Blue Water Logistics Ltd — Q4 FY26

Blue Water Logistics Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=p9dOyjbRwhk Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 FI26 earnings conference call of Bluewater Logistics Limited hosted by XP4 Advisory. 0:13 13 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:20 20 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:29 29 seconds note that this conference is being recorded. I now hand the conference over to Mr. Agam Sha from XB4 Advisory. Thank you and over to you. 0:39 39 seconds Thank you. Uh good evening everyone and welcome to the Q4 FI26 earnings conference call of Blue Water Logistics 0:46 46 seconds Limited. Today on this call we have with us Mr. Lit Panda who is the managing director of the company and Mr. Pra 0:53 53 seconds Pravin Gundar who is the chief financial officer of the company. Uh this conference call may contain few forward-looking statements about the 1:01 1 minute, 1 second company which are based on beliefs, opinions and the expectations. As of today, actual results may differ. The uh 1:08 1 minute, 8 seconds the statement are not guarantee of the future performance and involve risks and uncertaintities. With this I now hand over the call to Mr. Lalit uh for his opening remarks. Over to you sir. 1:20 1 minute, 20 seconds Good evening everyone. Uh thank you for joining us on Blue Water Logistics Limited quarter 4 and 4 year 26 earning 1:28 1 minute, 28 seconds conference call. Uh it's our first earning call post uh successful listing on NCSM platform on 3rd June 2025. 1:38 1 minute, 38 seconds This moment is indeed a significant milestone for all of us. We are grateful to our investors, our stakeholders and 1:46 1 minute, 46 seconds well wishes for the trust and confidence you have placed in us. Let me begin by providing a brief overview of the company. 1:55 1 minute, 55 seconds Bluewater logistics started its journey in 2010 with a vision to build a reliable, integrated and customer 2:04 2 minutes, 4 seconds ccentric logistics platform capable of delivering end-to-end supply chain solutions across multiple modes of 2:11 2 minutes, 11 seconds transportations. Over the years, we have steadily evolved from a regional logistics player into a growing 2:18 2 minutes, 18 seconds multimodal logistics company presence across key Indian states and expanding international operations. We are 2:27 2 minutes, 27 seconds headquartered in Hyderabad and have steadily expanded our branch network across key locations including Chennai, 2:35 2 minutes, 35 seconds Delhi, Jaipur, Bisakapatnam, Bengaluru, Mumbai and Gandhi as well as internationally through our presence in 2:44 2 minutes, 44 seconds Dubai. We also continue to strengthen our partnerships and international across more than 28 countries. We 2:52 2 minutes, 52 seconds provide comprehensive logistics solutions including OSM credit, NBC tank container logistics, air braid, customs 3:01 3 minutes, 1 second clearance, road and rail freight and other value added services under one integrated platform. 3:09 3 minutes, 9 seconds One of the biggest strengths of our business is the scale and infrastructure we have built over the years. As of year 3:17 3 minutes, 17 seconds 26, we have expanded to more than 17 gate ISO tank containers along with 100 3:23 3 minutes, 23 seconds plus containers 12 enabling us to efficiently manage liquid cargo transportation and domestic logistics 3:32 3 minutes, 32 seconds requirements respectively. Over the years, we have established long-standing relationship with reputed domestic and 3:39 3 minutes, 39 seconds multinational customers across a diverse range of industries including chemicals, pharmaceuticals, textiles, 3:48 3 minutes, 48 seconds confectionary, industrial manufacturing and several other sectors reflecting the trust in our service capabilities and 3:56 3 minutes, 56 seconds execution strength. Our focus has always been on reliability, service quality, compliance and timely educations which 4:05 4 minutes, 5 seconds has helped us create long-standing customer relationship and recurring business opportunities. 4:12 4 minutes, 12 seconds I am also happy to share that for year 26 has been a transformational year for blue water logistics. We have delivered 4:20 4 minutes, 20 seconds revenue of 386 crores nearly doubling our 4 year 25 revenue of 196 crores. a 4:27 4 minutes, 27 seconds growth of 97% yearonear while AITA grew by 134% to 44 crores and profit after 4:35 4 minutes, 35 seconds tax grew by 135% to 25 crores. This growth was driven by strong demand 4:42 4 minutes, 42 seconds across our core logistics vertical, expansion of our asset base, growing customer share, addition of new 4:50 4 minutes, 50 seconds corporate clients to our customer portfolio, increased contribution from higher margin segments such as the NBC 4:58 4 minutes, 58 seconds is tank container division and rising business from high growth regions such as Telangana, Gujarat and Maharashtra. 5:06 5 minutes, 6 seconds Our ocean thread business which contributed approximately 70% of total revenue continued to scale steadily 5:14 5 minutes, 14 seconds through strong lineup partnership and expanding customer. 5:19 5 minutes, 19 seconds The MBC ISO tank container division has grown to 8% of total revenue and delivered healthy growth supported by a 5:28 5 minutes, 28 seconds fleet of 158 tanks. Airfight also emerged as a key growth driver during the year with its revenue contribution 5:36 5 minutes, 36 seconds increasing significantly from 1% in FY25 to 30% 13% in FY26 5:45 5 minutes, 45 seconds backed by our exclusive partnership with Turkish Airlines. 