Aegis Logistics Limited — Q1 FY26

Aegis Logistics Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=jqNQj-4pPw0 Published: 9 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Aegis Logistics Limited Limited Q1 FY26 earnings conference call hosted by MUFG in time private limited. 0:12 12 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:19 19 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your Touchstone phone. Please 0:28 28 seconds note that this conference is being recorded. Before we begin with the main call, I would like to give a short disclaimer. This call may contain some 0:37 37 seconds forward-looking statements which are completely based upon our beliefs and expectations as of today. 0:44 44 seconds These statements are not to guarantee a future performance and involve unforeseen risk and uncertaintities. 0:52 52 seconds With this, I would now like to hand over the conference over to Mr. Raj Chandera for his opening remarks. Over to you sir. 1:02 1 minute, 2 seconds Okay. Thank you very much and welcome to our Q1 FY26 conference call. Uh this evening I'm joined by our CFO Mr. Murad 1:10 1 minute, 10 seconds Moladina and Miss Perve from our investor relations team. Uh we will be presenting the performance for the first quarter ended June uh uh 25. 1:21 1 minute, 21 seconds So I'm sure most of you uh would have attended the uh Aegis Back Terminus Limited AVTL maiden um earnings call 1:29 1 minute, 29 seconds this uh this afternoon earlier this afternoon. Uh we are pleased to share that our subsidiary AVTL was 1:36 1 minute, 36 seconds successfully listed in June 2025. Uh Aegis Logistics continues to hold 44.71% 1:44 1 minute, 44 seconds equity in ABTL. And it's important to note that given Aegis logistics uh management control over the company, 1:53 1 minute, 53 seconds AVTL financials continue to be consolidated into Aegis Logistics uh financial statements. 2:00 2 minutes So before we um dive into the business overview, I'm just pleased to announce that uh our ESG rating from uh MSTI has 2:08 2 minutes, 8 seconds been upgraded from A to Double A in this calendar year. 2:14 2 minutes, 14 seconds Now um there are several developments underway at Agis that we'd like to explain uh in greater detail. 2:21 2 minutes, 21 seconds Uh perhaps I can go port by port. As far as Mumbai port is concerned uh which uh and Aegis continues to own and operate 2:30 2 minutes, 30 seconds our assets in Mumbai port. Uh the liquid storage capacity at Mumbai port is 275,000 kil and the LPG static capacity 2:39 2 minutes, 39 seconds is 21,000 metric tons. Now we also have an upcoming liquid capacity of 125,000 2:48 2 minutes, 48 seconds kil uh 50% of which is expected to be operational in the ensuing quarter and the balance by the end of this fiscal 2:56 2 minutes, 56 seconds year. Uh the project cost this project of roughly 250 crores was announced in the last fiscal year 3:04 3 minutes, 4 seconds in the J&P port. During the past year, we added a terminal with a storage uh total storage capacity of approximately 3:13 3 minutes, 13 seconds 102,000 uh kilometers for liquid products and we have been allotted uh an additional 30 3:20 3 minutes, 20 seconds acres of land at this port uh on which a capital expenditure project of 1,675 3:29 3 minutes, 29 seconds crores is being uh set up uh for liquid uh uh liquids LPG as well as an LP PG bottling plant and this project is now uh officially underway. 3:42 3 minutes, 42 seconds The as far as Kandla port is concerned, the existing facilities at Kandla are operating with an improved utilization 3:49 3 minutes, 49 seconds and this asset will see a jump uh in a in the volumes with the operationalization of the KGPL and JLPL 3:58 3 minutes, 58 seconds pipelines which is expected in the so second quarter of this uh this year financial year to which uh and both of we are connected to both of these pipelines. 4:09 4 minutes, 9 seconds Um uh another positive initiative at this port is that finally uh VLGC's uh 4:15 4 minutes, 15 seconds will start birthing at Kandla port which will also benefit the operations uh and and as we shall be able to unload larger size cargos. 4:27 4 minutes, 27 seconds Uh in Kandla we have acquired um an additional uh plot of land uh which we are calling CRL4 where a liquid terminal 4:36 4 minutes, 36 seconds capacity uh with a capacity of about 94,148 cubic meters uh will be set up and this 4:44 4 minutes, 44 seconds is expected to come into operation uh next year. 4:50 4 minutes, 50 seconds Um as we had announced earlier we are expanding our footprint in the ammonia terminating business. 4:56 4 minutes, 56 seconds uh in addition to uh in addition to the uh terminal at Pipawa which we had already announced but I'm pleased to uh 5:03 5 minutes, 3 seconds state that a non-binding memorandum of understanding with Larsson Tubro L&T has been signed up to set up uh ammonia 5:12 5 minutes, 12 seconds terminals at Kandla for their upcoming green um ammonia manufacturing facility at Ka. 5:21 5 minutes, 21 seconds Uh as far as Kochi is concerned, the liquid capacity at Kochi is uh operating at a higher utilization and further 5:29 5 minutes, 29 seconds capacity will come up in the near future uh at the uh at the additional land that we've been allotted at this port 5:37 5 minutes, 37 seconds uh at at Pawa. The LPG capacity uh with 48,000 metric tons of static uh 5:46 5 minutes, 46 seconds cryogenic capacity has been added last month and with this expansion the total LPG terminal static capacity at pup 5:53 5 minutes, 53 seconds power has reached 70,800 metric tons. 5:59 5 minutes, 59 seconds Uh the liquid to power is progressing well with a higher utilization and uh in 6:06 6 minutes, 6 seconds future it is our intention to set up a rail gantry for uh uh evacuation of liquid products uh as well similar to the one that we have for gas. 6:18 6 minutes, 18 seconds Um India's first independent ammonia terminal PIP power of course as I mentioned is being set up with a static 6:24 6 minutes, 24 seconds capacity of 36,000 metric tons and this project is expected to be completed before the first quarter of the next 6:32 6 minutes, 32 seconds fiscal year and this this uh ammonia terminal has a take or pay contract for 6:38 6 minutes, 38 seconds 15 years to service the uh upcoming uh DAP plant of Hindustan zinc in in Kandla. 6:48 6 minutes, 48 seconds at Mangalore Port uh the uh we added the uh cryogenic LPG storage uh uh terminal 6:56 6 minutes, 56 seconds with an 82,000 metric ton static capacity last month and the first vessel was uh welcomed in uh last month with an 7:04 7 minutes, 4 seconds with the inauguration of the LPG loading arm which made its first pilot discharge. 