VRL Logistics Limited — Earnings Release 2025

May 21, 2025

==> picture [596 x 61] intentionally omitted <==

Corporate Office: Giriraj Annexe Circuit House Road HUBBALLI- 580 029 Karnataka State Phone : 0836- 2237511 Fax : 0836 2256612 e-mail : headoffice@vrllogistics.com

To,

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001 Scrip Code: 539118

National Stock Exchange of India Limited Exchange Plaza, Plot No.C/1, G-Block, Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: VRLLOG

Dear Sir / Madam,

Sub: Submission of Earnings Presentation

With respect to above captioned subject and in accordance with the extant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and other applicable laws for time being in force, we enclose herewith the Earnings Presentation of the Company which would also be hosted on the website of our Company.

We request you to kindly take note of the same

Thanking you,

Yours faithfully

For VRL LOGISTICS LIMITED ANIRUDDHA Digitally signed by ANIRUDDHA ANIL ANIL PHADNAVIS Date: 2025.05.21 PHADNAVIS 16:23:53 +05'30' ANIRUDDHA PHADNAVIS COMPANY SECRETARY AND COMPLIANCE OFFICER Date: 21.05.2025 Place: Hubballi

==> picture [93 x 86] intentionally omitted <==

Corporate Office: Giriraj Annexe, Circuit House Road, HUBBALLI- 580 029 Karnataka Phone: 0836 2237511 Fax: 0836- 2256612 e-mail: headoffice@vrllogistics.com Customer Care: HUBBALLI 0836- 2307800e-mail: customercare@vrllogistics.com Website: www.vrllogistics.com CIN: L60210KA1983PLC005247 GSTIN (KAR): 29AABCV3609C1ZJ

==> picture [518 x 540] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

Financial Results for the Quarter and Year ended March 31[st] , 2025

Leading the way in LTL logistics with a robust owned-asset infrastructure, ensuring reliability and service excellence

==> picture [95 x 75] intentionally omitted <==

DISCLAIMER

==> picture [104 x 59] intentionally omitted <==

• Certain statements contained in this document may be statements of future expectations/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 herein.

• The information contained in this presentation has not been independently verified and no representation or warranty expressed or implied, is made and no reliance should be placed on the fairness, accuracy, completeness of the information contained herein.

• This presentation may contain certain forward looking statements within the meaning of applicable securities laws and regulations. These statements include details of the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial position of the Company. Such forward-looking statements are not a guarantee of future performance and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable. Many factors could cause the actual results, to be materially different and significant factors that could make a difference to the Company’s operations include domestic and international economic conditions, changes in government regulations, tax regime, etc

• 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 contents or otherwise arising in connection with this document.

• This document does not constitute an offer or invitation to purchase or subscribe to 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.

2

==> picture [95 x 75] intentionally omitted <==

LOGISTICS IN INDIA

==> picture [104 x 59] intentionally omitted <==

Road Transportation Dominant mode handling about 66% of freight movement, reputed for flexibility and door-to-door delivery. Only Roadways connect remote and rural areas. . RAILWAYS 30% SEAWAYS 3% AIRWAYS 1% ROADWAYS 66%

1 2 Rail Logistics The Indian railway system provides a reliable and cost-effective option for bulk and long-distance freight movement.

==> picture [212 x 120] intentionally omitted <==

==> picture [192 x 126] intentionally omitted <==

==> picture [36 x 36] intentionally omitted <==

3 Air Cargo Air freight is the preferred choice for time-sensitive and high-value shipments, ensuring rapid delivery across the country and globally. 4 Seaways

==> picture [212 x 139] intentionally omitted <==

==> picture [36 x 36] intentionally omitted <==

Important for heavy and bulky cargo; coastal and inland shipping routes are being expanded.

Source : PIB, Ministry of Road Transport & Highways, EY report

==> picture [95 x 75] intentionally omitted <==

SIGNIFICANCE OF ROADWAYS IN INDIAN LOGISTICS LANDSCAPE

==> picture [104 x 59] intentionally omitted <==

The Logistics Performance Index (LPI) report reveals a noteworthy advancement in India's infrastructure score, moving up five places from 52[nd] in 2018 to 47[th] in 2023

1

Backbone of Transportation

• ➢ Roadways serve as the primary mode of transportation, connecting rural and urban areas, enabling the efficient movement of goods and materials across the country.

LPI ratings for India has shown improvement, rising to the 38[th] position out of 139 countries in 2023 from its 54th ranking in 2014.

==> picture [34 x 35] intentionally omitted <==

Accessibility and Reach

• ➢ India's extensive road network provides unparalleled accessibility, reaching even remote and isolated regions, ensuring delivery of essential supplies and services.

Average pace of NH construction increased by 143% to 28.3 km/day from 2014

3

Cost-Effective and Flexible

• ➢ Roadways offer a cost-effective solution, with the ability to adapt to changing demands and deliver goods on a just-in-time basis.

The NH network increased by 60% from 91,287 km in 2014 to1,46,195 km in the year 2024. 4-lane and above - National Highways (excluding HSCs): The length grew approximately 2.5 times, from about 18,300 km to 45,900 km between 2014 and 2024

4

Integrating Rural Economies

• ➢ Robust road infrastructure integrates rural economies with the larger national supply chain, empowering local producers and connecting them to wider markets.

