AFCOM Holdings Ltd — Q4 FY26

AFCOM Holdings Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=-T4djoDh8zY Published: 3 days ago

0:02 2 seconds Afternoon everyone. Myself TJI on behalf of Kirin Advisers. I welcome you all to the Q4 FY26 conference call of AFCOM 0:11 11 seconds Holdings Limited. From the management side, we have with us Captain Deepak Pasuraman uh chairman and managing director of the company. Good afternoon sir. Welcome. 0:21 21 seconds Good afternoon ma'am. Good afternoon. 0:24 24 seconds We also have Mr. Kan Ramak Krishna, full-time director of the company. Good afternoon sir. Welcome. Good afternoon. Yeah, thank you. 0:32 32 seconds Now I hand over the call to Mr. Kan Brahma Krishna for opening presentation. Over to you sir. Yeah. 0:48 48 seconds Is my screen visible to you? Yes, I can see this. Yeah. 0:57 57 seconds Yeah. we can move on. Yeah. 1:02 1 minute, 2 seconds Okay. So, good morning all and welcome to this uh session and I mean as the 1:09 1 minute, 9 seconds preamble was given we I will run through this presentation quickly and then we will have an interactive session and uh 1:17 1 minute, 17 seconds we will take up the questions and uh and we will you know uh put our best efforts you know to answer all your queries. 1:24 1 minute, 24 seconds Thank you all once again. So of course and this is our vision and mission and uh uh we are very happy to say that and 1:34 1 minute, 34 seconds so far in our journey we have kept our vision and mission very close to our heart and walking that path and I'm sure that you know in the years to come 1:42 1 minute, 42 seconds definitely we will make the each every uh you know the statement of our vision 1:47 1 minute, 47 seconds and mission comes true. Next uh in the first uh few slides we are we 1:56 1 minute, 56 seconds have tried to capture uh you know certain key highlights of financial year 2026 what we have done and I'll quickly 2:04 2 minutes, 4 seconds you know run through this and uh very happy to announce that you know our airline has been you know awarded as 2:11 2 minutes, 11 seconds fastest brewing airline uh in the fighter market by aviation cargo express in in their award award 2:19 2 minutes, 19 seconds ceremony and then we have been awarded as a top airline by airto-air import in 2026 2:27 2 minutes, 27 seconds uh announced by Valena awards you know in the during the award ceremony in Maldives. This award has been presented to us by the Maldivian you know airport 2:36 2 minutes, 36 seconds authorities and FCOM cargo also has been recognized as the fighter of the year in the during the same award you know 2:43 2 minutes, 43 seconds ceremony which was conducted in 2026 uh you know beginning and this is a very proud moment and also AFCOM has forayed 2:53 2 minutes, 53 seconds into Australian Pacific region countries with the strategic part relationship with the NU air corporation belonging to 3:00 3 minutes Republic of NU. out and this these are all the announcements which have which we have made during the course of this 3:07 3 minutes, 7 seconds year at various stages. Next then we have you know these are all the 3:15 3 minutes, 15 seconds pictures we have started you know uh newer routes apart from you know the our 3:22 3 minutes, 22 seconds ASEAN region focus then we have started you know the Sri Lanka and Maldives beginning of our you know drill 3:29 3 minutes, 29 seconds operations and then last year we also directly started you know calling on you know to the Middle East and of course 3:37 3 minutes, 37 seconds you know these are all the pictures you know when we called on for the first time and from you know from the uh from Dubai airport and from Bangalore airport 3:46 3 minutes, 46 seconds when we started our you know the first journey these are all the newer things you know initiatives which we have 3:52 3 minutes, 52 seconds undertaken you know last year next and the relationship with you know the 4:00 4 minutes nor has blossomed into you know much more and we have signed up some key uh you know the understanding memorandum of 4:08 4 minutes, 8 seconds understanding to diversify our relationship with you know few more other business uh uh you know the 4:15 4 minutes, 15 seconds opportunities and those things have been communicated to the investors through our exchange filing and this is the 4:22 4 minutes, 22 seconds moments you know which we have captured when we were selling signing up the MOU with the NRU team. Yeah. 4:30 4 minutes, 30 seconds Next and uh last year you know we also have achieved you know certain four you know 4:36 4 minutes, 36 seconds very key uh uh uh initiatives and uh we have got you know the strategic capital 4:43 4 minutes, 43 seconds infusion. We have done you know the QIB and for our you know the phase two expansion of the fleet with the widebody 4:51 4 minutes, 51 seconds aircrafts and we also have you know increased our capacity by the induction of you know the additional third aircraft and we also got designated you 5:00 5 minutes know carrier certification from the Indian government and we our company also got credit rated. So these are significant milestones you know what we 5:08 5 minutes, 8 seconds have achieved you know during the last financial year. Next, of course, you know, the our USB is 5:16 5 minutes, 16 seconds fast, flexible solutions for all cargo needs and we are sticking to our basics and that is the reason, you know, we 5:23 5 minutes, 23 seconds could provide interesting solutions to our freight forwarding community and that's the reason for our growth as well. Next, 5:32 5 minutes, 32 seconds now we move on to the financial you know the uh highlights and uh in this slide in the first part we have captured you 5:41 5 minutes, 41 seconds know the Q4 and in the bottom part you know we have captured the overall you know the financial year numbers the Q4 5:48 5 minutes, 48 seconds we have done Q4 was one of the best you know uh in the journey of AFCOM so far and 191.88 88 uh uh crores of you know 5:57 5 minutes, 57 seconds the revenue which is 87.80 percentage of you know the growth over the same period last year and which 6:06 6 minutes, 6 seconds resulted into an AIT of 74.08 lakhs which is a 5 51.52% 6:12 6 minutes, 12 seconds yearon-year growth and which is you know which has left with 44.66 6:19 6 minutes, 19 seconds crores of you know the PAT which is 72.85 85 grow percentage growth year on year for the quarter and coming down and 6:28 6 minutes, 28 seconds for the financial year whole year the total recorded revenue is 587.72 6:35 6 minutes, 35 seconds which is 143.86%age growth yearon year and which is you know left with an IITA of 238.14 crores which is a growth of 211.72%. 6:49 6 minutes, 49 seconds And the EITA margin has grown by 40.52%. 6:53 6 minutes, 53 seconds And uh PAT stands at 121.90 which is 230.05 7:00 7 minutes percentage yearon-year growth. And the PAT margin stands at 20.74 which is a 542 basic points you know growth year on 7:09 7 minutes, 9 seconds year and I would like to uh you know call the attention of the investors. 7:15 7 minutes, 15 seconds This result is as per the IND standard and during the uh you know beginning of the last year we have volunteered 7:24 7 minutes, 24 seconds ourselves that you know to all the mainboard compliances and we have you know I'm happy to announce that we have 7:30 7 minutes, 30 seconds with the indas adoption we have completed you know all the necessary mainboard compliances you know we have 7:39 7 minutes, 39 seconds incorporated and now we are completely you know as per the I mean secretarial standard in terms of results you know declaration 7:47 7 minutes, 47 seconds on a quarterly basis and in terms of accounting standards and everything you know as per the mainboard complaints we have been practicing and and corporate 7:56 7 minutes, 56 seconds governance also and uh so this is the result of the NDAS next 8:06 8 minutes, 6 seconds and this is the uh the numbers you know which are given in little detail net sales as I you know captured that you 8:13 8 minutes, 13 seconds know 109 90 is the net sales and 155 1 cr 55 lakhs is the other income which is 8:20 8 minutes, 20 seconds nothing but you know the forex gain and then there is a comparison you know of the same period last year and on the 8:29 8 minutes, 29 seconds right hand side you know the entire 12 months you know the period is given and again if you look at it 583 crores is the total revenue recorded and 461 is 8:38 8 minutes, 38 seconds other income and majority of the other income is you know the forex and the interest income what you We have earned 8:45 8 minutes, 45 seconds through our deposits and the EIA we have given here and 8:53 8 minutes, 53 seconds the net profit is given and of course you know the EITA you know uh the percentage 9:01 9 minutes, 1 second for the quarter and EITA percentage for the year is given and net profit is given and the EPS is 9:09 9 minutes, 9 seconds given on the uh you know on the bottom and the EPS has grown from 16.47 47 to 48.65 9:16 9 minutes, 16 seconds on the yearly basis. Next, this is a quarterly comparison and we 9:24 9 minutes, 24 seconds have said that you know 87.8%age you know the growth on the uh revenue quarter you know uh uh uh quarter on 9:32 9 minutes, 32 seconds quarter and 51.52%age growth on the EITA and 72.85 85 percentage growth on the net profit 9:40 9 minutes, 40 seconds quarteron quarter and an annual comparison which is 143.86%age growth on the revenue and 230.05% growth on the PAT. 9:52 9 minutes, 52 seconds Next. 9:56 9 minutes, 56 seconds Okay. The the the same numbers and along with the balance sheet figures, the total equity has you know uh uh uh it 10:04 10 minutes, 4 seconds stands at 457 crores. Total assets as 935 crores and here I should uh you know bring to your attention as per the indas 10:13 10 minutes, 13 seconds standards the least assets are classified as you know the assets and liabilities separately. The uh value of 10:21 10 minutes, 21 seconds the you know the assets are booked under right of use under that classification 10:28 10 minutes, 28 seconds and the the lease rentals are classified as liability by charging the uh 10:35 10 minutes, 35 seconds financial cost and so I mean when we go deeper into the uh uh explanation I will explain to you what are the impact on 10:43 10 minutes, 43 seconds the uh the least assets and in the P&L as well as on the balance sheet. Next. 10:55 10 minutes, 55 seconds Yeah, this is the cost structure and u this is the percentage we have given and percentage of there's a cost on the 11:03 11 minutes, 3 seconds percentage of revenue is given direct expenses stands at 54 uh 4%age and uh uh 11:11 11 minutes, 11 seconds depreciation 12.3% finance cost is 7.3% employee is 2.4% and others are 5.6%age 6 percentage and the total expenses 11:20 11 minutes, 20 seconds stands at 434.6 crores for the whole year. 11:25 11 minutes, 25 seconds Next, this is the lease structure deep dive 11:33 11 minutes, 33 seconds and uh the assets you know the three aircrafts what been put into use that you know the assets value is at 306 11:42 11 minutes, 42 seconds crores and total lease liability for the entire you know the residual period stands at 338 crores and the current 11:50 11 minutes, 50 seconds lease due which is you know immediately due within the next 12 months. stands at 49 crores and lease finance cost is 16.1 11:59 11 minutes, 59 seconds crores. So 49 + 16.1 crores becomes our you know the lease commitments for the next 12 months 12:07 12 minutes, 7 seconds and aircraft wise you know that bifurcation is given below. 