Sachin Salgaonkar · Bank of America
directExpress parcel margin outlook and integration cost distribution
Let me begin with the first one in terms of margins, normative margins 16%-18% in the express business... There is no structural reason why margins gap out at the 18% mark... The INR 300 crore integration cost was our estimate... INR 90 crores of that integration cost has been incurred already... total integration costs will be materially lower than the INR 300 crores... The change indeed is structural... significantly improved engineering, operations, technology, and product capabilities leading to incremental margins.
Sachin Salgaonkar · Bank of America
partialDemand impact from GST cuts on e-commerce
There has been some positive impact of the GST cut on the consumer side... There has been overall a net uptick. We see this even in our part truck business to some extent.
Gaurav Rateria · Morgan Stanley
directNormalized growth in express parcel industry and PTL volume growth
On the first one... market grows at sort of, you know, 15%-18%, 20% kind of growth rates... in terms of PTL. Yeah, 15% is where we are for H1... I think we'll be very close. We'll probably get to the 20% growth rate overall.
Aditya Suresh · Macquarie
directReconciliation of peak daily volume metric with quarterly volumes
No, not really, Aditya. For two reasons. One is there's a big gap between Mondays and Sundays... The average of, you know, sort of 91 million divided by... 100 million divided by whatever, 30 days which works out to some 3 million a day is not exactly correct...
Aditya Suresh · Macquarie
directCurrent market share in express parcel
I think market share, very hard to put exact numbers to it... prior to the Ecom Express acquisition we were... close to about 20%. Post the Ecom Express acquisition, we are probably closer to somewhere between 27%-30% or so.
Aditya Suresh · Macquarie
directPTL margin decline despite higher volumes and yield
Just two things... one is obviously, like I said, there's that INR 6.7 crore additional cost that we had to take during the month of September because volumes got pushed out... The second thing is by virtue of being an integrated network... a certain amount of that cost gets allocated to the PTL business as well.
Sachin Dixit · JM Financial
directNature of INR 13 crore incremental revenue from Ecom Express
It's just that INR 13 crore is just standalone revenue for some contracts which need to be exited... This is not an express parcel revenue... There's a lock-in in that contract. We are servicing it and it'll wash out.
Sachin Dixit · JM Financial
partialImpact of 3 million extra shipments in October on margins
It's very significant is what I can tell you... September plus October, when looked at together, we are well within the margin range that we would have forecasted internally... The October margins will be better than the September margins as a consequence.
Abhishek Banerjee · ICICI Securities Limited
partialSustainability of increased employee expenses
The jump in employee expenses is directly linked to the growth in volumes during the peak period... Manpower levels... are modulated to whatever is the overall volume that we expect to have at a unit economics level. There's actually an improvement.
Abhishek Banerjee · ICICI Securities Limited
directTimeline for exiting locked-in facilities of Ecom Express
Different facilities will exit at different points in time. I think there are about three facilities which have a longer lock-in which will continue beyond FY 2026 as well. The rest of the facilities should largely exit by end of this financial year.
Achal Lohade · Nuvama Wealth
directNature of INR 20 crore other services EBITDA line
That is related to our cross border business. That is a commercial arrangement between us and FedEx... This is a one time charge. This INR 20 crore charge.
Aditya Mongia · Kotak Securities
partialImpact of annual price resets on margins
Probably Aditya, it's too early because right now I think we don't know what the shape of those negotiations will be exactly... Broadly speaking... it is unlikely that we will see very significant reductions in pricing.
