Allcargo Logistics Limited — Q4 FY26

Allcargo Logistics Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=9QEhfSW1BMQ Published: 1d ago

0:01 1 second Ladies and gentlemen, good day and welcome to the All Cargo Logistics Limited Q4 and FY26 earnings conference 0:10 10 seconds call. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to 0:18 18 seconds ask questions after the presentation concludes. Should you need assistance during this conference call, please 0:25 25 seconds signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being 0:32 32 seconds recorded. I now hand the conference over to Mr. Suyanch Samant from Stellar IR Advisor. Thank you and over to you sir. 0:44 44 seconds Thank you. Good afternoon everyone and thank you for joining us today. We have with us the senior management team of all cargo logistics limited, Mr. Ketan 0:53 53 seconds Kulkarni, managing director and chief executive officer, Mr. Deepak Par, chief financial officer and Mr. Sanjay Punjabi 1:02 1 minute, 2 seconds from investor relations. The management will be sharing operating and financial highlight for the quarter and the 1:09 1 minute, 9 seconds financial year ended 31st March 2026 followed by a question and answer session. Please note that this call may 1:17 1 minute, 17 seconds contain some of the forward-looking statements which are completely based upon the company's beliefs, opinions, and expectations as of today. These 1:25 1 minute, 25 seconds statements are not a guarantee of the company's future performance and involve unforeseen risk and uncertaintities. The 1:32 1 minute, 32 seconds company also undertakes no obligation to update any forward-looking statements to reflect developments that occur after 1:39 1 minute, 39 seconds the statement is made. I now hand over the conference to Mr. Ketan Kulkarni. Thank you and over to you sir. 1:50 1 minute, 50 seconds Good afternoon everyone and a very warm welcome to our Q4 and FY26 earnings conference call. 1:59 1 minute, 59 seconds Thank you for joining us today and for your continued interest in all cargo logistics. Our financial 2:08 2 minutes, 8 seconds results and earnings presentation for the quarter and the financial year ended March 2026 2:16 2 minutes, 16 seconds have been uploaded onto the stock exchanges and I trust you have had the opportunity to review the numbers. 2:25 2 minutes, 25 seconds I will share a brief overview of the macroeconomic environment. 2:30 2 minutes, 30 seconds While global growth has moderated, India still continues to demonstrate resilience. 2:37 2 minutes, 37 seconds According to the IMF, domestic economy is expected to grow at about 6.5% in 2:44 2 minutes, 44 seconds FY27, supported by strong consumption, sustained public capex, and improving private investment. 2:55 2 minutes, 55 seconds The continued college policy focus on infrastructure development is improving logistics efficiency 3:02 3 minutes, 2 seconds and supporting higher freight movement creating a favorable environment for organized players like all cargo logistics and others. 3:11 3 minutes, 11 seconds High frequency indicators remain encouraging. 3:15 3 minutes, 15 seconds EV bill generation reached 140.6 6 million in March 2026 reflecting a 13% year-on-year growth 3:24 3 minutes, 24 seconds while GST collections stood at INR 1.78 lakh cr up 8.2% 2% year on year. These 3:34 3 minutes, 34 seconds indicators along with strong private consumption trends point to a sustained momentum in domestic trade and supply chain activity. 3:44 3 minutes, 44 seconds In line with evolving consumption trends, especially the rapid expansion of e-commerce and commerce, we have strengthened our network and operational capabilities. 3:55 3 minutes, 55 seconds We currently handle over 10 million packages per month in this segment supported by integrated capabilities 4:02 4 minutes, 2 seconds across fulfillment, sorting, transportation along with technology-led influential such as uh warehouse 4:11 4 minutes, 11 seconds management system and route optimization. 4:16 4 minutes, 16 seconds We are also focusing on strengthening our presence in clusters in Bharat. The tier 2 tier 3 India 4:25 4 minutes, 25 seconds various clusters have been identified and industrial areas have been identified for further intervention and stronger go to market programs. 