12:14 12 minutes, 14 seconds Next, this is a fundamental change you know between the uh you know last year uh you 12:22 12 minutes, 22 seconds know the financials what we have released as per the I mean till the last quarter even as per the uh uh uh you 12:30 12 minutes, 30 seconds know gap I gap and now it is converted into the uh Indas and this is one 12:37 12 minutes, 37 seconds fundamental change you know in the I gap there was no concept of RO you know right of use of assets And there is no 12:45 12 minutes, 45 seconds concept of you know the finance cost being added for the lease rentals. And now it is you know under the Indas that 12:53 12 minutes, 53 seconds is completely you know taken out of you know from the direct cost and it is given below the EIT as a right of use of 13:00 13 minutes assets into the assets and the liabilities are you know shown separately. The liability is you know 13:07 13 minutes, 7 seconds split into depreciation as well as you know the finance cost you know attributed to the uh uh the lease 13:15 13 minutes, 15 seconds rentals along with that for the timing difference whatever the forex gain or loss that is also charged to the P&L. 13:22 13 minutes, 22 seconds This is a fundamental difference and here we have given a comparison between the I gap and the indas how the profit 13:30 13 minutes, 30 seconds you know how how that adjustments on a quarter-wise has been carried out. And if you look at it on the last column and 13:37 13 minutes, 37 seconds for the quarter as per the gap the profit you know the patch stands at 46.31 13:43 13 minutes, 43 seconds 46 cr 32 lakhs and whereas on the India side after given all these adjustments stands at 44 cr 66 lakhs. 13:55 13 minutes, 55 seconds Next now coming to the Q4 operational highlights. Q4 from the dry lease we 14:04 14 minutes, 4 seconds have generated 160.49 49 crores of revenue and Q4 we have done a lot of charters and uh you know of course you 14:12 14 minutes, 12 seconds know we all are aware that you know the entire month of March because of the impact of the war lot of you know the you know the disturbance in terms of the 14:20 14 minutes, 20 seconds scheduled airline operations particularly the airlines which were operating out of Middle East and they have suddenly you know have to stop 14:27 14 minutes, 27 seconds their uh you know the schedules because of which there was a huge demand and we have pitched in and we have done our best to the to the best of our ability 14:36 14 minutes, 36 seconds to you know provide solution you know for the stranded cargo. So as a resultant of that we have done you know 14:43 14 minutes, 43 seconds uh uh you know multiple you know the charters between Chennai, Colu, Colu, Mallay, Chennai, Mallay and all in order 14:50 14 minutes, 50 seconds to move the stranded cargo you know which are westbound and also we have you know done lot of charters you know from 14:57 14 minutes, 57 seconds the eastern region also connecting those you know cargo to Maldives and you know from there you know the cargo was moving towards the west. So if you look at it 15:06 15 minutes, 6 seconds you know in the Q4 the charters pure charters are 400 stands at 415 out of the total number of trips of 602 and 15:14 15 minutes, 14 seconds average kgs per trip is 10,674 764.32 tons and average revenue per trip you 15:22 15 minutes, 22 seconds know stands at 29 29,295.64 64 you know US dollars and average 15:28 15 minutes, 28 seconds revenue per kg is $2.72 per you know as a yield and we have done a weekly average of 23.42 trips per 15:38 15 minutes, 38 seconds aircraft you know per week and our average cost you know per kg stands at $1.84 $84 you know per kg during this quarter. 15:48 15 minutes, 48 seconds Next and uh this is the overall you know the Riley's you know the contribution 15:55 15 minutes, 55 seconds towards our business you know for the whole year we have done a 528.71 crores of revenue we have done you know 16:03 16 minutes, 3 seconds total,923 trips we have done we have handled the volume of 24,353.42 16:11 16 minutes, 11 seconds 42 tons and we have done a pure charters of 1129 out of 1129 if you look at the 16:17 16 minutes, 17 seconds last quarter itself I think you know 1/3 of it has been contributed in the last quarter itself that was a kind of you know the charters you know what we have 16:26 16 minutes, 26 seconds done and average kgs per trip stands at 12.28 28 tons and average revenue per 16:32 16 minutes, 32 seconds trip stands at 31,243.19 USD and average revenue per kg yield 16:41 16 minutes, 41 seconds stands at 2.54 and weekly average number of trip per aircraft stands at 19 and the cost per kg stands at $1.58. 16:53 16 minutes, 53 seconds Next. 16:56 16 minutes, 56 seconds Next. [clears throat] Now here we have tried to compare, we have taken Chennai per se, Chennai 17:04 17 minutes, 4 seconds airport per se and we have done you know uh we have done a deep study about you know the cargo international cargo 17:11 17 minutes, 11 seconds volume handled by Chennai airport. Happy to say that you know Chennai airport has grown better than the national average 17:19 17 minutes, 19 seconds growth recorded at various other airports. I mean in in terms of international cargo volume volume and uh 17:27 17 minutes, 27 seconds we are proud to say uh the main uh constituent of this growth has come from AFCOM because we are based out of 17:35 17 minutes, 35 seconds Chennai obviously and uh the last year Chennai has transacted 3.26 26 lakh 17:41 17 minutes, 41 seconds metric tons and which is a 12.5 percentage growth year on year and 12.9%age growth cumulatively between 17:50 17 minutes, 50 seconds April to February and uh which is a 2.3 times more than the national average 18:01 18 minutes, 1 second and then next and this slide is you know gives a little more deeper you know in terms of 18:08 18 minutes, 8 seconds the volume 2 lak 42,989 uh metric tons was you know transacted 18:17 18 minutes, 17 seconds between April Jan in 2425 which has grown to 274,68 18:24 18 minutes, 24 seconds uh sorry 68 metric tons and similarly between April to Feb 265,000 18:32 18 minutes, 32 seconds has grown to 3 lak 98,000 uh 3 lakh 98,000 um metric tons which is a 12.9%age 18:42 18 minutes, 42 seconds you know growth visav the same period and this is all India cargo data 18:51 18 minutes, 51 seconds and this is the international cargo and 2 I mean the international growth in Chennai as I mentioned stands at 19:00 19 minutes 12.5%age whereas international growth all India level stands at 5.4%age 4 percentage Chennai outperformance by 2.3 19:09 19 minutes, 9 seconds times domestic growth also Chennai has recorded 10.8%age visav 7.4% growth you know across the 19:17 19 minutes, 17 seconds allindia level of course you know we are not concerned about the domestic air cargo growth since we stay you know as 19:24 19 minutes, 24 seconds an international carrier but that gives a perspective about you know how the air cargo volume you know grows in our 19:31 19 minutes, 31 seconds country. Next Then this comes to the uh uh you know 19:41 19 minutes, 41 seconds AFCOM's performance on the quarterly basis. Sorry. This is the difference. 19:47 19 minutes, 47 seconds Uh can you move previous slide ma'am? Yeah this one. 19:54 19 minutes, 54 seconds Yeah. Okay. The quarterly performance and revenue and flights growth you know has been captured here. This is this data is pertaining to the AFCOM's 20:02 20 minutes, 2 seconds performance Q on I mean quarter on quarter you know how we have progressed in terms of revenue has been captured and Q2 recorded a revenue growth of 20:11 20 minutes, 11 seconds 7%age with a 20.2%age 2 percentage of you know growth in the trips and Q2 to 20:17 20 minutes, 17 seconds Q3 and Q Q3 has recorded 15.96%age of growth in the revenue with a 12.3%age 20:26 20 minutes, 26 seconds of growth in the trips and Q4 has recorded a revenue growth of 15.94%age 20:32 20 minutes, 32 seconds over Q3 with a 19.92 percentage of growth in the trips and the growth in the trips here and on the right hand 20:40 20 minutes, 40 seconds side on the chart if you look at it we have done 6.2 you know trips and we have you know clocked,490 20:48 20 minutes, 48 seconds hours and this delta is because that you know during the uh Q4 we have done multiple you know short charters that is 20:57 20 minutes, 57 seconds you know between Chennai, Colbo, Colbo, Mallay these are all the shorter sectors and that's the reason that you know though our trips have gone higher uh the 21:07 21 minutes, 7 seconds resultant you know number of hours of total number of hours of usage on the aircraft has you has not you know proportionately increased. 21:17 21 minutes, 17 seconds Next, this is our average aircraft utilization Q on Q. VT AFO VTA AF and two aircrafts 21:26 21 minutes, 26 seconds and Q1 it was used between I mean uh uh AFO was used for 6 hours as on an average per day and Q AFN was used for 4 21:36 21 minutes, 36 seconds hours on an average per day which has grown to 9 hours and you know 21:42 21 minutes, 42 seconds on Q3 AFN has done around 11 you know 45 hours you know per day and VT uh AFN has 21:50 21 minutes, 50 seconds done around 9 hours per day in the Q3 And in the Q4 obviously you know the we 21:56 21 minutes, 56 seconds have to you know uh use judiciously use both the machines. We can't you know flock only one machine. So you know I 22:04 22 minutes, 4 seconds mean that planning you know is been done by our planning department and engineering department and basis which in the Q4 we have used AFN more and we 22:13 22 minutes, 13 seconds have used you know the AFN you know relatively less and this is the resultant of that and at the peak VTA 22:20 22 minutes, 20 seconds has done 11.45 45 hours per day. VTFN has done 10.51 hours per day. And here we have also given some comparison. The 22:29 22 minutes, 29 seconds industry best is 10 to 14 hours of utilization per day per aircraft which is from the dedicated fighter side like 22:35 22 minutes, 35 seconds FedEx and DHL and Asia-Pacific average stands at 7.9 and we were somewhere middle between you know Asia-Pacific and 22:44 22 minutes, 44 seconds the industry best and we will strive hard you know to improve upon as the additional aircrafts join our fleet. 