Patel Integrated Logistics Ltd — Q3 FY26

Patel Integrated Logistics Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=GvGjorzZ8Q8 Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Patel Integrated Logistic Limited Q3 FY26 earnings conference call 0:09 9 seconds hosted by Philip Capital India Private Limited. 0:13 13 seconds This conference call may contain forward-looking statements about the company which are based on beliefs, opinion and expectations of the company as on the date of this call. 0:23 23 seconds These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 0:31 31 seconds As a reminder, all participle lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:39 39 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:47 47 seconds this conference is being recorded. I now hand the conference over to Mr. Vikram Suryawanchi from Philip Capital India 0:54 54 seconds Private Limited. Thank you and over to you sir. 0:58 58 seconds Thank you. Good afternoon and very warm welcome to everyone. Thank you for being on the call of Patel Integrated Limited. 1:07 1 minute, 7 seconds We are happy to have the management with us here today for question and answer session with the investment community. 1:14 1 minute, 14 seconds Management is represented by Mr. Mr. 1:17 1 minute, 17 seconds Mahogla, executive director and Mr. Avin Praj, company secretary. 1:24 1 minute, 24 seconds Before we start with the question and answer session, we'll have opening comment from the management. I will hand over the call to Mr. Mahungla for opening comment. Over to you sir. 1:36 1 minute, 36 seconds Thank you Vikram and good afternoon every good afternoon everyone. 1:44 1 minute, 44 seconds It is a pleasure to welcome you all to the earning conference call for the 1:51 1 minute, 51 seconds third quarter and 9 month of the financial year ending on 31st March 2026. 2:02 2 minutes, 2 seconds Let me first thank our host Philip Capital for graciously hosting the con call. 2:14 2 minutes, 14 seconds Thank you once again. 2:17 2 minutes, 17 seconds Now let me take you through the operational highlight for the period under review 2:26 2 minutes, 26 seconds and then followed by the financial performance of the company. 2:33 2 minutes, 33 seconds Yes, despite a temporary dip in the sales volume due to certain operational 2:40 2 minutes, 40 seconds headwind which I am I will explain you in the uh in next few seconds. The 2:47 2 minutes, 47 seconds company remained focused on its initiative which are they have which we 2:54 2 minutes, 54 seconds have taken up now whether the tactical or strategic. 3:01 3 minutes, 1 second Our growth income from operation uh saw a temporary decline 3:07 3 minutes, 7 seconds primarily due due to a widely known destruction of schedule aircraft for 3:16 3 minutes, 16 seconds more than a week from Indigo Airlines in December 2025 in the domestic sector. 3:29 3 minutes, 29 seconds Further there uh after the festive season there as usual there is a temporary slowdown 3:38 3 minutes, 38 seconds in the sales in our international uh taxer as well. 3:48 3 minutes, 48 seconds However, to further strengthen our domestic network, we are expanding our cargo operation 3:56 3 minutes, 56 seconds through a partnership with Star Aine as well. Uh include uh this is in addition 4:04 4 minutes, 4 seconds to what the domestic airlines we have partnerships already 4:09 4 minutes, 9 seconds including Indigo, Air India, Accasa 4:16 4 minutes, 16 seconds uh Spy. So we have another airline diapo as well for which services are expected to 4:24 4 minutes, 24 seconds commence in uh in the month which we are talking about uh that is the February 2026. 4:40 4 minutes, 40 seconds Happy to share with all concern about that. We have also uh during the quarter and the review we incorporated 4:50 4 minutes, 50 seconds Rajput logistic private limited as a subsidiary to expand our our road 4:58 4 minutes, 58 seconds logistics uh business and consequently strengthen our multimodel service offering. 5:07 5 minutes, 7 seconds The subsidiary had been incorporated very recently on 27th November 2025 5:16 5 minutes, 16 seconds and just to inform uh our company holds a 50% in the entity. 5:25 5 minutes, 25 seconds We are very much confident that once the operation of this auxiliary get stabilized, 5:33 5 minutes, 33 seconds it will contribute meaningfully in terms of turnover and profit of the company. Profit for the company. 5:44 5 minutes, 44 seconds Uh okay. The objective is to widen our logistic capability while remaining aligned with our whole line of business. 5:55 5 minutes, 55 seconds This initiative will also follow our asset light approach. 