Conference Call Details
• Date: May 16, 2024
• Submission: Transcript submitted to National Stock Exchange of India and BSE Ltd. on May 23, 2024.
• Participants:
• Mr. Vineet Agarwal, Managing Director
• Mr. Ashish Tiwari, Group CFO
• Moderator: Simran
• Availability: Transcript accessible on the company's website.
Q4 Performance Overview
• Strong Quarter: Growth across all business segments, especially in supply chain and automotive.
• Economic Indicators: Robust E-Way bill numbers and GST collections; some weaknesses in clothing and apparel sectors.
• Electric Vehicles: Positive trends in sales and global supply chain integration.
Strategic Focus
• Logistics Services: Emphasis on differentiated logistics and a strong multimodal network.
• Operational Efficiencies: Ongoing client discussions and technology-driven solutions.
• Financial Position: Zero net borrowing, strong cash position; Q4 reported highest performance to date.
Sector Performance
• Automotive Sector: Positive growth in two-wheelers; challenges in tractors and earth-moving equipment.
• Government Initiatives: Aim to increase seaways model mix from 6% to 12% by 2030; setbacks in capacity expansion noted.
Financial Highlights
• Revenue Growth: 7% decline for the year; 16% drop in EBIT.
• Joint Ventures: Strong growth in Concord joint venture and cold chain business.
• Consolidated Figures: 6.7% revenue increase, crossing 4,000 crores; EBITDA over 500 crores.
Future Outlook
• Growth Projections: Anticipated 10-15% growth in top and bottom lines; Q1 may be weaker due to elections.
• CAPEX Budget: 375 crores planned for ships, trucks, and containers.
Q&A Session Insights
• Sector-Specific Performance: Supply chain business expected to perform well; seaways segment may remain flat.
• Capital Expenditure Plans: Budget of 70 crores for new ship orders; second-hand acquisitions not included yet.
• Competition Concerns: Acknowledgment of competitive pressures in the LTL business; focus on customer value and operational efficiency.
Additional Discussions
• LTL and FTL Markets: Robust LTL market; minor FTL margin compression due to general slowdown.
• Branch Expansion: Plans to add 75 branches in the freight segment this year.
• Dedicated Freight Corridor (DFC): Expected to enhance productivity and positively impact logistics.
Conclusion
• Closing Remarks: Mr. Ashish Tiwari thanked participants and invited further queries.

Conference Call Overview
• Date: August 1, 2023
• Submitted Transcript: August 5, 2023
• Participants: Managing Director Vineet Agarwal, Group CFO Ashish Tiwari
Company Performance
• Q1 FY 2024 Growth: Satisfactory growth despite seasonal challenges.
• Key Drivers: Increased focus on digitization and green logistics.
• Emerging Opportunities: Growth in warehousing and multimodal transport, especially in pharmaceuticals.
• Market Shift: Transition from unorganized to organized logistics.
Freight Business Insights
• Moderate Growth: Freight business growth higher than the previous year, despite seasonal slowdown.
• Service Expansion: Increased focus on full truck load (FTL) and Less Than Truck Load (LTL) services.
• Automotive Sector: Recovery noted, but two-wheeler and tractor segments are weaker.
• Seaways Business: Expected to remain flat; operational ships increasing.
Financial Performance
• Growth Metrics: 5.3% growth at consolidated level; 8.8% increase in PAT.
• CAPEX Plan: 375 crores with ongoing ship acquisition discussions.
• Growth Guidance: Top and bottom line growth projected at 10-15%.
Key Questions and Responses
• Freight Rates: Decrease of 10-20% due to falling fuel prices; no return cargo from Myanmar.
• Cold Chain Logistics: Slow transition; ramping up transport and warehousing capacities.
• LTL Business: Shift towards organized players due to e-invoicing; plans to open 50 new branches.
Long-term Growth Prospects
• CAGR Projection: 12-17% growth over the next three years.
• Quality Growth Focus: Emphasis on sustainable growth over rapid expansion.
Operational Insights
• Dedicated Freight Corridor (DFC): Minimal impact on FTL revenues.
• Customer Selection: Cautious approach to avoid low-margin clients; successful new customer additions in LTL.
• Technology Services: Enhancing customer supply chain integration; focus on service quality and transparency.
Additional Notes
• Ship Procurement: Negotiating for second-hand ships; high prices due to limited availability.
• Impact of Cyclones: Decline in seaway business attributed to lower freight rates.
• Delivery Speeds: Improvements post-GST; express services faster than LTL.
Conclusion
• The call concluded with thanks from the moderator and participants, highlighting the company's strategic focus and growth potential.