5:49 5 minutes, 49 seconds Purchase rate custom clearance and other value added services continue to provide stability to our diversified revenue mix. 5:59 5 minutes, 59 seconds A key strength of our business remain the quality our client portfolio compromising prominent corporates and 6:07 6 minutes, 7 seconds established multinational companies with consistent business volumes and long-term logistics requirement across industries. The diversified and 6:16 6 minutes, 16 seconds highquality customer mix not only provides strong revenue visibility and recurring business opportunity but also 6:24 6 minutes, 24 seconds supports better operational efficiency, stronger realizations and improved work working capital management. 6:32 6 minutes, 32 seconds Another key differentiator for our company is our strong operational discipline and customer credit quality. 6:40 6 minutes, 40 seconds We have maintained negligible bad depths and a healthy receivable recovery cycle which reflects our fluent customer 6:48 6 minutes, 48 seconds selections approach and strong relationship within the industries. 6:55 6 minutes, 55 seconds From a strategic perspective, we continue to focus on building asset back logistics platform with higher 7:03 7 minutes, 3 seconds operational control, scalable infrastructure and deeper customer integration. Our focus areas for the 7:10 7 minutes, 10 seconds coming years include expanding our international presence across strategic trade positive with planned expansion 7:18 7 minutes, 18 seconds into Indonesia, Vietnam, Malaysia, Thailand and China which are fast growing manufacturer and trade hub that 7:28 7 minutes, 28 seconds offer significant opportunities for Indian trade proer strengthening our airto-air trade operation through additional airline partnerships. 7:38 7 minutes, 38 seconds Diversifying into dry containers and project cargo. Enhancing operational efficiency through fleet expansions. 7:47 7 minutes, 47 seconds Deepening relationship with existing customers while onboarding new corporate clients. 7:54 7 minutes, 54 seconds During poor year 26, the global logistics industry operated in a challenging environment marked by 8:00 8 minutes ongoing geopolitical tensions, global trade disruptions, volatile trade movements, and broader microeconomic 8:09 8 minutes, 9 seconds headwinds that continue to impact supply chain across key markets. Despite these industrywide challenges, our company 8:18 8 minutes, 18 seconds demonstrated resilience and strong executions deliver healthy growth during the year supported by longstanding customer 8:27 8 minutes, 27 seconds relations, operational efficiency and expanding asset base and our growing domestic and international. 8:36 8 minutes, 36 seconds Our ability to offer integrated multiple logist multimodel logistics solution and maintain service reliability enabled us 8:45 8 minutes, 45 seconds to navigate market volatility effectively while continuing to strengthen our market position. 8:52 8 minutes, 52 seconds Looking ahead, India's freight and logistics industry is expected to witness strong long-term growth 9:00 9 minutes supported by government-led infrastructure investments across ports, roads and railways along with increasing 9:07 9 minutes, 7 seconds manufacturing activity and export growth across sectors such as chemicals, engineering, pharmaceutical, textiles 9:16 9 minutes, 16 seconds and industrial manufacturing. This evolve evolving industry landscape continues to drive sustained demand for 9:24 9 minutes, 24 seconds reliable multiodal transportation, specialized function logistics and integrated 9:31 9 minutes, 31 seconds solutions positioning companies with scalable network and diversified capabilities for long-term growth 9:38 9 minutes, 38 seconds opportunities. I would like to hand over the call to our newly appointed CFO Mr. 9:44 9 minutes, 44 seconds Pravin Kundar who will take you through the financial performance for the quarter end and full year ended 31st March 2026. Over to you Provin. 9:54 9 minutes, 54 seconds Thank you sir. Good evening everyone. 9:57 9 minutes, 57 seconds During quarter 4 FI26 the company delivered a strong operational and financial performance with the revenue from operations increasing by 157.7% 10:07 10 minutes, 7 seconds yearonear to 135.4 4 crores as compared to 52.5 crores in quarter for FI25. Aida 10:14 10 minutes, 14 seconds for the quarter stood at 15.4 crores reflecting a healthy growth of 113% over the corresponding quarter last 10:21 10 minutes, 21 seconds year. A beta margin for quarter 4 FI2 stood at 11.4%. 10:26 10 minutes, 26 seconds Profit after tax for the quarter grew by 111.8% year on year to 9.2 cr compared to 4.3 crores in same period last year. 10:35 10 minutes, 35 seconds That purchase stood at 6.8% during the quarter. For FI26, the company reported revenue from operations of 3 386 crores, 10:44 10 minutes, 44 seconds registering an impressive growth of 96.8% over FI25 revenue of 196.2 crores. 10:51 10 minutes, 51 seconds AITA for the year stood at 44 crores, reflecting a strong growth of 123.9% yearonear while AITA margin improved by 10:59 10 minutes, 59 seconds 180 basis points to 11.4% from 9.6% in FI25. 11:05 11 minutes, 5 seconds Profit after tax for FI26 to date 25.2 crores as compared to 10.7 crores in FI25 registered a strong growth of 11:14 11 minutes, 14 seconds 135.4% yearonear margin improved by 100 basis points to 6.5%. 11:21 11 minutes, 21 seconds Reflecting improved operating efficiencies, better scale utilization and discipline execution across the business. A strong financial performance 11:29 11 minutes, 29 seconds reflects the resilience of our business model supported by healthy demand across logistics verticals, expanding operational capabilities, a growing 11:37 11 minutes, 37 seconds asset base and our continued focus on scalable and profitable growth. With that, I would now like to open the floor for question and answers. 