Glottis Ltd — Q3 FY26

Glottis Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=3C7W6kQeFPs Published: 2 months ago

0:00 Ladies and gentlemen, good day and welcome to Glattus Limited Q3 and 9 months FY26 earnings conference call. As 0:08 8 seconds a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:15 15 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please 0:24 24 seconds note that this conference is being recorded. I now hand the conference over to Mr. K. Manikand managing director. Thank you and over to you sir. 0:33 33 seconds Thank you ma'am. Good afternoon everyone and thank you for joining us for the earnings call to discuss our performance 0:40 40 seconds for the quarter and 9 months ended 31st December 2025. 0:45 45 seconds I appreciate your continued participation and interest as we move ahead in our fried year as a listed company. 0:54 54 seconds The operating environment during the quarter remained challenging across global logistics and fried market. 1:01 1 minute, 1 second Trade flows across key corridors stayed uneven. Fight trades continue to soft soften and shipment planning by customer 1:08 1 minute, 8 seconds remain cautious. In this backdrop, our focus remained on customer engagement and disciplined cost control. For the 1:17 1 minute, 17 seconds quarter under review, revenue from operations stood was rupes,439 million. The movement in revenue 1:25 1 minute, 25 seconds reflects lower shipment volumes and softener realization across several trade lanes particularly in seafrite. Demand 1:33 1 minute, 33 seconds visibility during quarter was limited and customer continued to optimize inventories and shipment sizes which impacted overall throughput. 1:43 1 minute, 43 seconds Operating profitability also moderated in line with lower revenue base and price pressure. EIT for the quarter was rupees 40 million with margin of 2.8%. 1:57 1 minute, 57 seconds Profit after tax to that rupees 27 million with a margin of 1.9%. 2:03 2 minutes, 3 seconds During this phase, we cautiously choose to retain key customers accounts and service levels even where margins are 2:11 2 minutes, 11 seconds thinner to protect long-term relationship and business continuity. 2:16 2 minutes, 16 seconds From volume perspective, container throughput during the quarter was 20,710US lower than the earlier period periods. 2:26 2 minutes, 26 seconds This 10 is broadly aligned with industry patterns where global container movement has remained soft due to slower ordering 2:35 2 minutes, 35 seconds cycle, ongoing supply chain adjustment and cautious buying by importers. 2:40 2 minutes, 40 seconds Looking at the business mix, C imported to be the largest contributor accounting for about 79% of revenue for quarters. 2:51 2 minutes, 51 seconds At the same time, C export show gradual improvement in share increasing about 2:56 2 minutes, 56 seconds 14.5% of revenue as compared to 12.2% in the previous quarter. This shift 3:04 3 minutes, 4 seconds reflects battle transition with export oriented customers in select sectors and trade routes where we are been expanding our engagement. 3:14 3 minutes, 14 seconds On geographical side, Asia continue to remain our core region, contributing about 83% of our revenue for both quarter and 84% for the 9 month period. 3:25 3 minutes, 25 seconds Customer concentration remains stable and relationship tip continued to improve. 3:32 3 minutes, 32 seconds Contribution from our top five customer was about 31% of the revenue for the quarter and 38% for the 9 month period. 3:40 3 minutes, 40 seconds This reflects repeat business and a higher balance share from long-standing clients while we continue to add new 3:47 3 minutes, 47 seconds accounts to diversify the base over time. 3:51 3 minutes, 51 seconds From an industry perspective, renewable energy remained the largest vertical. We also saw a noticeable increase in 3:58 3 minutes, 58 seconds contribution from engineering products with which increased to 20.2% in revenue 4:05 4 minutes, 5 seconds in Q3 compared to 10.8% in previous quarter. This increase was supposed by project cargo movement and higher 4:12 4 minutes, 12 seconds dispatch activity from equipments and component manufacturers serving both domestic and export markets. 