Source : PIB, Ministry of Road Transport & Highways, EY report

3

==> picture [95 x 75] intentionally omitted <==

PRESENT LOGISTICS SCENARIO

==> picture [104 x 59] intentionally omitted <==

Challenges

Compliance issues, Regional brokers, Pricing, Low efficiency & Transparency. Often market is dependent on middle men adding to increased costs

Ownership

Truck owners with less than five trucks dominate the logistics industry making it one of the most fragmented industries

Dominance of Unorganized players

Two most unorganized sectors dominate the logistics market – Road Transport & Warehousing.

Solutions

• Increase in regulatory compliances

• Shift mindset from logistics provider to problem solver with modern digital initiatives and enable entities being digitally capable of adapting to digital transformations

• Platformasation to aggregate fragmented service providers and better utilization of trucks

4

==> picture [95 x 75] intentionally omitted <==

VISION 2030- LOGISTICS SECTOR

==> picture [104 x 59] intentionally omitted <==

✓ India aims to be one of the top 20 countries in the World Bank A Logistics Performance Index by ✓ 2030. B ✓ It will be powered by next-gen technologies such as big data, AI, Blockchain, and Internet of Things, C backed by 21st-century ✓ infrastructure. D ✓ It will be aligned with best practices across the world and E develop on par with global standards. ✓ F

✓ It will be aligned with best practices across the world and develop on par with global standards.

The reimagined supply chain will make India “Atmanirbhar” and strongly complement “Make in India” and “Startup India”, building a globally competitive supply chain.

The supply chain industry will be an optimized and automated logistics ecosystem, with a simplified distribution system and a sustainable, green, resilient, and flexible supply chain.

A more efficient logistics sector will support overall economic growth by facilitating trade, reducing costs for businesses, and enhancing supply chain resilience.

Source- Report on reimagining India’s supply chain by ADL

5

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

And VRL is all set to encash on India’s growth story by ….

……maintaining its position as the leading service provider in the LTL segment by scaling up its infrastructure to deliver unmatched service levels committed to Quality, Reliability & Punctuality

==> picture [95 x 75] intentionally omitted <==

VRL

==> picture [104 x 59] intentionally omitted <==

VRL – MARKET LEADER IN B2B PARCEL SEGMENT

6115 GT VEHICLES

Operating model

Distribution Network

Only “Owned Asset” organised player in Less than Truckload logistics business in India

Integrated hub-and-spoke operating model ensuring efficient consignment distribution. Customised supply chain solutions with storage facilities

Efficient operations with owned fleet which includes a wide range of Trucks, Trailors, and specialized equipment

Robust pan India network across 24 states, 5 union territories, having 1253 branches, including 50 massive transhipment hubs

Vehicle Design and Development

Lower Costs

Entry Barrier

Self Reliant

Chassi Specially Designed by OEM`s In-house Vehicle designing facilities ensuring higher payloads

1241 vehicles (~20%) fully Depreciated

4961 vehicles (~ 81%) Debt Free

Owned Vehicle operations, maintenance & Driver management

Dedicated In-house maintenance facilities, inventory of spare parts

Proprietary ERP system

I n-house developed ERP system ensuring real time operations and movement of consignments

Financial performance & position

EBITDA margins @ 19% (FY25 ) & 23% (Q4FY25). Write Your Title Apt asset owned model leads to higher operating margins, higher cash flows, higher Cash EPS & return metrics

Regulatory compliance

Complete automation of E-way bill compliance Write Your Title

Integration of Government GST API with our ERP

Minimal Outsourcing of transport

Saving margins taken by Outside Write Your Title Vehicle service providers.

Reliability in service.

11

==> picture [95 x 75] intentionally omitted <==

VRL - KEY DIFFERENTIATORS

==> picture [104 x 59] intentionally omitted <==

Most Lowest Fuel Claim ratio Wide range efficient Lower Net Experienced Procurement of in the collection Debt Level Manpower Customers Industry mechanism ➢ Procurement ➢ Rs.259.04 lakh claim ➢ Not dependent ➢ Provisions for Bad debt ➢ Net Debt @ ➢ 21000+ of diesel on ~ 42 lakhs tons on any major (FY25) ~ Rs.61.98 lakhs INR 396 Crs Employees directly from handled (Percentage customer or any on ~ Rs. 3186 Cr. Refineries by to revenue is 0.08% product Revenue ➢ Lower cash ➢ Lowest attrition setting own ➢ All Consignments category burnout for rate fuel pumps in tagged with ➢ Hardly any collectible servicing and key locations barcodes & scanned ➢ Diversified more than 90 days. repayment ➢ 9000+ drivers on for effective tracking Customer base company payroll ➢ Supports in ➢ Vehicles equipped offering varied ➢ Trade Receivables at 12 with all statutory improvement with OTP locks for Commodity mix days of Total revenue in benefits of margins additional security FY25