11:47 11 minutes, 47 seconds Thank you sir. 11:49 11 minutes, 49 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on 11:56 11 minutes, 56 seconds your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. 12:03 12 minutes, 3 seconds Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 12:18 12 minutes, 18 seconds The first question comes from the line of part with IDBI capital. Please go ahead. 12:25 12 minutes, 25 seconds Hi sir. Uh firstly congrats on my set of numbers. Uh am I audible? Yeah. Yeah you are audible please. 12:34 12 minutes, 34 seconds So we are uh I think we have diversified into containers and project cargo. So could you help me with the guidance on 12:42 12 minutes, 42 seconds that like what are the sort of strategies that we'll be following? 12:47 12 minutes, 47 seconds Uh look we are already in the logistics industry. We have been doing this forwarding since last 16 years. So as a 12:55 12 minutes, 55 seconds next step of growth we decided to start the ISO tank containers which we we have already started last year. This year we 13:02 13 minutes, 2 seconds are thinking to means we are planning to go ahead with the dry box logistics. We will be purchasing our own plate of 13:10 13 minutes, 10 seconds containers. Uh that will help us to grow further and it will help us to grow internationally like we are planning to start Malaysia, Thailand, China, 13:19 13 minutes, 19 seconds Vietnam, Indonesia and other parts. So it will help us grow in that region along with India. 13:27 13 minutes, 27 seconds So u if my understanding is correct, we are entering carbon containers in Southeast Asia. 13:38 13 minutes, 38 seconds Yeah, we are special we are starting into Southeast Asia, Middle East and Red Sea countries. 13:46 13 minutes, 46 seconds Okay, understood. Uh my second question more FI 2010 guidance. 13:52 13 minutes, 52 seconds Uh what are you looking at in terms of next year in terms of topline as well as aa? 13:58 13 minutes, 58 seconds Uh look, we are very confident of uh continuing the same growth what we had this current year. We are confident of 14:06 14 minutes, 6 seconds achieving it next year also. The same kind of growth what we are seeing now. 14:12 14 minutes, 12 seconds So um like almost double doubling your growth. Is that possible? 14:19 14 minutes, 19 seconds Yes. Almost like this. 14:22 14 minutes, 22 seconds Okay. Okay. Understood. Once again comrades. Thank you. Thank you. Thank you. 14:30 14 minutes, 30 seconds Thank you. 14:31 14 minutes, 31 seconds The next question comes from the line of Deepak Potar with Sapphire Capital. Please go ahead. Yeah, I'm audible sir. 14:39 14 minutes, 39 seconds Yeah. Yeah. Yeah. Thank you very much sir for this opportunity and many congratulation on good set of numbers. 14:45 14 minutes, 45 seconds Um sir I also tank I wanted to understand I think currently we have a fleet of close to 1,700 close right 14:53 14 minutes, 53 seconds around 1,700 something. So so so what's the addition plan on ISO tanks? I mean this year and next year. 15:01 15 minutes, 1 second Uh look we are very carefully planning because uh center is global like this for Southeast Asia, Middle East. 15:14 15 minutes, 14 seconds So I operate to European and South African ports also. 15:19 15 minutes, 19 seconds So we are just monitoring this what we are getting. 15:23 15 minutes, 23 seconds Alex sir I'm sorry to interrupt uh your voice is not coming very clear sir. 15:28 15 minutes, 28 seconds Yeah, there is actually some uh disturbance outside. Uh yeah, is it clear now? No, no, it's clear. Yeah. 15:36 15 minutes, 36 seconds Yeah, actually we are just uh looking at the 1708 that we are having. Uh we are reviewing 15:43 15 minutes, 43 seconds it for next three 3 months then we'll be again expanding it. Mhm. And it happens 15:49 15 minutes, 49 seconds to everybody not only ISO or drive also we need to buy a certain number of fleet then we have to review it quarterly and increase the number of containers. 16:00 16 minutes Okay. Okay. Okay. I but but any any vision we have any any view I mean next two three years where we want to take it. 16:08 16 minutes, 8 seconds Yes. Yes. Within next 3 years we are planning 5,000 plus 5,000 plus 5,000 plus tanks. Okay. Okay. 16:16 16 minutes, 16 seconds Yes sir. 16:16 16 minutes, 16 seconds Understood. And you you were mentioning about some high higher margin business. 16:20 16 minutes, 20 seconds I mean what how would you categorize? I mean is air freight or NVOCCR your higher margin category? 16:28 16 minutes, 28 seconds Uh look air freight and freight forwarding is a day-to-day job. Uh means and ISO and dry container division is a 16:35 16 minutes, 35 seconds higher margin business for us going forward. 16:39 16 minutes, 39 seconds ISO is a niche market. uh but again uh it is like 5% of entire uh export import market of the world. 16:47 16 minutes, 47 seconds Okay. So so NBC and dry container is is where the high margins are right. Yes. Yes. 16:53 16 minutes, 53 seconds Okay. Okay. Understood. So and and and and for I mean this year FI26 I think we were at about 6 and a half% pat margins right so so how should one look at your margins in FI27? 17:04 17 minutes, 4 seconds We are looking to uh maintain plus have some growth on this. I mean six and a half% with some improvement. 