Notice Submission
• Date: June 6, 2024
• Submitted to: National Stock Exchange of India
• Content: Transcript of Earnings Call held on June 4, 2024
• Availability: Transcript on company website
Call Highlights
• Participants:
• Vinay Tripathi (Managing Director)
• Ashish Lalwani (Chief Financial Officer)
• Disclaimer: Forward-looking statements
• Format: Recorded call with Q&A session
Financial Performance
• Q4 FY24:
• Revenue: INR 171 crores (down from INR 177.6 crores)
• EBITDA: INR 14.14 crores (20% YoY growth)
• FY24 Overall Revenue: INR 708.3 crores (decrease due to weak demand)
• Growth Drivers:
• Global economic recovery
• India's growth rate of 8.4% in Q3 FY24
• Strategic diversification in sectors and services
Key Inquiries and Responses
• EBITDA Margins Improvement:
• Attributed to increased freight rates enhancing profitability
• Impact of Export Mix:
• Diverse commodities strengthen negotiation power
• Debt Management:
• Current debt: INR 109 crores, with plans to reduce by 50% within the year
Future Outlook
• FY25 Revenue Guidance:
• Logistics: INR 700 crores
• Petroleum: INR 35 crores
• Commercial Vehicles: INR 300 crores
• Growth Projections:
• Logistics sector: 10% to 15%
• Commercial vehicle sales: 5%
• Minimal impact on petroleum sales
• Recent Contracts:
• Borosil and BKT Tires expected to contribute ~2% to total turnover
Conclusion
• Vinay Tripathi thanked participants for their attendance.

Earnings Call Overview
• Date: November 17, 2023
• Submitted transcript to: National Stock Exchange of India
• Focus: Financial and operational performance for Q2 and half-year ending September 30, 2023
Economic Context
• Global economic challenges: weak demand and high interest rates
• India's projected GDP growth: 6.3% for FY24
• Impact on logistics: low freight demand affecting the shipping sector
Financial Performance
• Q2 FY24 consolidated revenue: Rs 207.4 crore (down from Rs 238.1 crore)
• Q2 gross profit: Rs 11 crore
• Half-year revenue: Rs 349 crore (down from Rs 487 crore)
• Decline attributed to subdued global demand
Operational Insights
• Diversification: Beyond marble and granite to tyres, paper, and textiles
• Customer service: 70-75% use integrated services; top 10 customers contribute 5% of revenue
• Recent contract: With a leading tire manufacturer expected to increase turnover by 3-5%
Debt and Financial Projections
• Current debt: Rs 98 crores, with repayment plans by March 2027
• Revenue projections for FY24 and FY25: Around Rs 700 crores with EBITDA margins of 2.5-3%
Market Challenges and Optimism
• Global logistics pressures: Ongoing conflicts affecting operations
• Freight rates: Significant drop impacting profitability, but recovery anticipated by March
• Expected steady-state margins for clearing and forwarding: 5-7%
Export Dynamics
• Monthly export growth: 7% to 9%
• Hazira port growth: 3% to 4%
• Strong performance in: Tyre, pharmaceutical, and paint industries
• Shift towards container shipping due to cost advantages
Industry Focus and Strategy
• Key sectors identified: Pharmaceuticals, tyres, and cement
• Asset strategy: Maintaining a fleet of 370 trucks for reliability
• Diversification efforts: Into agriculture and textiles for enhanced efficiency
Conclusion
• Call concluded with gratitude from Managing Director Vinay Tripathi for participant engagement.