6:00 6 minutes We do not intend to own any truck and will operate through partner network 6:07 6 minutes, 7 seconds focusing on execution trend service reliability and deeper engagement with 6:14 6 minutes, 14 seconds very large corporate and public limited companies and that is the objective of forming 6:22 6 minutes, 22 seconds this subsidiary in the name of Rajput Logistic Private Limited. 6:30 6 minutes, 30 seconds We are a company which is involved in the survey activities naturally to reinforce our people first 6:39 6 minutes, 39 seconds philosophy. Company had now just now into uh taken an initiative 6:47 6 minutes, 47 seconds to come out with a uh restricted stock unit for employed 6:56 6 minutes, 56 seconds structure on the lines of ESOP or ASOP which we are all familiar with. 7:03 7 minutes, 3 seconds This this uh uh this activity aimed at 7:10 7 minutes, 10 seconds fostering our ownership fostering an ownership mindset uh in in the among the employees. Create 7:20 7 minutes, 20 seconds as well as create equity culture in the company. 7:24 7 minutes, 24 seconds improve retention of our highly talented employees as well as aligning 7:32 7 minutes, 32 seconds uh long-term employee interest with uh all the uh sustainable 7:40 7 minutes, 40 seconds shareholder value creation. So interest of all the stakeholders can get aligned by it in activity. 7:50 7 minutes, 50 seconds However, just hurriedly I can mention that there is subject to shareholder approval subject to approval of shareholders uh which we are in the due 7:59 7 minutes, 59 seconds court uh taking a procedure uh for taking the approval of shareholders. So this activity subject to approval of 8:07 8 minutes, 7 seconds shareholder tending approval of shareholder. 8:13 8 minutes, 13 seconds Now further as we can see in our cold line of business as well 8:21 8 minutes, 21 seconds uh we are as uh committed on operational acetency across key domestic and international route 8:30 8 minutes, 30 seconds to enhance service quality and expanding customer reach to and continue to build on it momentum. 8:41 8 minutes, 41 seconds Our supported by strong growth in India's air cargo market. As we know Indian avatan market is the fastest 8:48 8 minutes, 48 seconds growing aan market in the world led by e-commerce manufacturing and increasing demand for faster deliveries. 8:59 8 minutes, 59 seconds We as a company remain well positioned to capture emerging opportunities 9:08 9 minutes, 8 seconds and deliver sustainable and profitable growth. 9:22 9 minutes, 22 seconds Now let me uh uh share uh with all stakeholders key 9:30 9 minutes, 30 seconds operational metric related to cargo volume handled during the quarter. 9:36 9 minutes, 36 seconds To provide a clearer picture we classify our business into two segment 9:44 9 minutes, 44 seconds as above into domestic and international. 9:49 9 minutes, 49 seconds The domestic segment include good movement within India while 9:56 9 minutes, 56 seconds the international segment pertain to good movement outside India. 10:04 10 minutes, 4 seconds In a simple term uh in terms of volume in Q3 10:13 10 minutes, 13 seconds FY26 the company handled a total of 10:21 10 minutes, 21 seconds 14,339 ton of cargo compromising 10:28 10 minutes, 28 seconds comprising 12,270 tons of domestic cargo. go and 10:36 10 minutes, 36 seconds which is temporarily down by 7% quarter on quarter. 10:42 10 minutes, 42 seconds However, we are very hopeful uh with uh downside is uh very much restricted in the coming quarters. 10:51 10 minutes, 51 seconds On the international front volume each9 10:57 10 minutes, 57 seconds ton reflecting a decline of 6% quarter on quarter which also add the month at 11:06 11 minutes, 6 seconds one month already over after the December quarter and we are very uh confident that this decline will not happen in the subsequent quarter. 11:20 11 minutes, 20 seconds And this was this declines as we were I was explaining earlier was uh in the international temporary uh uh uh 11:30 11 minutes, 30 seconds temporary decline was due to festival ending of festival just after ending of festival and in the domestic sector uh 11:39 11 minutes, 39 seconds there was a uh Indigo destruction of aircraft from Indigo Airlines for more 11:47 11 minutes, 47 seconds than a week in one in a December 2025 which we all know is only a one-time 11:55 11 minutes, 55 seconds affair and uh we all understand now the things had been very much stabilized and necessary 12:03 12 minutes, 3 seconds correction had been taken by all the stakeholders. So uh in the subsequent quarter we are not seeing any impact due to this. 12:13 12 minutes, 13 seconds Further for the 9 month ended FY26 total carbo volume to reach 43,50 12:23 12 minutes, 23 seconds tons. Let me repeat 43,50 tons with domestic volume at 37,101 12:34 12 minutes, 34 seconds tons. 37,101 tons and and international volumes at 12:42 12 minutes, 42 seconds 5,949 sun which uh more or less in line with our year on 12:51 12 minutes, 51 seconds year uh and year comparison of the tonnage. However, we are making all our 13:00 13 minutes effort to per part and grow the turn volume. 