17:12 17 minutes, 12 seconds Yeah, it will be definitely coming plus we are looking at growing at it. 17:18 17 minutes, 18 seconds Okay. Okay. Understood. And and and and just one last thing from my side this global situation I mean you have been very resilient in FI26 but how how how 17:27 17 minutes, 27 seconds you going to look at now this first half of first quarter FI27 and going ahead how how you going to look at the global 17:34 17 minutes, 34 seconds impact on us? Yeah, look our new year has started very well. 17:39 17 minutes, 39 seconds We have got very good numbers uh means number of business that we are doing right now. 17:45 17 minutes, 45 seconds Uh so it is not a challenge for us. In fact, it is giving us a opportunity to grow because the disruption somewhere is creating opportunity somewhere else. 17:54 17 minutes, 54 seconds Mhm. 17:57 17 minutes, 57 seconds Okay. Okay. So we I mean global situation is not at all impacting. No no it is not impacting. 18:04 18 minutes, 4 seconds Okay. Great. Great. I mean very heartening to hear that and would like to wish you all the very best and that would be it from my side. Thank you so much. 18:10 18 minutes, 10 seconds Thank you. Thank you. 18:13 18 minutes, 13 seconds Thank you. The next question comes from the line of Weber Loya. Let's see FM. Please go ahead. 18:21 18 minutes, 21 seconds Uh thanks for the opportunity. Uh so I'm glad to understand that receivables have been uh increased significantly compared to the previous. So like uh how do you 18:31 18 minutes, 31 seconds plan to manage this because in terms of revenue growth also if I compare that the percentage increase in trade 18:38 18 minutes, 38 seconds receivable 18:53 18 minutes, 53 seconds the business uh growth uh uh exponentially in the second half of the year last quarter a huge business. So 19:01 19 minutes, 1 second all the receivables are from the our new uh customers which has been uh piled up in the month of March. So in the coming years we will improve it. 19:11 19 minutes, 11 seconds Okay, understood. So uh when can we expect the uh cash flow turning positive because I understand you are in a growing phase for next few years. So 19:20 19 minutes, 20 seconds like uh when do you plan to see the cash flow getting better? 19:24 19 minutes, 24 seconds Uh yeah exactly this we are into in the growing phase obviously in the current uh in current financial year as well as in the next financial year it will 19:32 19 minutes, 32 seconds improve it will turn positive possibly yeah okay I see and uh there was a guidance 19:39 19 minutes, 39 seconds of I think uh doubling the revenue for next financial year and around 1,800 was FI28 in the call if I'm not mistaken. 19:50 19 minutes, 50 seconds Yeah, look, we are on the path of doubling the revenue and uh top line, bottom line for the next year and we we 19:58 19 minutes, 58 seconds hope that it will continue this for the next coming years. 20:02 20 minutes, 2 seconds Okay. So, we can expect this doubling for the next 3 to four years at least, right? 20:08 20 minutes, 8 seconds Yes. Because what happens now? We are just coming up with the air cargo. We are we are yet to expand in the air cargo. We are coming up with the new 20:16 20 minutes, 16 seconds partnerships with other airlines which will help us grow in the air cargo division. Then we are just starting with the NBC. We will be starting NBC later 20:24 20 minutes, 24 seconds on this year. So it will give us a very good prospective for the next year. 20:30 20 minutes, 30 seconds So the platform is set for the next two to three years for us for the growth. 20:35 20 minutes, 35 seconds Okay. So you are saying that for the next two years you're very confident of achieving 100% plus growth target. Yes. Yes. 20:44 20 minutes, 44 seconds Okay. And the margins will also maintain and even improve as you mentioned before. 20:48 20 minutes, 48 seconds Yes, the the margins will definitely be maintained and we are expecting that it will improve further. 20:55 20 minutes, 55 seconds Okay. Okay. Understood. And so one thing I wanted to understand that you're targeting a very aggressive growth. So like how do you plan to fund your working capital and your asset base as 21:04 21 minutes, 4 seconds well because I can see a sharp increase in fixed asset as well. So how do you plan to maintain uh the liquidity positions in your company? Yeah, we are 21:13 21 minutes, 13 seconds already tied up with city bank and we are getting tied up with few other banks. They as of now we are um they are 21:20 21 minutes, 20 seconds okay we providing us the funds for the age of as we require. So we are just posting the numbers and they are helping 21:27 21 minutes, 27 seconds us with the funds as on when we require we'll be taking funds from them to meet the liquidity. 21:35 21 minutes, 35 seconds Okay. Okay. Got it. And uh the ROC numbers have decreased from uh 41% 21:42 21 minutes, 42 seconds previous year to 31% this year. So like uh what type of ROC do you expect like you entering into NOCCC and then the LGO 21:50 21 minutes, 50 seconds business as well. So like uh what do you think the ROC is going to look like going ahead? Uh Pent. 21:58 21 minutes, 58 seconds Yes. So this will be maintained or may improve in the coming years sir. 22:04 22 minutes, 4 seconds Okay. Okay. Thank you for answering my question. relevant for future. Yeah. Thank you. 22:11 22 minutes, 11 seconds Thank you. The next question comes from the line of AIT Mahandle with Robo Capital. Please go ahead. 22:19 22 minutes, 19 seconds Hello. Uh my first question is on customer acquisition. Sir can you uh elaborate on how are we acquiring customers like to double the revenue? 22:28 22 minutes, 28 seconds What is a go to market strategy? How do we acquire? 