22:52 22 minutes, 52 seconds And this is a cargo 10 kilometers growth. Next slide ma'am. Ma'am next slide. 22:59 22 minutes, 59 seconds This is the cargo 10 kilometers in millions. And in in Q1 it was 7 grown to 23:05 23 minutes, 5 seconds 8 12 and 11. And the Q1 to Q3 was 82.5% growth. Q4 to Q3 is 5.8% is is is not a 23:15 23 minutes, 15 seconds seasonal slip. But this five point this thing because we are not obviously again the resultant of shorter sectors is 23:23 23 minutes, 23 seconds playing here. So number of trips are more number of hours you know the cargo was carried is less and the cargo 10 23:31 23 minutes, 31 seconds kilometers is is the resultant of this both and that's the reason you know it is there is a slight dip but at an at an 23:38 23 minutes, 38 seconds average you know IATA global CTK growth stands at 11.4%. 23:43 23 minutes, 43 seconds and our company is performing better than that. That is a key underlying factor here. 23:50 23 minutes, 50 seconds And monthly revenue and yield trend we have given average you know uh uh I mean we start ma'am ma'am next slide. Okay, I'm just looking at here. 24:03 24 minutes, 3 seconds Okay, here in this slide we have given uh what do you call monthwise you know the revenue and here you know month-wise 24:12 24 minutes, 12 seconds yield we have given if you look at it you know uh a monthwise revenue stands at around you know in the range of 24:19 24 minutes, 19 seconds around 42 44 crores and the yield you know per kg stands at you know somewhere 24:25 24 minutes, 25 seconds around 229 rupees in Next, 24:33 24 minutes, 33 seconds this is an important slide and we have given you know the yield per kg analysis charter versus weight versus industry 24:41 24 minutes, 41 seconds and the yellow line is the charter and the red line is the industry average as per the IATA benchmark and the solid you 24:48 24 minutes, 48 seconds know blue line is the weight. So if you look at it, I mean our utilization of the aircraft in the initial stages on 24:57 24 minutes, 57 seconds the Q1 was low on the charter more on the weight basis but slowly and gradually we have improved and you know the uh uh uh the what do you call the 25:07 25 minutes, 7 seconds charter penetration and we have averaged out you know we have we have arrived at a good uh you know balance between the 25:14 25 minutes, 14 seconds charter and you know the weight and that is also the resultant of the market you know the dynamics and market demand But 25:21 25 minutes, 21 seconds the happy to say that you know our uh uh yield per kg stands better than the iatas industry average which is 222 rupees. 25:33 25 minutes, 33 seconds Next this is a quarter on quarter in terms of 25:41 25 minutes, 41 seconds the performance number of trips how it has grown charge weight how it has grown and you know the revenue per kg this is 25:49 25 minutes, 49 seconds in INR how it has grown and on the right hand side bottom you know it is given in the USD also how it has grown 26:00 26 minutes next Coming to the quarter four the cost analysis quarter four alone the dry cost 26:08 26 minutes, 8 seconds stands at fixed cost stands at 37%age variable cost stands at 54%age and the other cost and corporate 26:17 26 minutes, 17 seconds overhead stands at 9%age and again if we dwell deeper out of the 26:23 26 minutes, 23 seconds fixed cost 39%age is towards the lease rentals and 38%age is towards the 26:31 26 minutes, 31 seconds maintenance reserve this This is also a very significant you know change in the adoption of Indas. 26:38 26 minutes, 38 seconds This maintenance reserve is a per hour basis. You know we allocate a certain amount of dollar for the future 26:45 26 minutes, 45 seconds maintenance which is a reserve what we created. Earlier it was treated in the balance sheet but now as per the NDAS it 26:52 26 minutes, 52 seconds is you know it is straight away on the year of you know we provisioning it is charged to the P&L and then the year 27:00 27 minutes when we draw for our usage for the service it is again charged back to the P&L. So that's why you know 27:08 27 minutes, 8 seconds maintenance reserve stands at 38%. The insurance is 5% and other employee costs are 7%. 27:14 27 minutes, 14 seconds And uh again variable cost if we 54%age of overall cost stands at you know for v 27:22 27 minutes, 22 seconds variable and that you know if we dwell deeper 59%age of that variable cost 27:29 27 minutes, 29 seconds among is belonging to the fuel and the trip support is 25%. Ground handling stands at 9% commission stands at 5% and 27:38 27 minutes, 38 seconds then the other the airport related charges stands at 3%age and the other cost if we dwell deeper 11 I mean 9%age 27:47 27 minutes, 47 seconds is the overall contribution of the other cost towards the 100% cost that 9%age if you if we deep dive 11%age belongs to 27:57 27 minutes, 57 seconds finance forex gain and loss here it is you know the loss is you know as per The India's impact stands at 24%age. 28:07 28 minutes, 7 seconds Amortization and depreciation stands at 29%age. Again the India's component of the lease rental you know plays a role 28:14 28 minutes, 14 seconds here and other expenses stands at 36%age. 28:19 28 minutes, 19 seconds Next the next yeah the same thing for 28:25 28 minutes, 25 seconds the uh for the overall year overall year the cost stands at you know the 100% 28:32 28 minutes, 32 seconds cost is split between the fixed variable and other corporate overhead 39%age of our overall cost is belonging to fixed 28:41 28 minutes, 41 seconds cost 48%age belonging to variable and 13%age belonging to other cost and corporate to overhead. Now this 39%age 28:50 28 minutes, 50 seconds on a yearly basis if you look at it 36%age belonging to le aircraft lease rental 38%age is maintenance reserve and 28:59 28 minutes, 59 seconds 13%age is a crew salary and paradigm 6%age stands at insurance and 7%age 29:06 29 minutes, 6 seconds stands at other employee cost and other employee cost is directly involved to the operation but they are not the 29:14 29 minutes, 14 seconds flight you know flight crew so they have been split as the other employee pool and their cost is captured here and uh 29:22 29 minutes, 22 seconds variable cost if we dwell deeper 62%age of the cost you know belonging to the 29:28 29 minutes, 28 seconds you know fuel 24%age you know is the trip support and 10%age is the ground handling and commission is 3% and the 29:37 29 minutes, 37 seconds other you know the airport related charges cancer 2% and other cost if you dwell deeper 9%age 29:45 29 minutes, 45 seconds is finance cost forex gain gain and lo forex loss is 24% depreciation and amortization stands at 30% and other 29:53 29 minutes, 53 seconds expenses at 37%age. This is the entire cost breaker. Next 30:01 30 minutes, 1 second to sum it up in the last 3 years this company has grown four times in terms of revenue. 4.8 times it has grown in terms 30:10 30 minutes, 10 seconds of net profit. 6.54 times it has grown in terms of AITA and the AITA margin has grown from 24.55 percentage to 40.52 30:19 30 minutes, 19 seconds percentage and the PAT has grown from 17.17% to 20.74 percentage. Next 30:29 30 minutes, 29 seconds and this is a detail last 3 years comparison the balance sheet and you know the P&L comp you know the numbers 30:35 30 minutes, 35 seconds are given and this is there you know even in the exchange filing it is there 30:43 30 minutes, 43 seconds if there are queries you know we will address it next same again 30:53 30 minutes, 53 seconds Next the cash flows has you know has shown a you know a good positive you know the 31:02 31 minutes, 2 seconds improvement cash flow from operations stands at positive 36 crores roughly and cash flow from financing is nothing but 31:08 31 minutes, 8 seconds you know the uh the the other you know the invest I mean equity generation activities and cash flow from 31:16 31 minutes, 16 seconds investments. So this is given but the positive thing is what I want to communicate here is that cash flow from operations had uh you know has turned 31:25 31 minutes, 25 seconds you know the positive and with the uh uh close to 36 crores of you know the positive cash flow from the operations. 31:34 31 minutes, 34 seconds Next the are some of the key ratios 31:42 31 minutes, 42 seconds return on equity stands at you know 26.69% 69%. 31:46 31 minutes, 46 seconds Return on capital you know employed you know stands at 35.62%age for the current year and there is a good 31:54 31 minutes, 54 seconds you know fixed asset you know to the turnover ratio and interest coverage ratio also you know is at a healthy you 32:01 32 minutes, 1 second know range and the earnings per share has increased you know to 48.65 rupees you know in the current financial year. 32:10 32 minutes, 10 seconds Next We have given uh a comparison of our 32:18 32 minutes, 18 seconds market performance and uh from the day you know we have listed our 32:25 32 minutes, 25 seconds company and how the price movement has happened and that is also you know has been captured in the bottom slide. 32:34 32 minutes, 34 seconds Next this is the summary. Our endeavor is to provide holistic cargo solution to to to 32:42 32 minutes, 42 seconds our customers to create a reliable on-time performance with focus on safe flight operations to build partnerships with the air logistics supply chain for 32:51 32 minutes, 51 seconds seamless movement of cargo and our vision to be the most admirable cargo airline by all stakeholders and we will continue to strive hard to achieve all 33:00 33 minutes these you know the four pillars which drives us constantly. Thank you all. 33:12 33 minutes, 12 seconds Thank you, sir. Uh we'll now open the floor for Q&A. Before we start with the Q&A, I request all participants to limit 33:20 33 minutes, 20 seconds their questions to one question each and back in the queue so that everyone gets an opportunity to interact with the management. 33:36 33 minutes, 36 seconds Yes, please. Hi, am I audible? 33:43 33 minutes, 43 seconds Yes. 33:45 33 minutes, 45 seconds Hi sir, congratulations on good set of results. Uh despite uh geopolitical tensions, we have grown uh like really 33:53 33 minutes, 53 seconds phenomenal uh this quarter as well. Sir uh like as uh the limit is only for one questions. I just want to ask on the uh 34:01 34 minutes, 1 second fleet size side uh as we are planning to u induct two more uh three flights last year but we couldn't able to because of 34:09 34 minutes, 9 seconds the regulatory norms and other things when we are planning and what is the future uh like looks like for the inducting of other uh airlines on the 34:17 34 minutes, 17 seconds way sir uh sir you're right in our plan of 34:25 34 minutes, 25 seconds inducting three more the third is being inducted we are in the process process of inducting the fourth and the fifth aircraft which will happen shortly. 