Good afternoon, everyone, and welcome to the interaction with management of Blue Dart Express. Firstly, I would like to thank the management for giving us the opportunity to host the call. Today we have with us Mr. Sagar Patel, CFO, and Mr. Tushar Gunderia, Head of Legal and Compliance and Company Secretary. I would now hand over the call to the team to provide some opening remarks, and then we can start taking the questions. Thank you, and over to you, sir. Yeah, thank you all, and welcome all investors for this earnings call. Good afternoon, everybody. A very warm welcome to all of you. As you are aware, the Board of Directors of the company in its meeting held on 28th October 2025 approved the financial results of the company for the quarter and half-year end date 30th September 2025, and the company declared its financial results for the quarter and half-year end date 30th September 2025, wherein the company posted revenue from operations of INR 15,493 million and profit after tax of INR 795 million for the quarter and half-year end date 30th September 2025, respectively. Blue Dart's quarterly performance reflects resilience in a dynamic and evolving environment, reinforcing the strength of our business model and our agility in responding to market shifts. As part of the strategic growth agenda, Blue Dart recently announced two significant initiatives, namely the launch of a digital account opening platform enabling businesses of all sizes to onboard and start shipping in under 10 minutes, and also the unveiling of a flagship Green Integrated Ground Hub at Pataudi, Haryana, designed to boost the company's express network with sustainable technology-enabled infrastructure. Together, these initiatives reflect Blue Dart's ongoing investments in digitization, green logistics, and customer-centric solutions, thus cementing its role as the preferred logistics service partner for India's growth journey. The results have already been uploaded on the stock exchanges last week and also posted on the website of the company. I now hand over the call to Mr. Sagar Patel, CFO, for further proceedings. Thank you, Tushar. Good afternoon, all. We have closed this quarter with positive revenue growth and also improvement in the EBIT margin. With the improvement actions by management, both on yield as well as on the cost front. With that backdrop, I would request for the Q&A sessions. Thank you. Thank you. Anyone having a question can please raise their hand or post the question in the chat box. Sir, we take first question from Krupa shankar. Please go ahead. Yes. Hello to the question. Yeah. hi. Good afternoon, sir, and thank you for the opportunity. My first question would be on housekeeping questions. What would have been the tonnage and parcels for the quarter? Yes, so the shipments were 106.28 million shipments, and the tonnage was 363,974 tons. For the quarter. Got it. Got it. If I were to take into consideration what sort of growth in your world, the margin improvement, is it purely a function of. Hello? Yeah, am I audible, sir? Yeah, am I audible? You're talking. Yeah. Yeah, yeah. What I was saying is that the margin is a function of operating leverage, or would you like to point out the sustainability of these margins in the upcoming quarter? This quarter, we had a growth of 10% in number of shipments and 5.9% in the weight. The number of lighter shipments should have grown faster. In terms of operating leverage, our aircraft as well as on-road capacity of vehicles has continued to be good. There has been both on the yield as well as cost improvement measures wherever the management has seen scope for improving. It is largely, I would say, attributable to the favorable change in the mix of both customers' products. The profile of the shipments as well as lanes has helped us to improve the margin for this quarter. Sir, what would have been the B2C growth this quarter, given that the average weight on the shipment has come down? Any light you want to throw on that? B2C growth would have been close to about 17%+ for quarter and quarter. I mean, for the year-on-year same quarter compared to last year. Understood. Understood. Also, sir, with respect to your air mixness, the mix of air versus ground, is it stacking in the growth in ground? Is it becoming much more resilient in comparison to air? What would be the mix right now? Any guidance you want to share, given that you're adding a lot of infrastructure on the ground side? Anything you can share on the expectations on ground? For the products as such, what we call as ground or primarily more on ground, continue to grow faster, as has been for the last few quarters, both on B2B as well as B2C, while air continues to grow faster. Right. But you've added a lot of infrastructure. Pataudi is another place where you've added another ground hub. This comes on the heels of the Delhi infrastructure, which you had added during the course of this year starting. Just getting more sense around what exactly is the expectation on ground. Are we upping our service levels, or are you planning to launch any new services in the ground category, which is where the infrastructure requirement has come up materially, or is there any other thought process behind the infrastructure? What is the further expectation on infrastructure expansion? If you can highlight on that also, it will be helpful. Yeah, so last couple of years, we added mainly in north in Delhi. One Pataudi or Bijwasan, which has been more of an air hub. Last quarter, we also have launched a ground surface hub facility