22:31 22 minutes, 31 seconds Yeah. Uh actually we work with a um proper mindset, proper strategy like we we are almost the industry leaders in 22:40 22 minutes, 40 seconds confectionary all over India. So many confectionary customers we carry all over India. So it is all the 22:48 22 minutes, 48 seconds confectionary confectionary customers they know us very well. So we are targeting the customers which we are not carrying. So it becomes easy for us to 22:57 22 minutes, 57 seconds take the business. Similarly like we are into this ISO tank containers we are targeting the chemical industry chemical manufacturers. So we have the product we 23:07 23 minutes, 7 seconds have our vehicles it becomes easy for us to capture direct customers related to chemicals. That is why we are starting this project containers also to get into 23:16 23 minutes, 16 seconds the project cargo industry especially uh plant manufacturers then machinery manufacturers. 23:25 23 minutes, 25 seconds So it's just planning and executions we are doing sector wise right and on the ISO container revenue 23:33 23 minutes, 33 seconds what was the FI26 revenue and what do you expect it to be 27 28 uh look FI 26 we had around 8% of the 23:42 23 minutes, 42 seconds total revenue uh from ISO going forward in the next year we are expecting close to 20%. 23:53 23 minutes, 53 seconds Okay. So my last question is also you know RO is quite healthy you know ROC or RO and almost I mean very few companies 24:00 24 minutes in the industry are doing that type of RO. So what is the secret source? What exactly are we doing that the peers are not there? 24:09 24 minutes, 9 seconds Uh look there are many many industries logistics companies in India. Uh the uh what unique features we have is end toend logistics. We have our own fleet. 24:21 24 minutes, 21 seconds We have our own containers. We have own custom clearance and we have direct relationship with shipping carriers. And 24:28 24 minutes, 28 seconds also we have a strong partner base in other countries. So we we are giving end to end like picking cargo from the 24:34 24 minutes, 34 seconds factory in India to delivering the cargo at consigni warehouse or place wherever they want. So that is make most of the 24:43 24 minutes, 43 seconds activities are inhouse that is giving us the extra margin or extra jing or the extra whatever you say in the industry 24:51 24 minutes, 51 seconds and there are not many players in India who are having all the products with them you can hardly count them 25:00 25 minutes right sir and my last question is on the operating cash flow like we were negative this year largely because of data how do you see that going forwards 25:10 25 minutes, 10 seconds like data is like incrementally suppose we add say 300 crores of revenue you know what because currently if I look at it like I think even an earlier part 25:19 25 minutes, 19 seconds would ask similar question you know this year we added about 200 crores of topline data increased by about 100 crores 25:26 25 minutes, 26 seconds so you know almost 6 months of uh sales is in dattors no no uh yes sir it's not six months 25:35 25 minutes, 35 seconds it's just 90 days 90 or 100 days is in uh outstanding But uh this because of most of the customers are onboarded in the month of 25:43 25 minutes, 43 seconds March the last quarter. If you see the result uh we have did did very well in the second half and mainly in the last 25:51 25 minutes, 51 seconds quarter. So all those uh customers is outstanding and we will recover it in in time and going forward we will improve our data. 26:02 26 minutes, 2 seconds All right sir. Okay that's it from mine. Thank you. Okay. 26:10 26 minutes, 10 seconds Thank you. The next question comes from the line of Vishal B with Paris. Please go ahead. 26:22 26 minutes, 22 seconds Val, your line has been unmuted. Please go ahead with your question. 26:33 26 minutes, 33 seconds As there's no response, we'll move on to the next question. 26:37 26 minutes, 37 seconds It's on the line of Sesh Kumar and individual investor. Please go ahead. 26:42 26 minutes, 42 seconds Yeah. Hello. Yes. Thanks for the opportunity. 26:45 26 minutes, 45 seconds Congrats for the good numbers. Like I have a question like sir, how is our fleet currently navigating the security situation in states of form? Like are we 26:52 26 minutes, 52 seconds are we rerouting any cargo direction for Dubai and Kuwait of the region and like what percentage of our current revenue 26:59 26 minutes, 59 seconds derived from this uh trade end like armos? 27:04 27 minutes, 4 seconds Uh look first of all uh we don't have any assets in Hormuz and there is no assets going in that direction towards 27:12 27 minutes, 12 seconds Hormuz or in that area. Uh most of the business that we are doing in that area is paid forwardings and uh only ISO fuel 27:20 27 minutes, 20 seconds tanks are there in Saudi most of the ISO tanks are in China and other regions. So we have asset wise we are not at all 27:28 27 minutes, 28 seconds affected by the ongoing hormone tensions. Uh but yes uh freight forwarding we have been doing good numbers to Hormuz and uh it it is being 27:37 27 minutes, 37 seconds rooted through Corpan which is in the other side of the Hormuz and uh Saudi Arabia, Qatar and all they 27:45 27 minutes, 45 seconds [clears throat] are in the other side of the hormone. So they are not much much affected the affected areas lies uh inside the hormones which we are not at all doing right now. 27:55 27 minutes, 55 seconds Okay sir. Okay. Thank you. Thank you sir. 27:59 27 minutes, 59 seconds Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. 28:08 28 minutes, 8 seconds The next question comes in the line of Ishal B with Prasoon Exponentials. Please go ahead. 28:16 28 minutes, 16 seconds Hello. Uh am I audible? 