12

==> picture [95 x 75] intentionally omitted <==

==> picture [228 x 226] intentionally omitted <==

v FINANCIALS

==> picture [227 x 242] intentionally omitted <==

==> picture [95 x 75] intentionally omitted <==

KEY METRICS

==> picture [104 x 59] intentionally omitted <==

	Q4YoY	QoQ	12MYoY
Total Income (₹ in Lakhs)	81155	81155	318641
	77221 ~~5%~~	83090 ~~(2~~	290972 ~~)~~ ~~10%~~
Branches (Number’s)	1253	1253	1253
	1209 ~~44~~	1248 ~~5~~	1209 ~~44~~
Tonnage Delivered (in‘000s)	1006	1006	4272
	1130 ~~(11%~~	1104 ~~)~~ ~~(9~~	4272 ~~)~~ ~~0.01%~~
Capacity Addition (tons)	85261 ~~13~~	85261 ~~0~~	85261 ~~%~~ ~~13%~~
	86405 ~~(.~~	85950 ~~)~~ ~~(.~~	86405 ~~)~~ ~~(.)~~
Capex (₹ in lakhs)	4797 4797 44366 (1862) (22808) 15338
	6659	27605	29028

11

==> picture [953 x 540] intentionally omitted <==

----- Start of picture text -----

DRIVING GROWTH, DELIVERING STRENGTH :
“A POWERFUL QUARTER OF PERFORMANCE!”
Q4FY25 FY25
A Strong Quarter marked by:
• QYoY QoQ 12m-YoY
Revenue Growth;
Revenue @ Revenue @
Substantial Improved
₹ 81155 lakhs ₹ 318641 lakhs
Profit Margins; Robust 10 %
Cash Flow 5% QYoY (2%) QoQ 12m-YoY
•
Demonstrating effective
Cost Management and
EBITDA @ EBITDA @
Strategic Execution
₹ 18912 lakhs ₹ 59842 lakhs
44 %
73% QYoY 10% QoQ
12m-YoY
PAT @ PAT @
₹ 7425 lakhs ₹ 18294 lakhs
105 %
245% QYoY 25% QoQ
12m-YoY
Interim dividend of ₹ 5 & Final dividend of ₹ 10
Enriching Shareholder Value
12
----- End of picture text -----

==> picture [95 x 75] intentionally omitted <==

FINANCIALS

==> picture [104 x 59] intentionally omitted <==

₹ in Lakhs	Q4	Q4	Q4 YoY	Q3	QoQ	12m	12m	12m YoY
	FY25	FY24	Growth(%)	FY25	Growth(%)	FY25	FY24	Growth(%)
Revenue from Operations	80903	76840	5%	82522	(2%)	316095	288862	9%
Other Income	251	381	(34%)	568	(56%)	2546	2110	21%
Total Income	81155	77221	5%	83090	(2%)	318641	290972	10%
EBITDA	18912	10915	73%	17209	10%	59842	41454	44.4%
Margin (%)	23%	14%		21%		19%	14%
EBIT	12536	5087	146%	10753	17%	34479	19838	74%
Margin (%)	15%	7%		13%		11%	7%
PBT (before Exceptional items and tax)	9960	2911	242%	8346	19%	24996	12051	107%
Margin(%)	12%	4%		10%		8%	4%
PAT	7425	2154	245%	5942	25%	18293	8906	105%
Margin(%)	9%	3%		7%		6%	3%

13

==> picture [95 x 75] intentionally omitted <==

FINANCIAL PERFORMANCE

Revenue Analysis

==> picture [104 x 59] intentionally omitted <==

• Revenue increases by 5% Q4YoY, decreases 2% QoQ , up by 10% YoY

• Volumes stable at 4272 thousand tons 12mYoY with realization improved by 9% @ ₹ .7315 per ton(FY25). Our strong value proposition and customer trust have ensured booking stability, showcasing market resilience even under challenging pricing conditions

• Volumes declined 11% QYoY and 9% QoQ. A thorough analysis of business contracts, coupled with the strategic discontinuation of low-margin business agreements, impacted volume growth.

• Realisation increased 18% QYoY and 7% QoQ . The increase in freight rates in earlier quarter and thorough business analysis in the current quarter led to higher realisations. This enabled us to reach highest ever EBITDA margins.

• 84 Branches added in FY25 contributed 1% of total tonnage in FY25

14

		PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS
	Q4 YOY	Q4-25	Q4-24	Difference (%)	Reasons
		(% to Revenue)
	EBITDA	23.30%	14.13%	9.17%	Increase in Freight Rates and Discontinuation of low margin business leads to improvement in realisation and margins
	Fuel cost	25.66%	29.22%	(3.56%)	• Fuel consumption qty decreased by 4.2% • Average procuring cost per litre of Diesel reduced from ₹ 87.73 in Q4-24 to ₹ 84.52 in Q4-25. • Bulk Purchase from refineries as a percent of total quantity increased from 31.51% in Q4-24 to 41.51% in Q4-25
	Lorry Hire	4.09%	8.30%	(4.21%)	• Decrease in long haul hired vehicle Kms and effective utilization of owned vehicles
	Vehicle Running, Repairs & Maintenance	4.99%	5.02%	(0.03%)	• Addition of new vehicles and percentage is inline with revenue
	Stores and Spares consumed	2.04%	2.55%	(0.51%)
	Tyres,Flaps and Re-treading	1.80%	2.31%	(0.51%)
	Bridge & Toll expenses	7.42%	7.71%	(0.29%)	• Increase in number of Toll Plazas from 1383 to 1727 across India, Percentage inline with Revenue
	Rent	2.47%	2.17%	0.30%	• Addition of new branches. Additional expenses incurred due to introduction of RCM (Reverse Charge Mechanism) on rent payments to unregistered persons from Oct 10, 2024. Part of rental expenses are accounted as Depreciation and Interest expenses under Ind As 116.
	Hamali (Loading & Unloading charges)	6.26%	6.90%	(0.64%)	• Decrease in Tonnage handled.
	Employee Cost	17.17%	16.60%	0.57%	• Increase in number of employees due to addition of new branches & Internal promotions on selective basis
	Other Expenses	4.80%	5.08%	(0.28%)	• Percentage to revenue is decreased due to freight hikes
	Depreciation	7.86%	7.55%	0.31%	• Increase in Capex and Increase in ROU on account of addition/expansion of new leased branches/TPT’s area
	EBIT	15.45%	6.59%	8.86%	• Due to increase in EBITDA margins.
	Finance Costs	3.17%	2.82%	0.36%	• Due to increase in debt & increase in Lease Liabilities on account of Addition/Expansion of new leased branches/ TPT areas
	PBT	12.27%	3.77%	8.50%	• Due to increase in EBIT margins
	PAT	9.15%	2.79%	6.36%	• Due to increase in PBT margins. ~~15~~