13:08 13 minutes, 8 seconds Let me give now the average sales relaxation uh on the blended sales realization for quarter 3 FY 13:17 13 minutes, 17 seconds 26 each INR 59.82 13:23 13 minutes, 23 seconds per kg 59.82 82 per kg while for 9 month 13:29 13 minutes, 29 seconds FY is 26 if each 58 INR 58.75 13:37 13 minutes, 37 seconds per kg and reflecting that uh discipline pricing from our team 13:45 13 minutes, 45 seconds and a valuedriven customer service approach. 13:50 13 minutes, 50 seconds We are a company which is a profitable and we are not like a company which want to burn our cash 13:58 13 minutes, 58 seconds now let and we have a sustainable profit there all the time. Now let me provide some key highlights of our financial 14:06 14 minutes, 6 seconds performance uh which will more uh strengthen the point which I was just mentioning you all. 14:15 14 minutes, 15 seconds During quarter 3 FY26, the company reported operational income 14:21 14 minutes, 21 seconds of INR 88 cr in a quarter net of GST 14:30 14 minutes, 30 seconds from that AITA each 2 cr with AITA margin of 2.49%. 14:39 14 minutes, 39 seconds While profit after including the uh income from our interest income from our 14:46 14 minutes, 46 seconds income tax refund and other other income uh is inr 3 cr translating into p margin of 3.05%. 15:01 15 minutes, 1 second We have on a year and year growth of 12%. 15:08 15 minutes, 8 seconds on a quarter on a quarter year on year we have cash growth of 12%. 15:14 15 minutes, 14 seconds Similar number for the 9th month end date FY26. 15:22 15 minutes, 22 seconds Total operational income for the company is net of GST 15:30 15 minutes, 30 seconds is INR 251 K. 2561 K 15:38 15 minutes, 38 seconds which is uh higher than 256 256 cr in the corresponding 9 month of FY25. 15:50 15 minutes, 50 seconds AITA for the 9 month period is INR 7 with margin of 2.53%. 15:59 15 minutes, 59 seconds While our path also is also at INR 7 cr 16:07 16 minutes, 7 seconds that is after deprecation and interest registering a showing a yearon-year growth of 16% 16%. 16:19 16 minutes, 19 seconds Patch margin for the period is 2.53%. 16:24 16 minutes, 24 seconds This performance of this performance clearly highlights 16:29 16 minutes, 29 seconds our costconious approach and resilience in a challenging macro 16:37 16 minutes, 37 seconds macro and as we all know geopolitical environment. Thank you all of you for listening me. 16:47 16 minutes, 47 seconds Now I open the floor for the question and answer session. Thank you once again for the attendance. 16:55 16 minutes, 55 seconds Thank you very much sir. We will now begin the question and answer session. 17:01 17 minutes, 1 second Anyone who wishes to ask a question may press star and one on the touchstone telephone. 17:07 17 minutes, 7 seconds If you wish to withdraw yourself from the question queue, you may press star and two. 17:12 17 minutes, 12 seconds Participants are requested to use handset while asking a question. 17:17 17 minutes, 17 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 17:29 17 minutes, 29 seconds First question is from the line of Janisha, an individual investor. Please go ahead. 17:35 17 minutes, 35 seconds Uh, hi sir, thank you for the opportunity. Uh, I wanted to ask that your domestic volumes have declined 17:42 17 minutes, 42 seconds quarter on quarter and even your international volumes have fallen. So uh beyond the indigo uh disruption and 17:51 17 minutes, 51 seconds seasonal slowdown were uh were there any structural demand issues that uh you faced? 17:58 17 minutes, 58 seconds Uh thank you for asking the question and let me clarify again. There is no issue of demand. demand is very much there in 18:06 18 minutes, 6 seconds the market and people are more and more as we are talking about the e-commerce uh growing people want the faster 18:14 18 minutes, 14 seconds deliveries and there is a India growing definitely demand is also growing again 18:21 18 minutes, 21 seconds if it is a one time issue of disruption of aircraft which we all know of the indigo otherwise there was no other issue 18:30 18 minutes, 30 seconds uh okay uh also like your pat margins have improved like Despite there was a decline in the volumes, pat margins were 18:39 18 minutes, 39 seconds good. So what like was this is this a one-time effect? 18:45 18 minutes, 45 seconds Uh no Jenny it will continue. Why I'm telling you? Because we are a company which is net debtfree company now. So we 18:52 18 minutes, 52 seconds have a saving in the interest cost as well as uh we have a other income also coming up and we are we will continue to 19:01 19 minutes, 1 second earn the other income uh which which will improve our path a path definitely 19:09 19 minutes, 9 seconds as for the accounting we have to p other income but more or less like taking like a regular income state. 