28:19 28 minutes, 19 seconds Yes, please. [clears throat] Uh thank you so much for the opportunity. Uh so my question is regarding the capeex that uh you have 28:26 28 minutes, 26 seconds planned for FI27 uh particularly towards like fleet expansion containers traders uh and 28:33 28 minutes, 33 seconds infrastructure development. So what kind of capex are we planning for FI27? 28:40 28 minutes, 40 seconds Uh first of all regarding the containers that we are not purchasing the containers on outright. We are 28:47 28 minutes, 47 seconds negotiating a deal with the Chinese manufacturer uh for a EMI basis like suppose I am taking 1,000 containers at 28:55 28 minutes, 55 seconds a time. I'll be paying the amount in equal just like in EMIs. How we pay the home loan EMI? The same way we are 29:04 29 minutes, 4 seconds planning for a 7-year or 5 years repayment which will not 29:08 29 minutes, 8 seconds [clears throat] 29:08 29 minutes, 8 seconds uh for that we don't need capex it will be derived from the day-to-day working capitals or uh the billing cycle 29:16 29 minutes, 16 seconds it will be taken care of and regarding the vehicle we are already taking finance from the banks uh for the vehicle purchase and the body purchases 29:25 29 minutes, 25 seconds and it will be also putting into MIC so capex is not required for both oh uh That's actually very great sir. Uh 29:34 29 minutes, 34 seconds another question I had is regarding the plans to you know uh enter into additional specialized logistics 29:41 29 minutes, 41 seconds segments. Uh currently I guess we have ISO tanks, dry containers and project 29:47 29 minutes, 47 seconds cargo. So are we doing any like uh do we have any plans to enter into such pressurized logistics? 29:56 29 minutes, 56 seconds Uh sorry I didn't get to uh so as in uh do we have any plans to enter into specialized logistics 30:03 30 minutes, 3 seconds segments you know beyond our ISO tanks and dry containers? Uh uh look yes in shipping industry the 30:12 30 minutes, 12 seconds specialized divisions are ISO project cargo and refer containers. These are the three spec specialized divisions. 30:20 30 minutes, 20 seconds Already we are into ISO. We are trying to enter into the project cargo. uh only remains is the referral segment which uh 30:28 30 minutes, 28 seconds we have not yet planned. Maybe in future we may plan for that but not right now. 30:34 30 minutes, 34 seconds Oh okay. Thank you so uh that that answers my questions. Okay. Thank you. 30:42 30 minutes, 42 seconds Thank you participants. If you wish to ask a question you may press star and one. The next question comes from the line of sh Aurval with Globe Securities. 30:53 30 minutes, 53 seconds Please go ahead. 30:56 30 minutes, 56 seconds Hello. Um, thank you so much for the opportunity. Firstly, uh, am I audible? Yeah. Yeah, please. 31:03 31 minutes, 3 seconds Yeah. So, my question is that could you provide more details on your partnership with Turkish Airlines in the air cargo segment and the business opportunity that you expect from this arrangement? 31:15 31 minutes, 15 seconds Yeah. Uh, Hyderabad is known for a pharmaceutical hub. uh there is lot of pharmaceutical customers at Hyderabad. 31:23 31 minutes, 23 seconds So strategically it is a Hyderabad is a very big point for all the uh carriers who are operating to Europe and uh USA 31:31 31 minutes, 31 seconds sectors. So Turkish Airlines is one of the prominent airlines who is serving uh daily basis from Hyderabad to USA and uh 31:40 31 minutes, 40 seconds European um airports. So um by seeing their service and the uh fleet size and 31:47 31 minutes, 47 seconds all we decided to parters partner with Turkish airlines. Now we are getting exclusive contracts from Turkeys to work 31:54 31 minutes, 54 seconds out for uh the few airports there we are already handling for the PMA customers and based on that we are targeting new 32:01 32 minutes, 1 second customers like ready labs granules India uh MSN labs and few more customers. We are hopeful that it will be starting 32:09 32 minutes, 9 seconds within next few months. So definitely Turkish Airlines give us more um reliability and reachability to target new customers. 32:19 32 minutes, 19 seconds Okay. Okay. Got it. And uh my second question is that in the past you have spoken about expanding into markets like 32:27 32 minutes, 27 seconds Vietnam, Indonesia, um Thailand, Malaysia, China from the you know these Asian countries. So could 32:34 32 minutes, 34 seconds you discuss the timeline and strategy as to when are you planning on entering these? 32:40 32 minutes, 40 seconds uh look uh Thailand uh and Vietnam will happen very soon. We are expecting that it will be completed and also Indonesia 32:48 32 minutes, 48 seconds within the next two months. Uh then uh our next plan is Malaysia and China. 32:54 32 minutes, 54 seconds Hopefully we'll complete it by before this year end. 32:58 32 minutes, 58 seconds Okay. Okay. Got it. Got it. And if I could squeeze in one last question. So what I wanted to ask is how was the 33:05 33 minutes, 5 seconds recent volatility in global freight rates amidst the global tensions that were going on impact and how has it 33:13 33 minutes, 13 seconds impacted your margins pricing and customer demand trends? 33:18 33 minutes, 18 seconds Uh look uh our business is not that affected. In fact we have planned very carefully uh to handle our shipments. Of 33:26 33 minutes, 26 seconds course the pricing has gone up but along with the pricing the profitability also has gone up. So it is not a issue at all 33:34 33 minutes, 34 seconds for us. Uh not only us, it is not an issue for many people because it's opportunity for us to grow. Okay. 33:42 33 minutes, 42 seconds Got it. Got it. Thank you. Thank you so much, sir. Thank you. Thank you. 33:49 33 minutes, 49 seconds Thank you. Ladies and ladies and gentlemen, if you wish to ask a question, you may press star and one. 33:59 33 minutes, 59 seconds The next question comes from the line of VOA. Please go ahead. 