7:10 7 minutes, 10 seconds Uh this was a flawless operation and further capacity in the liquid side will be set up in the uh near future in this 7:18 7 minutes, 18 seconds port uh as we have been allotted some additional land at Helia. The uh the liquids uh capacity 7:28 7 minutes, 28 seconds is operating at a higher utilization. Uh we've participated in various tenders to get um additional land at Haldia to 7:36 7 minutes, 36 seconds expand our capacity and uh the Halia LPG terminal continues to do well uh and increase its utilization slowly and 7:45 7 minutes, 45 seconds steadily and uh we are looking to extend our presence to a a seventh port um and once 7:54 7 minutes, 54 seconds we are allotted uh some land uh at the moment we're not able to disclose where we are putting 8:01 8 minutes, 1 second uh once we're allotted some land we will of course be able to set up some additional capacity in the liquid side there soon and we'll be informing everybody of that. 8:12 8 minutes, 12 seconds So in summary uh AIS uh possesses really uh strong in uh which we have demonstrated in-house uh expertise in 8:21 8 minutes, 21 seconds identifying opportunities and executing uh infrastructure projects that are cost effective, fast and flexible while at 8:28 8 minutes, 28 seconds the same time maintaining the highest quality standards that ensure the long-term durability of these assets. 8:36 8 minutes, 36 seconds And uh we've also constructed them at the lowest cost per designated number of throughput terms. 8:45 8 minutes, 45 seconds All these projects uh are housed and operated under Aegis VPAC terminal is limited and uh we will already reach a 8:53 8 minutes, 53 seconds capex of US 1.2 2 billion by the end of uh next year and are we expect to reach 9:01 9 minutes, 1 second US dollar 5 billion aggregate capex uh by 2030 which would be funded by a mix 9:08 9 minutes, 8 seconds of internal uh acrruels uh and utilization of debt with a debt gearing ratio um prudent debt gearing 9:17 9 minutes, 17 seconds ratio of 0.6 six times capped to a 3.5 times of EVITA 9:24 9 minutes, 24 seconds with the recently concluded phase one equity infusion infusion by way of the IPO. Uh the and and uh you know as you 9:33 9 minutes, 33 seconds know we have we are legally obliged to have a phase 2 equity infusion within the next three years under the sevy regulations. Uh the capex therefore will be largely funded. 9:45 9 minutes, 45 seconds Coming to the distribution side, uh this is of course a key focus for us as we utilize our existing terminaling uh 9:53 9 minutes, 53 seconds facilities and infrastructure to reach the end customers. In the case of LPG, we manage the entire value chain uh from 10:02 10 minutes, 2 seconds sourcing storage to distribution across India. And since distribution is a a B2C 10:10 10 minutes, 10 seconds segment, it offers significantly higher uh earnings per ton compared to our other segments while requiring relatively little uh investment. 10:23 10 minutes, 23 seconds We distribute LPG directly to industrial customers u and also through our partners uh to serve both existing and 10:30 10 minutes, 30 seconds new customers in the retail segment uh especially with auto gas auto gas autopsell uh other products. 10:40 10 minutes, 40 seconds I'm really pleased to announce that we have just uh signed a uh 10:54 10 minutes, 54 seconds Ladies and gentlemen, the line for the management is disconnected. Please hold while we reconnect them again. 11:04 11 minutes, 4 seconds [Music] 11:37 11 minutes, 37 seconds Ladies and gentlemen, thank you for being on hold. The line for the management is now reconnected. Thank you and over to you, sir. 11:44 11 minutes, 44 seconds Thank you. Sorry about that. Yeah. Uh so I'm I'm pleased in case you missed it, I'm I'm really pleased to announce that we have just signed a cross-selling of 11:51 11 minutes, 51 seconds fuel agreement with uh govp which uh I think really could be a very interesting development for for our distribution business. 12:00 12 minutes Um we so I've just provided you a detailed port byport update on each of the terminals and um really just to uh 12:08 12 minutes, 8 seconds summarize um before I hand over uh there are numerous investment opportunities across our businesses and the related segments. 12:17 12 minutes, 17 seconds uh Aegis has uh very strong cash reserves, a robust balance sheet uh which is positioning us well for uh 12:26 12 minutes, 26 seconds future growth and um our team management team is actively evaluating multiple 12:32 12 minutes, 32 seconds projects that align with our internal uh IR uh uh benchmarks. And with now uh 12:40 12 minutes, 40 seconds AVTL now being listed, we recognize our responsibility to shareholders has has doubled and we are committed to uh 12:48 12 minutes, 48 seconds delivering long-term value to all stakeholders. 12:52 12 minutes, 52 seconds Uh so with that I'll conclude and hand over to our chief financial officer Mr. 12:57 12 minutes, 57 seconds Murad Madina to present the quarterly financial highlights. Yeah, thank you. 13:04 13 minutes, 4 seconds Uh now before we get into the financials I would like to briefly explain the rationale behind the AVTL's IPO. The primary objective was to reduce debt and 13:13 13 minutes, 13 seconds strengthen the balance sheet enabling us to seize future growth opportunities and continue our guti strategy for ages 13:22 13 minutes, 22 seconds logistics. The IPO has been EPS accative where now a portion of the profit will be shared with minority shareholders. 13:31 13 minutes, 31 seconds However, the returns generated from reinvesting the proceeds will more than compensate for this. Coming to the operational parameters of the business, 13:40 13 minutes, 40 seconds both the ages segment uh ages segments LP gas and liquids performed as per our expectations in the first quarter of 13:48 13 minutes, 48 seconds FI26. Q1 FI26 normalized stood at 256 crores, an increase of 2% yearonear. 13:56 13 minutes, 56 seconds profit after tax increased by 11% to 175 cr for the first quarter this year versus 158 cr in Q1 of FI25. 14:09 14 minutes, 9 seconds Now coming on to the individual segments. Liquid Q1 FY26 uh revenue from uh liquid segments stood 14:16 14 minutes, 16 seconds at 144 cr compared to 143 crores a year earlier increase of 1%. We delivered a stable Q1 IITA of 106 crores in liquid. 14:27 14 minutes, 27 seconds LPG business Q1 FI26 AITA was 150 cr as compared to 142 cr in Q1 FI25 an 14:35 14 minutes, 35 seconds increase of 6% YI revenue from LPG business stood at 1,575 14:42 14 minutes, 42 seconds cr achieving an 8% YI growth now volume details revenue in Q1 FY26 the LPG 14:50 14 minutes, 50 seconds volume handled at all our terminal was 1.16 million tons versus 1.01 01 met million metric tons in Q1 FY25 an 14:59 14 minutes, 59 seconds increase of 15%. The distribution volumes of auto commercial and industrial bulk handled was 1.45 lakh 15:07 15 minutes, 7 seconds met metric tons in Q1 FY26 against 1.28 lakh metric tons in Q1 FY25. 