4:35 4 minutes, 35 seconds We are working with several active customers and are looking to further solidify our position. 4:43 4 minutes, 43 seconds Our strength lies in our understanding of the logistic complexities for large industrial clusters as well as small businesses through innovative solutions. 4:54 4 minutes, 54 seconds We are empowering these businesses to expand their reach and enhance operational efficiency. 5:00 5 minutes The businesses we work with and support and partner are across industry verticles. 5:07 5 minutes, 7 seconds Technology and digitization continues to play a important and central role in our operations 5:15 5 minutes, 15 seconds driving better visibility, coordination, production, execution and resilience across the value chain. 5:25 5 minutes, 25 seconds To further strengthen our execution and growth strategies, we have recently onboarded Mr. Amit Chai as chief of 5:33 5 minutes, 33 seconds operations express division. He's a transformative leader with deep expertise in B2B express logistics with 5:41 5 minutes, 41 seconds the market leader in network strategy and large scale operations. Simultaneously we also onboarded Mr. 5:50 5 minutes, 50 seconds Samir Abuja as chief of sales express division. A seasoned professional with over three decades of experience in 5:59 5 minutes, 59 seconds driving business growth and managing key customer relationships across telecom, retail and logistics. 6:10 6 minutes, 10 seconds Their extensive experience will be instrumental in scaling our business, enhancing operational excellence and driving customer acquisition and retention. 6:20 6 minutes, 20 seconds Looking ahead, while we are cautious on the near-term outlook due to the current geopolitical scenario, 6:28 6 minutes, 28 seconds we remain focused on efficiency led profitable growth with continued emphasis on strengthening our core 6:34 6 minutes, 34 seconds network and expanding transportation and also full truckload capabilities. 6:42 6 minutes, 42 seconds With integration now largely behind us, we expect our AITA and PBT to grow ahead of revenue in the coming quarters. 6:53 6 minutes, 53 seconds With that, I would like to hand over the call to our chief financial officer 7:00 7 minutes Deepak Parik who will take you through the financial performance in greater detail. 7:08 7 minutes, 8 seconds Once again, thank you very much for sparing your valuable time coming on the call. 7:16 7 minutes, 16 seconds Over to you. 7:18 7 minutes, 18 seconds Thank you Ketan for the comprehensive overview on the performance for financial year FI26. 7:26 7 minutes, 26 seconds Good afternoon everyone and a warm welcome to all our participants on the Q4 and FI26 earnings call. 7:36 7 minutes, 36 seconds I will like I will now take you through the financial performance for the quarter ended 31st March 2026. 7:46 7 minutes, 46 seconds During Q4 FI26, all cargo logistics handled a total volume of three lakh 7:53 7 minutes, 53 seconds metric tons under the express business unit. 7:58 7 minutes, 58 seconds Realization per metric ton stood at INR 12,037 8:05 8 minutes, 5 seconds reflecting an increase of 3% on yearon year and 4% sequentially. 8:13 8 minutes, 13 seconds Moving to the consolidated financials revenue for the quarter stood at INR 514 8:21 8 minutes, 21 seconds crores as compared to INR 513 crores in the corresponding period last year and 516 crores in the previous quarter. 8:33 8 minutes, 33 seconds Gross profit for the quarter stood at INR 154 crores compared to INR 149 8:41 8 minutes, 41 seconds crores in the corresponding period last year which is broadly in line on a sequential basis. 8:50 8 minutes, 50 seconds ITA for the quarter was reported at INR 60 crores a strong 41% growth from last 8:58 8 minutes, 58 seconds year and broadly in line sequence sheet on a fullear basis revenue stood at INR 9:08 9 minutes, 8 seconds 258 crores registering a growth of 5% over the previous year 9:16 9 minutes, 16 seconds for the year came in at INR 230 33 growth reflecting a healthy growth of 16% yearonear. 