shared-based payment expenses ₹ in Cr. 4.11 24.34 -83.10% 7.85 40.85 -80.78% Other Gains / Losses (net) ₹ in Cr. 0.03 3.37 -99.23% 0.02 6.79 -99.69% Adjusted EBITDA ₹ in Cr. 24.64 -5.10 - 42.90 -10.91 -
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10 Cashflow * Adjusted Cash and Cash Equivalents refers to Cash and Cash Equivalents for the period and adjusted for a) Bank balances other than cash and cash equivalents b) Investments in Mutual Funds c) Intercorporate Deposits d) Bank Overdrafts e) Deposits with banks having remaining maturity more than 12 Months PARTICULARS H1’25 H1’24 Profit/(Loss) before Tax ₹ in Cr. -240.61 -83.58 Operating Adjustments: Exceptional Item ₹ in Cr. 320.74 - Employee Share-based payments ₹ in Cr. 7.99 41.34 Profit on sale of Contract Freight Business ₹ in Cr. -40.83 - (Gain)/ loss on settlement of Right to Subscribe to CCPS ₹ in Cr. -25.62 - Depreciation and amortisation expense ₹ in Cr. 14.13 13.17 Interest Income ₹ in Cr. -10.49 -7.97 Impairment Loss on Trade Receivables (relating to Contract freight business) ₹ in Cr. 5.30 9.42 Income Tax Refund Received ₹ in Cr. 7.72 13.42 Working Capital adjustments ₹ in Cr. -15.97 10.42 Others ₹ in Cr. 5.81 13.40 Total Operating adjustments ₹ in Cr. 268.77 93.20 Net cash inflow/ (outflow) from operating activities ₹ in Cr. 28.17 9.62 Net cash inflow/ (outflow) from investing activities ₹ in Cr. -16.97 53.46 Net cash inflow/ (outflow) from financing activities ₹ in Cr. -60.51 -31.82 Net increase/ (decrease) in cash and cash equivalents ₹ in Cr. -49.31 31.26 Cash and cash equivalents at the beginning of the period ₹ in Cr. 129.01 79.09 Cash and cash equivalents at end of the period ₹ in Cr. 79.70 110.36 Other Cash Equivalents ₹ in Cr. 350.34 329.32 Adjusted Cash and cash equivalents at end of the period* ₹ in Cr. 430.04 439.68
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11 Appendix
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Promoter led Management team and an experienced board 12 Satyakam GN Chief Financial Officer Supil Chachan Business Head - Marketplace Chanakya Hridaya Executive Director & COO Barun Pandey Company Secretary & Head- Legal Manish Singh Chief Product Officer Prakash Mali National Head - Vehicle Finance Ramasubramanian B Executive Director & Head - New Initiatives Abhishek Singh Business Head – Payments & Telematics Rajesh Yabaji Chairman, MD & CEO Shilpi Pandey Chief People Officer Thejasvi Bhat Chief Technology Officer Chandra Prakash National Sales Head Hardika Shah Non–Executive Independent Director Kaushik Dutta Non–Executive Independent Director Anand Daniel Non–Executive Nominee Director Rajamani Muthuchamy Non–Executive Independent Director Niraj Singh Non–Executive Independent Director Guided by board and governance
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Our Offerings, revenue model & scaleOFFERINGSREVENUE MODELSCALE 356,050 Monthly Active Devices(2) TELEMATICS ● Subscription fee from truck operators GPS FUEL SENSOR LOADS MARKETPLACE 2.1 Mn Loads Posted(2) ● Subscription fee from Shippers and truck operators ● Commission margin from truck operators LISTING MARKETPLACE FREIGHT BROKERAGE VEHICLE FINANCING 4,035 Vehicles Financed(2) ● Interest Income, Fee related to disbursal & collection from borrowers ● Loan service fee from financial partners USED VEHICLE FINANCING $2.1 Bn Payments GTV(1)(2) PAYMENTS ● Commission margin from partners ● Subscription fee from truck operators 1 3 Source: RedSeer Report Notes: 1. US$: 83 INR; 2. Basis FY24 Numbers TOLLING FUELING
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Targeting a market size of USD 18Bn+ net revenues OFFERINGSREVENUE POOL1CAGR2 16-18% TELEMATICS USD 740-790 Mn GPS FUEL SENSOR LOADS MARKETPLACE 8-9% USD 5-20 Bn LISTING MARKETPLACE FREIGHT BROKERAGE VEHICLE FINANCING 15-17% USD 12-13 Bn USED VEHICLE FINANCING 16-18% PAYMENTS USD 850-910 Mn 1 4 Source: RedSeer Report Notes: 1. Fiscal 2028P, 2. CAGR for Fiscal 2024-2028P TOLLING FUELING Revenue Contribution: 94.58% (FY 24)