15:15 15 minutes, 15 seconds The sales volume of sourcing was 119 uh 1.19 lakh metric tons versus 1.24 metric 15:23 15 minutes, 23 seconds lakh metric tons in the same quarter last year. The financial position of the company remained robust with low debt, strong cash flow and a solid balance 15:30 15 minutes, 30 seconds sheet. We achieved uh the highest liquid revenue uh in in Q1 ever. We also 15:37 15 minutes, 37 seconds achieved highest gasa in Q1 ever and we also achieved highest throughput in Q1 15:44 15 minutes, 44 seconds uh LPG throughput uh volume ever. So we have we continue to to do uh many first 15:51 15 minutes, 51 seconds all the time and with this I hand over this line to the moderator to start the question and answer session. Thank you. 15:59 15 minutes, 59 seconds Thank you very much. We will now begin with the question and answer session. 16:03 16 minutes, 3 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you 16:11 16 minutes, 11 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 16:18 16 minutes, 18 seconds wait for a moment while the question Q assembles. 16:48 16 minutes, 48 seconds The first question is from the line of Julian from Admiral Gestion. Please go ahead. 16:57 16 minutes, 57 seconds Hello. Am I audible? Yes. 17:03 17 minutes, 3 seconds Oh, no. Thank you for the opportunity to ask a question. Uh I have a few questions. Maybe first could you just 17:10 17 minutes, 10 seconds talk about your liquid a revenue and margin maybe on a sequential basis because it did come down quite 17:19 17 minutes, 19 seconds significant uh maybe from first quarter of last year to this year. 17:28 17 minutes, 28 seconds Hi just about the decrease segment from fourth quarter to first quarter this year. Why did the revenue decline so much and sort of margin? 17:41 17 minutes, 41 seconds No, we we're sorry Julian, we can't hear you properly. Mr. Jolian, we can't hear you properly. 17:54 17 minutes, 54 seconds Hello. Is this better? Yes, better. Please continue. No, no. I was just asking about liquids. 18:01 18 minutes, 1 second uh maybe from a sequential basis from fourth quarter to first quarter why the revenue and margins decline so much 18:09 18 minutes, 9 seconds liquid in request. Oh June uh every time Q1 is always uh a little softer and uh 18:18 18 minutes, 18 seconds like I said we have achieved the highest ever liquid revenue lifetime what we have done in Q1. So uh we are we are we 18:26 18 minutes, 26 seconds are okay as far as liquid is concerned and from ensuing quarters you will see uh as the product mix improves in the 18:35 18 minutes, 35 seconds newly commissioned uh liquid terminals uh we we would be uh doing better as the year progresses. 18:45 18 minutes, 45 seconds So s so maybe for this year's fourth quarter should we also expect like a seasonal increase in liquid revenue and 18:54 18 minutes, 54 seconds uh margins uh we historically it uh you know Q1 and 19:00 19 minutes Q2 is softer than Q3 and Q4 and uh uh of course uh capacities added also makes a 19:08 19 minutes, 8 seconds difference and a change of product makes. So if you look at all uh together then you will be able to uh gauge 19:16 19 minutes, 16 seconds correctly what happens in the ending quarters. 19:21 19 minutes, 21 seconds Okay. Uh maybe the same question pertains to the margins for gas distribution. I mean if I would just do 19:28 19 minutes, 28 seconds like a back calculate estimate of the margins on ITA per ton gas distribution actually declined on the Q on Q basis. 19:39 19 minutes, 39 seconds uh you know any any color from that? 19:42 19 minutes, 42 seconds Yeah. Yeah. So distribution margins uh please look at on a yearly basis they are generally around 3,000 rupees. Last 19:49 19 minutes, 49 seconds year we clocked 3,500. This year also we expect to be around the same. Uh so on an average we will always end at around 19:57 19 minutes, 57 seconds 3,000 to 3,500 rupees per ton. Currently in Q1 we have done around 2,500 rupees. 20:04 20 minutes, 4 seconds uh you will see there has been a push on volumes because we have entered new geography on on account of our upcoming Mangalore 20:12 20 minutes, 12 seconds terminal. Uh we are now pushing uh and that has averaged out uh the margins a 20:20 20 minutes, 20 seconds bit but we are confident that we will again end between 3 to 3,500 per metric 20:27 20 minutes, 27 seconds ton on a yearly basis. You will of course see a better uh volume growth uh as compared to the la last year which we 20:35 20 minutes, 35 seconds have always said in the previous year that uh in the current year on account of uh two cryogenic terminals coming up 20:42 20 minutes, 42 seconds and a new geography we will see better volumes margins like I said we should be able to achieve what we did last year on an 20:50 20 minutes, 50 seconds average so we should be better off in distribution business this year back on track. 20:56 20 minutes, 56 seconds H okay maybe just one last question uh on JNPT as I understand actually one of our competition has announced the LPG 21:05 21 minutes, 5 seconds terminal uh and I think they have started construction in February this year. So with that in mind know do we 21:12 21 minutes, 12 seconds anticipate like a over capacity situation over there you know are there any assumptions on their capacity build 21:20 21 minutes, 20 seconds because after all I think if you if you to combine the two capacities that we have uh announced and the the peer has announced you know then you don't really 21:28 21 minutes, 28 seconds there seems to be a lot of like you know capacity in JMPT I don't know any color for that yes so JNPA you please keep in mind that 21:38 21 minutes, 38 seconds uh the the there are two partners involved in the JNPA infrastructure which we are setting up. Ages and WAC 21:46 21 minutes, 46 seconds both are very experienced infrastructure uh players in storage business one a leader in India and one world over. We 21:54 21 minutes, 54 seconds have examined all the macro market conditions, competition, everything and uh after having confidence in in in all 22:03 22 minutes, 3 seconds the on all the parameters we have decided to go ahead. Another uh uh thing which you can uh note is that the 22:12 22 minutes, 12 seconds so-called u LPG infrastructure that you have referred to there are uh uh uh news 22:19 22 minutes, 19 seconds item saying that BW has of course uh withdrawn uh from so we don't know the fate of that particular infrastructure 22:28 22 minutes, 28 seconds in spite of that like I said we do our own calculations and we are confident of what we are uh doing at GNPA we expect 22:36 22 minutes, 36 seconds uh good and solid u uh utilization going forward. Far as J&P is concerned, it's 22:43 22 minutes, 43 seconds in western India and uh near to uh the high consumption north north of India. 