4:20 4 minutes, 20 seconds Alongside market condition, we continue to invest selectively in operating footprint during the quarter. We open 4:26 4 minutes, 26 seconds new branch inab strengthen our presence in past India and to support customer in that region with faster coordination and 4:35 4 minutes, 35 seconds on ground service. We also added 25 vehicles during the quarter by taking a total fleet strength to 42 vehicles. 4:45 4 minutes, 45 seconds This addition improve our first mile and last mile control and reduce dependency on third party availability in key locations. 4:55 4 minutes, 55 seconds Going he will continue to focus on improving service depending customer coverage in target industry and maintain 5:03 5 minutes, 3 seconds tight control over operating cost. Our approach remain measured and long-term in nature. 5:11 5 minutes, 11 seconds So I also request all the all the investors to look into long-term perspective instead of the quarter wise. 5:19 5 minutes, 19 seconds I would also like to thank our customer for the the contrib uh continued support our employees for their consistent 5:26 5 minutes, 26 seconds effort and our shareholders for their support. With that I now hand over the call to DP to walk you through the financial details. Thank you. 5:37 5 minutes, 37 seconds Thank you sir and a warm welcome to everyone on the call. I will now take you through the financial and operational performance for the quarter and 9 months ended 31st December 2025. 5:48 5 minutes, 48 seconds Starting with the top line, revenue from operations for Q3 FI26 stood at rupees 1,439 millions while for 5:58 5 minutes, 58 seconds the 9 months period it was rupes 5,267 millions. On the profit on the profitable different EBA TDA for Q3 was 6:08 6 minutes, 8 seconds rupes 40 million reflecting an EBA TDA margin of 2.8%age 8 percentage and for 9 6:14 6 minutes, 14 seconds months after 26 was rupes 390 million with a margin of 7.4%age. 6:22 6 minutes, 22 seconds Profit of tax for the quarter was rupees 27 millions and for the 9 months period 6:28 6 minutes, 28 seconds pads stood at rupees 270 millions resulting in a 9 month pad margin of 5.1%age. 6:35 6 minutes, 35 seconds Now turning to operational metrics, TEUs handled during Q3 FI26 was 20,710. 6:44 6 minutes, 44 seconds For the 9month period, the total DU handled were 67,742. 6:51 6 minutes, 51 seconds Now looking at the business mix for the quarter, C imported the largest segment contributing around 79%age of total 6:59 6 minutes, 59 seconds revenue while C export contributed about 14.5%age. 7:05 7 minutes, 5 seconds Air import and air export to together accounted for approximately 3.2 percentage and road transport made up around 3.9%age of revenue. 7:16 7 minutes, 16 seconds From a geographic perspective, Asia continued to be the primary contributors accounting for around 83%age of revenue 7:24 7 minutes, 24 seconds in Q3 and about 84%age for the 9 month period. North America contributed about 7:31 7 minutes, 31 seconds 8%age in history followed by Europe at around 5%age with the balance coming from Africa, South America and Australia. 7:42 7 minutes, 42 seconds Regarding customer concentration, revenue from our top five customers during Q3 was rupees 438.9 millions, 7:51 7 minutes, 51 seconds contributing 30.5% of total turnovers for the 9month period. Revenue from the 7:59 7 minutes, 59 seconds top five customers was rupees 1,976.3 millions representing 37.5% of total turnover. 8:09 8 minutes, 9 seconds From an industry vertical perspective, renewable energy sector accounted for about 32.7%age 8:16 8 minutes, 16 seconds of revenue and engineering products contributed about 20.2% of revenue for 8:23 8 minutes, 23 seconds the quarter. For the 9-month period, renewable energy contributed 41.4% 8:31 8 minutes, 31 seconds of total revenue, followed by engineering products at 13.7%, consumer durables and home appliances at 9% and minerals and granite at 6.4%. 