19:16 19 minutes, 16 seconds Okay. Okay. Good. Thank you. Yeah. Thank you. 19:24 19 minutes, 24 seconds Next question is from the line of schllo an individual investor. Please proceed. 19:30 19 minutes, 30 seconds Uh thank you for the opportunity sir. Uh I wanted to know that uh so my question 19:36 19 minutes, 36 seconds is uh like the previous itself. So our volumes have dropped but uh this is because of indigo that you mentioned but 19:43 19 minutes, 43 seconds I want to know like is there any specific concentration on indigo? uh because uh only indigo was not operational but other flights such as 19:52 19 minutes, 52 seconds Air India and all were operational. So is there any specific uh high concentration on that flight? 19:59 19 minutes, 59 seconds Look not for us it is for the India only we know indigo is dominant market there. 20:05 20 minutes, 5 seconds Okay. Even then because uh we have a very marginal decline because we have a very good understanding with the other 20:12 20 minutes, 12 seconds air India or the other airlines that's why we could escape out with a very marginal decline if you would have a 20:19 20 minutes, 19 seconds total reliant on the indigo then much suffer will be higher damage would have been higher but we cannot avoid the 20:28 20 minutes, 28 seconds dominance dominance of indigo which is there which is because just to clarify we use the same passenger aircraft which 20:34 20 minutes, 34 seconds you and me supply use and at the regulator is taking a necessary action and they are trying to 20:43 20 minutes, 43 seconds uh reduce the dependent on the indigo and definitely uh we also will be similarly will be positively affected. 20:55 20 minutes, 55 seconds Got it sir. Uh so on the same point so don't you think there is a risk uh that such operate uh such flight operators uh 21:03 21 minutes, 3 seconds if they are not flying then it is very risky for the business and then we should uh operate on our own lease model or something for the flights. 21:13 21 minutes, 13 seconds uh look uh we have that uh our own flight is always a very not a viable business model as you know also because 21:22 21 minutes, 22 seconds uh that is not the right approach and and this is a again I'm telling you this is not a temporary then and we all know 21:28 21 minutes, 28 seconds and like if something happen which is very once in a while for that the business model cannot have a uh 21:36 21 minutes, 36 seconds destruction and changing and thinking of that so we have no intention of bringing any asset heavy business of like airline. 21:46 21 minutes, 46 seconds Okay sir. And one more question on Rajasth logistics. So I wanted to know when will it operationalize and uh how 21:53 21 minutes, 53 seconds much margin growth can we see from that operations? 21:57 21 minutes, 57 seconds Look uh it has been already been in a in a sample stage already got operation like in this uh been the January quarter 22:05 22 minutes, 5 seconds January to March quarter and we are expecting at least because any new budget it is time for stabilization of 22:12 22 minutes, 12 seconds operation. So we are expecting in the next few quarters definitely we will get a meaningful uh contribution from that company as well. 22:23 22 minutes, 23 seconds Okay sir, answers my question. And one more question I have is uh for the recent uh GST 2.0 uh so the GST card 22:32 22 minutes, 32 seconds rate cards. So uh did it help our business because uh for business like uh for traveling and all the main uh 22:41 22 minutes, 41 seconds logistic business should be the most beneficial from such uh uh uh you know initiatives by the government. So I 22:48 22 minutes, 48 seconds wanted to know if it is helping and uh till now that is me said uh has volumes increase because of this 22:56 22 minutes, 56 seconds look uh yes definitely at the consumption increase the corresponding way volume will increase but let me give 23:04 23 minutes, 4 seconds you a we are the in the company which is very long periods in the logistics sector and they have done a GST 2.0 O 23:13 23 minutes, 13 seconds but ATF which is a major fuel cost in the A9 had not been brought under GFC 23:20 23 minutes, 20 seconds still uh neither the petroleum product neither the diesel neither the petrol had been brought under the GFC. So whatever we said and done and all this 23:29 23 minutes, 29 seconds is okay but still the things are not coming under the GSP uh that the benefit which we are expecting the logistic 23:37 23 minutes, 37 seconds sector will get uh will