~~15~~

		PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS
	QOQ	Q4-25	Q3-25	Difference (%)	Reasons
		(% to Revenue)
	EBITDA	23.30%	20.71%	2.59%	Discontinuation of low margin business leads to improvement in realisation and margins
	Fuel cost	25.66%	26.41%	(0.75%)	• Fuel consumption qty decreased by 6.2% • Average purchase cost per litre of fuel increased from ₹ 83.53 to ₹ 84.52 • Bulk purchase from refineries as a percent of total quantity increases from 39.89% in Q3-25 to 41.51% in Q4-25
	Lorry Hire	4.09%	5.10%	(1.01%)	• Decrease in long haul hired vehicle Kms,
	Vehicle Running, Repairs & Maintenance	4.99%	4.87%	0.12%	• Percentage maintained
	Stores and Spares consumed	2.04%	2.30%	(0.27%)	• Inline with Revenue
	Tyres, Flaps and Re-treading	1.80%	2.48%	(0.68%)	• Inline with Revenue
	Bridge & Toll expenses	7.42%	7.69%	(0.27%)	• Inline with Revenue. Increase in number of Toll Plazas from 1669 to 1727.
	Rent	2.47%	2.38%	0.09%	• Percentage Maintained. Part of rental expenses are accounted as Depreciation and Interest expenses under Ind As 116
	Hamali (Loading & Unloading charges)	6.26%	6.51%	(0.25%)	• Decrease in Tonnage handled. Percentage maintained.
	Employee Cost	17.17%	16.60%	0.57%	• Increase in number of employees & Internal promotions on selective basis.
	Other Expenses	4.80%	4.95%	(0.15%)	• Percentage to revenue is decreased due to improvement in realisations
	Depreciation	7.86%	7.77%	0.09%	• Percentage maintained
	EBIT	15.45%	12.94%	2.51%	• Due to increase in EBITDA
	Finance Costs	3.17%	2.90%	0.27%	• Increase in lease liability on account of addition/expansion of new leased branches/TPT’s area.
	PBT	12.27%	10.04%	2.23%	• Due to increase in EBIT
	PAT	9.15%	7.15%	2.00%	• Due to increase in PBT

16

		PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS	PROFITABILITY ANALYSIS
	YOY	FY25	FY24	Difference (%)	Reasons
		(% to Revenue)
	EBITDA	18.78%	14.25%	4.53%	Increase in Freight Rates and Discontinuation of low margin business leads to improvement in realisation and margins
	Fuel cost	27.32%	30.14%	(2.82%)	• Fuel consumption qty increased by 2.6%. Average purchase cost per litre of fuel reduced from ₹ 87.99 to ₹ 85.03. Bulk purchase from refineries as a percent of total quantity increases from 28.84% to 37.54%
	Lorry Hire	5.54%	7.71%	(2.17%)	• Decrease in long haul hired vehicle Kms due to improvement in kms by own vehicles
	Vehicle Running, Repairs & Maintenance	4.89%	4.45%	0.44%	• Increase in Kms covered by owned vehicles. Increase in driver incentives
	Stores and Spares consumed	2.27%	2.38%	(0.11%)	• Addition of new vehicles. Percentage maintained.
	Tyres, Flaps and Re-treading	2.39%	2.30%	0.09%	• Addition of new vehicles. Percentage maintained.
	Bridge & Toll expenses	7.75%	7.94%	(0.18%)	• Increase in number of Toll Plazas from 1383 to 1727 across India, increase in Toll Rates and Increase in Kms by Owned vehicles. the percentage to revenue is decreased due to freight hikes
	Rent	2.37%	2.04%	0.33%	• Addition of new branches. Expansion in existing branches/TPT area and renewal of Lease Agreements. Part of rental expenses are accounted as Depreciation and Interest expenses under Ind As 116
	Hamali (Loading & Unloading charges)	6.60%	6.73%	(0.13%)	• Increase in Loading and Unloading charges. However Percentage is maintained due to freight hikes
	Employee Cost	17.11%	16.67%	0.44%	• Increase in number of employees due to addition of new branches & Internal promotions on selective basis
	Other Expenses	4.97%	5.40%	(0.43%)	• Percentage to revenue is decreased due to freight hikes
	Depreciation	7.96%	7.43%	0.53%	• Increase in Capex and Increase in ROU on account of addition/expansion of new leased branches/TPT’s area
	EBIT	10.82%	6.82%	4.00%	• Due to increase in EBITDA
	Finance Costs	2.98%	2.68%	0.30%	• Increase in debt and Increase in lease liability on account of addition/expansion of new leased branches/TPT’s area.
	PBT	7.84%	4.14%	3.70%	• Due to increase in EBIT
	PAT	5.74%	3.06%	2.68%	• Due to increase in PBT