8:44 8 minutes, 44 seconds In summary, while the quarter reflects a relatively soft operating environment, our cost structure remains aligned with 8:52 8 minutes, 52 seconds business volumes and we continue to maintain financial discipline and working capital control. With that, I 9:00 9 minutes conclude my remarks and request the operator to open the floor for questions. 9:06 9 minutes, 6 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 9:14 9 minutes, 14 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. 9:25 9 minutes, 25 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 9:38 9 minutes, 38 seconds We'll take a first question from the line of Krish Jen from Nafa Asset Managers. Please go ahead. 9:46 9 minutes, 46 seconds Uh yeah. Hi. I hope I'm audible. So, thank you. 9:48 9 minutes, 48 seconds Uh can I use your handset mode, please, Kish? Uh yeah. Am I audible now? Yes, please go ahead. 9:55 9 minutes, 55 seconds Yeah. Yeah. Same. Uh thank you for taking my questions. So, first few questions on the revenue front. So uh 10:03 10 minutes, 3 seconds revenue per TU which was around 97,000 in Q2 has uh come down to close to 10:11 10 minutes, 11 seconds 70,000 this quarter as well as uh coming to the revenue split there has been a sequential drop of 35% in ocean freight 10:21 10 minutes, 21 seconds import revenues as well as the Asia geography and also a sequential drop of 50% in uh renewable energy and from the 10:30 10 minutes, 30 seconds uh top five customers. So I'd like to get your thoughts on that and also if you it would be great if you could quantify the team you drop as well. 10:43 10 minutes, 43 seconds Hi hi Chris uh uh thanks uh for this uh raising this question. So uh revenue uh 10:52 10 minutes, 52 seconds has dropped uh the revenue has dropped due to uh two reasons. one the market is very soft in Q3 uh due to lot of policy 11:01 11 minutes, 1 second changes policy uh angles especially from uh our our our country's policy against the Southeast Asia country's policy that 11:10 11 minutes, 10 seconds is especially on terms of imports so that that is one of the reason the market was very soft and second the 11:17 11 minutes, 17 seconds freight levels also dropped close to 25 28 to 30% so which is uh brought down the average 11:26 11 minutes, 26 seconds uh per tu basis quarter on quarter it was very uh it was like lower for an example uh in Q2 the average per cost 11:35 11 minutes, 35 seconds was around 79,000 and uh for this uh quarter Q3 it is close to uh 67,000 N so 11:43 11 minutes, 43 seconds there is there has been almost like a 16% drop uh in terms of the driving so this both the actions have brought 11:52 11 minutes, 52 seconds down uh the revenue uh from uh from uh from the last quarter uh if you and 11:59 11 minutes, 59 seconds second renewables due to some policies one uh the Trump's policy uh of exports 12:06 12 minutes, 6 seconds uh is now picking up but uh there was no light uh in Tutri there was no visibility in Tutri and uh this has 12:14 12 minutes, 14 seconds brought down this import because a lot of manufacturings were happening and exports are happening to us also for 12:20 12 minutes, 20 seconds domestic so due to this uh policy uh uh kind of uh fluctuations especially from 12:28 12 minutes, 28 seconds US uh every manufacturer was very cautious on uh piling up their raw materials. So this this uh brought down 12:36 12 minutes, 36 seconds the volume especially of the renewable sectors does that answer your question? 12:47 12 minutes, 47 seconds Uh yeah that's uh could you please also uh say the same for Asia geography as 12:54 12 minutes, 54 seconds well but I couldn't get that answer in in terms of China uh like still we 13:02 13 minutes, 2 seconds used to do the major movements from China Malaysia Vietnam Thailand so this could be the top four and Malaysia so 13:09 13 minutes, 9 seconds top five should be leading and uh we have now scaled up uh Cambodia uh Africa and Europe uh this is on export front. 13:20 13 minutes, 20 seconds So this uh 8 9 uh corridors is where we are now targeting more this especially 13:27 13 minutes, 27 seconds Q3 revenues have built up in this uh 79 7 to9 uh countries. 