Sahil Barua

If only businesses could be built off of press releases, but I don't think so.

The reality is that first-party logistics does tend to be more expensive than third-party logistics. Over a period of time, one believes that if rational financial decision-making is to be believed, people will move a certain amount of volume towards third-party logistics.

We are the pricing pressure in this market, and we will continue to maintain pricing pressure on competition in this market.

Our cost structure is what gives us the unique advantage. Our model is what gives us the unique advantage.

Discounting-led growth in logistics or low-cost growth in logistics is suicidal, as you've seen by the industry getting consolidated towards us.

I think choosing what to buy in this space is very, very important. There is sort of no price at which that asset makes sense for us because I think buying a forward moving PTL network with volumetric assets is the easy part. Making it make money is very hard.

We are more efficient both at an unbundled level as well as at a bundled level compared to the pricing that we have seen in the market.

The reality is that no customer is willing to pay a lower logistics cost for packages to not get delivered.

Our cost advantages expand every year. I realize that for the first year or so that may not have shown up in our numbers. As you can see with the acquisition of Ecom Express and what you see in July and August, I think reality does catch up.

The rational pricing that I've spoken about did exist, and logistics is really not one of those spaces where pricing below cost is a good strategy, as obviously evidenced by our acquisition.

Our anticipation is that as long as we can continue to profitably get accounts, as long as we can continue to build capacity in a safe fashion, the growth runway is not affected, and neither is the margin trajectory.

Suicidal price, I think, in this industry, more or less at this point in time, has ended because I assume most players have seen the consequences of that kind of pricing.