17

19.00%

==> picture [95 x 75] intentionally omitted <==

QUARTERLY TOTAL INCOME

FINANCIALS

FY25 EPS

==> picture [104 x 59] intentionally omitted <==

FY25 TOTAL INCOME

==> picture [337 x 187] intentionally omitted <==

----- Start of picture text -----

83090
81155
80198
77221
74198
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
----- End of picture text -----

==> picture [297 x 189] intentionally omitted <==

----- Start of picture text -----

318641
290972
266287
218037
159275
FY21 FY22 FY23 FY24 FY25
----- End of picture text -----

EPS @ ₹ 20.91 - YOY growth of 105%

==> picture [100 x 170] intentionally omitted <==

----- Start of picture text -----

FY25 EPS
----- End of picture text -----

EPS surges by 105%, showcasing strong financial performance .

QUARTERLY EBITDA and MARGINS(%)

FY 25 EBITDA and MARGINS(%)

==> picture [123 x 36] intentionally omitted <==

==> picture [333 x 178] intentionally omitted <==

----- Start of picture text -----

17.95% 18.78%
16.73%
70000 19.00%
15.62%
14.25%
60000 59842
50000
39136 41600 41454
40000
9.00%
30000 26641
20000
10000
0 -1.00%
FY21 FY22 FY23 FY24 FY25
EBITDA MARGIN(%)
----- End of picture text -----

18912 20000 17209 25% 13553 20% 15000 10915 10167 20.71% 23.30% 15% The INCREASE IN MARGINS highlight our 10000 16.90% 10% 14.13% 13.70% Resilience, Operational Excellence and 5000 5% 0 0% impacts of Strategic Decisions Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

Note:

==> picture [20 x 8] intentionally omitted <==

₹ in lakhs., Total income includes Other Income, EBITDA margins are calculated on Total Income

EBITDA MARGIN(%)

18

•

==> picture [95 x 75] intentionally omitted <==

TONNAGE AND REALISATION

==> picture [104 x 59] intentionally omitted <==

1104 GT Tonnage (in '000 tons) 1130 1006 1093 1092 1070 1048 1031 1009 1002 967 905 11000+ tons serviced on a daily basis (Q4FY2025) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Increase in Freight rates and discontinuation of low margin 7944 business leads to improvement in realisation and margins 7390 7241 6691 6683 6649 6654 6650 6681 6669 6724 6723 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Realisation per Ton (in ₹)

19

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

CONSISTENT GROWTH IN TONNAGE & REALISATION

==> picture [837 x 372] intentionally omitted <==

----- Start of picture text -----

7315
6669 6682
6584
6268
6047
5825
5698
5429
5179
4972
4272 4272
3912
3227
2959
2787
2596 2619 2624 2659 2541
----- End of picture text -----

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 REALISATION PER TON GT TONNAGE ('000 TONS)

23

==> picture [95 x 75] intentionally omitted <==

ABILITY TO GENERATE STRONG CASH FLOWS

==> picture [104 x 59] intentionally omitted <==

Operating Profit before working capital changes ( Before IND AS adjustments) ₹ in Lakhs

• Strong Cash Flow through internal accruals led to robust expansion plans

==> picture [407 x 280] intentionally omitted <==

----- Start of picture text -----

58724
46195
41320 40939
25652
FY21 FY22 FY23 FY24 FY25
----- End of picture text -----

• Current year strong cash flows enabled us to make major capex including investments in purchase of properties at Bengaluru, Mysuru and Mangaluru. (Total capex for FY25 - ₹ 44366 lakhs)

• Strong Cash flow led to consistent reward to shareholders by declaring dividends and buyback of shares.

• Strong cash flows enabled the company in maintaining optimal levels of debt to equity ratio

21

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

LEVERAGE METRICS

Net Debt to Equity

Gearing Ratio

==> picture [361 x 176] intentionally omitted <==

----- Start of picture text -----

26.76%
21.70%
16.63%
14.52% 14.70%
FY21 FY22 FY23 FY24 FY25
----- End of picture text -----

==> picture [409 x 182] intentionally omitted <==

----- Start of picture text -----

10144 12990 16794 26206 39632
0.4
0.2 0.2 0.2 0.3
FY21 FY22 FY23 FY24 FY25
Net debt/Equity(x) Net debt position (₹ in Lakhs)
----- End of picture text -----

Note : Debt for the above purpose includes non-current borrowings, current borrowings and current maturities of non current borrowings and Interest accrued but not due on borrowings, net of cash and cash equivalents

Leverage metrics

Return metrics

Return (PBT+Finance costs+Exceptional items) on capital employed (including Lease Liabilities)

Return(Profit for the year+exceptional items) on average equity

==> picture [427 x 110] intentionally omitted <==

----- Start of picture text -----

Net debt/Ebitda(x)
9.8 Ebitda/finance
7.1 7.65 5.32 6.31 cost(x)
0.4 0.3 0.4 0.6 0.7
FY 21 FY 22 FY 23 FY 24 FY 25
----- End of picture text -----

==> picture [353 x 92] intentionally omitted <==

----- Start of picture text -----

40%
26% 27%
20% 14% 18%
13% 9%
10%
7%
FY 21 FY 22 FY 23 FY 24 FY 25
----- End of picture text -----

Note : EBITDA is considered only for continued ops, from FY23 onwards.