not be available. So it is high time and uh just to we are talking about just to 23:46 23 minutes, 46 seconds tell you further in the ATF uh there's a bat applicable and which is it different in different states huh just to tell you 23:54 23 minutes, 54 seconds we may may talk about one India one and all this one but still the my humble request to the government that very high 24:01 24 minutes, 1 second time and the logistic sector is the one of the major sector for growing the economy uh we to bring the all the major 24:10 24 minutes, 10 seconds things like petroleum or the ATF which are on outside GFC to immediately bring under the GST. 24:20 24 minutes, 20 seconds Uh sir, so this ATF charges are owned by us or it is directly passed on to the customers. 24:26 24 minutes, 26 seconds Directly pass on to the customer. No then how should it affect our business like affect volume should 24:33 24 minutes, 33 seconds look look ultimately everything is a coddriven thing. If cost if I if a cost increase then customer may not go for 24:41 24 minutes, 41 seconds that one. If cost is lower then customer may go for the air correct. Nothing ultimately the economic is there. Now 24:50 24 minutes, 50 seconds the unit economics has to be there everywhere. If something is available in lower cost then they will opt for the that thing. No what? 25:01 25 minutes, 1 second And uh sir I need projections on how you uh we are going forward for quarter 4 and uh in financial year uh FI26 will be 25:11 25 minutes, 11 seconds improve uh in double digits on top line uh I'm I'm refraining from giving the 25:19 25 minutes, 19 seconds guidance but going by the numbers which are coming up now although uh I'm very hopeful the what you are talking about will be achieved. 25:28 25 minutes, 28 seconds Okay sir. Thank you so much sir. All the best. Thank you. 25:33 25 minutes, 33 seconds Thank you participants to ask a question you may press star and one. 25:46 25 minutes, 46 seconds Ladies and gentlemen, anyone who wishes to ask a question may press star and one on your touchstone telephone. 25:53 25 minutes, 53 seconds Next question is from the line of Jim Mata, an individual investor. Please go ahead. 26:01 26 minutes, 1 second Hi sir, good evening. Am I audible? Good evening. Yeah, very much. 26:05 26 minutes, 5 seconds Uh sir, so my first question is for the 9M of this financial year, the volumes were flat uh on a year on year basis. So 26:13 26 minutes, 13 seconds what is the management outlook on the from this like FR27 and in terms of tonnage growth for the future? 26:24 26 minutes, 24 seconds uh look uh we are a company which was very concerned about this furniture which we are talking about and I'm talking about this is just because of 26:32 26 minutes, 32 seconds the one time have happened in the uh uh indigo indigo fiasco which we can call it uh that affected or the and so we 26:41 26 minutes, 41 seconds don't think that there will be a definitely a normal growth the economy growing in the line of the because we are one of the major player which have a 26:49 26 minutes, 49 seconds pan India present we have a ecosystem already air. So whoever want to move good through the air will definitely we 26:57 26 minutes, 57 seconds are coming into the picture. Uh and as the aviation sector is growing so we we don't find any reason for not 27:06 27 minutes, 6 seconds growing our business. We will definitely grow also but it it is practically not possible for me to give a definite number right now because it depends on a many factor. 27:18 27 minutes, 18 seconds Okay sir. So like for that only my second question would be key uh like what are your competitors? So like like 27:26 27 minutes, 26 seconds how much percentage market share you have uh you are competing with whom and who share whom share you are taking. Yeah. Can you give some light on that? 27:35 27 minutes, 35 seconds Look uh we are in our area of business we definitely have a double digit market share and there are more than 40 50 27:42 27 minutes, 42 seconds players are there. Okay. In spite of that we have a double digit market share in our area of business. Let me clarify 27:48 27 minutes, 48 seconds you again. Okay. Uh so uh we are not not like see we are trying to take out the market share of anybody and all this 27:56 27 minutes, 56 seconds one. It all depends on the uh our service things and all this one. If our service quality is okay and we are able 28:04 28 minutes, 4 seconds to deliver this business is basically what deliver deliver. Okay. So we are able to deliver the definitely uh we 28:12 28 minutes, 12 seconds have our our forte will protected and we will be able to grow and we are hopeful uh and at the company which has seen 28:20 28 minutes, 20 seconds many ups and downs also and it still remain the in the business. So we are uh definitely uh know that we we will grow 28:29 28 minutes, 29 seconds our business in the future. Going by that as we know number of airports are incre just to give you a filler number of airports are increasing from 140 to 28:38 28 minutes, 38 seconds 220 number of passenger aircraft are increasing from 800 to700 okay all these number that because the 28:47 28 minutes, 47 seconds two think we use for our business if they are increasing then our business is bound to increase. 