34:36 34 minutes, 36 seconds Uh so like any timeline would you like to give uh for that? So I all I would say is that there will be operation the 34:44 34 minutes, 44 seconds third aircraft is operational fourth and fifth will be operational definitely before the next quarter 34:52 34 minutes, 52 seconds and sir for the just a followup like after these two flights we are also planning to induct two more flights which will be significantly uh having a 35:00 35 minutes much more volume than the so like we we are planning to induct the white bodies that Bo 7s 35:07 35 minutes, 7 seconds yes sir so what will be the timeline for those two. 35:11 35 minutes, 11 seconds Uh sure the timelines for those two would be uh we definitely will have it two by the end of this year but for 35:19 35 minutes, 19 seconds conservative principles of functioning we're looking one to be operational in the last quarter of this financial year. 35:27 35 minutes, 27 seconds So like by the end of FI27 we can expect those to be by the end of the calendar year this year it'll be inducted. So at least one 35:36 35 minutes, 36 seconds will be operational by the end of FI27 last quarter. 35:41 35 minutes, 41 seconds Okay sir. Thank you sir. Uh that's all from my side. I have Thank you so much. Thank you sir. 35:50 35 minutes, 50 seconds Uh yes Miss Ael please go ahead. 36:01 36 minutes, 1 second Miss Ael kindly unmute yourself and go ahead. 36:14 36 minutes, 14 seconds Mr. Mr. Chint, please go ahead. Thank you. Um I hope I'm audible. 36:25 36 minutes, 25 seconds Yes sir. 36:27 36 minutes, 27 seconds So sir Deepak congratulation for fantastic set of numbers and thank you sir. 36:32 36 minutes, 32 seconds Great to see uh you know cash flow positive. So, so uh just want to understand uh our trade receivable 36:39 36 minutes, 39 seconds actually increased uh uh this year. So, how much is the more than 6 months old trade receivables we have on the books right now? 36:49 36 minutes, 49 seconds Sir, the trade receivables actually has not increased. In fact, if you look at it the pure terms, it has come down only because uh uh uh you know the last year 36:58 36 minutes, 58 seconds balance sheet period and this year if you look at it the month-on-month average has gone higher and of course we all know that you know the March was one 37:06 37 minutes, 6 seconds of the you know very big month for us and obviously the credit norm stands at you know the 45 days you know as per the 37:12 37 minutes, 12 seconds IATA and uh you know if you look at if you keep that into consideration the higher numbers you know what we have 37:20 37 minutes, 20 seconds recorded between you know the the last quarter our uh the receivable stands at around 60 days only but uh you know on a 37:29 37 minutes, 29 seconds overall on an I mean if you take the entire turnover divided by 12 and that way if you look at it it stands at you know only 80 days and but that's not the 37:38 37 minutes, 38 seconds right comparison because we have to go by the recent you know the billings so basis that you know we are well within 37:46 37 minutes, 46 seconds the control and to answer your second question that you know we don't have any outstandings which are more in 6 months. 37:53 37 minutes, 53 seconds Okay. Uh sir u on the expense sides we saw that the fuel cost went up right. Uh but recently there was this uh we got 38:00 38 minutes the designated Indian carrier status uh and it also helps us reduce some of the uh you know the VAT from 7% to 5 to 7%. 38:12 38 minutes, 12 seconds So a has this been already been included in uh Q4 numbers or will we see this impact coming in on the next quarter 38:22 38 minutes, 22 seconds onwards only? So there was a uh the con I mean the impact of that you know to the extent you know uh uh in the month 38:29 38 minutes, 29 seconds of March was there and but overall on a yearly basis if you look at it you know it was very less and again the designated carrier VAT benefit you know 38:38 38 minutes, 38 seconds is applicable you know as we fill fuel for our outbound international trips you know from any of the stations in within 38:46 38 minutes, 46 seconds India. So the contribution or the benefit you know percolated into the cost uh you know is less but there was 38:54 38 minutes, 54 seconds definitely a you know an uh contribution you know because of the designated carrier but on a entire benefit you know 39:02 39 minutes, 2 seconds for that to reflect uh this this current financial year will have that entire impact of that 39:09 39 minutes, 9 seconds and so how much sir is a followup question on this please how much impact Can we see on the upcoming numbers due to this? 39:21 39 minutes, 21 seconds As I mentioned, sir, I mean it will have an impact of you know close to around uh 5 to 7%age on overall cost of the fuel. 39:32 39 minutes, 32 seconds Okay. All right. Thank you ma'am. I'll go give back. 39:34 39 minutes, 34 seconds Thanks Mr. Smith. Please go ahead with your question. Hello. Good afternoon everyone. 39:44 39 minutes, 44 seconds Good afternoon sir. 39:46 39 minutes, 46 seconds Yes. Uh so I was tracking one of our aircraft uh VTA FN which did not took any flight during last couple of weeks. 39:56 39 minutes, 56 seconds So it is it because of maintenance or something else. 40:00 40 minutes Uh there are two factors here sir. Yes the aircraft was down for a couple of days for maintenance is point number one. Uh I don't know where you've been 40:08 40 minutes, 8 seconds tracking this sir because I don't want to I mean it's not my business to talk about the accuracy of these tracking uh 40:17 40 minutes, 17 seconds mechanisms which are currently available which are which in my view is a little inaccurate because of the west conflict. 40:27 40 minutes, 27 seconds All right understood all the best. Thank you sir. Thank you sir. Thank you Smith sir. Uh Mr. 40:35 40 minutes, 35 seconds Please go ahead with your questions. 40:38 40 minutes, 38 seconds Hello. Hi sir. First of all, congratulations for the good numbers. Thank you sir. Thank you sir. 40:45 40 minutes, 45 seconds And sir my question is my first question is whether the third aircraft is operational or not. 40:52 40 minutes, 52 seconds Yes sir. It is operational. It's operational. Yes sir. 41:00 41 minutes Okay. And sir and about whether fourth what's the expectation for fourth and fifth aircraft? 41:08 41 minutes, 8 seconds Now as I said sir before uh the next quarter of this financial year it'll be operational. It will be operational. 41:16 41 minutes, 16 seconds Yes sir. 41:18 41 minutes, 18 seconds And so whether they have arrived in India. No sir. No sir. They are on the way. 41:24 41 minutes, 24 seconds Okay. any expectation like when they can be arrived in India if soon very shortly. 41:32 41 minutes, 32 seconds Okay sir that's great sir and so one more thing I mean due to some unforeseen some circumstances whatever our 41:40 41 minutes, 40 seconds financial year 25 26 topline expectation was approximately,000 cr right so but uh 41:47 41 minutes, 47 seconds during the AGM it was revised to 700 and I mean due to aircraft issues whatever I 41:53 41 minutes, 53 seconds mean the delays maybe unable but uh after that again I mean it fell 42:01 42 minutes, 1 second to our expectation was 700 right but still it was around 583 587 583 42:08 42 minutes, 8 seconds 583 sir but if you look at it sir I mean we have you know with the available two aircrafts and as you rightly said that with the available you know the 42:16 42 minutes, 16 seconds challenges uh in terms of you know additional aircraft impact so but we have you know performed well you know we 42:25 42 minutes, 25 seconds have performed beyond optimum level and that's the reason you know we could you know record this kind of a number with only the two aircrafts actually. So 42:34 42 minutes, 34 seconds which which is also you know makes something very clear that you know as the capacity gets expanded 42:41 42 minutes, 41 seconds definitely you know we will be in a position you know to achieve the numbers whatever we have committed you know earlier and we'll be there soon sir. 42:49 42 minutes, 49 seconds Yeah. Yes sir. So I'm totally aware of that and the numbers are really good as far as financially 25 26 is concerned and also like as conveyed by you in the 42:59 42 minutes, 59 seconds press release in March 2026 multiple orders were even more even more orders were received because of the all the 43:07 43 minutes, 7 seconds disturbance worldwide in the march right but uh still I mean what was major reason between this and as part of this 43:16 43 minutes, 16 seconds I mean hopefully in the in this particular quarter and This coming quarters multiple uh new aircrafts will be arrived. So what's your expectation 43:25 43 minutes, 25 seconds for financial year 26 27 for the top line? Okay, thanks. 43:31 43 minutes, 31 seconds You are asking for the guidance for the next financial year sir. Yes. 43:37 43 minutes, 37 seconds It's very simple sir. I mean uh uh I mean we have we have put up some numbers you know with the available resources and as the resources you know even it 43:45 43 minutes, 45 seconds becomes double you can extrapolate it you know it's going to be minimum you know double but actually the resources are more than double 43:54 43 minutes, 54 seconds I'm saying that on a conservative estimate also if you look at it it'll be much more than double sir yeah yeah it will be much more than double and 44:02 44 minutes, 2 seconds it's on the conservative side that we're talking about. Yes. Yes sir. Okay. Okay. Sir, I request you to wait back. 44:11 44 minutes, 11 seconds You guys are doing sir. Just one thing. You guys are doing sir really great. Thank you. Thank you sir. 44:20 44 minutes, 20 seconds Yes Ashish sir. Uh please go ahead. But before you go ahead uh I please request all the participants do not ask 44:28 44 minutes, 28 seconds repetative questions. Also please limit your questions to one question each as we have too many participants waiting in the queue. Thank you Ashisha. Please go ahead. 44:38 44 minutes, 38 seconds Yeah. Hi sir. Am I audible? Yes sir. Yes sir. 44:42 44 minutes, 42 seconds Yeah. So my query is on third aircraft and second aircraft. So uh on the side 44:48 44 minutes, 48 seconds you said also that uh this is not sure or accuracy is not confirmed but yeah we 44:55 44 minutes, 55 seconds do track and I found that third aircraft was not running and second aircraft is not running from last one and a half 45:02 45 minutes, 2 seconds month. So can I assume that data is wrong and it is running perfectly like other plane PTM O is running? 