22

==> picture [95 x 75] intentionally omitted <==

KEY DEVELOPMENTS – FY25

==> picture [104 x 59] intentionally omitted <==

Number of branches increased from 1209 branches in FY24 to 1253 branches in FY25. New Branches opened in FY25 is 84. Closed :40, Net addition is 44 branches

Purchase of properties at Bengaluru, Mysuru and Mangaluru. The size and location of the properties make it ideal for future expansion plans to support the Company's growth objectives

Shifting and Expansion of Ahmedabad TPT works out as a strategic shift for consignment movements moving from North to West and South

Expansion of existing Branch Area/TPT Area at select locations.

Number of GT Vehicles increased from 5994 vehicles in FY24 to 6115 vehicles in FY25. New Vehicles added in FY25 -457 (EV-37, HCV- 355, LCV- 19, SV- 36, Tanker-10), sold/scrapped : 336 vehicles- (HCV-315, LCV-9, SV-1,TANKER-11. Net vehicle numbers increased by 121 vehicles in FY25

Higher consumption at owned fuel pumps – Direct procurement from refineries

CAPEX incurred in Q4FY25 is ₹ 4796.89 lakhs. CAPEX incurred in FY25 is ₹ 44365.85 lakhs.

Net debt increased from ₹ 26205.62 lakhs as on 31.03.2024 to ₹ 39631.85 lakhs as on 31.03.2025

The company has recommended final dividend @ ₹ 10. Total Dividend for FY 25 is ₹ 15

Long term ICRA Credit Rating at A+(positive)

23

==> picture [95 x 75] intentionally omitted <==

B2B LTL FOCUS

==> picture [549 x 389] intentionally omitted <==

----- Start of picture text -----

LTL 90%
TO PAY 70%
(Freight realization at delivery
station from consignee with very
minimal credit days to selected
customers)
PAID 15%
Revenue breakup (FY25) (Freight realization at Booking
station from consignor with very
minimal credit days to select
customers)
ACCOUNTS 15%
(Contractual customers with
Others
FTL 8% standard credit period)
2%
----- End of picture text -----

• Note: % to Total Revenue

• LTL- Less than Truck Load

==> picture [104 x 59] intentionally omitted <==

Focus on high margin LTL business

• LTL involves transportation of consignments belonging to multiple customers in single vehicle

• Our wider reach and adequate infrastructure helps in aggregating LTL consignments from various clients and sending them to the desired destinations

Faster Revenue collections - Majority sales without credit

• Majority of revenues from To –Pay and Paid customers with spot collection of revenue.

• Lowest receivable days in the industry (Trade

• receivable days at 12 days in FY25)

• Enhances cash flow stability – Reduces

• dependency on credit lines for working capital

• Lowest Bad Debts

B2B Focus - Diversified sectors and

customers

• The primary focus is on B2B customers across diversified sectors.

• FTL- Full Truck Load

==> picture [95 x 75] intentionally omitted <==

We take pride in our extensive fleet of modern, well-maintained vehicles that are optimized for efficiency and reliability.

1

Our diverse fleet includes a wide range of trucks, trailers, and specialized equipment to handle any freight requirements. Our vehicles are regularly serviced and inspected to meet the highest industry standards.

2

F rom large trucks for long-haul transportation to nimble delivery vans for urban areas, we have the right vehicle for every job.

==> picture [59 x 56] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

O ur vehicles are regularly serviced and inspected to meet the highest industry standards. All our vehicles are covered and equipped with GPS to track vehicles as well as consignments.

==> picture [76 x 56] intentionally omitted <==

----- Start of picture text -----

4
----- End of picture text -----

==> picture [104 x 59] intentionally omitted <==

OWNED FLEET

==> picture [535 x 287] intentionally omitted <==

T his commitment to excellence ensures that your 6 cargo is transported with the utmost care and arrives at its destination on time and in perfect condition.

With a strong focus on safety and compliance, all our drivers 5 are on the payroll of the company & undergo extensive training .

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

FLEET & CAPACITY

==> picture [919 x 452] intentionally omitted <==

----- Start of picture text -----

0.92% 1.86%
Percent to capacity 9.29%
16.27% Total Vehicles : 6115
< 5tons
14.01%
5-10 tons
Total carrying Capacity: 85261 tons
10-15 tons excluding Cranes(14) and Tankers(22)
13.09%
15-20 tons
20-25 tons
25-30 tons
37997
44.57%
>30 tons
13871
No of GT Vehicles 11942
11165
Capacity (tons) 7921
783 1582 1067 1133 2082 490 503 21 783
<5 tons 5 - 10 tons 10 - 15 tons 15 - 20 tons 20 - 25 tons 25 - 30 tons >30 tons
----- End of picture text -----