9:27 9 minutes, 27 seconds Turning to the express division revenue for the quarter stood at INR 362 crores 9:34 9 minutes, 34 seconds as compared to INR 343 crores in the same period last year and INR 364 crores 9:43 9 minutes, 43 seconds in the previous quarter. For the full year, Express business revenue stood at INR 1,442 9:51 9 minutes, 51 seconds crores as against INR, 1416 crores in the previous year. 9:58 9 minutes, 58 seconds Moving on to the consultative logistics business, the total warehouse space under management stood at 8 million 10:06 10 minutes, 6 seconds square ft as on March 2026. 10:12 10 minutes, 12 seconds Revenue for Q4 FY26 was INR 151 crores reflecting a growth 10:19 10 minutes, 19 seconds of 3% year on year on a fullear basis. Revenue for the 10:26 10 minutes, 26 seconds consultative logistics business stood at INR 615 crores registering a healthy growth of 17% yearonear. 10:37 10 minutes, 37 seconds With that we conclude our opening remarks. We would now be happy to answer your questions. Thank you for your continued participation and support. 10:50 10 minutes, 50 seconds Thank you. Over over to you. 10:54 10 minutes, 54 seconds Thank you sir. We will now begin the question and answer session. 10:58 10 minutes, 58 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. 11:06 11 minutes, 6 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 11:12 11 minutes, 12 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment while a question Q assembles. 11:23 11 minutes, 23 seconds Our first question comes from Avidat Javkar with Equipoise Capital Management. Please go ahead. 11:32 11 minutes, 32 seconds Yeah. Hello. Am I audible? Yes. 11:36 11 minutes, 36 seconds Yeah. Thank you. Thank you for the opportunity. Yeah. I would like to know the expected listing date of all cargo 11:42 11 minutes, 42 seconds global since you mentioned in the previous on call that the listing would be completed by quarter 4 of 26 but 11:50 11 minutes, 50 seconds there has been no update so far. So could you please provide an update on the status? Are there any issues or challenges uh causing the delay? 12:02 12 minutes, 2 seconds Yeah, thank you. Uh uh I would request Sanjay Punjabi who handles uh investor relationship investor relationship from both the 12:11 12 minutes, 11 seconds entities and the group of all cargo to hand uh to respond please since it is related to all cargo global. 12:21 12 minutes, 21 seconds Okay sir so the line for Sanjay uh has dropped. I'm just reconnecting him. He stay connected. Thank you. 12:29 12 minutes, 29 seconds Yeah. So we'll hold the question. Please hold the question. Let him recre and then we can Yeah. Yeah. Okay. Okay. I will come back 12:38 12 minutes, 38 seconds uh I will come back to the Yeah. Is that Yeah, please. Sorry. 12:45 12 minutes, 45 seconds Thank you. The next question comes from the line of Vikram Suryawanchi with Philip Capital India. Please go ahead. 12:52 12 minutes, 52 seconds Uh yeah, good afternoon sir. uh so having the opportunity for increasing the valid share uh for our businesses 13:00 13 minutes and uh margin uh levers for margin expansion if you can highlight I think that will be 13:07 13 minutes, 7 seconds uh I'm sorry Vikram we'll have you'll have to again repeat the question your voice was breaking yeah 13:15 13 minutes, 15 seconds uh is it audible or should I yeah it s is better audible now tell me okay so when I was asking about the 13:24 13 minutes, 24 seconds opportunity to increase our wallet share in the businesses. Uh how much scope is there and how we are targeting that and 13:31 13 minutes, 31 seconds then levers for margin expansion particularly for B2B or expressable business. 13:41 13 minutes, 41 seconds Thank you. A very good question to begin the call. Uh you said how are we increasing our market share and also our 13:50 13 minutes, 50 seconds market expansion. So if I understand you correctly, uh market expansion will be a key lever to improving the market share. 14:01 14 minutes, 1 second Uh there are two ways to look at market share. One is the revenue market share and the other is the volume market share. 