again in Gurgaon. This is a combination of both replacement or consolidation of a few multiple facilities. It is more of a consolidation, come expansion, come automation. Of course, when we add, there is also a better build-up for the volumes to grow in the foreseeable future. Largely, it is an ongoing expansion. When we do that expansion, it is automation as well as consolidation, keeping that in mind. Not for any significant or a new service to be added or a new specific product or that kind of opportunity. It is more of an organic growth, but keeping an eye on improvement in the efficiencies that helps both service quality as well as the cost efficiency. Got it. I had also asked on what would have been the mix between air and ground this quarter. What would have been the growth in the ground business? Anything you can highlight on that, sir? Growth continues to be a, I mean, ground continues to be the main contributor to the growth. As far as the ground B2C is concerned, that is continuing to grow at a healthy rate, almost 30% increase in the e-commerce that moves on ground, as well as the B2B surface that we call or ground, that also continues to grow. For this quarter also, the shipments have grown by 23%. A bit of profile change over there where we have also moved a large number of small shipments over there. As the increase in sales over there, it will be close to 3.5%-4%. That remains a prime mover or the growth driver. Even on air, B2C this time has grown by almost 10%. While both air and ground are growing, the prime growth driver is ground. Understood, sir. Understood. Thank you. I'll get back in the queue. We'll take next question from Krushee Parik. Please go ahead. Yeah, hi. Sorry, I have not covered the company earlier, but I have gone through the previous conference call transcripts. In light of that, I would like to understand that in 2023 earnings calls, we had mentioned that there are some new customer acquisition engines that we have deployed. I just wanted a follow-up on that. What is it that we have started to do differently since 2023, and what are the results that we have seen since then? This has been more of an automation of the expedition of the customer additions, keeping not big customers, but primarily for the smaller customers. Where a customer can sign up, open the account online by submitting their KYC, by choosing certain prepaid plans. A very fast way of onboarding the customer and start shipping. We have seen even earlier this year, in the last quarter itself, we have launched a digital account opening, and we saw a very good response. In 2023, when you talk about it, it was a launch of prepaid customer where a customer could, without waiting for the credit verification or upload KYC documents, load a wallet and start shipping within a couple of days at the most. Okay. So was it more related to customer onboarding versus customer acquisition? If that's the case? Yes, it was, or we can say it was customer acquisition through faster onboarding. Yeah. Okay. Okay. Great. Primarily easing the way customer would get onboarded rather than waiting for moving the documents through and through on the email. Customer could upload the documents. We also had launched a digital signature of the customer agreements in 2023 besides the prepaid. It was more of customer onboarding. Yeah, but that helping the faster acquisition of customers. Okay. Okay. Understand. Okay. If I have to understand the overall how the margins move, I think we have also mentioned earlier that the variable margins go up and down because of change in the mix between surface, air, but not the actual margins go up and down. I think this was in the previous call itself. What is this actual margin that we are talking about, and how do we think when we are pricing our products? Is it on cost-plus basis in absolute terms, or it's like cost-plus some percentage basis when it comes to our pricing? The pricing. Every time you add the customer, it is not by looking at the cost, because in our network, we carry a very diverse nature of, or diverse types of shipments from documents to very heavy ones, from air to ground. We also try and maximize the efficiency of our facilities or network by combining wherever possible all types of products without compromising on the transit times or the service quality being promised to the customers. That being the case, the costs are largely allocated when you look at the profitability for the internal purposes. However, the pricing is not typically on a cost-plus basis. If we try to do that, given the large amount of origins and destinations, the number of pin codes that we handle, the cost of servicing those pin codes will differ significantly depending on not only the distances, but also the type of network that we have, the density of the shipments that we have. To keep the pricing relatively easy and simple for the customer to plan their shipments, it is based on a pricing matrix. Then depending on how the product makes up, the shipment mix, both in terms of not only the mode of the transport, but also the shipment profile, whether it is very light or very heavy, the variability of cost may go up and down during the month. The effort in order to ensure that we are agile in terms of ensuring our profitability, the effort is always to variabilize the cost as much as possible because we are already sitting on a very large base of fixed network, be it the facilities, aircraft, or the committed network. For a month, for example, from a month-to-month point of view, a good portion