28:54 28 minutes, 54 seconds Okay sir. So you're going to say the industry is increasing at a rapid pace. 28:57 28 minutes, 57 seconds So we are also you're also going to increase at that pace as well. Yeah. Yeah. Yeah. Yeah. 29:02 29 minutes, 2 seconds Okay. So okay sir understood. Uh thank you. Thank you for this opportunity and best of luck for the future. Yeah. 29:10 29 minutes, 10 seconds Thank you. 29:12 29 minutes, 12 seconds Before we move to the next question a reminder to the participants to ask a question you may press star and one. 29:19 29 minutes, 19 seconds Next question is from the line of Shivani Mata, an individual investor. Please proceed. 29:26 29 minutes, 26 seconds Hello. Hello. Yes, please proceed. 29:31 29 minutes, 31 seconds Thank you for the opportunity sir. Uh so actually firstly I wanted to ask that what is the margin differential between the domestic and the international air threat operations. 29:43 29 minutes, 43 seconds Yes. uh just because there is like a more like insight about the business only. Uh there is a substantial 29:51 29 minutes, 51 seconds difference between the international growth margin and domestic growth margin. But it is very but in isolation if you see like that you will find the 29:59 29 minutes, 59 seconds substantial difference in the margin between the international and the and domestic but at the same time as a matter of trade practice international 30:07 30 minutes, 7 seconds business is a very uh no capital require working capital requirement is not there but in the domestic business then the 30:15 30 minutes, 15 seconds working capital requirement is there. So it is very difficult to tell directly that this is the mar the uh international business also have a low 30:23 30 minutes, 23 seconds margin but no working capital requirement while the in domestic business has a high margin but the high 30:31 30 minutes, 31 seconds working capital requirement also so net net what I'm trying to tell you these two business are not comparable with each other 30:40 30 minutes, 40 seconds okay got it sir uh also I wanted to ask that currently as warehousing is accounting for a very small share of 30:47 30 minutes, 47 seconds revenue. So what are you targeting for it as a contribution over next two to three years? Say 30:54 30 minutes, 54 seconds uh uh look uh we have we time to time evaluate our ROI. We are a ROId driven company. Hello. Can you hear me? 31:03 31 minutes, 3 seconds Yes sir. 31:04 31 minutes, 4 seconds Yeah we are ROIdriven company. So and we are talking about where are like sometime become a very business and low 31:12 31 minutes, 12 seconds ROIdriven business. So having said that so we may look into the businesses or the as I was explaining assets like 31:20 31 minutes, 20 seconds businesses. So we are right now not much f focusing on the creating assets and the uh duting our ROI. 31:30 31 minutes, 30 seconds Okay got it sir also last question from my end. What is like the proportion of revenue uh like what is the revenue split between e-commerce and pharma clients like how is that mixed evolving? 31:43 31 minutes, 43 seconds Uh we are a company which have more than 1200 customers are there and not only farmer comma just to tell you our 31:51 31 minutes, 51 seconds business we move documents we move peritable goods uh we are we move mobile the electronic goods we move all the 31:59 31 minutes, 59 seconds things which can be moved through the air apart from definitely we don't move dangerous good we don't move the silver and the gold precious method so we don't 32:09 32 minutes, 9 seconds track like that we move the all the thing which can be moved through are here. So we are not depending on only on e-commerce or pharma like that. 32:18 32 minutes, 18 seconds Okay. Got it sir. Thank you so much sir. 32:21 32 minutes, 21 seconds This that was really helpful. All the best. Thank you. Thank you. 32:29 32 minutes, 29 seconds Next follow-up question is from the line of schlook and individual investor. Please go ahead. 32:35 32 minutes, 35 seconds Uh so just one question. Uh I wanted to know uh that in the opening statement you mentioned the partnership with Star 32:42 32 minutes, 42 seconds Air. So I wanted to know in which regions are we partnering with uh this flight operator 32:49 32 minutes, 49 seconds right now it is between in Mumbai and Hyderabad. 