14:10 14 minutes, 10 seconds So uh we are very focused on both and whatever market share expansion or market 14:18 14 minutes, 18 seconds expansion strategies that we have uh whether it is focusing on uh large KA key enterprise accounts 14:27 14 minutes, 27 seconds uh whether it is focusing on MSME uh or on retail uh we are very clear that all new 14:36 14 minutes, 36 seconds customer onboarding and all organic IC growth in all the three segments in 14:43 14 minutes, 43 seconds surface and air will all be very very positive on the margins and the bottom 14:52 14 minutes, 52 seconds line. So it's going to be a calibrated call. The focus whilst it'll always be on gaining market share, growing faster 15:01 15 minutes, 1 second than market, uh a lot of weightage will be on improving the profitability of this expansion and this share. 15:10 15 minutes, 10 seconds Does that answer your question or would you like me to detail this a little more for you? uh a little detail on the margin expansion in terms of 15:19 15 minutes, 19 seconds particularly for say are we still seeing a levers for graph margin improvement uh with uh say uh pricing or uh customer 15:27 15 minutes, 27 seconds reorientation of contracts or uh is there any further scope significantly or have been the pricing discipline in a 15:35 15 minutes, 35 seconds system oral system has come back which is helping us so info marketing or at operating level uh so how is that uh uh 15:44 15 minutes, 44 seconds basically uh shaping up for in terms of gross margin or improvement possibility market price stability side or any other operating leverage we have. 15:54 15 minutes, 54 seconds Okay. So I think uh your question is more towards the express division. So I will answer 16:02 16 minutes, 2 seconds yeah I will answer for that division because uh I need to be clear there. So a lot of uh work has happened in the 16:10 16 minutes, 10 seconds last 6 months and uh in fact we started off the year with a GPI activity uh to 16:17 16 minutes, 17 seconds improve the rupee per kilo uh that we were getting from the customers. Uh we 16:24 16 minutes, 24 seconds introduced a lot of measures. We introduced the metro congestion charge which is a charge for 16:32 16 minutes, 32 seconds value when we do urban logistics. Urban logistics in large metros is becoming more and more difficult to do because of 16:39 16 minutes, 39 seconds infrastructure uh etc. We introduced the next round zero where we're rounding off 16:48 16 minutes, 48 seconds uh the weight of the customer shipment to the next zero. We introduced AER charges which is all cargo extended 16:57 16 minutes, 57 seconds reach charges for about 1,00 difficult to do pin codes and we did this simultaneously when we subdivided our 17:06 17 minutes, 6 seconds 19,000 pin codes into 32,000 pin codes to have granular operational capabilities and also granular pricing 17:15 17 minutes, 15 seconds to the customer. So all these have had a positive impact on the EEL and the RPKG 17:23 17 minutes, 23 seconds over the last 6 months and it has improved to a level that uh we are very very comfortable now where we are with 17:30 17 minutes, 30 seconds the RPKG and while uh doing that we are also cognizant with the huge cost pressures uh that we are seeing on 17:39 17 minutes, 39 seconds various aspects of the business uh due to the West Asia crisis and also the morning announcement today. Uh we are 17:47 17 minutes, 47 seconds fairly well covered on that and uh there is a plan to cover that much more as we 17:54 17 minutes, 54 seconds get ahead into this financial year in Q1 and Q2. 17:59 17 minutes, 59 seconds So our margin expansion plan is on track on the express side of business and uh we are very comfortable the way we have uh kind of executed it. 18:10 18 minutes, 10 seconds Got it. And consultative side, business side, how the capex in terms of adding 18:16 18 minutes, 16 seconds the or capacities or will it also have mix of like asset model in terms of 18:23 18 minutes, 23 seconds growth expiration there on how the capex will look like and that side of the I will request deep our CFO to come in. 18:34 18 minutes, 34 seconds Over to you. 18:34 18 minutes, 34 seconds Yeah, thanks Kan. So uh consultative logistics has seen a remarkable revenue growth in the current year 17% growth 18:43 18 minutes, 43 seconds from uh in this year is phenomenal. That growth has happened on the back of mix approach of uh asset light and uh some 18:53 18 minutes, 53 