45:11 45 minutes, 11 seconds Uh there are two things sir one uh two things two parts to your uh two answers to your question sir. One uh my personal 45:20 45 minutes, 20 seconds opinion is the inaccuracy of the data more so the inaccuracy is heightened because of the westian conflict. The 45:27 45 minutes, 27 seconds second part yes both the aircraft are flying with specific uh mention of AFJ we are holding on to the aircraft quite 45:36 45 minutes, 36 seconds a bit and not operating it primarily because I don't know if I can say it with regard to any of the UPSI but we 45:43 45 minutes, 43 seconds are and the threshold of a large contractual flying into the Middle East from the end of this month the aircraft 45:51 45 minutes, 51 seconds is fresh out of CeCe and I'll be able to carry out as much as 10 to 11 landings on that aircraft per 45:59 45 minutes, 59 seconds day. So it's just being reserved for that sir. 46:08 46 minutes, 8 seconds Hello Ashu sir. 46:10 46 minutes, 10 seconds Yeah sorry uh yeah and my last question is uh 19 flight it was we have achieved 46:18 46 minutes, 18 seconds per aircraft per week last year. Can we assume the same number or what the target for this year? If we assume like 46:27 46 minutes, 27 seconds three planes, what is the number? 19 flights we assume or it is it will be a sir. 46:33 46 minutes, 33 seconds There's our last quarter sir. I mean this is this will definitely you know will get further optimized sir. If you look at that is the reason you know in 46:41 46 minutes, 41 seconds in in uh in in this presentation we have given you know uh uh uh the uh aircraft 46:48 46 minutes, 48 seconds wise the progression of its usage over the quarters if you look at it and there's a consistent improvement and as 46:55 46 minutes, 55 seconds you know the fleet gets expanded and you know the majority of the aircrafts you know will go beyond this threshold and 47:02 47 minutes, 2 seconds even at this level we are performing better than you know we are performing somewhere between the uh the what do you 47:10 47 minutes, 10 seconds call global average and the Asia-Pacific average but we will definitely have the you know capability 47:17 47 minutes, 17 seconds and you know potential you know to push it further which we will do that okay thank you sir 47:25 47 minutes, 25 seconds thank you sir sir uh yes Mr. Rohit please go ahead. 47:34 47 minutes, 34 seconds Yes, thank you for giving me the opportunity. My question relates to aviation turbine fuel prices. As we know ATF prices increased by more than 100% 47:43 47 minutes, 43 seconds from April onwards and remained elevated in May as well. So could you please elaborate on how the company has managed the significant cost increase? 47:52 47 minutes, 52 seconds Additionally, what po portion of this increase has been passed on to the customers through pricing adjustments. 47:59 47 minutes, 59 seconds So to answer your question, in our industry, fuel cost is a direct pass on to the end customer. It is done by 48:06 48 minutes, 6 seconds virtue of fuel search charge added to the fridge charges, which is also common in the passenger industry as well. You 48:13 48 minutes, 13 seconds will always see a line item fuel search charge. So the fueling companies announced a monthly fuel price per 48:21 48 minutes, 21 seconds station and the sale charge is a direct uh reflection of the same and 100% of the increased fuel cost is passed on to the customer. 48:30 48 minutes, 30 seconds So we are not expecting any margin decline in this quarter. We will be maintaining. No sir. No sir. Okay. 48:38 48 minutes, 38 seconds Maybe there is an increase in the margin primarily because of increased fuel search charge. Air tickets are becoming 48:44 48 minutes, 44 seconds more expensive. So uh air travel is getting impacted. However, cargo is not 48:52 48 minutes, 52 seconds affected by that because it's purely B2B. So a little bit of drop in belly capacity cargo can only enhance the hardened freight rates. 49:02 49 minutes, 2 seconds That answers my question. Thank you so much and all the very best. Thank you sir. Thank you. Thank you sir. Yes Mr. B please go ahead. 49:12 49 minutes, 12 seconds Yeah, good afternoon uh Captain Jiann Kanj and congrats on great results. Uh good afternoon sir. Thank you sir. 49:18 49 minutes, 18 seconds Slightly long- winded question. uh uh I we can see that uh you know there are of course uh in the presentation you have 49:25 49 minutes, 25 seconds mentioned that uh the impact what uh you had on the Chennai airport's uh growth in the cargo volumes and given that uh 49:33 49 minutes, 33 seconds recently you have also tied up with the Naido airport and AI sads uh and and uh how do you see um you know the overall 49:42 49 minutes, 42 seconds cargo ecosystem u benefiting because Indigo one of the largest carrier has stated that uh the cargo opportunity in India is going to 49:50 49 minutes, 50 seconds be phenomenal over the next uh 3 four years. So how do you see uh your role with respect to uh this movement and how 49:58 49 minutes, 58 seconds does NOA help you with respect to your global expansion? Sir, two or three things uh coming. Yes sir. Not only Noa 50:06 50 minutes, 6 seconds airport of course 17th is the inauguration of the uh cargo uh 50:13 50 minutes, 13 seconds terminal at Nida airport and AFCOM will be the first aircraft to be cargo aircraft to land there. So that's point 50:21 50 minutes, 21 seconds number one. Now as far as these airports are concerned one of the growing factors here has been the infrastructure for 50:28 50 minutes, 28 seconds freight movement through airports. So now there has been all the airports are getting very highly mechanized advanced 50:37 50 minutes, 37 seconds cargo logistic systems. The cargo warehouses are going growing in mammoth size to handle the projected next four 50:46 50 minutes, 46 seconds to five years of cargo movement in India and through India. So yes, NA is going to be a big factor and uh with the 50:56 50 minutes, 56 seconds commencement of the international operations, we also plan to enter the uh Delhi operations to various 51:04 51 minutes, 4 seconds international destinations which is a big gateway for us has also Mumbai. 51:09 51 minutes, 9 seconds Fantastic to hear this sir. And one one followup just wanted to check the USD the INR depreciation 51:17 51 minutes, 17 seconds uh would have a significant benefit in in FI27 in our uh in our uh overall uh fairs. Uh is that a fair understanding? 51:27 51 minutes, 27 seconds So you will see those benefits flowing in into your revenue. Uh yes and as you saw there's a 1.55 crores of forex gain also in our balance sheet. 51:38 51 minutes, 38 seconds Got it sir. Got it. Thank you very much sir and all the best. Thank you sir. Yes m sir please go ahead. 51:48 51 minutes, 48 seconds Hi uh am I loud and clear? Yeah yeah so my question is for kans. 51:54 51 minutes, 54 seconds Conan sir our current tax for last year was 36 cr out of there 33 cr is still outstanding to be paid. Why are we paying such a high interest cost? 52:05 52 minutes, 5 seconds Because that interest expense is even not taxdeductible. So effectively the cost come to 16 17% when we have 62 cr 52:12 52 minutes, 12 seconds of cash in in our books and also we have a positive uh cash flow from operation we should pay advanced tax and reduce this burden. 52:23 52 minutes, 23 seconds We have we have paid some advanced tax s but as you uh I mean rightly pointed out that it is not to the extent of you know our entire this thing and this is 52:30 52 minutes, 30 seconds definitely a point of improvement which we will we are working on it current year you know we will be addressing that you know quite uh positively 52:38 52 minutes, 38 seconds sir but 33 cr outsting so we have paid only a portion of the advanced tech like that too I guess mostly from the TDS 52:45 52 minutes, 45 seconds deduction so I company should not pay no we have no we have paid physically ally apart from TDS direction we have 52:54 52 minutes, 54 seconds paid physically also but it was not you know corresponding to the overall tax liability you know what finally we have 53:02 53 minutes, 2 seconds landed upon with so definitely you know this is a point you know which we will work on progressively in the current year 53:10 53 minutes, 10 seconds okay thank you all of us thank you Mr. Yes, sir. Please go ahead. 53:18 53 minutes, 18 seconds Uh, hi. Uh, thank you for the opportunity. First of all, uh, you Yes, sir. 53:25 53 minutes, 25 seconds I'll just take a minute to first of all, hello. 53:28 53 minutes, 28 seconds Thank you for for, you know, giving uh retail investors this opportunity to to being, you know, part of this tremendous 53:37 53 minutes, 37 seconds wonderful journey. I have been uh tracking you know the company uh from early 2024 when you were initially 53:45 53 minutes, 45 seconds discussing uh the IPO with investors. So uh you know very very thankful for you 53:51 53 minutes, 51 seconds to giving retail retail the opportunity to participate. 53:55 53 minutes, 55 seconds No no thank you for trusting and being with us sir and supporting us. Thank you 53:59 53 minutes, 59 seconds [clears throat] 53:59 53 minutes, 59 seconds sir. My questions are largely uh you know been answered. 54:04 54 minutes, 4 seconds uh if you could you know maybe uh give some more color on the air turbine fuel 54:11 54 minutes, 11 seconds uh right because the impression that we have as an outsider is that the the fuel 54:18 54 minutes, 18 seconds cost has gone up dramatically higher right so if you could reassure us that you 54:25 54 minutes, 25 seconds would be able to you know pass 100% of it and it would not impact our our operations at all because uh the times 54:32 54 minutes, 32 seconds are really turbulent and it it may prolong for for you know maybe for some more time. So if you could just reassure 54:39 54 minutes, 39 seconds us on that point and you know maybe help us it a little better because that's the biggest you know elephant in the room right now. 54:48 54 minutes, 48 seconds Okay to answer your question sir uh we will split that into two parts. Now obviously you know the industry uh 54:56 54 minutes, 56 seconds practices that you know complete pass on of the fuel fluctuations uh you know to the end user uh uh 55:04 55 minutes, 4 seconds through the freight forwarder freight forwarders as a fuel search charge. This is the industry practice and that's what we also have been practicing it 55:13 55 minutes, 13 seconds but your point is very valid. The the the price increase is quite substantial. 