13:36 13 minutes, 36 seconds Sure sir. So coming to the cost of services landed. So what I've noticed is 13:42 13 minutes, 42 seconds it's always been around 86 or 87%age of uh revenue from operations. But this quarter it is around 91%. 13:53 13 minutes, 53 seconds So that 400 basis movement has uh is the main reason that the margins are down this quarter. If you could uh explain what is the reason for that? 14:05 14 minutes, 5 seconds Yeah, the cost has increased a bit from our side. And second, uh due to market 14:12 14 minutes, 12 seconds uh dynamics, the prices were uh the the right rates were softening. We also 14:20 14 minutes, 20 seconds wanted to like maintain our existing customer base. So we don't want to miss out any of our uh customer base. So we 14:27 14 minutes, 27 seconds wanted to play it very soft especially in uh Q3. So we we we just uh did uh we we went with a win. He he didn't go against the win. They went with the win. 14:37 14 minutes, 37 seconds So that's one of the reason uh there is a a big drop in Q3 which you could see. 14:44 14 minutes, 44 seconds Yeah. Uh sure sir. Uh coming to the traffic plan. Uh last on call you had mentioned that purchase of trailers will 14:53 14 minutes, 53 seconds start by the end of Q3 as well as the uh utilization of IPO proceeds will 14:59 14 minutes, 59 seconds complete by Q4. Uh are we still on track to do that? 15:04 15 minutes, 4 seconds Uh yeah Krish so we have already as money man has earlier quoted so we had already included 25 fleets so currently 15:13 15 minutes, 13 seconds our fleet strength is 40 40 so we are uh again uh doing some uh 45 odd fleets in 15:20 15 minutes, 20 seconds uh Q in in Q4. So which means in terms of transportation like we were uh trying to add 150 odd trailers from the IPO 15:28 15 minutes, 28 seconds proceedings we will be uh doing within Q4 close to uh 70 to 75 odd trailers in 15:36 15 minutes, 36 seconds within Q4. uh I'll tell you the reason uh why so balance we will be doing in Q1 of uh FI27 15:44 15 minutes, 44 seconds and in terms of containers for the containers of thousand containers we will execute everything in uh Q4 itself 15:51 15 minutes, 51 seconds the payments are being already in under process so we will initiate in Q4 itself and containers uh we which will come 16:00 16 minutes live from Q1 FI27 onwards so so the reason for why we we did a slow 16:07 16 minutes, 7 seconds deployment on trailers. See we are we in my earlier uh call also we were uh trying to focus everything on a backward 16:15 16 minutes, 15 seconds integration mode. So backward integration mode we are uh we are indicting this uh transportation as well 16:22 16 minutes, 22 seconds as containers. So container for the trailers we we have uh two challenges. 16:27 16 minutes, 27 seconds One challenge is uh like uh we don't want to uh pile up uh all the uh assets 16:34 16 minutes, 34 seconds in one or two trenches. So we want to uh fix this in multiple countries due to operational and other FC related uh 16:43 16 minutes, 43 seconds issues. And second one is uh drivers because availability of drivers is scarce but we have we have identified 16:50 16 minutes, 50 seconds drivers and what we are trying to do is we are giving a quality training for all our drivers that is almost like uh one 16:57 16 minutes, 57 seconds week to in one week to 15 days one to two weeks. So this training session also we don't want to keep our idea vehicles 17:04 17 minutes, 4 seconds idle. So we are like doing this training on a batch by batch basis. So that's one of the reason why uh we have deferred 17:12 17 minutes, 12 seconds this uh 60 6 to 70 odd vehicles to Q1 of FI27. 17:20 17 minutes, 20 seconds But uh every Yeah but everything is under track everything is as uh we scheduled. 