seconds component of asset heavy uh component because we have expanded the transportation vertical. Last year uh 19:02 19 minutes, 2 seconds quarter as we mentioned on the call uh under this segment we have started doing full truckload business. So that has 19:10 19 minutes, 10 seconds given a meltup of revenue uh on the so that's the asset light piece which is 19:17 19 minutes, 17 seconds there there are component of implant services which we do that's also an asset light piece on the uh on the uh 19:25 19 minutes, 25 seconds warehouse uh piece pure play 3 play three 3PL we have moved to an asset uh operating lease strategy from uh April 19:34 19 minutes, 34 seconds 25 and that has been uh helpful In terms of uh capex outlay, we have conserved 19:42 19 minutes, 42 seconds cash due to that. But in the current year, next year if you see on the expansion bit uh we have a plan to uh 19:51 19 minutes, 51 seconds add half a million square ft additional on the warehouse uh space and that would be done um largely on an asset light approach. 20:02 20 minutes, 2 seconds uh that will add to a significant capacity but nevertheless I think the focus on this uh consultative logistics 20:10 20 minutes, 10 seconds is to enhance the gross margin share uh so the growth which is already achieved 20:18 20 minutes, 18 seconds uh last year we would uh I think we are very comfortable with that and now we want to deepen up the uh margin uh 20:26 20 minutes, 26 seconds realization on that business further got it so just Last question to clarify is there any white space or under 20:34 20 minutes, 34 seconds reflection of existing capacity within that where we can still see further growth possible or it's almost like a running at a kind of existing. 20:46 20 minutes, 46 seconds So it's uh you know this uh this industry you know wide space is a requirement as per the running stock. We 20:54 20 minutes, 54 seconds are well below the industry norms. We track that metrics very closely and uh we are comfortable on that count. 21:04 21 minutes, 4 seconds Got it. Thank you. Uh hello. 21:11 21 minutes, 11 seconds Hi everybody. Uh uh hi uh Alri am I audible? Yes sir. You are audible. 21:18 21 minutes, 18 seconds Yeah. Hi Dr. Sanja Punjabi. My line had dropped earlier. I'm sorry. 21:23 21 minutes, 23 seconds I'll just uh address the question on on cargo global listing. Uh so the uh we 21:30 21 minutes, 30 seconds have received the necessary approvals from both exchanges and SEBI as well day before yesterday and uh all we need to 21:38 21 minutes, 38 seconds do now is uh file the revised information memorandum with authorities with the audited annual financials and 21:45 21 minutes, 45 seconds we can expect the listing to happen in about a month's time from now on. Thank you. 21:53 21 minutes, 53 seconds Thank you sir. A reminder to all participants please press star and one to ask a question. 22:05 22 minutes, 5 seconds The next question comes from the line of Javkar with equipoise capital management. Please go ahead. 22:13 22 minutes, 13 seconds Uh thank you. Thank you. Uh thank you once again. The the same question related to all cargo global. Uh is there any uh financial information available 22:22 22 minutes, 22 seconds for us to understand about the all cargo global business right now for the for the quarter end for this quarter end? 22:32 22 minutes, 32 seconds Yeah. Hi. So uh uh what up we'll go we have coming two weeks uh and these the 22:40 22 minutes, 40 seconds information memorandum will carry all the information on the uh financials as well. So in the next couple of weeks 22:48 22 minutes, 48 seconds once the IM is filed information on the financials will be available to all. 22:54 22 minutes, 54 seconds Yeah. Okay. Thank you. And one more question for all cargo logistics that uh the recent increase in the petrol and 23:00 23 minutes diesel prices announced today. Uh how do you expect this impact to the all cargo logistics business? Should we uh expect 23:08 23 minutes, 8 seconds any slower growth or subdued margin in H1 uh FY27 as a result of a higher fuel cost? 23:19 23 minutes, 19 seconds Uh I see uh you know this is a element of cost which is already built in in our contracts uh with the customer. As you 23:28 23 minutes, 28 seconds know we are a strong B2B players and we have we have tight contracting with all the all our customers and this element 23:37 23 minutes, 37 seconds of cost is a pass through uh as a along with other costs which are built in as a part of contract. So we don't see a a challenge on that count. 