55:19 55 minutes, 19 seconds when it becomes substantial whether the industry will absorb it is the question what you are trying to you know put across. Yes. 55:27 55 minutes, 27 seconds Now the question I mean your point is valid. Now let us look at you know what other options you know you know the industry has. The other option is the 55:36 55 minutes, 36 seconds sea. Now the sea fairs are also you know is has you know uh uh consistently is on 55:42 55 minutes, 42 seconds the moving upward north because of you know the same issues which have been faced you know in the Persian Gulf as 55:50 55 minutes, 50 seconds well as in the Red Sea and the the the shipping you know the industry is also witnessing the similar kind of an issue 55:58 55 minutes, 58 seconds because of the vessels are not freely moving the containers are not moving the cost you know of uh you know there also 56:07 56 minutes, 7 seconds is really you know is going you know increasing every day and so the eventually the industry do not have 56:16 56 minutes, 16 seconds alternate mechanism if they have to wish saying that you know air cargo has become expensive so I will not use it. 56:23 56 minutes, 23 seconds So that is why we say that you know th this is being absorbed by the industry and we do not foresee a challenge that 56:31 56 minutes, 31 seconds you know it will be uh what do you call not being absorbed by the industry because is an essential need. Point number one. Point number two within the 56:39 56 minutes, 39 seconds given frame this designated carrier you know the benefit you know is also plays the role because we stands to gain because of this you know certification. 56:49 56 minutes, 49 seconds So that to within the escalation we try to remain at the international level we are not losing any benefit or you know 56:58 56 minutes, 58 seconds we are not at a disadvantageous position because of the higher VAT we have to pay here in uh India. So that is also been 57:06 57 minutes, 6 seconds nullified. So that way that you know we stands you know at a neutral level and we are very confident and we are also 57:14 57 minutes, 14 seconds experiencing and if you look at it you know the the jump between the March 31st uh to the April 1st is one of the 57:22 57 minutes, 22 seconds steepest the earlier the what was available as 85,000 rupees per kl has gone higher to 57:31 57 minutes, 31 seconds 2 lak 24,000 per kl but because of our you know the 57:38 57 minutes, 38 seconds designated carrier certification the 2K 24,000 you know the fuel was offered to 57:44 57 minutes, 44 seconds us at 169 1 lakh 69,000 that's the delta you know what we were saving and even 1 57:51 57 minutes, 51 seconds lakh 69,000 visav you know 85,000 was a very steep increase but that itself you know in the month of April you know the 57:58 57 minutes, 58 seconds market has absorbed it because that much of pending cargo is there that is essential but it has tapered down in May 58:06 58 minutes, 6 seconds it has got further tapper down in June and you know we hope that you know at some point of time in the next quarter 58:13 58 minutes, 13 seconds it will settle down you know to a reasonable level. 58:17 58 minutes, 17 seconds Got it. Got it. Just one last clarification I need. So what percentage of our billing is in USD if if you can share that figure if it is possible. 58:25 58 minutes, 25 seconds 60 60%age and above our billing is in USD sir. 58:30 58 minutes, 30 seconds More than 60%. Got it. Got it. And sir you know just a request I have been trying to uh connect to you guys through you know your IR channel through Mr. 58:39 58 minutes, 39 seconds Vinad and uh you know if if you could allow maybe a meeting per oneonone or a virtual call I think it would be very helpful because I don't want to waste 58:48 58 minutes, 48 seconds time of others because I have bunch of questions so I think that would be very helpful. Thank you. 58:52 58 minutes, 52 seconds Definitely sir if not uh you know a physical meeting at least we will try to connect virtually and we will definitely your point is noted sir. 59:00 59 minutes Sure. Thanks. Thank you. Thank you ma'am sir. Mr. Chet please go ahead. 59:09 59 minutes, 9 seconds Hello can you hear me? Yes sir. 59:12 59 minutes, 12 seconds Oh uh so my question is on the new aircraft addition two narrow body by the quarter one of next year and one wide 59:19 59 minutes, 19 seconds body by uh March 27. So on the financial liability front are we uh sufficiently 59:27 59 minutes, 27 seconds funded with respect to our receivables and cash on hand or any uh any further fund raise would be required. Sorry sir I didn't get the question. 59:35 59 minutes, 35 seconds Could you repeat to the fleet acquisition? 59:39 59 minutes, 39 seconds No no the fleet to be added in uh financial year FI27 two narrow body to be added in Q1 and one wide body by end 59:48 59 minutes, 48 seconds of this calendar year. So my question is have we have we paid all the necessary deposits and outstanding with respect to the addition of those aircrafts and uh 59:57 59 minutes, 57 seconds are we sufficiently funded to add all the four uh aircrafts to be added and any uh uh 1:00:05 1 hour, 5 seconds Yes sir we any fund any funders will be required by at your end uh from the current levels? 1:00:14 1 hour, 14 seconds No sir, we we have been sufficiently you know taken care of it. In fact the narrow body addition of you know the fourth and fifth aircraft already everything has been done. It is the 1:00:22 1 hour, 22 seconds final you know the once the aircraft comes here uh whatever you know the uh necessary you know the customs duty and 1:00:32 1 hour, 32 seconds some other smaller expenses need to be uh you know expensed out and for which we are completely covered. Point number one. Point number two with regards to 1:00:41 1 hour, 41 seconds the widebody aircraft induction, we have raised you know the uh equity through preferential allotment of shares and QIP 1:00:49 1 hour, 49 seconds and that will take care of you know the uh expansion of you know addition of you know the uh trip 74 units and starting 1:00:57 1 hour, 57 seconds from this calendar year end onwards. So we don't require any further you know the fundrise you know for the fleet 1:01:05 1 hour, 1 minute, 5 seconds expansion whatever we have envisaged and communicated. 1:01:10 1 hour, 1 minute, 10 seconds All right I have more question I'll jump back to you. Thank you. Yeah sir. Yes Mr. Pinkish kindly go ahead. 1:01:20 1 hour, 1 minute, 20 seconds Hello. Hello. Hi Mr. Pinkish. Please go ahead. Yeah. Yeah. Good afternoon sir. 1:01:28 1 hour, 1 minute, 28 seconds Good afternoon sir. Yeah. So, uh sir, my first question is that u in terms of uh 1:01:36 1 hour, 1 minute, 36 seconds uh what do you call the trips I was just looking at our Q4 data. So, 1:01:43 1 hour, 1 minute, 43 seconds uh we realized $2.7 our yield was $2.72 per kg while our fullear average was 1:01:51 1 hour, 1 minute, 51 seconds $2.54. Now considering the increase in the freight rates in the fourth quarter, we were expecting the yield to be much 1:02:00 1 hour, 2 minutes more higher. So now here does this higher proportion of pure charters come into play. So if you can just explain 1:02:06 1 hour, 2 minutes, 6 seconds the dynamics of the charter uh how does that play into the uh yield? Yeah. 1:02:13 1 hour, 2 minutes, 13 seconds So in the Q4 if you look at it 415 you know the charters we have done. 1:02:19 1 hour, 2 minutes, 19 seconds Yeah. And out of the total six six not two trips and which means that you know we have done more charters 1:02:26 1 hour, 2 minutes, 26 seconds and uh you know yes of course you know after the outbreak of the war from the March 1st onwards there was sudden you 1:02:34 1 hour, 2 minutes, 34 seconds know the change and sudden you know the demand buildup and you know the panic set in the market and we had to you know 1:02:42 1 hour, 2 minutes, 42 seconds oblige you know to the industry because we are not here for only the two aircraft operation. We have a fleet land and we are getting additional aircrafts 1:02:50 1 hour, 2 minutes, 50 seconds and we need to be closer to the market closer to the the fraternity. 1:02:55 1 hour, 2 minutes, 55 seconds So we have done you know the uh the more number of charters that has helped the industry that has also you know helped us you know to uh uh rotate our assets 1:03:04 1 hour, 3 minutes, 4 seconds you know quite efficiently and within the given opportunity this is the maximum what we can able to do it you know in terms of pushing the volume 1:03:13 1 hour, 3 minutes, 13 seconds pushing the revenue. Yes, the market the yields were hardened in the month of March. If you have done you know the 1:03:21 1 hour, 3 minutes, 21 seconds more number of volume based or uh the weight based you know the cargo which we generally do. If we have done that maybe 1:03:30 1 hour, 3 minutes, 30 seconds you know our yield would have been better but with the only two aircrafts with the set of crews what we have with the kind of demand and pressure and also 1:03:39 1 hour, 3 minutes, 39 seconds the trying to encash the opportunity of providing solution to the industry when it is standard. This is the best what we would be in a position to do that sir. 1:03:52 1 hour, 3 minutes, 52 seconds Okay. Okay. Okay. Fine sir that answers. 1:03:55 1 hour, 3 minutes, 55 seconds And uh secondly sir uh do you can you give us the breakup of the revenue by cargo type in terms of uh ODC general cargo hazardous and perishables. 1:04:08 1 hour, 4 minutes, 8 seconds [cough] 1:04:08 1 hour, 4 minutes, 8 seconds [clears throat] I I will I will you know get you that uh thing sir. you know I I mean that data was not complete you know that's why I not added that into my 1:04:17 1 hour, 4 minutes, 17 seconds slide and uh you know I will get that you know shared with you no problem sir and lastly lastly one quickly one last 1:04:25 1 hour, 4 minutes, 25 seconds thing when we say fuel is a pass through but Q4 our aid margin was lower than Q3 1:04:32 1 hour, 4 minutes, 32 seconds so is my understanding correct that optically this looks lower because of 1:04:38 1 hour, 4 minutes, 38 seconds the higher fuel cost and uh uh Is that the reason? 1:04:44 1 hour, 4 minutes, 44 seconds No sir. I mean the the the India's adjustments are also there in in in that that is why you know quarter wise buildup you know I have given it in a 1:04:52 1 hour, 4 minutes, 52 seconds slide. If you look at it then you will see that you know the EIT remains the same because the huge impact of the forex gain sorry forex loss has been 1:05:01 1 hour, 5 minutes, 1 second built into that and if you have to I mean we'll have to remove that and see that you know to arrive at a proper beta margin. Thank you sir. Thank you. 1:05:09 1 hour, 5 minutes, 9 seconds Thank you. Yeah. Thank you. Next. Yes, sir. Please go ahead. 