17:27 17 minutes, 27 seconds Okay. Uh sure sir. uh on the same track uh so all uh these capex purchases will 17:34 17 minutes, 34 seconds obviously increase our depreciation. Uh if you could it would be great if you could uh quantify the annualized 17:42 17 minutes, 42 seconds incremental depreciation uh that we're going to see in FI27 and it's uh like I 17:48 17 minutes, 48 seconds said like the drivers you you will be hiring which will increase your fixed cost. So you could quantify that as well. And how much are we planning to 17:58 17 minutes, 58 seconds save in variable cost in FI27 and on the same hand uh uh so uh what 18:06 18 minutes, 6 seconds kind of a capacity utilization percentage are you looking at for these uh capex purchases? 18:15 18 minutes, 15 seconds Uh I'll go one by one. So let let me just uh take assistance from uh DTP for 18:22 18 minutes, 22 seconds uh uh the depreciation mode for FI27. DP can you just throw some light on it? 18:28 18 minutes, 28 seconds Yeah, I think um it would be too early to quantify the annualized depreciation amount and the impact as of now. uh but 18:38 18 minutes, 38 seconds uh corresponding to the depreciation amount which will hit the P&L we are going to get the advantage from the continuous purchase and u so I don't 18:47 18 minutes, 47 seconds think it will give a much impact to the P&L um because of that because we have both gains and um expenses as well due to container purchase. 19:01 19 minutes, 1 second Uh all right sure. Uh just the final question for myself. If you could be greeting share the two you moved in Q3 of FI5. 19:13 19 minutes, 13 seconds Sorry question I couldn't uh I couldn't get your uh uh the TU uh movement in FI25 Q3 FI25 sir. 19:24 19 minutes, 24 seconds Um we are we are the same numbers almost the same numbers. uh BC can you just 19:31 19 minutes, 31 seconds give give the uh TU TU for FI uh so the Q3 FI26 19:37 19 minutes, 37 seconds yeah yeah for Q3 the DU is uh 26,700 odd and for the 9 month period for 2025 19:44 19 minutes, 44 seconds it's 85,800 odd yeah sure okay the those are all the 19:52 19 minutes, 52 seconds question from my side thanks okay thank you ladies and gentlemen to ask a question. 20:00 20 minutes Please press star and one on your phone. 20:02 20 minutes, 2 seconds Now we'll take our next question from the 20:13 20 minutes, 13 seconds line of Bat Zoshi, an individual investor. Please go ahead. 20:21 20 minutes, 21 seconds Barat, please unmute your phone and go ahead with your question, please. Hello. Am I audible? Yes. 20:28 20 minutes, 28 seconds Okay. Uh hello uh sir I would like to ask you the question since we are seeing that majority of revenue is depending on 20:35 20 minutes, 35 seconds the renewable sector and uh the following renewable sector outlook for imports is on a sort of a downward trend 20:43 20 minutes, 43 seconds from 26 onwards. So what are the um can you just throw some light on that? 20:52 20 minutes, 52 seconds Uh uh uh sir uh you as you said uh till FI24 and FI FI24 FI25 uh due to 21:01 21 minutes, 1 second government policies uh for enable import of solar finished solar models were being imported and been allowed into 21:08 21 minutes, 8 seconds India without any uh hiccups. So once this ALM came into place and government of India's uh making India drive is uh 21:18 21 minutes, 18 seconds in fact uh pushing all this model importer to do man model assembly or 21:24 21 minutes, 24 seconds model manufacturing in India in which the volume compared uh with model imports or the raw material compared 21:32 21 minutes, 32 seconds with raw material imports it's come down. This is this is for sure and uh what we are trying what we are trying to 21:40 21 minutes, 40 seconds uh what we are understanding from the market is the capacity is also increasing in India like uh for example 21:48 21 minutes, 48 seconds customers who are doing 5 G of uh model line is now increasing the model capacity to 15 to 20 gawatt. Uh so this 21:57 21 minutes, 57 seconds this uh is giving us more opportunity of uh driving the volume especially on the 22:04 22 minutes, 4 seconds raw materials uh for raw materials for uh this solar model manufacturing of solar models. This is one uh one of the 22:12 22 minutes, 12 seconds case and another one is uh energy storage batteries the best best container best containers. So this is a 22:20 22 minutes, 20 seconds big uh moment which is happening and we are again a nearly earier entrance