23:48 23 minutes, 48 seconds Yeah. And further to Deepak's uh answer, we have a very transparent uh diesel price hike pass through mechanism 23:58 23 minutes, 58 seconds which is already up on our website. uh customers can refer to it anytime and that kind of allows them to predictively 24:07 24 minutes, 7 seconds uh calculate what the pass through will be also and also monthly we announce uh what is going to be the DPH uh percentage applicable on their building. 24:18 24 minutes, 18 seconds So it's a very transparent customerfriendly uh mechanism that we have. So we are very well covered on the morning announcement. Thank you. 24:28 24 minutes, 28 seconds Yeah. Yeah. Thank you. Thank you. Thank you so much. 24:33 24 minutes, 33 seconds Thank you. A reminder to all participants, you may press star and one to ask a question. 24:42 24 minutes, 42 seconds Our next question comes from Anil Raju, an individual investor. Please go ahead. 24:49 24 minutes, 49 seconds Hi. Uh hope uh you are able to hear me. Yes, Anil, go ahead please. 24:57 24 minutes, 57 seconds Huh? uh when when I see the balance sheet EVA is improving improving to 233 25:03 25 minutes, 3 seconds crores but part remains 6 crores when we expect meaningful bottom line improvement. 25:17 25 minutes, 17 seconds Yeah. uh Anil uh if you see the uh improvement at uh PDT level 25:26 25 minutes, 26 seconds pre-exceptional items you can see clear very well see there's a 96% uh improvement which has already happened 25:34 25 minutes, 34 seconds in this year so the buildup of growth is already uh in place and the if you see 25:43 25 minutes, 43 seconds the going next quarter that will be visible in terms of the entire contribution Oh okay. 25:52 25 minutes, 52 seconds Another question. Uh what concrete man mile milestone should investor track over next four to six quarter which is 26:01 26 minutes, 1 second alro turn algo turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn turn 26:04 26 minutes, 4 seconds turn turn turn turn turn turn turn turn 26:11 26 minutes, 11 seconds Only metrics for investors to track is the IITA improvement. Our IITA has shown 26:17 26 minutes, 17 seconds an improvement from 10% to 11% we have achieved in this year and progressively we are committed towards that value 26:24 26 minutes, 24 seconds creation and enhancement of shareholders value. Oh okay. 26:32 26 minutes, 32 seconds And another last question uh any comments on the dividends in the field? 26:39 26 minutes, 39 seconds So dividend is a function decision of uh uh board and the shareholders and uh at 26:47 26 minutes, 47 seconds a right point of time we would uh we would we would recommend that to the to the shareholders. Yeah. 26:59 26 minutes, 59 seconds Okay. Thank you. Thank you. 27:04 27 minutes, 4 seconds The next question comes from the line of Paragul from Kingstone Capital Management. Please go ahead. 27:12 27 minutes, 12 seconds Yeah. Hi. Uh, thanks for the opportunity. Um, I wanted to know the split between express and contract logistics post India's a beta. 27:25 27 minutes, 25 seconds We have given a disclosures uh on uh slide number 22 that would give you some 27:32 27 minutes, 32 seconds help and uh split on that account we can ask the Sanjay to uh touch base with you I think Sanjay if that would help. 27:44 27 minutes, 44 seconds Okay. Okay. Sure. I'll take it offline. 27:56 27 minutes, 56 seconds Thank you. Participants, you may press star and one to ask a question. 28:07 28 minutes, 7 seconds The next question comes from the line of Chennmai Parab, an individual investor. Please go ahead. 28:13 28 minutes, 13 seconds Uh hello. Thank you for this opportunity. Am I audible? 28:17 28 minutes, 17 seconds Uh yes, Chinmai. Please be a little louder though. Thank you. Hello. Is this better now? Yes. 28:24 28 minutes, 24 seconds Yes. Uh thank you sir. Uh my first question is regarding the AITA. Uh as we can see the AITA for the full year FI26 28:31 28 minutes, 31 seconds has grown by 16% Y and AITA margins are improving to you know 11% despite 28:37 28 minutes, 37 seconds largely flat quarterly revenue performances. 