22:58 22 minutes, 58 seconds Thank you. The next question is from the line of Abishek Jane from Alphaacurate Advisors. Please go ahead. 23:06 23 minutes, 6 seconds Uh thanks for opportunity and congratul for decent set of numbers sir. Sir you have added two capacity. One is the Bangalore and another is the P power 23:14 23 minutes, 14 seconds ports. So after adding these two capacity what would be the total throughput capacity uh right now for the in FY25 it was 950. 23:27 23 minutes, 27 seconds So we don't give outlook on the throughput uh that we are going to achieve but uh please keep in mind that what we have always said and uh the only 23:36 23 minutes, 36 seconds guidance that we have given is that we we strive for a 25% caggr growth uh in our EPS year on year that's the bare 23:44 23 minutes, 44 seconds minimum that we try I think from uh last 3 years uh probably we have done around u 23% on 23:54 23 minutes, 54 seconds cagr And what would be the increase in the static capacity? Sir, static capacity put up in Mangalore is 24:03 24 minutes, 3 seconds 82,000 metric t equivalent to around 6 million tons of throughput capacity and pipawa is 48,000 metric tons which would 24:12 24 minutes, 12 seconds be where we wherein we would be able to do a 4 million kind of throughut. So that means that uh you know totally 24:19 24 minutes, 19 seconds static capacity will increase by the 1.1 times uh and the same line growth can be 24:26 24 minutes, 26 seconds possible in the throughput capacity in the throughput utilization you're prorating it. Yeah. 24:35 24 minutes, 35 seconds Yes sir. 24:35 24 minutes, 35 seconds So no so what how it happens is that every new terminal so you are combining a matured uh terminal which is operating 24:43 24 minutes, 43 seconds for years along with a new terminal. You cannot do that. Every new terminal we have always said a gas terminal takes 24:50 24 minutes, 50 seconds usually uh is built with a capacity that should last the customer for 5 7 years. 24:55 24 minutes, 55 seconds So it starts with a 25 30% utilization then scales up and in 5 7 years you then see uh almost close to 100% utilization. 25:05 25 minutes, 5 seconds The life of the acid both of liquid and gas is 40 years. a very long life and uh 25:12 25 minutes, 12 seconds uh and uh the utilization I've just explained how it happens. 25:16 25 minutes, 16 seconds So that means we can assume that 25% uh uh type kind of the uh volume growth CVR growth in a gas segment. 25:27 25 minutes, 27 seconds Yeah, typically that's how it happens. 25:30 25 minutes, 30 seconds And uh uh what was the throughput cap uh capacity and utilization in the first quarter in IPG segment 25:38 25 minutes, 38 seconds throughut we did 1.16 million tons right 1.16 million y 25:45 25 minutes, 45 seconds and utilization sir sorry utilization 25:52 25 minutes, 52 seconds utilization we don't do uh like that so okay uh before before we did uh before 25:59 25 minutes, 59 seconds these two cryogenic terminals in ages we had a capacity of 9.6 million tons. So you can do the 26:07 26 minutes, 7 seconds okay and this is quarterly 1.16 mind you okay and this quarter we did not get any benefit of this incremental capacity we 26:16 26 minutes, 16 seconds get the benefit from the quarter second only yes you are right and one book keeping question was that 26:24 26 minutes, 24 seconds if you see the average realization in the liquid division and per turn in the gas sector that was very high in the Q4 26:33 26 minutes, 33 seconds versus in this quarter Were there any one-offs in fourth quarter six? 26:39 26 minutes, 39 seconds So sometimes you get take or pay uh contracts and you earn money. So those I cannot say they are one-off. They could repeat but they do come once in a while. 26:52 26 minutes, 52 seconds Uh so uh uh the uh these are because of that you have completed two uh terminal 26:58 26 minutes, 58 seconds in the last quarter and the pipa and got the reg. 27:03 27 minutes, 3 seconds No. Yeah. So last quarter the revenues and per CVM rate might be higher because we get sometimes contracts which are 27:11 27 minutes, 11 seconds contracted but not utilized. So you get uh those revenues they like I said we cannot say it's one off but it's once in a while does come. 27:21 27 minutes, 21 seconds Uh so can you uh give that number how much it was? 27:26 27 minutes, 26 seconds Oh I don't have it. We don't keep a track of all of that. So you have to take it together. But if you look at the yearly uh realization in liquid, they are always around 3,000 rupees per cm. 27:37 27 minutes, 37 seconds Uh that is how it comes on an average. Okay. Thank you sir. 27:45 27 minutes, 45 seconds So look at the realizations rather than go quarter to quarter they even out balance out. 27:53 27 minutes, 53 seconds Okay. 27:56 27 minutes, 56 seconds Thank you. The next question is from the line of Yash Nandwani from IIFL Capital. Please go ahead. 28:05 28 minutes, 5 seconds Hello. Yes. Can you can you be a little louder? 28:11 28 minutes, 11 seconds Yeah. Thanks for the opportunity sir. So my first question is on the distribution segment. So one of the CT gas distribution company has recently 28:20 28 minutes, 20 seconds announced it entry into the propane and LPG marketing and they in the MOV as well as other industrial clusters and they are targeting 25% market share. So 28:29 28 minutes, 29 seconds how do you see this impacting our distribution business? So you should be happy. I'm sorry there's an echo. 28:38 28 minutes, 38 seconds Um hello can you hear me? Yes. 28:44 28 minutes, 44 seconds Hello. Yep. Hello. Yeah. So, uh you should be happy uh that finally what we have been saying over a number of years 28:52 28 minutes, 52 seconds is happening that uh you you will find a city gas natural gas player wanting to get into LPG business. The more the 28:59 28 minutes, 59 seconds marrier that's what I always believe and probably they they would come they don't have their own terminals. So probably they would be coming to store at our 29:08 29 minutes, 8 seconds terminals only. uh because you need terminals to be able to trade and at the end of the day they are going to trade 29:16 29 minutes, 16 seconds and mind you we have partners which who are global leader like IOU with us and uh so so let's see and there are so many 29:25 29 minutes, 25 seconds other companies who do trade in LPG all the NOC's US SHV total confidence there 29:33 29 minutes, 33 seconds are so many of them we compete and we sell and uh we have the advantage of being vertically integrated in LPG 29:42 29 minutes, 42 seconds business. We source, store, distribute all ourselves. So we capture the entire value chain as such which uh may not be there with others. 