1:05:18 1 hour, 5 minutes, 18 seconds Hi sir. Hi. Hey sir. 1:05:22 1 hour, 5 minutes, 22 seconds Yeah. Thank you sir. Thank you for the opportunity and firstly like a congratulations for the like fabulous set of numbers. It is not less than a blockbuster movie for me. So thank you sir. 1:05:31 1 hour, 5 minutes, 31 seconds Thank you. 1:05:32 1 hour, 5 minutes, 32 seconds Yeah. So I have seen that uh we had a great uh like due to Middle East crisis uh in the month of March. So the same 1:05:39 1 hour, 5 minutes, 39 seconds problem has been happened in like in the month of April and May and uh so are we seeing like same kind of demand uh till 1:05:47 1 hour, 5 minutes, 47 seconds April and May and uh and also the second question sir like I see uh the revenue 1:05:53 1 hour, 5 minutes, 53 seconds run rate for the month of March 2026 is across like 60 cr and like can we see the same kind of monthly run rate at the 1:06:03 1 hour, 6 minutes, 3 seconds time of additional demand and what's the monthly revenue run rate at the normal times Sorry, April and May definitely yes the 1:06:10 1 hour, 6 minutes, 10 seconds demand because the war did not get over in the month of April the the demand was there but please understand that you know March this was something you know 1:06:20 1 hour, 6 minutes, 20 seconds completely the industry has not has not expected it a sudden withdrawal of you know the capacity from the market 1:06:27 1 hour, 6 minutes, 27 seconds created a panic and so after months time the people could understand this you know the situation and they they could 1:06:36 1 hour, 6 minutes, 36 seconds plan it better so that mad rush and the panic and that also another important thing March was the month of Eid you 1:06:44 1 hour, 6 minutes, 44 seconds know in in in the Middle East and suddenly the entire movement of the cargo got stranded and they were 1:06:52 1 hour, 6 minutes, 52 seconds dependent on lot of imports. So these things have got little bit ironed out in the month of April and May. So the I 1:07:00 1 hour, 7 minutes would say that you know it is bet it is not at the same level of the panic you know what was there in the month of March but it is definitely better than 1:07:08 1 hour, 7 minutes, 8 seconds you know the uh the average and the the the demand you know is definitely much better because the problem is not out of 1:07:16 1 hour, 7 minutes, 16 seconds the uh uh you know ground you know completely sir also on the like revenue monthly revenue generated at the time of 1:07:24 1 hour, 7 minutes, 24 seconds additional demand and normal demand can you answer for that So the uh the Q4 if you look at it you 1:07:32 1 hour, 7 minutes, 32 seconds know uh uh the between the um what should I say uh Jan, Feb and March there 1:07:39 1 hour, 7 minutes, 39 seconds is closed around you know 22 23 percentage of you know the uh higher you know the performance in the month of 1:07:48 1 hour, 7 minutes, 48 seconds March itself compared to the average of Jan and Feb actually and uh so that was a kind of you know the additional demand 1:07:57 1 hour, 7 minutes, 57 seconds you know what what was there available and uh now going forward I would say that you know in the month of April and 1:08:04 1 hour, 8 minutes, 4 seconds May it is not at the same level but it is definitely better than the monthly average 1:08:12 1 hour, 8 minutes, 12 seconds yeah thanks for that thank you sir okay uh thank you sirra sir yes uh 1:08:20 1 hour, 8 minutes, 20 seconds Nishan sir please go ahead before you go ahead sir there's a small announcement as we have time constraint Friends, we'll be taking only three to four more questions. Yes, please go ahead. 1:08:32 1 hour, 8 minutes, 32 seconds Uh sir, good afternoon. Uh sir, can you comment on the capacity utilization of existing three aircrafts? 1:08:39 1 hour, 8 minutes, 39 seconds I understand the third aircraft utilization may be lower and would possibly start in coming months. uh but with the expansion in existing capacity 1:08:48 1 hour, 8 minutes, 48 seconds means how much utilization can be increased in the existing fleet size and when the fourth and fifth plane will be coming how do you see their capacity 1:08:56 1 hour, 8 minutes, 56 seconds expansion in coming quarters also can you comment on that sir yes sir I will just you know provide you the capacity 1:09:04 1 hour, 9 minutes, 4 seconds current capacity utilization utilization 1:09:23 1 hour, 9 minutes, 23 seconds So for the last year the capacity utilization stands at you know overall year stands at 81.42 percentage for the 1:09:32 1 hour, 9 minutes, 32 seconds last year and uh obviously that you know when I say 81.42 42 percentage is it's on a gross basis and uh definitely you 1:09:41 1 hour, 9 minutes, 41 seconds know going forward there is there is an opportunity to move further and this 81.42% 42% is 1:09:50 1 hour, 9 minutes, 50 seconds also because you know the impact of the charter and in majority of the domestic charters it is only a oneway you know 1:09:58 1 hour, 9 minutes, 58 seconds the cargo return leg you know is empty because the client pays for the entire round trip so my trips are more but whereas the cargo what I have carried 1:10:07 1 hour, 10 minutes, 7 seconds was less uh because one way it was empty so that is also the resultant of this 1:10:15 1 hour, 10 minutes, 15 seconds one clarification part um as the new planes would be going in next quarter it will be function from next quarter I 1:10:23 1 hour, 10 minutes, 23 seconds believe. So how do you see their capacity utilization rising in coming quarters? It will be sir it will be and 1:10:31 1 hour, 10 minutes, 31 seconds again you know the it it it it has a direct correlation with regards to the number of charters what we perform and 1:10:38 1 hour, 10 minutes, 38 seconds number of non-charters you know the regular the uh the charge based you know the weight based you know the trips what we b you know we perform it it's a 1:10:48 1 hour, 10 minutes, 48 seconds result and it's a combination of that what is a you know the percentage of contribution from the charters will 1:10:55 1 hour, 10 minutes, 55 seconds alter the overall you know the percentage of cargo utilization I mean the capacity utilization but nevertheless what is more important is 1:11:03 1 hour, 11 minutes, 3 seconds we make a balance between the charter and this and we concentrate on per you know the revenue generated per trip 1:11:12 1 hour, 11 minutes, 12 seconds which is more important and we are generate you know we are concentrating on the yield per kg these are all the very vital you know the metrics you know what we progress on that. 1:11:23 1 hour, 11 minutes, 23 seconds Thank you sir. So to put it in brief sir uh the demand is high we are short of capacity 1:11:30 1 hour, 11 minutes, 30 seconds and every aircraft that comes every kg of capacity that we put in will be fully utilized. Thank you sir. Thank you. 1:11:38 1 hour, 11 minutes, 38 seconds Thank you sir. Thank you so much Nishan sir. Uh yes Mr. Danchu please go ahead. 1:11:49 1 hour, 11 minutes, 49 seconds Yeah thanks for the opportunity. Good set of numbers sir. Mr. Thank you. Hello. Is it audio? 1:11:57 1 hour, 11 minutes, 57 seconds Yes sir. We can hear you sir. 1:11:59 1 hour, 11 minutes, 59 seconds Yeah congrats on the good set of numbers sir. I just have one question uh regarding the new flight right the new 1:12:06 1 hour, 12 minutes, 6 seconds aircraft that has landed what is the utilization and if you if you can just throw a light that in this war situation 1:12:13 1 hour, 12 minutes, 13 seconds is it benefiting or it's or it's like the realization or the uh you can say the number of flights that you are uh 1:12:22 1 hour, 12 minutes, 22 seconds you are flying is adversely impacted. So as you will see from our March activity definitely the war has provided us a 1:12:30 1 hour, 12 minutes, 30 seconds larger opportunity. The demand is higher freight rates have hotened. With regard to the third aircraft yesterday the capacity utilization will be large. Uh 1:12:39 1 hour, 12 minutes, 39 seconds currently the capacity is being reserved as I told earlier it's fresh off CeCe. 1:12:43 1 hour, 12 minutes, 43 seconds We have a lot of contracted flying starting from the end of this month. So I'm kind of low utilizing that aircraft 1:12:50 1 hour, 12 minutes, 50 seconds to put it on that sector. Fresh of C check. So it'll operate for the next 6 months. I can really we can flock the 1:12:57 1 hour, 12 minutes, 57 seconds machine. So that's why it's being held for. 1:13:00 1 hour, 13 minutes And is it is it will be like that that our aircraft one and two is is used to be for Mallay. Is it be from a 1:13:08 1 hour, 13 minutes, 8 seconds particular route? If you can just give us a highlight. 1:13:10 1 hour, 13 minutes, 10 seconds No sir. The aircraft will not be dedicated to a route but it'll be rotated across the route to have average utilization of aircrafts across the 1:13:18 1 hour, 13 minutes, 18 seconds network. But when we have a aircraft fresh off CE that would take a higher load that's is with the flight schedules to from the end of this month. 1:13:29 1 hour, 13 minutes, 29 seconds Understood. Understood. Thank you sir. Thank you sir. 1:13:37 1 hour, 13 minutes, 37 seconds Mr. Prasine please go ahead. Yeah. Am I? Yes. 1:13:44 1 hour, 13 minutes, 44 seconds Yes sir. So first of all congratulations on a great set of numbers and we trust you as a management and you're doing a great job for that. Thank you sir. 1:13:52 1 hour, 13 minutes, 52 seconds First question so this question is on the fleet size like we are planning to as you said add two flights uh maybe 1:14:00 1 hour, 14 minutes B737 by the end of next quarter and the remaining ones B77 uh B7 by the end of 1:14:07 1 hour, 14 minutes, 7 seconds uh FY I mean calendar not calendar year 26 maybe FY uh 27 that is what correct 1:14:13 1 hour, 14 minutes, 13 seconds me if I'm wrong. So by going going by that way I mean if I'm not wrong just correct me if I'm wrong that current u 1:14:21 1 hour, 14 minutes, 21 seconds revenue per flight I mean it's close to uh 20 or 22 crores per uh month. So if 1:14:28 1 hour, 14 minutes, 28 seconds we add those capacity expansion uh in the next year maybe in the middle or maybe as you guided. So I hope that the 1:14:36 1 hour, 14 minutes, 36 seconds new fight B7 will have a 5x more capacity than the existing one. So the 1:14:42 1 hour, 14 minutes, 42 seconds revenue potential as in uh the per month revenue potential of that uh of those two B7 and then another two will be 1:14:51 1 hour, 14 minutes, 51 seconds inducted. So should be at least 100 CR per month like that. Correct me if I'm wrong or you can just comment on this part. 1:14:59 1 hour, 14 minutes, 59 seconds So we can't take a direct you know I mean multiples of you know because the capacity is five times more so the 1:15:06 1 hour, 15 minutes, 6 seconds revenue also five times more. It is a function of you know how much we are going to utilize that aircraft. These are long haul aircrafts you know which 1:15:14 1 hour, 15 minutes, 14 seconds flies into the sectors which has got you know 10 hours plus 12 hours plus of you know the the flying you know requirement. So when you fly long haul 1:15:23 1 hour, 15 minutes, 23 seconds uh you know the rotation time also takes that longer. So each of the trip you know a complete round trip it will take 1:15:31 1 hour, 15 minutes, 31 seconds around close around 35 30 34 35 hours plus you know while it comes back you know we need 4 to 5 hours for engineering you know to make it you know 1:15:40 1 hour, 15 minutes, 40 seconds uh uh air worthy you know again for the next trip. So in all that you know we plan to utilize that aircraft you know 1:15:48 1 hour, 15 minutes, 48 seconds 14 to 15 rotations per month. So given that and the sectors what we plan to operate and you know and with the cargo 1:15:56 1 hour, 15 minutes, 56 seconds load factor taken conservatively as 75%age we uh you know we estimate you know each 1:16:03 1 hour, 16 minutes, 3 seconds of the aircraft that trip 7 will provide an average you know the revenue of three times from the uh current level of you 1:16:11 1 hour, 16 minutes, 11 seconds know the 737800's you know the revenue uh recorded revenue. 