Compliance and Call Overview
• Date of Submission: May 24, 2023
• Call Date: May 19, 2023
• Participants: Managing Director Vineet Agarwal, Group CFO Ashish Tiwari
• Agenda: Earnings presentation followed by Q&A
• Transcript Availability: Accessible on the company's website
Company Performance Highlights
• Quarterly Update: Record EV bill movement and GST collections in February and March
• Asset Growth: Increased warehousing space and addition of 140 trains
• Logistics Sector Drivers: Consumer demand, regulatory changes, and infrastructure development (PMGati Shakti program)
• Growth Projection: Continuous growth in logistics sector over the next 10-15 years
Strategic Focus
• Service Range: Comprehensive logistics services for customer convenience
• Technology Utilization: Mobile apps for drivers, control towers for inventory management
• Case Study: Engineering company improved efficiency with automated order processing and ETA prediction algorithms
Financial Performance
• Freight Division Growth: 8% quarter-on-quarter, 16% annual growth, ROCE above 25%
• Supply Chain Division: 27% growth in warehousing
• Overall Revenue Growth: 16%, with EBITDA impacted by depreciation adjustments
• Dividend Increase: From 10.5 crores in FY22 to 31 crores in FY23
Future Outlook
• CAPEX Plans: 375 crores planned, only 120 crores spent due to ship acquisition challenges
• Growth Forecast: Conservative 10-15% growth for top and bottom lines
• Shipping Segment: Stable revenue expected, exploring overseas container acquisitions
Competitive Dynamics
• Road vs. Rail: Road sector larger, but rail expected to grow significantly
• Integration with ONDC: Positioning as a B2B platform
Shipping and Supply Chain Insights
• Ship Costs: New ship prices have doubled since 2019
• Truck Ownership Model: Reliance on vendor and spot hires, not owning trucks
• Middle East Subsidiary: Modest initial investment with revenue potential of $1 million in the first year
Additional Inquiries and Responses
• Depreciation Increase: Due to dry docks leading to higher depreciation
• Freight Division ROCE: Expected to remain above 25% with a shift towards LTL business
• Containerization Plans: Focus on shipping rather than domestic logistics
• Multimodal Shipping Demand: Expected to grow, supported by government initiatives
Conclusion
• Operational Efficiency: Ongoing optimization in LTL network
• Future Investments: Infrastructure for part load trucking and transition to 4PL services
• Automation in LTL: Technology used for efficiency, but sorting automation not applicable
The call concluded with closing remarks from Ashish Tiwari.

Submission Details
• Date of submission: February 2, 2023
• Conference call date: January 30, 2023
• Compliance with SEBI regulations
• Participants included Managing Director Vineet Agarwal and Group CFO Ashish Tiwari
• Transcript available on the company's website
Company Performance Overview
• Market Conditions:
• Weak consumer trends post-Diwali
• Robust B2B sector with strong order books
• Positive impacts from government infrastructure spending
• Financial Highlights:
• Q3 revenue: 973 crores
• Growth in freight (14%) and supply chain services (21%)
• 21.7% growth in standalone revenue
• 18% increase in PAT
• Zero net borrowing status and cash surplus
Key Performance Indicators
• ROCE: Over 24%
• RONW: 23%
• EV EBITDA: Exceeds 10 times
• Dividend declared: 125% for the quarter, totaling 250% for the past nine months
Capital Expenditure and Growth Challenges
• Current Capex: 81-82 crores, with a total expected of 125-130 crores for the year
• Deferred Capex due to high ship prices and availability
• No ship purchases anticipated in Q4 or Q1
Q&A Session Highlights
• Concerns Raised:
• Lower Capex impact on growth (Ravi Kumar Naredi)
• Timing of the call for better preparation
• Responses:
• Growth in seaways may be affected, but other divisions are performing well
• Focus on maintaining margins in the cold chain segment
• Operating leverage and margin dynamics discussed
• Future Plans:
• Additional 20-30,000 deadweight ton ship annually in seaways
• Long-term growth guidance: 10-15% for top-line and around 10% for bottom-line
Strategic Insights
• Low tax rate due to tonnage tax in seaways business
• Focus on domestic market growth opportunities
• Asset-light model supports margin maintenance
• Challenges in ensuring effective logistics with joint ventures
Conclusion
• Optimism for FY 24 with growth opportunities in new verticals
• Acknowledgment of market share potential despite macroeconomic challenges
• Closing remarks expressing gratitude to participants and anticipation for future discussions