29:55 29 minutes, 55 seconds Sure sir. And sir secondly apart from the expansions already announced in AVTL do you plan to enter any new terminal 30:02 30 minutes, 2 seconds have any product or service in this company in near future? 30:06 30 minutes, 6 seconds Uh please understand again it's hello uh Yash please 30:14 30 minutes, 14 seconds understand ages logistics limited is a consolidated uh financial statement that 30:21 30 minutes, 21 seconds we are talking about it's inclusive of AVTL it does not exclude AVTL so uh all of the capex of AVTL are included line 30:30 30 minutes, 30 seconds by line into this company so it's inclusive of whatever ages BAC will house. So it's like we have Mumbai 30:38 30 minutes, 38 seconds terminal number two housed in seoord. We have our pack cylinder business housed in ages gas. We have liquid and LPG 30:45 30 minutes, 45 seconds terminal housed in ages pack. So all of these gets combined and consolidated. So agis logistics is a whole is is is what 30:54 30 minutes, 54 seconds includes everything and like we have said in addition to 2500 cr projects that we are doing which will be housed 31:02 31 minutes, 2 seconds in ages bop pack another 250 cr of Mumbai expansion in liquid will be housed in our parent individual 31:10 31 minutes, 10 seconds standalone company but we will be inclusive of all of it. 31:17 31 minutes, 17 seconds Sure sir. So the that means if you enter any new product let's say hydrogen that will be housed in ag pack only hydrogen 31:25 31 minutes, 25 seconds hydrogen or any other any other sort of product sir yes so I'm sorry there's some problem with the 31:34 31 minutes, 34 seconds system there is an echo uh let me say this way that as and when the opportunity comes 31:43 31 minutes, 43 seconds uh in in any new energy any new port or uh any other infrastructure. Uh the 31:50 31 minutes, 50 seconds company will decide uh whether it falls within our benchmark uh returns that that we expect and secondly then we'll 32:00 32 minutes decide uh where uh housed it will uh bring uh the maximum value. It also 32:07 32 minutes, 7 seconds depends on whether there are partners in in in those uh opportunities. So, so it 32:14 32 minutes, 14 seconds it it will be uh done uh as as the opportunity uh will will uh will call 32:22 32 minutes, 22 seconds for you know so it depends but yes most of the standard port terminals will be housed under the strategic gut in ages 32:32 32 minutes, 32 seconds wack for sure if I can just add here I think the classic example uh is ammonia 32:39 32 minutes, 39 seconds right that would be an example just like you know 18 months ago when we first announced that we were getting into the ammonia business. So today, you know, 32:48 32 minutes, 48 seconds that is a reality. Uh the first ammonia terminal is under construction. The second ammonia terminal uh I've just 32:56 32 minutes, 56 seconds announced in the call with in Kandela with L&T and so on. So uh you know new opportunities like ammonia will come and 33:04 33 minutes, 4 seconds when they do come we will assess where where to house them correctly. Sure sir. Thanks a lot. 33:13 33 minutes, 13 seconds Thank you. 33:15 33 minutes, 15 seconds The next question is from the line of Neil Opal Sahu from JM Financial. Please go ahead. 33:23 33 minutes, 23 seconds Hi sir, good afternoon. Am I audible? Yes. 33:28 33 minutes, 28 seconds Thank you. Uh so a few questions from my end. First of all, uh is the Halia LPG terminal going to be included in ABTS? 33:37 33 minutes, 37 seconds [Music] 33:40 33 minutes, 40 seconds Yeah, I wish I knew the answer. So, it all depends uh on on you know we we we 33:47 33 minutes, 47 seconds continuously keep reviewing all our uh assets and uh like Mr. Raj just said 33:54 33 minutes, 54 seconds where housed would bring uh maximum value. So um it depends as of today there's nothing uh more to speak about 34:03 34 minutes, 3 seconds on this but uh yeah never say no to anything we are always assessing reviewing and looking at uh what brings 34:12 34 minutes, 12 seconds maximum value to the uh group as such. 34:18 34 minutes, 18 seconds Okay sir. And second question uh can you give us some ballpark differential of what is the price differential between 34:25 34 minutes, 25 seconds propane and natural gas for the industrial clusters in I think as of today it stands at around 16%. 34:36 34 minutes, 36 seconds If you look at electricity it is 53%. If you look at so it depends on each each fuel but NG 34:43 34 minutes, 43 seconds more I think it's 16%. Yes, in favor of propane. 34:46 34 minutes, 46 seconds In favor of propane. That's what So, generally it's always 15% or so. That's what it is. 34:53 34 minutes, 53 seconds Okay. Thank you for my question. 34:58 34 minutes, 58 seconds Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is 35:05 35 minutes, 5 seconds from the line of H Sha from Dalal and Brocha. Please go ahead. 35:10 35 minutes, 10 seconds Yeah. Um, thanks for the opportunity. A few questions on my side. Uh so firstly uh on the announcement uh that the 35:18 35 minutes, 18 seconds company made on uh 19th of June uh with respect to you know various business transfer agreements uh which the company has kind of signed between the 35:26 35 minutes, 26 seconds subsidiaries right so just wanted to check here I mean how is the accounting treatment done in terms of say uh when 35:34 35 minutes, 34 seconds you say are doing a slump sale from se containers tot right so I mean how is it 35:40 35 minutes, 40 seconds accounted in the books of the holding uh uh like you said in the record uh the 35:48 35 minutes, 48 seconds gain on the transfer is recording uh other comprehensive income right so I mean uh how I mean is it going to impact 35:58 35 minutes, 58 seconds so yeah h we will need a session a whole day session to to completely talk on consolidation it's a it's a complex 36:06 36 minutes, 6 seconds subject but to say it in a very simple manner uh when you consolidate all of risk the profits are eliminated. So in 36:16 36 minutes, 16 seconds the profit and loss account the profits will not appear. That's what the accounting standard requires. But if you look at the individual companies you 36:23 36 minutes, 23 seconds will see those profits. For example, the Manango terminal which we transferred will be reflected in the CLOD containers 36:30 36 minutes, 30 seconds limited which is a 100% subsidiary of AIS logistics limited standalone and there uh in COD you will see the profit 36:39 36 minutes, 39 seconds uh reflecting on sale of u the the whole asset uh to AVTL. Now when we 36:47 36 minutes, 47 seconds consolidate that uh profit is going to get eliminated on consolidated basis. It is not that when the subsidiary earns 36:55 36 minutes, 55 seconds something the standalone holding company will also reflect that that cannot be so because that's how accounting is done. 37:03 37 minutes, 3 seconds It is it is only aggregated on a consolidated basis but there the requirement of law is that you don't 37:09 37 minutes, 9 seconds need to uh reflect or uh actually show uh the profit because they have come 37:15 37 minutes, 15 seconds from the companies you control or those that uh that are your subsidiary. So they get eliminated. 