34:06 34 minutes, 6 seconds So thanks for the opportunity again. So I wanted to know uh what is the current state of receivables as of now? Like you said there was a big spike due to the 34:14 34 minutes, 14 seconds revenue recognition in March quarter. So like uh during March and it was around 141 crores. So like what is the uh what 34:21 34 minutes, 21 seconds is the collection out of the 141 crores till date? 34:26 34 minutes, 26 seconds Yeah, collection is improved. Uh it's the credit period is between 60 to 90 days. Uh and the previous March 34:34 34 minutes, 34 seconds collection is al almost is we in the recovery phase. So there's no issue with the correct receivables. 34:41 34 minutes, 41 seconds Uh can you please share numbers possible like how much of the 141 you receive as of now? 34:50 34 minutes, 50 seconds Yeah. 34:51 34 minutes, 51 seconds Yeah. Look, I wanted to tell one thing uh I just wanted to tell one thing on this uh this 141 cr that you are seeing. 34:58 34 minutes, 58 seconds Now last 3 months of the year like January, February, March, we did a turnover of close to 138 CR. So our 35:06 35 minutes, 6 seconds payment cycle is around 90 days 60 to 90 days. So uh it is matching that criteria. We are not into overload or we 35:14 35 minutes, 14 seconds have not enhanced the credit limits. It is same only uh and we are in a we are um collecting it as it is um means as 35:23 35 minutes, 23 seconds due dates are coming the numbers provin can tell you again. 35:28 35 minutes, 28 seconds Yeah. Almost 100 has been recovered so it is improving. 35:32 35 minutes, 32 seconds Okay. Thanks for the clarification and what is the cost of that as of now it's 10%. 35:42 35 minutes, 42 seconds 10%. Okay. And uh for future growth like uh you plan to mostly fund your growth via depth or like do you plan any funds as well by equity? 35:54 35 minutes, 54 seconds Yeah. As of now please go ahead. 35:58 35 minutes, 58 seconds Yeah. Yeah. At present we are planning from depth only. Okay. Thank you. Thank you. 36:10 36 minutes, 10 seconds The next question comes from the line of Nitan with Visionary. Please go ahead. 36:16 36 minutes, 16 seconds Hello. Good evening and uh congratulations for very good set of numbers. 36:22 36 minutes, 22 seconds Uh good evening. Thank you. Thank you Nitin G. 36:25 36 minutes, 25 seconds Basically my question is regarding uh the date part. 36:31 36 minutes, 31 seconds uh basically I want to understand like uh the industry what I have understood was some 60 days here so like our total 36:39 36 minutes, 39 seconds sales for the last quarter is around 140 cr and our total datas is 150 cr something right I want to understand 36:48 36 minutes, 48 seconds when we will reach that uh 60 days credit period or 75 days credit period so the datas should not improve much and 36:57 36 minutes, 57 seconds I also I want to understand the data aging how much over six months, how much over 3 months age of today and how 37:06 37 minutes, 6 seconds comfortable we are in datas because our cash flow also we need to check to grow. 37:12 37 minutes, 12 seconds So please uh give focus on this and explain. Yes sir. 37:19 37 minutes, 19 seconds Yeah as we have said earlier these letters are from the last quarter only. 37:24 37 minutes, 24 seconds As you said the last quarter we did 140 cr and the letter is also 140 cr almost. 37:29 37 minutes, 29 seconds So that's save 90 days average but these are the we have onboarded the new customers in the month of uh February and March and so that is the billing in 37:38 37 minutes, 38 seconds the month of March. Uh so we are improving it and we are recovering more than 6 month is something around 2 crores is more than 6 month that is 37:46 37 minutes, 46 seconds receivables we we are uh uh if we will recover it it's in the pipeline so there's no issue with that. 37:55 37 minutes, 55 seconds Okay. But just I want to understand again like 140 K sales out of sales we are in now May. I want to understand now 38:03 38 minutes, 3 seconds we are I think 26 May today. So is it whole 146 cr recovered or still pending? 38:11 38 minutes, 11 seconds Uh yeah I it's I think it's a 30 to 35% is already recovered. As I said this this most of the building was done in the month of March because we have 38:19 38 minutes, 19 seconds acquired new customers in the month of March as we opened new branches in Mumbai and uh uh Chennai and other 38:27 38 minutes, 27 seconds places. So there's a the new customers onboarded. So there's a new buildings. 38:31 38 minutes, 31 seconds So it is it is under recovery. Some of them 30 35% is already recovered and some building is been done. 38:38 38 minutes, 38 seconds So if we see today age on today how much datas we have a on today? It's difficult to tell right now sir. 38:47 38 minutes, 47 seconds No but approximate because of your two month sales is also there then data is also there. So just I want to understand total overall data s today is how much? 38:57 38 minutes, 57 seconds Uh sir for the for the exact data sir our team will get back to you. We'll just uh note down on this and they will 39:06 39 minutes, 6 seconds get back to you with exact data. And one thing just I wanted to tell you regarding this that uh in our industry 39:13 39 minutes, 13 seconds and the business what we are doing most of the customers uh 99% of the customers are into recurring business. It's not 39:20 39 minutes, 20 seconds that one customer is doing one export he is not doing anything after that. It's all monthly continued business cycle and 39:28 39 minutes, 28 seconds uh there is no such issue of any uh depth bed depths. It's very very negligible bed depths uh because of the recurring nature of the customers and 39:37 39 minutes, 37 seconds the uh label of customers. We are we are having lot of uh listed customers in our um business uh what we are doing with 39:46 39 minutes, 46 seconds them. So u we don't have any issue in uh recovery. It's all recurring. So you can understand what I mean to say about it. 39:54 39 minutes, 54 seconds Okay. Okay sir. Thank you. 40:02 40 minutes, 2 seconds Ladies and gentlemen, if you wish to ask a question to the management, you may press star and one. 40:12 40 minutes, 12 seconds The next question comes from the line of Shub Agarwal with Globe Securities. Please go ahead. 