into this uh energy storage uh battery units 22:29 22 minutes, 29 seconds which is happening for this renewable uh industry. So we see a big opportunity in 2026 and 2027 uh this next two years at 22:38 22 minutes, 38 seconds least to uh I'm just giving a conservative two years. So we see a big uh movement of uh this energy storage 22:47 22 minutes, 47 seconds coming into India and we already started signing contracts with multiple customers and we also started executing in different ports in India. So this 22:55 22 minutes, 55 seconds could uh give uh give more uh uh kind of a volume handling uh in coming years and 23:03 23 minutes, 3 seconds uh the third one I could say like a lot of capex movements is again happening as I said the model uh capacity is getting 23:11 23 minutes, 11 seconds increased. So uh the capex is also uh 2026 and 2027 this two years is going to be again capex movements from the 23:20 23 minutes, 20 seconds southeast Asia Europe into India. So this will uh definitely give more opportunity for and uh we are very 23:27 23 minutes, 27 seconds positive on the volumes which could scale up. 23:32 23 minutes, 32 seconds So down the line you see as still focused on the renewable sector for the revenue contribution. Is that correct? 23:40 23 minutes, 40 seconds No, see the re the revenue contribution definitely energy vertical is going to be one of the biggest uh vertical inuses 23:50 23 minutes, 50 seconds at least for the next three four years but now uh in my uh in my last this thing also I was uh telling about our 23:58 23 minutes, 58 seconds concentration uh we will be doing more in automobiles. So we have signed few contracts with top automobile players 24:05 24 minutes, 5 seconds and uh we are executing this auto uh in a big way in Q4. So uh this auto spread 24:13 24 minutes, 13 seconds will uh uh see will have a big growth compared with FI25. FI26 auto growth would be higher. Apart from auto we'll be doing engineering and uh pharma. 24:25 24 minutes, 25 seconds other two three uh farmer and drug this uh three to four verticals we have already uh identified and uh we have 24:34 24 minutes, 34 seconds quantified some sizable customers in in Q3 and Q4. So this could uh give a 24:41 24 minutes, 41 seconds backup of solar uh this renewable but uh having said that renewable is going to be a major uh movement for next two 24:50 24 minutes, 50 seconds years but our focal will remain spreaded. So which means like we will be concentrating uh the down the line we'll 24:58 24 minutes, 58 seconds be concentrating more on uh automo energy and pharmaceuticals. 25:04 25 minutes, 4 seconds Uh so uh I think so we will be getting that synergy from Europe that uh EU has done for the automotive sector. Can uh 25:12 25 minutes, 12 seconds can you like share the early numbers for Q4? So half of the Q quarter four is already completed what are the trends 25:20 25 minutes, 20 seconds are we soft like Q3 or what's the trend be like? Can you throw some color on that please? uh so this we could uh take 25:28 25 minutes, 28 seconds an offline uh call but I could I could say Q4 would be very positive and uh company is very bullish from Q4 onwards. 25:38 25 minutes, 38 seconds Okay. Uh and moreover can you give an outlook for FIA 27? I know it's a bit early but still on the sort of that in 25:47 25 minutes, 47 seconds uh integration of backward integration that we have been talking about and uh so we are shifting towards asset heavy model right so can you just show some 25:56 25 minutes, 56 seconds color on that incremental cost which we will be facing uh we we have we are deploying assets uh 26:04 26 minutes, 4 seconds in uh FI26 and uh FI27 Q1 combined close to uh 130 uh uh odd grows uh especially 26:14 26 minutes, 14 seconds on trucking and uh uh transport and uh containers. So this uh will give uh 26:21 26 minutes, 21 seconds significant growth uh especially one in terms of revenue model especially on the trucking and uh it will also bring down 26:29 26 minutes, 29 seconds the cost uh when we deploy this containers which we buy it will bring down the cost which can increase the profitability. So the margins what uh we 26:38 26 minutes, 38 seconds are uh currently uh in in 9 months combined 9 months I think our EITA is close to uh 9 odd percent. So uh we we 26:48 26 minutes, 48 seconds are very very positive going on a double budget. 