37:24 37 minutes, 24 seconds Correct. Correct. No, I I get the point of consolidation. I just wanted to check. So for example, se is transferring. So when you are doing 37:32 37 minutes, 32 seconds accounting for seo is it profit is reflected within other income. Is it that case or how is it? 37:40 37 minutes, 40 seconds Yeah. Yeah. Only when it is sold uh you know income minus expense that's the profit. 37:46 37 minutes, 46 seconds No no I get that. other income. So why from where I'm coming is that if I look at the base quarter right the standalone 37:54 37 minutes, 54 seconds operational logistics there is an other income of 153 odd per right so that is where I'm trying to understand how the 38:02 38 minutes, 2 seconds other income in the base quarter is so high oh you're talking about standalone no we 38:09 38 minutes, 9 seconds discuss here only consolidated standalone would be interest income other income will include 38:16 38 minutes, 16 seconds even interest received Okay. So probably it is because of interest received. You have a very large 38:24 38 minutes, 24 seconds cash balance of around 4,130 cr as of 30th June. So you can look at 38:31 38 minutes, 31 seconds uh 7% peranom is 290 cride by 4 would be somewhere around 80 90 cr would be interest received only. 38:39 38 minutes, 39 seconds No no so I I get the point the calculation but anything specific your voice is not really clear. Can you please check what's is it better now? 38:50 38 minutes, 50 seconds Yeah. Is it better? Can you continue? Yeah. Yeah. Yeah. 38:53 38 minutes, 53 seconds So, basically what I was trying to understand is in the base quarter uh 153 crores of other income. So is there any 39:01 39 minutes, 1 second portion wherein any asset which may have been uh created or bid by AIS logistics has been transferred and that is getting 39:09 39 minutes, 9 seconds reflected in other income or is it just the as you said the in the quarter AS logistics has not 39:18 39 minutes, 18 seconds transferred any asset. It is COD that has done so. Yes. Got it. Okay. No. Yeah. Got it. 39:26 39 minutes, 26 seconds Okay. Sure. Uh and also I mean uh yeah I mean we have to take it post the 39:34 39 minutes, 34 seconds call for the account. Yeah for now that's it from my side. Thanks. 39:40 39 minutes, 40 seconds Thank you. The next question is from the line of Bishek Jane from Alpha Accurate Advisors. Please go ahead. 39:47 39 minutes, 47 seconds Uh thanks for opportunity again sir. Uh uh why the ability license per CDM basis used to be higher in the fourth quarter 39:55 39 minutes, 55 seconds in liquid region. As you mentioned that it is average around 300 rupees CDM per month. But if we see the number uh in 40:04 40 minutes, 4 seconds first quarter for 26 which is around 223 to 24 and the earlier quarter also 40:12 40 minutes, 12 seconds except fourth quarter it it used to be 224 to 23 rupees per month basis. So just wanted to understand the math s. 40:23 40 minutes, 23 seconds So what I said was 3,000 rupees per year not 300 rupees per month. So if you translate 3,000 rupees per year, it 40:32 40 minutes, 32 seconds comes to 250 rupees. If we have done 225 rupees in Q1, I'm sure the average by 40:39 40 minutes, 39 seconds year end would again come back to 250 rupees which is generally the standard benchmark we look at. 40:47 40 minutes, 47 seconds So last last quarter 398 includes also uh uh lot of uh uh oneoff. 40:57 40 minutes, 57 seconds You have to look at yearly average. Yeah. 41:01 41 minutes, 1 second Okay. Got it. And so on the gas EV it is usually around 1,560 41:07 41 minutes, 7 seconds rupees. Uh it is usually to be 1280 to 1,300 per ton basis. Uh what would be 41:18 41 minutes, 18 seconds the u average per guidance uh going at? 41:25 41 minutes, 25 seconds So it is generally 1,000 rupees per turn uh margin uh in case of LPG 1,000 rupees. 41:34 41 minutes, 34 seconds Y but this this uh uh this time it is around 1290 and earlier also it is it 41:43 41 minutes, 43 seconds was in the range of 1270 to 1280. So it it is like this that in case if for example in some of the ports we get a 41:50 41 minutes, 50 seconds higher uh revenue uh rate and also the AITA is higher. So if the throughput increases in that particular port the 41:58 41 minutes, 58 seconds average but again over the whole year it will balance out and you will see generally a,000 to 1100 rupees max is 42:07 42 minutes, 7 seconds what will be the bit per ton in case of throughut of LP. 42:12 42 minutes, 12 seconds Okay sir and as you mentioned that around 20% volume growth expected in the gas region. Uh so I just wanted to 42:21 42 minutes, 21 seconds understand what is your outlook for the liquid division sir? How the uh revenue trajectory will improve because of this addition of uh G&P uh capacity? 42:32 42 minutes, 32 seconds No, we do not uh for example I have never said 20% growth in through portut uh which is we don't give outlook both 42:39 42 minutes, 39 seconds in gas and uh uh liquid. How we have to generally look at is again I repeat the 42:45 42 minutes, 45 seconds the the the CBM that the the capacity in liquid that we have 3,000 rupees is what 42:53 42 minutes, 53 seconds would be generally the revenue rate and then you know you know you have to take 2,000 rupees per CDM in liquid as the 43:03 43 minutes, 3 seconds beta margin and you can work for yourself looking at the capacity growth uh that the liquid will have during the 43:10 43 minutes, 10 seconds year. If you achieve something more than that, we are doing good. And in case of LPG, I have we have said uh that uh the 43:18 43 minutes, 18 seconds revenue rate like you have said is 1,250 rupees per ton and the AITA rate is,100 43:24 43 minutes, 24 seconds rupees per ton or 1,000 to 1100 uh AITA margin rate and in case uh there is a new capacity coming up, it generally 43:33 43 minutes, 33 seconds starts with a 25% utilization and then scales up. uh the terminals which are five seven years old or probably seven 43:41 43 minutes, 41 seconds years old then you will find those terminals uh being uh utilized almost 75 to 100%. So accordingly then you you have to work out your math. 43:52 43 minutes, 52 seconds Thank you sir. That's very useful. Thank you. 43:56 43 minutes, 56 seconds Thank you. A reminder to all participants you may press star and one to ask a question. The next question is 44:03 44 minutes, 3 seconds from the line of Vishal Maha from IFL Capital. Please go ahead. 