28:42 28 minutes, 42 seconds So what were the major drivers behind the sharp profitability and how sustainable are those margins going forward? 28:52 28 minutes, 52 seconds Yeah. Uh Chinme uh thanks Deepak here. 28:56 28 minutes, 56 seconds If you can see the break up on yearon-year basis the gross margin gross profit has increased by 2%. from last 29:04 29 minutes, 4 seconds year. That is one lever uh at adding to the AITA improvement that comes on a 29:12 29 minutes, 12 seconds back of the operating efficiency which we had mentioned in the last uh call with the integration of express and CL 29:21 29 minutes, 21 seconds that there would be uh there are opportunity to do that also if you can see the employee expense and other other 29:29 29 minutes, 29 seconds uh expenses there has been a significant uh rationalization which has really helped uh the company 29:39 29 minutes, 39 seconds to get into the EITA trajectory which we were aspiring that has given the 16% 29:46 29 minutes, 46 seconds growth. So it's a combination of both on the cost though we understand the revenue has uh has been a 5% growth uh 29:56 29 minutes, 56 seconds on a combination if you see CL had grown exceptionally well and express has remained flat but on overall the EITA 30:04 30 minutes, 4 seconds value creation has happened at 16% growth correct but uh as we see the quarter 4 30:11 30 minutes, 11 seconds performance uh on the topline basis it's largely flat uh So just getting to know from your side like uh how are we seeing 30:20 30 minutes, 20 seconds this going forward like uh do you see this margins to be maintained or like what kind of trend can we expect? 30:28 30 minutes, 28 seconds Yeah. So the trend uh you want the trend continues to be uh uh favorable. We are 30:36 30 minutes, 36 seconds seeing uh from the month of March onwards the bent up volume which is happening uh even March April uh last 30:47 30 minutes, 47 seconds quarter if you see Jan uh Jan and Feb we had the a flattish kind of month but the 30:55 30 minutes, 55 seconds volume trend is uh at par with the with the industry levels. Coupled with that we had done uh what Kaitan mentioned in 31:03 31 minutes, 3 seconds the opening remarks about the price action that has uh that is giving us uh 31:10 31 minutes, 10 seconds revenue bumper. So mix of that uh the reaction will be uh visible in this uh 31:17 31 minutes, 17 seconds Q1 of this year. Anything Ken you want to add? 31:20 31 minutes, 20 seconds No I think uh you kind of covered it. Uh we are very optimistic about 31:26 31 minutes, 26 seconds Q1 FY27 numbers and uh as I said earlier on the call uh growth uh is the only 31:34 31 minutes, 34 seconds elixir of the business going ahead and to qualify it uh profitable growth. So you'll only see improvement uh in margin. 31:46 31 minutes, 46 seconds Thank you. Thank you. uh I would like to point out with respect to express volumes uh they remain largely flat 31:53 31 minutes, 53 seconds during FI26 with surface express volumes you know with much moderation frequentially. So what were the key 32:00 32 minutes demand challenges that during the year that we have faced and what does the management expect with respect to volume acceleration? 32:09 32 minutes, 9 seconds Yeah, express uh volumes uh if you see were about uh 32:17 32 minutes, 17 seconds yeah about what you 12 lakh 23,000 32:26 32 minutes, 26 seconds Q1 Q there is a growth here was flat but if you see the Q1 Q uh 32:36 32 minutes, 36 seconds they're up about 2% And uh that's uh and at the same time if 32:43 32 minutes, 43 seconds you uh compare that to the revenue you'll see a better uptick on uh revenue 32:51 32 minutes, 51 seconds uh and that kind of uh reflects the focus uh we had have on bringing quality revenue quality customers that impact 33:01 33 minutes, 1 second the margins. So those are the calls we took. uh we went more after profitable 33:08 33 minutes, 8 seconds customers uh we even weeded out a few nonprofitable customers. So we did that calibration and uh as we start Q1 we are 33:17 33 minutes, 17 seconds very uh in a very comfortable place that uh all customers that we uh do business with are uh going to add to our profit 33:26 33 minutes, 26 seconds margins uh going ahead. So we had to uh recalibrate a few uh segments and customers and that's what we have done. 33:34 33 minutes, 34 seconds Hence you'll see that revenue growth is higher than the average growth. 