26

==> picture [65 x 465] intentionally omitted <==

• ➢ 457 new vehicles added in FY 25 & 150

new Vehicles added in Q4FY25

• ➢ Currently operating with 216 Trailers. To be gradually increased

• ➢ Total Goods Transportation Fleet Capacity at 85261 tons

• ➢ 4961 (81%) debt free vehicles

• ➢ 1241 (20%) vehicles fully depreciated and operation in optima; condition

• ➢ Additional Usage of Hired Vehicles on need basis

==> picture [104 x 59] intentionally omitted <==

6115 Company owned vehicles

==> picture [488 x 244] intentionally omitted <==

1 Ton to 36 Tons Carrying Capacity

31

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

NETWORK

==> picture [141 x 153] intentionally omitted <==

----- Start of picture text -----

LADAKH-UT
02
J&K-UT
10
HP
15
CH-UT PB
01 34 UK
08 DL
HY
41
38
----- End of picture text -----

➢ 24 States & 5 Union Territories

• ➢ 1253 Branches

==> picture [436 x 309] intentionally omitted <==

----- Start of picture text -----

41
38
UP
RJ
59 AS- 10
31 BR
18 ML-01
JH
MP WB TR
GJ 10
20 54 01
98
CG
12 OR
26
UT (DM & SL) MH
3 149
TG
63
KA
GOA AP
232
08 101
UT(PY)
05
TN
151
KL
52
----- End of picture text -----

➢ 50 Strategically placed Hubs

➢ Market Leader In LTL Segment

• ➢ Hub & Spoke Model

➢ Focus on Geographical Expansion

• ➢ Service extended to newer territories

Note : Map not to scale

33

==> picture [95 x 75] intentionally omitted <==

HUB & SPOKE OPERATING MODEL

==> picture [104 x 59] intentionally omitted <==

==> picture [514 x 32] intentionally omitted <==

----- Start of picture text -----

COLLECTION CONSOLIDATION
----- End of picture text -----

==> picture [235 x 31] intentionally omitted <==

----- Start of picture text -----

DISTRIBUTION
----- End of picture text -----

TOTAL HUB CAPACITY

OWNED HUBS

(Owned + Leased) MUMBAI BHIWANDI BENGALURU HUBBALLI VARUR 1784121 OWNED HUBS (Sq Feet) VIJAYAPURA SURAT DAVANAGERE 4558339 LEASED HUBS (Sq Feet) MANGALURU BALLARI MYSURU TOTAL Sq Feet 6342460

MUMBAI BHIWANDI BENGALURU

29

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

WIDE RANGE OF SECTORS SERVED

==> picture [936 x 395] intentionally omitted <==

----- Start of picture text -----

Expertise In Handling
Pharma
Variety of Commodities Food
Goods Clothes No single customer
Products
Plastics & contributing more than
Electrical &
Textiles
Electronics ~1% of Total Revenue
Diversified B2B Customer Goods
Base across Wide Range Sports Stationery
Goods Goods
of Industries Construction FMCG
Glass &
Materials
Fragile
Goods
Books, Paper Contribution from Top 10
Storage facility available in Automotive Pesticides & Educational
customers not more than
all our Delivery branches Parts Goods Chemicals
Machinery
~3% of total Revenue
Cycles
& spares
Footwear
Agriculture
Lowest Bad Debts - Hassle Rubber
Products &
Free Claim Settlement in Industrial Products Leather Metals &
Implements
Goods Products Hardware
the Industry
----- End of picture text -----

30

==> picture [95 x 75] intentionally omitted <==

STATE OF THE ART TECHNOLOGY

Advance Consignment Management system :

Operations Monitoring System : IT systems in place to monitor vehicle movement, fuel consumption per km for each vehicle , distance travelled , driver payments

E-way bill, E-invoice GST Compliance - Complete automation of the compliance process by means of integrating the API with Government Software

ERP system: I n- house developed ERP system enabling real time

A dvanced consignment management system to ensure real time tracking

operations and movement of

consignments

==> picture [260 x 147] intentionally omitted <==

SMS update system: SMS updates for

arrival of

consignments, vehicles, and schedule alerts

Tracking Capacity Utilization : Live tracking of entire loading process to monitor utilization of vehicles before preparing Tripsheets

Centralised CCTV

GPS : GPS Real Time Report tracking devices Generation : in both hired and Managers have the owned vehicles ability to generate to monitor real time reports vehicle instantly from movement their Smartphones

Software alert systems: Customized software alert to track vehicle maintenance and route planning

monitoring : All our TPT Operations are under Centralised CCTV surveillance. Branch wise surveillance being implemented

==> picture [104 x 59] intentionally omitted <==

Cloud Hosting: The entire system is hosted on a private cloud for better security and performance. Which will be in the Indian Geographical area

Cash Management System(CMS) : CMS through API integration with banks for real time monitering .

Alternative and Backup Systems : Backup systems and alternative procedures in place to tackle any disruption in the normal course of operations, capable disaster recovery & business continuity infrastructure.

31

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

SUSTAINIBILITY INITIATIVES

Environmentally Friendly Fleet

1

VRL Logistics is committed to reducing its carbon footprint through the use of a modern, fuel-efficient fleet. Presently we operate with 77 EV’s. Our electrical forklifts at TPT’s are designed to be charged with solar energy. Our trucks are equipped with the latest engine and emission technology, allowing us to minimize greenhouse gas emissions and contribute to a cleaner environment. We continuously invest in upgrading our vehicles to ensure they meet or exceed the strictest environmental standards.