44:09 44 minutes, 9 seconds Yeah. Uh hi sir. Uh thanks for the opportunity again. Uh I think going forward probably we can look at combining uh the calls for both the 44:17 44 minutes, 17 seconds entities. Uh but uh you know just taking forward uh you know the discussion on that accounting treatment. Just one clarification that I needed uh in the 44:26 44 minutes, 26 seconds books of AVTL the capex that will be recorded would be cost to the group plus margin. uh and on in the consolidated 44:35 44 minutes, 35 seconds group it will all get eliminated and the capex that will be recorded would be just the cost to the group right so perfect but I would just like to reward 44:43 44 minutes, 43 seconds it in every it will be accounted the cost will be accounted what it has paid for which is what you have described it 44:52 44 minutes, 52 seconds differently but it amounts to the same thing and then consolidated whatever margin the holding company charges will 44:59 44 minutes, 59 seconds be eliminated and it will be shown net of that margin. 45:05 45 minutes, 5 seconds Okay. Okay. Okay. Uh, cool. Thanks. That was the only question. All the best. 45:13 45 minutes, 13 seconds Thank you. 45:15 45 minutes, 15 seconds The next question is from the line of Amit Gora from the homopathic clinic. Please go ahead. 45:22 45 minutes, 22 seconds Yeah. Hi, good afternoon everyone. Uh, my question is again related only. uh uh 45:28 45 minutes, 28 seconds if a workbook has a 48 cr 25 net profit the complete net profit is reflected in 45:35 45 minutes, 35 seconds a logistics also or the cash flow or some other component I'm sorry I was not able to clearly hear you 45:43 45 minutes, 43 seconds can't hear you properly just a minute just hold on 45:50 45 minutes, 50 seconds hello am I audible now better yes much better yeah so My question was if Agis lo is 45:59 45 minutes, 59 seconds again accounting related if AIS lo if AGIS BK had made a profit of 48 crores in uh this last quart this current 46:08 46 minutes, 8 seconds quarter June 25 the complete 48 crores is reflected in Agis logistics or the cash flow component or some other component. 46:17 46 minutes, 17 seconds No the complete profit is reflected uh except uh inter company transactions are eliminated. 46:26 46 minutes, 26 seconds So the complete but it won't affect the profit as such. So it's line by line consolidation and all the profits will 46:35 46 minutes, 35 seconds get embedded. Then whatever is the minority interest in the consolidation uh of ages will be shown as a deduction after PAT. So it will come before EPS. 46:48 46 minutes, 48 seconds That's minority interest which Got it. Got it. Thank you so much. My question is answered. Thank you. 46:56 46 minutes, 56 seconds Thank you. 46:58 46 minutes, 58 seconds The next question is from the line of Vinit Jane from Sidi Capital. Please go ahead. 47:05 47 minutes, 5 seconds Yeah, thank you sir. Uh my question is regarding the distribution uh volumes which we have seen traction after of say 47:12 47 minutes, 12 seconds five to six quarters. So how do you see the growth trajectory here going ahead and uh will you be able to give us some kind of a color how much has the volume 47:22 47 minutes, 22 seconds come from Mangalore uh in the recent quarter and how is the competition shaping up at Morgan? 47:28 47 minutes, 28 seconds I may not be able to give you uh uh territory-wise break up including Mangalore but I can tell you for sure that we will see an upside in this year as compared to the previous year. 47:39 47 minutes, 39 seconds Previous year was a showdown between NG and propane. Now think the dust has settled and uh we are also moving into 47:47 47 minutes, 47 seconds new geography new capacities have come uh we will see a good healthy growth in the current year which is well reflected 47:54 47 minutes, 54 seconds in in the Q1 which is generally soft where we have seen a 13 14% increase in the distribution volume already so we 48:03 48 minutes, 3 seconds expect uh to to end the year good as far as distribution volumes are concerned and like I have said earlier try and 48:11 48 minutes, 11 seconds retain the margin So but you uh concur that this quarter has some volumes from uh Mangalore right 48:21 48 minutes, 21 seconds so it's not Mangalore terminal has not started so but we are uh uh you know pushing into that market yeah 48:30 48 minutes, 30 seconds so and then we are sitting on a large pile of cash so what are the other uh growth opportunities we are seeing apart 48:37 48 minutes, 37 seconds from so already you have mentioned that major projects are going to be parked into the JV. So XJV what are the other growth prospects the company has? 48:47 48 minutes, 47 seconds There is nothing like major projects housed in the JV or not. Like we have said every opportunity is to be seen in 48:54 48 minutes, 54 seconds uh in it in in isolation and then uh uh decisions have to be taken based on lot of factors. Uh there could be multiple 49:03 49 minutes, 3 seconds multiple uh uh scenarios. There could be a scenario where uh uh uh ages standalone and AVTL together is 49:11 49 minutes, 11 seconds investing in an asset. There could be a scenario where we are investing both of us together along with a partner. There could be a scenario where agis is doing 49:20 49 minutes, 20 seconds on its own. There could be a scenario where agis logistics is doing it on its own. So there are multiple multiple uh 49:28 49 minutes, 28 seconds you know uh variables and multiple ways in which uh infrastructure can be structured. The opportunities are coming 49:36 49 minutes, 36 seconds thick and fast. They are becoming bigger and bigger. And I think whatever cash we may have will not suffice for the kind 49:44 49 minutes, 44 seconds of growth that we are looking at. 5 billion USD by 2930 is a tall order and 49:50 49 minutes, 50 seconds we will need every every cash that we can lay our hands on whether in holding company or whether in subsidiary or 49:58 49 minutes, 58 seconds whether through a partner or whether equity infusion or debt whatever we will need it all to to be able to carry on 50:05 50 minutes, 5 seconds our strategy of GTI which is becoming a gateway access to India uh for all uh 50:12 50 minutes, 12 seconds liquid and gas products and including import exports, you know, postal movement, all of it. 50:19 50 minutes, 19 seconds So yeah, if I can just add that you know our uh our having a strong cash balance and a very strong balance sheet uh has 50:28 50 minutes, 28 seconds been a basic philosophy of the company for the last 15 years and it gives us the flexibility to move fast on 50:35 50 minutes, 35 seconds acquisitions to move fast on projects uh whether it's acquisition of land or even executing projects which is I think why you're seeing such an amazingly fast 50:44 50 minutes, 44 seconds roll out of all our terminals. So it is actually having that uh cash balance uh that really gives us that uh strength. 