32:54 32 minutes, 54 seconds Okay. And going forward uh uh what do you think how are they planning to expand and how will it benefit us? 33:04 33 minutes, 4 seconds Look at we all understand now before that indigo fiasco happened and the government is talking about also not to depend on a one major airlines and 33:13 33 minutes, 13 seconds everything is happening. So add more and more players are coming up it will definitely help our business and these 33:20 33 minutes, 20 seconds are companies which are uh regional the regional regional airlines and we are a 33:27 33 minutes, 27 seconds company which is a pan India company uh which have a network more than 100 location all over India and the air 33:34 33 minutes, 34 seconds number of airports are increasing we are the airlines also will increase it footprint and correspondingly by default 33:42 33 minutes, 42 seconds we also will So it will be definitely helpful at the at the number of airlines are included 33:49 33 minutes, 49 seconds in India and in that respect star airlines also is one of the things in that overall framework. 33:59 33 minutes, 59 seconds Okay sir and uh in the previous call we had mentioned that NI Mumbai airport will be a major boost for us. So I just 34:07 34 minutes, 7 seconds wanted to know if uh the operations from the November. No, it's still getting it stabilized. 34:11 34 minutes, 11 seconds Just to tell you it's getting stabilized till now. It will take some more time. Okay. Okay sir. Answers my question. 34:19 34 minutes, 19 seconds Thank you. Thank you. 34:25 34 minutes, 25 seconds Participants to ask a question you may press star and one. 34:34 34 minutes, 34 seconds Ladies and gentlemen to join the question queue you may press star and one. 34:41 34 minutes, 41 seconds Next question is from the line of Vikram Suryawanchi from Philip Capital. Please go ahead. 34:48 34 minutes, 48 seconds Uh yes sir. Uh sir what would be cash balance currently? 34:53 34 minutes, 53 seconds Uh look uh we have a cat balance of more than 10 cr. 35:01 35 minutes, 1 second Okay. And in terms of working capital how is the situation are we seeing uh some stress in working capital or uh uh 35:10 35 minutes, 10 seconds compared to say past and all that or any material change happening in working capital to tell you uh uh working capital is 35:18 35 minutes, 18 seconds very much comfortable in fact we are not meeting our limit also working capital limit which we have with the bank that is giving us the parameter that our 35:27 35 minutes, 27 seconds working capital limit is very much within the comfortable position. 35:32 35 minutes, 32 seconds And you know we have developed a mobile app also by that it's some some one or two customers had some issue and we 35:39 35 minutes, 39 seconds don't do the further business only get solved not me getting system intervent apart from the woman intervention we have implemented a system intervention 35:47 35 minutes, 47 seconds also so we are very very much I think in the compared to I'm talking about the last six per year we are most 35:55 35 minutes, 55 seconds comfortable right now in working capital if I compare for the last six years. 36:00 36 minutes Oh okay. And how is the development on uh this uh uh uh uh monetizing the assets or property? 36:09 36 minutes, 9 seconds Yeah progression. 36:11 36 minutes, 11 seconds Correct. Correct. As I was talking earlier call we have a building which is going to be redeveloped and we are actively and not only our in the data we 36:20 36 minutes, 20 seconds want looking for a cluster redevelopment. So there other buildings are also there. So we were we are actively in the very active stage in 36:29 36 minutes, 29 seconds talking with them and it's progressing very well as I'm talking to you and in hopefully next two three next few 36:36 36 minutes, 36 seconds quarters we will have a very uh definite agreement with them and be able to move forward. 36:45 36 minutes, 45 seconds Okay. and Pune location I think uh if you can give an update and yeah that we just to tell you uh Vikram 36:52 36 minutes, 52 seconds as I were talking about when we are evaluating ROI time to time we are just keeping it on hold till uh we get a 37:00 37 minutes definite ROI and all this one not ROI one of we want a high ROI in our business always that is the reason we 37:08 37 minutes, 8 seconds kept it in hold for time being but any particular reason uh keeping in hold or what is the challenge in generating better ROI. 37:18 37 minutes, 18 seconds Yeah, I think look these are the asset heavy business. Okay, these are asset heavy business. So they they may give you ROI which is al align with the bank 37:27 37 minutes, 27 seconds rate of interest. Okay. So we that's why and