33:42 33 minutes, 42 seconds Got it. So uh but as as we are coming to consultative logistic revenue uh it has 33:48 33 minutes, 48 seconds grown by you know 17% Y by FI26 significantly outperforming the overall business. So which sectors and service 33:57 33 minutes, 57 seconds offerings are driving this momentum and does the manage management expect similar growth trends in FI27? 34:06 34 minutes, 6 seconds By similar I don't want to qualify the word but we will definitely see much better growths uh than you're seeing in 34:15 34 minutes, 15 seconds uh the year gone by and in the uh quarter on quarter of last year to this year on the express type of the business. 34:25 34 minutes, 25 seconds Yeah. And which sectors and service offerings offerings are driving this momentum? 34:29 34 minutes, 29 seconds Sorry, which sectors and service offerings are driving this momentum? 34:34 34 minutes, 34 seconds Okay. So, the momentum uh being driven largely by our surface business. Uh but air will also be a continuing focus. 34:46 34 minutes, 46 seconds And uh yeah, this is on the express side you asked me, right? Or the CL side? 34:53 34 minutes, 53 seconds Express sorry express. Yes. 34:58 34 minutes, 58 seconds Yeah. Uh so surface will be the growth uh driver on the product side uh with tonnage uh as the focus area and the 35:07 35 minutes, 7 seconds sectors that are essentially driving this is uh auto and engineering pharma and also diversified uh industries. 35:18 35 minutes, 18 seconds These are the three sectors we're seeing the growth on. 35:22 35 minutes, 22 seconds Okay. And one last question from my side. Uh the company has allocated strong traction e-commerce and quick commerce and cluster focus expansion strategy during FI26. 35:32 35 minutes, 32 seconds Uh how are these initiatives contributing to customer acquisitions, wallet share expansion and maybe market share gains as well. Can you share some light on that? 35:42 35 minutes, 42 seconds Sure definitely. uh the e-commerce and quickcommerce uh business uh that you're referring to 35:51 35 minutes, 51 seconds uh happens on the consultative logistics side. So we run sort centers uh 35:58 35 minutes, 58 seconds fulfillment centers uh crossdoc centers for all the large e-commerce and quick 36:05 36 minutes, 5 seconds commerce uh businesses. So if you draw a list of the top three e-commerce players in the country, we do the business with 36:13 36 minutes, 13 seconds them. If you draw the list of the top three quickcommerce companies in the country, we do business 36:20 36 minutes, 20 seconds with them. So this is this is essentially on the CL side. Uh on the express side, we don't do any uh B2C 36:28 36 minutes, 28 seconds deliveries for quick commerce or e-commerce. 36:33 36 minutes, 33 seconds Sure. That's it from my sir. Thank you so much for your time and all the best going ahead. 36:39 36 minutes, 39 seconds Thank you so much for your wishes and your time. 36:43 36 minutes, 43 seconds Thank you. A reminder to all participants, please press star and one to ask a question. 36:58 36 minutes, 58 seconds Ladies and gentlemen, as there are no further questions for today, I would now like to hand the conference over to Mr. 37:03 37 minutes, 3 seconds Ketan Kulkarnney for the closing remarks. 37:08 37 minutes, 8 seconds Thank you. Thank you very much and uh it was great interacting with everybody on the conference and we look forward to 37:17 37 minutes, 17 seconds your continued support and participation uh on our next uh earnings call. Thank you everybody. 37:26 37 minutes, 26 seconds Thank you uh Deepak to everybody for participation. Thank you. 37:33 37 minutes, 33 seconds Thank you. Thank you everybody. 37:36 37 minutes, 36 seconds Ladies and gentlemen, on behalf of All Cargo Logistics Limited, that concludes this conference call. Thank you for joining joining us and you may now disconnect your lines.