50:52 50 minutes, 52 seconds Uh so we intend to continue with that uh policy. 50:56 50 minutes, 56 seconds Okay. So so one final question on the logistics part. Uh we seeing the volumes have been largely uh in the same range 51:04 51 minutes, 4 seconds for last uh four five quarters. Um there has been an upside of 10% and above. But uh with the new two uh facilities coming 51:14 51 minutes, 14 seconds uh should the traction be much higher in the next few quarters or how do you see that or do you think it is only going to 51:22 51 minutes, 22 seconds move much when the KGPL uh pipeline is uh uh commissioned? 51:28 51 minutes, 28 seconds I I think both uh even without uh the hookup and uh but the commissioning of new capacities you will see an upside. 51:38 51 minutes, 38 seconds uh we have already said that every quarter we are we are clocking a lifetime high uh in on on several 51:46 51 minutes, 46 seconds fronts. So this this quarter also we did the highest throughput ever that we have done in any Q1 historically and uh uh 51:54 51 minutes, 54 seconds yes 10% 15 we have done 15% higher by OI right that's a very healthy uh upside 52:01 52 minutes, 1 second and uh with the increased capacity we will see further increase uh in the ensuing quarters and when the hookup 52:08 52 minutes, 8 seconds happens and when those pipelines uh central India pipelines uh those those get uh operational 52:16 52 minutes, 16 seconds we will see even more. So this year going to be good and very healthy upside as far as through portut is concerned. 52:24 52 minutes, 24 seconds I I think just if I can just add uh that uh as I had mentioned in the earlier my comments you know the other assets that 52:31 52 minutes, 31 seconds we are adding strategic assets like for example the railway gantries and so on. 52:36 52 minutes, 36 seconds Some of you who have been following this company for some time may recall that at TIPAW the moment we added the railway gantry the the business uh really uh 52:45 52 minutes, 45 seconds accelerated the volumes and so on. So in my remarks I mentioned that we are going to be in the uh adding a railway entry 52:52 52 minutes, 52 seconds at Bangalore right uh which which uh would be you know coming up in the next so you know we can't look every quarter 53:01 53 minutes, 1 second necessarily at the you know but if you see the direction of travel it's very clear that the throughputs are going to be going up quite a bit. 53:09 53 minutes, 9 seconds So on the uh pipeline uh KGPL pipeline uh it was slated some news items said that it was slated to start by June and 53:18 53 minutes, 18 seconds there's again a delay as well. There's another news item which says that Mudharaport wants to uh join into the pipeline. So what is the delay and if 53:27 53 minutes, 27 seconds you understand anything on that please throw some color. You can look up at the IHB website and it says that the they uh 53:34 53 minutes, 34 seconds they expect the commissioning of KGPL uh in Q2 of FY26. 53:40 53 minutes, 40 seconds So probably by September is what they are aiming for. We have heard that the gassing up has already started and 53:48 53 minutes, 48 seconds Mundra hooking up into KGPL. It's a common user pipeline. We have also we are also hooking up. Mundra will also hook up. IOC will also hook up. The 53:57 53 minutes, 57 seconds pipeline throughput capacity is huge 8.25 million in case of KGPL and we have 54:05 54 minutes, 5 seconds heard that JLPL also PNGB has now uh approved a stepby step uh increase in 54:12 54 minutes, 12 seconds capacity from 3.5 million to 6.25 million. So this these uh pipelines are 54:20 54 minutes, 20 seconds will be the heart or you know for for distribution for uh reaching reaching 54:28 54 minutes, 28 seconds these uh energy products uh to all corners of this country which has got variet geography you know it's so important to reach energy to every 54:37 54 minutes, 37 seconds corner of the country. So and in your LPG distribution network you show most of the states except the most the most 54:44 54 minutes, 44 seconds of the northern states even the largest state of Uttar Pradesh is not uh marked uh on your map. So do you uh plan uh 54:52 54 minutes, 52 seconds anything for uh UP or how do you do how do you see it? 54:57 54 minutes, 57 seconds It's all if it fits fit in within our framework and benchmark we do uh investments and uh mind you this 55:04 55 minutes, 4 seconds distribution business is a franchise model. So what is important is to get uh franchise uh uh uh to to invest in into 55:14 55 minutes, 14 seconds this business. We are currently focusing on wherever we are to improve uh you know uh volumes out there and then of 55:22 55 minutes, 22 seconds course those uh states which have been left out will also follow when the time is right. Okay. Thank you so much. 55:32 55 minutes, 32 seconds Thank you. 55:34 55 minutes, 34 seconds Due to time constraints, we will take this as our last question for today. I now hand the conference over to the management for their closing comments. 55:44 55 minutes, 44 seconds Okay, great. Thank you so much. Um, you know, I just want to conclude by saying that uh I see that you know the our 55:51 55 minutes, 51 seconds company Aegis has an unparalleled array of assets uh now in place in the liquids business and in the gas 56:00 56 minutes business. uh and uh we are adding more assets, super high quality assets and uh 56:07 56 minutes, 7 seconds really I think uh the FY this current financial year FY26 uh is going to be a really excellent 56:15 56 minutes, 15 seconds year for us uh and uh really looking forward to uh sharing some of these developments as we as we progress 56:23 56 minutes, 23 seconds through the year. So thank you very much for your attention. Thank you so much. Okay, thanks. 56:31 56 minutes, 31 seconds Thank you on behalf of MUFG in Time Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.