26:54 26 minutes, 54 seconds Okay. And uh you know during the quarter we opened one new branch. May I know where is where it is located? And uh on that note can you give a buggation of 27:02 27 minutes, 2 seconds where the branches all over are located the nine branches? 27:07 27 minutes, 7 seconds Okay. The branch currently we have opened the branch in Ahmedabad. Uh so Amhabad we have a operating office uh 27:15 27 minutes, 15 seconds which is based out of Gandhi dam. So this Gandhiam branch is almost like uh seven six to seven years. Uh we have 27:21 27 minutes, 21 seconds been operating Gandhi branch. Uh we thought like we have to actively focus on Amharabad and Surat belt where uh we 27:30 27 minutes, 30 seconds have lot of exports as well as import opportunities. So we have that's one of the reason why we thought like strategically we thought Ahmedabad could 27:38 27 minutes, 38 seconds be the right uh choice to set up a sales office sales team uh this could cater a big a big size of customers uh both in 27:46 27 minutes, 46 seconds terms of exports and imports and uh our other branches are as I said in Gujarat we have two branches Gandhi and Abraad 27:55 27 minutes, 55 seconds then we have a branch at Delhi we have a branch at Kolkata we have a branch uh at uh Bangalore We have a branch in uh coatatur. 28:08 28 minutes, 8 seconds So these are the branches currently uh we have and we will keep adding more because we 28:15 28 minutes, 15 seconds are identifying more uh more promising areas. So we'll keep adding more in coming and to add uh to uh sorry to interrupt 28:24 28 minutes, 24 seconds uh to add to Ram's point and uh Nash Mumbai is also one more branch we are Mumbai. Yeah. 28:32 28 minutes, 32 seconds Okay. Okay, one last question from my side. The TU numbers like last quarter we we have been said that the TU numbers 28:40 28 minutes, 40 seconds will be more or less equal to the FY25 numbers for FY26 as well. So that will 28:47 28 minutes, 47 seconds make a sense if we like 44,400 some odd PU will be pushed in the Q4. I don't think 28:55 28 minutes, 55 seconds that's viable but just can you throw some color on that? 29:01 29 minutes, 1 second In terms of PUS signify 25 we did around lac, 800 odd pus. So as such 9 months we 29:09 29 minutes, 9 seconds stand around 85,000 TUS which is uh short of like 25,000 TUS which could be 29:15 29 minutes, 15 seconds the target uh uh to achieve at least Q5 that is FI25 numbers CUS in terms of 29:22 29 minutes, 22 seconds TUS. So out of 25,000 TUS we are very bullish in this quarter and uh we we are very positive achieving at least close 29:30 29 minutes, 30 seconds to that. The market is very soft but we are still focusing more and customer bases have increased. Uh we could we 29:38 29 minutes, 38 seconds could uh come a little close to this uh numbers what we did last year. 29:44 29 minutes, 44 seconds Okay. Uh and uh just on that note, can you sort of assist me on linking how the TU are linked to the revenue 29:52 29 minutes, 52 seconds contribution um TU uh comparison revenue? So, so this 29:59 29 minutes, 59 seconds is like uh so we we have we have this 20 ft unit and 40 ft units and uh this PU's 30:08 30 minutes, 8 seconds uh like majority since it is like Southeast Southeast Asia based majority of our procurement 30:15 30 minutes, 15 seconds uh supplies happens from the Southeast Asia base. So we uh average uh average of the DU uh like uh what to say it 30:24 30 minutes, 24 seconds could be around close to 77,000 rupees per DU. I'm just giving you an appro approximate figure. So when uh and this 30:32 30 minutes, 32 seconds is this is the cost and revenue we we go as for the market uh practice and as for the market demand and supply. So F3 uh 30:41 30 minutes, 41 seconds was very very soft and uh the global cues as well as the policies were uh completely uh shapeless especially for our industry. 