we have we are finding an opportunity like like asset like 37:34 37 minutes, 34 seconds opportunity we are finding up if we are finding up asset light opportunity or all the alternative we are also mulling over internally another one one one more 37:43 37 minutes, 43 seconds thing also where we can have a high ROI so why not we go for that and that that's the things are there 37:50 37 minutes, 50 seconds otherwise there challenge is there uh we can go because cash wise balance bank balance wise we have no challenge we 37:57 37 minutes, 57 seconds have a ready I I'm talking to you as I explained to you that all the are there but since uh we we think that we can get 38:05 38 minutes, 5 seconds the more ROI and other other alternative so why not to go for that? 38:11 38 minutes, 11 seconds Uh okay got it. But uh uh uh since we have compatible limits and cash is there any scope to increase our market share 38:19 38 minutes, 19 seconds or how is the performance compared to correct correct in correct agree with you that will 38:26 38 minutes, 26 seconds definitely will increase also because as I was talking about non Mumbai airport getting stabilized or the jaw airport in 38:33 38 minutes, 33 seconds Delhi near to Delhi Noa that is coming up. So if more and more airports and more and more aircraft are coming up and there more and more movements of good. 38:43 38 minutes, 43 seconds So we will also require for that also the money also definitely. So the and 38:48 38 minutes, 48 seconds luckily this this cash in hand will be very timely helpful to us to take opportunity for all this one. 39:00 39 minutes Got it. But are we able to maintain market share or market share or gaining 39:06 39 minutes, 6 seconds market share in overall uh uh industry growth? 39:11 39 minutes, 11 seconds Yes. Uh to to assure you we are definitely a dominant player in our area of operation and there is no no issue in 39:20 39 minutes, 20 seconds that and as we are talking about we will have may have some new location also in international as well apart from right 39:28 39 minutes, 28 seconds now we are doing only in Mumbai. Yeah, we will we we are looking for not only doing from Mumbai uh we we want to do 39:36 39 minutes, 36 seconds from some other metro also we are actively discussing for that also. So there is no D of there is no issue in 39:44 39 minutes, 44 seconds our DC we will lose market share with any other thing in our area of oppression by god god blessing we are 39:52 39 minutes, 52 seconds very much secured but we don't want to be complacent as well uh so we are actively in the our our area of actively 39:59 39 minutes, 59 seconds monitoring the situation as well got it and last question sir this Rajput logistics where can we start materially 40:08 40 minutes, 8 seconds contributing to our revenue and profitability. 40:12 40 minutes, 12 seconds Yeah. Uh in definitely in the because just now it started look after we were in the not in the road business for the 40:19 40 minutes, 19 seconds last six years as you know after the uh correct 2019 after so it may take a next few quarter but we we already bring up 40:29 40 minutes, 29 seconds all the structure all the compliances and all that we already put in place now. So uh there are we are very much hopeful that in the in the next few 40:38 40 minutes, 38 seconds quarter it will have a think there uh it will have a meaningful turnover. Yeah. 40:44 40 minutes, 44 seconds Got it sir. Thank you. 40:49 40 minutes, 49 seconds Thank you participants to join the question queue 40:55 40 minutes, 55 seconds you may press star and one as there are no further questions from 41:04 41 minutes, 4 seconds the participants. I now hand the conference over to the management for the closing comments. 41:12 41 minutes, 12 seconds Thank you all for participating in bit earning conference call. 41:18 41 minutes, 18 seconds Uh I again thank you all of you who have taken taken out their valuable time for hearing us. 41:29 41 minutes, 29 seconds I hope we have been able to answer your question uh to the satisfaction of yours. Uh 41:38 41 minutes, 38 seconds further we are very uh open that if you have any other further questions or you would like to know more about the 41:45 41 minutes, 45 seconds company or any clarification we have a dedicated IR manager investor 41:52 41 minutes, 52 seconds relationship agency in the form of BODM advisor. 41:57 41 minutes, 57 seconds Please contact them. They are very much ready to uh clear your anything or can check with us if anything required. Once again thank you for attending today. 42:10 42 minutes, 10 seconds Thank you sir. 42:12 42 minutes, 12 seconds On behalf of Philip Capital India Private Limited that concludes this conference. Thank you all for joining us and you may now disconnect your lines.