Waste Reduction and Recycling

2

77 EV VEHICLES 111 CNG VEHICLES

VRL Logistics has implemented comprehensive waste management and recycling programs across our operations. We actively work to reduce waste at every stage, from packing materials to office supplies. Our facilities are designed to maximize recycling, and we partner with local waste management providers to ensure the proper disposal and processing of all recyclable materials . We make sure to salvage the spare parts that are in good working condition whenever a vehicle is scrapped.

Renewable Energy Initiatives

3

As part of our commitment to sustainability, VRL Logistics has invested in renewable water solutions at our facilities. We have installed rainwater harvesting systems, allowing us to generate clean, renewable water to power our operations. We are also exploring opportunities to incorporate other renewable energy sources, such as solar panels to further reduce our reliance on traditional energy sources and minimize our environmental impact. Apart from this we currently operate with 77 EV’s & 111 CNG vehicles which helps us in mimimizing our carbon imprint.

==> picture [264 x 167] intentionally omitted <==

38

==> picture [95 x 75] intentionally omitted <==

==> picture [20 x 22] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

Promoters

==> picture [124 x 137] intentionally omitted <==

==> picture [121 x 138] intentionally omitted <==

Dr. Anand Sankeshwar Managing Director

Dr. Vijay Sankeshwar Chairman and Managing Director

==> picture [21 x 22] intentionally omitted <==

Honored With The Padma Shri Award (the Fourth Highest Civilian Award) On The Eve Of Republic Day, 2020 For Contribution To

Honorary Doctorate by Karnataka State Open University

Trade & Industry

Actively Involved In Day-To-Day Business Operations.

Honored With Karnataka Rajyotsava Award On Nov -1, 2019, The Second-Highest Civilian Honor Given By The Government Of Karnataka.

Recipient Of Awards - ‘YOUTH ICON’ By Annual Business Communicators Of India

‘Best 2nd Generation Entrepreneur’ By TiE Global USA

Actively Involved In Day-To-Day Management, Has Over Four Decades Of Experience In The Logistics Industry.

Former Member Of Parliament In 11[th] , 12[th] & 13[th] Lok Sabha Honorary Doctorate By Karnataka University. Recipient Of Several Awards Including The ‘Udyog Ratna’ By Institute Of Economic Studies New Delhi.

‘Transport Personality Of The Year’

“INSPIRATIONAL LEADERS OF NEW INDIA AWARD

The Most Admired Entrepreneur Of The Year (Logistics) By The RISING LEADERSHIP AWARDS

The Prestigious “GAME CHANGER AWARD” Award By Media News 4u.com

“Champions of Change- Karnataka 2023 award” by IFIE (Interactive Forum on Indian Economy)

==> picture [95 x 75] intentionally omitted <==

==> picture [527 x 462] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

Focus solely on core competency- Goods Transportation Business

Focus on increasing Geographic presence of in hitherto untapped markets

Priority to Volume Growth. Increase in Freight Rates as & when required

Planned fleet addition in line with growth in Tonnage

34

==> picture [95 x 75] intentionally omitted <==

Shareholding Pattern as on Mar 31, 2025

TOP TWENTY SHAREHOLDERS (PAN BASED)

==> picture [104 x 59] intentionally omitted <==

==> picture [283 x 145] intentionally omitted <==

----- Start of picture text -----

3.61%
10.82%
25.33%
60.24%
----- End of picture text -----

Promoter Mutual Funds Foreign Portfolio Investors Others

SL No	NAME	**% to EQUITY **	CATEGORY
1	HDFCSMALL CAP FUND	9.66	MUT
2	BANDHANSTERLINGVALUE FUND	4.55	MUT
3	NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA MULTI CAP FUND	3.09	MUT
4	SBI MULTI ASSET ALLOCATION FUND	3.00	MUT
5	CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO SMALLCAP FUND	1.58	MUT
6	ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/CADITYA BIRLASUN LIFE PURE VALUE FUND	1.53	MUT
7	EASTSPRINGINVESTMENTSINDIA INFRASTRUCTURE EQUITY	0.65	FPC
8	THE MASTER TRUST BANKOFJAPAN,LTD. ASTRUSTEEOF	0.63	FPC
9	UTI-TRANSPORTATION AND LOGISTICSFUND	0.41	MUT
10	ICICI PRUDENTIALGROWTH LEADERSFUND -SERIESII	0.37	AIF
11	ICICI PRUDENTIALGROWTH LEADERSFUND	0.36	AIF
12	EMERGINGMARKETS CORE EQUITY PORTFOLIO (THE PORTFO	0.31	FPC
13	ICICI PRUDENTIAL EMERGINGLEADERS FUND	0.24	AIF
14	HSBC MULTI CAP FUND	0.22	MUT
15	PGIM INDIA EQUITYGROWTHOPPORTUNITIESFUNDSERIES	0.18	AIF
16	ABUDHABI INVESTMENT AUTHORITY-MONSOON	0.16	FPC
17	THRIFT SAVINGS PLAN	0.15	FPC
18	EMERGING MARKETS SMALLCAPITALIZATIONEQUITY INDEX	0.14	FPC
19	MR. T KASIVEL	0.13	PUB
20	THE EMERGING MARKETS SMALLCAP SERIES OF THE DFA I	0.12	FPC

35

==> picture [95 x 75] intentionally omitted <==

==> picture [104 x 59] intentionally omitted <==

For further discussions or queries, Please contact

Sunil Nalavadi Chief Financial Officer +91 93425 59298 cfo@vrllogistics.com

36