of the cost may become fixed. However, as we move, say, beyond a quarter or so, we can look at the trends, we can look at the seasonality, our forecast of how our major customers or the customers at large may move, and we may try and variabilize some of the costs by reducing the runs or even reducing at times the service providers' feet on the ground, depending on how the volumes pan out. The pricing is not based on looking at the costs on a case-to-case basis, but yes, as we move along during the year, we look at how the business parameters across different levels move and then try and both correct the pricing where required or the cost or variabilize the cost wherever possible. Okay. This is very helpful, sir. Just on this particular point itself, when we have spoken about fuel surcharge, we have a similar system on the surface transport as well, right? Not only air cargo. Yes, we do have a fuel surcharge on the surface network as well, yeah, product as well. All right. Clear. Thank you. I'll get back in queue. Thank you. Thanks. We'll take next question from Achal. Please go ahead. Yeah. Good afternoon, sir. Thank you for the opportunity. Sir, wanted to check first on the sectoral mix. Is there any way you could give us some sense in terms of the end user industries, whether it is pharma or industrial or ready-made garments, textiles, etc.? Any color you could give in terms of the sectoral mix for us on an annual basis? A ballpark would help. Not exactly, I would say. Where we would get impacted by a major shift in any sector. Of course, except for the e-commerce, which remains a specific or a sector that relies a lot on the express network that we operate on. As far as other sectors, for example, auto or electronics or pharma, the customers would typically rely on a mix of full truckload, part truckload, a freight shipment that may have a bulk volume where express may not be always an economical way of moving. Wherever there is a part truckload or a smaller express shipment which need to be carried across a large number of consignees or destinations, or in case of auto, for example, if there are critical parts that need to be moved on priority, express is something that we provide services to the customers primarily. That may or may not always depend on the seasonal industry growth. It depends on the customers and how critical their shipment needs to be carried on express. Because express, typically, as compared to a normal transportation or a freight industry, will carry more time sensitivity than the cost and the price sensitivity. That is where it will depend on the needs of the customers and may not be linear, may not move with the vertical growth or that industry growth in a linear kind of manner. No, fair point, sir. Just for our understanding, in terms of from Blue Dart perspective, what is a sectoral mix for us? We do have quite a presence in the number of sectors critical for us being electronic. Besides retail, also when we say electronic, not only the mundane computer or servers, but also the mobile phones as well as automotive. Yeah, garments, mainly from e-commerce perspective, a smaller portion on a B2B kind of movement where we carry from warehouse- to- warehouse. Yes, the supporting movement or the supporting to the retail sector when they move from one warehouse to another warehouse or from a vendor to warehouse, those are the cases where we come in more as a B2B movement of the shipments supporting the retail. I mean, while I say this, this is mainly from the point of view of parcel movement. Of course, we also have a big focus on the documents movement. BFSI is a big segment that we focus on. Also, given the presence all across supported by a dedicated fleet of aircraft, we are able to maintain a good amount of service quality irrespective of the geography that we service in. BFSI remains a big sector. Besides all the other industrial verticals where express shipments in a relatively lesser kilo per shipment, not a freight movement, but more of an express freight movement is where we cater to all the industries. Got it. Sir, when you say documents, how large would documents be as a percentage of our revenue? It would be close to, so again, depending on the cycles of card renewals, debit cards, credit cards. On an annual basis, if you could, sir. It would be close to 25%-30%. That would be predominantly on air. Would that be a fair assessment? Yes. So depending on, say, for example, if you have to carry a document from Mumbai to Pune, then we may not physically carry on air, but yeah, it's a part of priority segment. Wherever air is the faster mode of movement, it goes on air. Wherever ground is even faster than air, depending on the aircraft or the weekend, seasonality, it may also go on ground. It's an express product, primarily on air. Yeah. Understood. E-com would be what, 25%-30% of our revenue, sir? Yes, close to 30%. Yeah. These put together is about 55%-60% of our revenue. Is that understanding right, sir? Yes. Yes. Okay. Got it. Sir, just a couple of clarifications. Is there any one-off or reversals of expenses in this quarter? I mean, I'm just asking from, A, the gross margin perspective, if I look at, there is almost 200 basis points of improvement. Particularly, I was under the impression that the surface transport, which has grown faster, is slightly lower margin on a gross basis. If you could clarify on that. No, there are no one-offs or there are no extraordinary elements in this quarter. Understood. If we were to sustain this kind of a revenue size or the mix, the