40:29 40 minutes, 29 seconds your line has been unmuted. Please go ahead with your question. 40:38 40 minutes, 38 seconds As there's no response, we'll move on to the next question. It's from the line of Amed Manal with Robo Capital. Please go ahead. 40:46 40 minutes, 46 seconds Thank you. So my question uh is on the uh you know on the lender side uh for the borrowings that we have what group 40:54 40 minutes, 54 seconds of uh lenders we have is it from public sector banks private? 41:02 41 minutes, 2 seconds Uh it it is mostly from banks only like applied or planning to apply. 41:09 41 minutes, 9 seconds Uh sir your boys got disconnected. Can you please repeat the question? Yeah, the first question was on the type of lenders that we are. Is it private 41:17 41 minutes, 17 seconds banks, public sector banks or NBC's? And secondly, what type of credit rating uh do we have? Have you applied for any rating? 41:26 41 minutes, 26 seconds Yes, we have tripleB plus rating u uh and uh most of our lenders like are 41:33 41 minutes, 33 seconds AIS bank, city bank and we are working working out with HSBC bank only these three. 41:40 41 minutes, 40 seconds Okay, sir. Perfect. And my last question is for the business uh like uh you know we have booked about 135 crores in uh 41:48 41 minutes, 48 seconds Q4. So is that all business directly from end customers or there is some aggregation business we have taken from some other uh freight forwarders etc. 41:58 41 minutes, 58 seconds No no it's all our major business is direct customers. Uh yes uh few business are from freight forwarders because in 42:06 42 minutes, 6 seconds our industry uh everybody is having uh two type of business B2B and B2C but our direct customer proportion is more than 42:14 42 minutes, 14 seconds um indirect customers. So sir any directional number on what is B2B share 42:20 42 minutes, 20 seconds out of 135 cr look it's almost 85% uh B2B 42:27 42 minutes, 27 seconds 85% B2B or B2C mean uh direct customers is almost 85%. 42:34 42 minutes, 34 seconds Okay, perfect. Okay, good. That's it from mine. Thank you. Thank you. 42:43 42 minutes, 43 seconds Thank you. A reminder to all participants that you may press star and one to ask a question. 43:00 43 minutes The next question comes from the line of ship Agarwal with Globe Securities. Please go ahead. Hello. Am I audible? 43:08 43 minutes, 8 seconds Yeah. Yeah. S please tell me. 43:10 43 minutes, 10 seconds Yeah. Thanks for the opportunity once again. My question was that among your various service offerings uh right now, which business segment currently 43:19 43 minutes, 19 seconds delivers the highest margins and uh what is the growth trajectory of that business? 43:25 43 minutes, 25 seconds uh look NBCC part is the highest uh revenue making for us and uh we we have we are just expanding into it like we 43:33 43 minutes, 33 seconds are starting our own dry containers very soon and we are expand expanding the ISO fleet going forward uh this year it is 43:40 43 minutes, 40 seconds approximately 8% next year we are expecting 20% of revenue from this segment and further as we go on 43:47 43 minutes, 47 seconds improving means next year next year it will be increasing on that okay Got it. That is great. And uh I 43:55 43 minutes, 55 seconds have one more question from my side that uh what is the expected revenue contribution trend for the air freight and ISO tank verticals for FI27? 44:07 44 minutes, 7 seconds Uh look ISO tank already I told you it comes under the NvC part. So right last year it was 8% this year we're expecting 44:15 44 minutes, 15 seconds 20% revenue from NBCC part and uh uh air was like 13% last year we are expecting it to grow to close to 30% this year. 44:27 44 minutes, 27 seconds Okay. Okay. Got it. Got it. Thanks a lot sir. Thank you. 44:34 44 minutes, 34 seconds Thank you participants. If you wish to ask a question, you may press star and one. 44:58 44 minutes, 58 seconds Thank you. 45:00 45 minutes As we have no further questions, I would like to hand the conference over to Mr. Leelith for closing comments. 45:06 45 minutes, 6 seconds Yeah. Yeah. Uh thank you all for joining us on today's earning calls. Uh we hope we have been able to address your 45:14 45 minutes, 14 seconds questions and provide clarity on our operational and financial performance. 45:18 45 minutes, 18 seconds Uh should do you have any further queries or wish to know more about Bluewater logistics. Please feel free to reach out to our investor relations 45:27 45 minutes, 27 seconds partners at XB4 Advisory. We appreciate your continued interest and support. 45:34 45 minutes, 34 seconds Thank you once again and take care. 45:38 45 minutes, 38 seconds Thank you on behalf of Bluewater Logistics Limited. That concludes this conference. Thank you all for joining us and you may now disconnect your lines. 45:47 45 minutes, 47 seconds Thank you.