1:16:18 1 hour, 16 minutes, 18 seconds Okay got it. So and just one uh followup to that like uh as you mentioned like uh so be uh that uh that as you mentioned 1:16:27 1 hour, 16 minutes, 27 seconds that currently the capacitization is close to 80 80%age something and because of this war you are having lot of demand 1:16:34 1 hour, 16 minutes, 34 seconds right so I'm just hoping I mean obviously we all hope that the war will end soon so once the war ends so I mean 1:16:42 1 hour, 16 minutes, 42 seconds can it have a impact on our revenue per flight because at that times the sea sea routes will be open. So will will it 1:16:50 1 hour, 16 minutes, 50 seconds have any impact on the existing one? I mean will it come down a little bit or it will normalize maybe in next 6 7 months whenever the war ends. 1:17:00 1 hour, 17 minutes Sir the demand you know the cargo growth you know is happening in this region only that you know various data 1:17:07 1 hour, 17 minutes, 7 seconds various data points various statistics and various research analysis you know points clearly that you know the growth 1:17:15 1 hour, 17 minutes, 15 seconds of you know the air cargo happens in this region. So we are well embedded in this region and we cater to the demand you know generated in this region. So we 1:17:23 1 hour, 17 minutes, 23 seconds don't foresee that you know uh it's going to drop down because of the war has given some sort of you know the uh uh temporary boost you know from the 1:17:33 1 hour, 17 minutes, 33 seconds already you know uh uh growing growing you know the graph so it has just given a temporary boost but I'm 1:17:41 1 hour, 17 minutes, 41 seconds sure that you know it will just to give you an analogy sir I mean during the time of covid you know the airgo volume you know hit the roof and the prices 1:17:50 1 hour, 17 minutes, 50 seconds also hit the roof but when I mean after a year and a half or 2 years down the line when things have got 1:17:57 1 hour, 17 minutes, 57 seconds settled down it does not mean that you know the air cargo rates have gone back to the precoid levels it has still stay 1:18:04 1 hour, 18 minutes, 4 seconds you know it stayed back at the you know slightly higher than the precoid level but not to the extent of you know what happened 1:18:12 1 hour, 18 minutes, 12 seconds during the time of covid so I mean just to elaborate what kander is saying 1:18:19 1 hour, 18 minutes, 19 seconds precoid prices uh and Postcoid prices the difference is much higher. It is not 1:18:25 1 hour, 18 minutes, 25 seconds just the progressive uh increase in the price which should have happened a year on a year but it is much higher. The 1:18:33 1 hour, 18 minutes, 33 seconds prices did settle but didn't settle back to the old normal prices with its given escalation. It's gone much higher. 1:18:40 1 hour, 18 minutes, 40 seconds The nice thing is that what goes the only thing that goes up doesn't come down fully is the prices and we like that. 1:18:48 1 hour, 18 minutes, 48 seconds Okay. Okay sir. Thank you. Thank you for that. And again uh please keep doing the great. You're doing a great job. Thank you. Thank you sir. 1:18:56 1 hour, 18 minutes, 56 seconds Thank you. Pring sir. Uh yes Mr. Yhatish please go ahead. 1:19:09 1 hour, 19 minutes, 9 seconds Hello Mr. Hello. Am I audible? Yes. 1:19:16 1 hour, 19 minutes, 16 seconds Congratulations sir on the great set of numbers. I had a specific question around your association with NAU 1:19:23 1 hour, 19 minutes, 23 seconds government. How has that been progressing and the joint venture which we had with them and the MRO which was 1:19:31 1 hour, 19 minutes, 31 seconds written out in the results of last quarter? How we are thinking about that setting up and what are the plans with MRO as a different segment for us? 1:19:43 1 hour, 19 minutes, 43 seconds Yeah, with NU the the the uh the cooperation and the understanding is at a larger level which is going progressing well sir and we 1:19:51 1 hour, 19 minutes, 51 seconds unfortunately because of the nature of its uh content and the UPSC in nature we will not be in a position to dulge much 1:19:58 1 hour, 19 minutes, 58 seconds details you know now but at an appropriate time we will you know the developments we will keep communicating to the investor community through the 1:20:06 1 hour, 20 minutes, 6 seconds exchange but I can broadly say that you know it is progressing well in the intended direction and of course you know the MRO is a natural you know 1:20:14 1 hour, 20 minutes, 14 seconds requirement for the airline and that also you know is progressing well and uh uh very soon that you know in the 1:20:22 1 hour, 20 minutes, 22 seconds starting from the next quarter and the activity you know towards that you know will pick up momentum and it will get communicated to the you know investors 1:20:31 1 hour, 20 minutes, 31 seconds community and uh overall and NU team is you know very much uh you know uh 1:20:40 1 hour, 20 minutes, 40 seconds interested and very uh uh you know really serious and you know to have this cooperation blossoming at a larger level. 1:20:52 1 hour, 20 minutes, 52 seconds Got it sir. Good to hear that in MRO segment just a followup are we seeing that business to open up to third party 1:20:59 1 hour, 20 minutes, 59 seconds aircraft charters as well because India has a lot of s that is a that is a primary objective sir 1:21:06 1 hour, 21 minutes, 6 seconds it's just not inhouse maintenance got it got it 1:21:14 1 hour, 21 minutes, 14 seconds okay thank you sir uh Mr. Okay, please go ahead. Kindly unmute yourself. 1:21:24 1 hour, 21 minutes, 24 seconds Uh, thank you for the opportunity. 1:21:26 1 hour, 21 minutes, 26 seconds Congratulations Kanansa Deepak on a phenomenal set of numbers. I think our growth has been supern normal and I wish you more of the same going forward. 1:21:36 1 hour, 21 minutes, 36 seconds So some uh some clarity needed on the future of the trip 7. So we've raised 200 kores in our pref and now 200 kores 1:21:43 1 hour, 21 minutes, 43 seconds in the QIP as well. So I my understanding is we're looking to acquire four wide bodies and not two. You mentioned only two on this call. 1:21:51 1 hour, 21 minutes, 51 seconds No, four is four. 1:21:52 1 hour, 21 minutes, 52 seconds Somebody was asking by end of this year that that's why we stuck but actually it is four and financial closure for the entire four has happened. 1:22:00 1 hour, 22 minutes So when do you when do you think we'll have a full fleet of the five plus four which is nine aircraft sometime you know by the mid of next 1:22:09 1 hour, 22 minutes, 9 seconds year sir that is the second half of next calendar year we will have the entire fleet you know operational. So now on 1:22:16 1 hour, 22 minutes, 16 seconds the on the projections you mentioned that we should take an average of 3x of the 737s. In Q3 we were averaging about 1:22:24 1 hour, 22 minutes, 24 seconds 25 kores a plane and now we've averaged about 31 which is a spike up due to the war. So basis the guidance you've given 1:22:32 1 hour, 22 minutes, 32 seconds you're basically hinting at about 75 kores a month on the trip 7s. Is that correct? Correct. Yeah. 1:22:38 1 hour, 22 minutes, 38 seconds And could that be higher or this is a is this a conservative number? This is a very This is a conservative business sir. 1:22:44 1 hour, 22 minutes, 44 seconds This conservative s we want to and we will do higher numbers. 1:22:49 1 hour, 22 minutes, 49 seconds Understood sir. Understood. Yeah because I think the capacity is five times that of a 737. Right. 1:22:55 1 hour, 22 minutes, 55 seconds Got it. Uh so also can you can you elaborate a bit on the roots that we're going to operate for this for these wide bodies 1:23:02 1 hour, 23 minutes, 2 seconds that we don't want to dive here sir. I mean uh that's a sensitive information and uh uh you know we will communicate at an appropriate time. 1:23:13 1 hour, 23 minutes, 13 seconds Understood. Understood. So now uh on the on the costs and the revenues you mentioned that the ATF is entirely a pass through. So just wanted to 1:23:21 1 hour, 23 minutes, 21 seconds understand this quarter we've seen our revenue yield grow from $2.56 to $2.72 1:23:28 1 hour, 23 minutes, 28 seconds which is a 166 16 increase but our cost costs have increased 50 cents despite ATF being passed on what is the reason 1:23:36 1 hour, 23 minutes, 36 seconds there so as I mentioned that the cost is after you know giving uh uh see from the balance I mean from the PN bill whatever 1:23:44 1 hour, 23 minutes, 44 seconds has been charged with regards to the forex you know the losses because they have done a restatement entire events and deposits and other stuffs the lease 1:23:53 1 hour, 23 minutes, 53 seconds rentals and everything has been restated and the forex losses has been booked and basis which you know the final costing 1:24:01 1 hour, 24 minutes, 1 second has been arrived and similarly the maintenance reserve which is you know earlier was not charged to the P&L here you know the maintenance reserve is 1:24:09 1 hour, 24 minutes, 9 seconds charged to the P&L that is also impacting that you know the cost understood very clear very clear so 1:24:17 1 hour, 24 minutes, 17 seconds going by the estimates you're giving I think next year looks like it's going to be even better. So wish you all the best and look to Thank you sir. Thank you sir. 1:24:26 1 hour, 24 minutes, 26 seconds Thank you Mr. 1:24:28 1 hour, 24 minutes, 28 seconds So as we are running out of time we'll have to continue the call over here. Uh so thank you everyone for joining the 1:24:35 1 hour, 24 minutes, 35 seconds conference call of appcom holdings limited. If you have any queries you can reach out to us at research thekarine 1:24:41 1 hour, 24 minutes, 41 seconds advisor.com. Once again thank you. Thank you everyone. Thank you all. Thank you all so much. Bye. 1:24:47 1 hour, 24 minutes, 47 seconds Thank you Gano. Thank you. You have a great day. Good day.