30:52 30 minutes, 52 seconds uh so we thought like we will do a smaller percentage on from our uh uh current uh cost cost model. So uh but Q4 31:02 31 minutes, 2 seconds seems to be very promising and uh we have some kind of a steady announcement coming in from Europe, US and other 31:10 31 minutes, 10 seconds areas which is very positive note uh for the logistics industry and especially from the authors. 31:19 31 minutes, 19 seconds Okay. So the TU numbers uh is the 77,000 which you said. So as per my model it is 31:26 31 minutes, 26 seconds uh 90,000. So I am assuming that is for all the CC C roots. So on that note can I uh request management to uh 31:34 31 minutes, 34 seconds specifically give a root wise P3 if it's possible for major roots at least? 31:40 31 minutes, 40 seconds major roots. I think we have DP you have the data uh would you kind of just uh second share for Q3 31:49 31 minutes, 49 seconds actually we have country wise to use yeah that's fine yeah coming to the top five contributors as 31:58 31 minutes, 58 seconds already as Ramsar have discussed China this quarter we have made around 7,900 32:04 32 minutes, 4 seconds years with Vietnam we have made 3,600 years Indonesia close to 2,000 EU, 32:12 32 minutes, 12 seconds Malaysia approximately 1,600 EU and United States around 1,300 EU. These are the top five nations which have 32:21 32 minutes, 21 seconds contributed to the most of the use in this quarter. 32:29 32 minutes, 29 seconds Okay. And uh the revenue derived from them are based on the distances of the roots. 32:37 32 minutes, 37 seconds uh this this this this no it will not based on distance. It is based on the services and uh the vessel availability and uh the the root model. 32:50 32 minutes, 50 seconds Okay, no problem. May I request that from uh next quarter onwards can you also provide this data as appropriate? 32:58 32 minutes, 58 seconds Sure. So you you you want to have uh some idea based on the root wise right? 33:03 33 minutes, 3 seconds root wise like uh maybe we can just give in Asia as one uh one particular bucket 33:11 33 minutes, 11 seconds and Europe as second bucket and uh mid as a third bucket and fourth bucket uh could be US. 33:18 33 minutes, 18 seconds Yes, that will assist in the model. 33:21 33 minutes, 21 seconds Sure. Definitely we'll sure definitely we'll take a note. We will just give you PUI on uh TUI and PUI uh average uh uh 33:32 33 minutes, 32 seconds uh cost also in this particular uh way. 33:37 33 minutes, 37 seconds That will be thank you and best of luck here. Thanks. Thanks. Thank you. 33:43 33 minutes, 43 seconds Ladies and gentlemen, to ask a question, please press star and one on your phone. 33:47 33 minutes, 47 seconds Now, participants who wish to ask a question 33:58 33 minutes, 58 seconds are requested to press star and one on their phone. 34:25 34 minutes, 25 seconds Participants who wish to ask a question may please press star and one on their phone. 34:41 34 minutes, 41 seconds As there are no further questions I would now like to hand the conference back to Mr. Ram Kumar Sen Cleville, managing director for closing comments. 34:48 34 minutes, 48 seconds Over to you sir. 34:51 34 minutes, 51 seconds Thank you. Thank you everyone and uh we would uh thank everyone each and 34:58 34 minutes, 58 seconds everyone the shareholders the retail investors our customers for being with us especially on this tough 35:05 35 minutes, 5 seconds time. So Q3 is very tough for us but uh we are very patient and very ambitious. 35:12 35 minutes, 12 seconds company is very ambitious and bullish and uh we would uh request all our uh all stakeholders all partners and 35:21 35 minutes, 21 seconds investors to measure us on a long term not on a short-term basis. Uh this could 35:28 35 minutes, 28 seconds by uh this could be my uh humble request and I thank you everyone for trusting us glauus. Thank you so much. 35:37 35 minutes, 37 seconds Thank you on behalf of Glottus Limited. 35:40 35 minutes, 40 seconds That concludes this conference. Thank you for joining us and you may now disconnect your lines.