margins can sustain at the current, what, 7% PBT level. Would that be a fair assessment, sir? Yes. As I said, it's a question of the mix of customer lanes. So yes, if favorable or better conditions or mix prevails, there can be favorable movement or sustenance of these margin levels. Got it. Any benefit of the early festival season you could quantify in this quarter? There would be some element, but it's a mix of both early festive as well as the GST-related movement. That would also come. Difficult to quantify, frankly. Yeah. Understood. Just last question. In terms of number of employees, the 18,000 number, what you mentioned in the presentation, is that the permanent employees on the payroll? What would be the quantum of contractual employees for us? The contractual employees, we don't call them, but these are the employees of the service providers. That number would go to as much as 30,000. Okay. Apart from the 18,000, what we have on our payroll, is that right? 18K, 20,000. I mean, if you include Blue Dart Aviation as well, it will be close to, yeah, 13,000 +. Okay. Got it. So 13,000+, 30,000. Have I understood right, sir? Not exactly. You can say 13,000 because it varies from month to month. You can say 12,000-13,000 and around. Yeah, 30,000. Yeah, around 30,000. Yes. 20,000-30,000 in that range. That service provider employees is quite a fluid number depending on how the seasonality, the number of shipments significantly can go up and down by a few thousand. In the range of 10-15. Depending on the season. Yeah. No, fair point. I was just trying to understand what is the extent of fixed cost. Is there any quantification from a quarterly cost perspective? How large is the fixed cost proportion for us, including whether it is the infrastructure cost or people cost put together? Fixed cost becomes a relative concept. Typically, for a month, you can say 60% of the cost should be fixed. However, as you go longer than a quarter, another 10%-15% can be variable in addition to that. Got it. Super, sir. Thank you so much. I'll fall back in the queue for follow-up, sir. Thank you so much. We'll take next question from Mr. Nirmal. Please go ahead. Hello. Thank you for the opportunity. Sir, we have achieved a growth in e-commerce of about 30%. I just wanted to know, was this on account of festive demand or is it like a seasonal growth that we get in Q2? The second part of the question is, what sort of growth are we expecting in H2 of this? 30% is the growth in the ground e-commerce. Yeah, as the industry grows, we can look at paying a bigger growth, but it will be difficult to assign any numbers from a future projection point of view. Is this a seasonal growth that we get during Q2 in e-commerce? Typically, this is the last. I mean, September, October, every year are a part of increase in the shipments, retail-related shipments as well as the B2B supporting peak season. There will be some element of seasonality in this, as happens every year. Sort of growth was there in e-commerce in Q1? If you can share that. Sorry? What sort of growth did we achieve in Q1 in e-commerce segment? If you can share that. In Q1? Yes, sir. Q1 also, the Surfaceline we had about 30%+, 32%, in fact, in June quarter. Okay, sir. Thank you, sir. We'll take next question from Mr. Dhruv. Please go ahead. Yes. Hi, sir. Thanks for the opportunity, sir. My first question is around the split of the B2B and B2C segment. If you could give the split for this quarter and also just if you could tell us what's the growth individually in B2B and B2C. Between B2B and B2C, it remains for this quarter 70/30, 70% B2B and 30% B2C revenue. Sir, growth for this quarter? Growth. For this quarter, overall B2C would be 18%, B2B about 2.5%. Okay. Sir, this 2.5% growth in the B2B segment, I'm guessing that the lower growth will be going to the air express business and documents business. Incrementally, how should we look at the growth trajectory for the industry here? Will it continue to be less than 5%, or do you think that this industry can show some uptick? It depends on overall how the economic growth of the country and the reliance on the express with the B2C has been. A growth driver for some time. That remains while the B2B growing positive. Okay, sir. And sir, incrementally, how should we think about your margin? So you've reported a 7% PBT margin in this quarter. In the next two or three years, if you could just guide us, is like a 200 basis points margin expansion possible, or will Blue Dart hover around this number? All the effort will be to improve the margins from the current level. I mean, a critical part would be mix, or are there operating leverage levers available where Blue Dart is working on? It won't be based on operating leverage because by and large, our facilities are very well, optimally utilized. However, there is also a time. For example, when it comes to the air capacity, we largely fly at night. At the same time, when it comes to the ground facilities, there are certain times during the day where the facilities will be utilized, especially in the evenings and in the mornings. Those peak hours at which the customers hand over the shipment and expect delivery, they are already optimally utilized. Not very significant operating leverage based on fixed costs, given the capacity utilization already being good. The improvement in the margins will be more of a function of yield improvement as well as any cost improvement in terms of rationalizing the network design, wherever the product mix as well as the densities allows, on a case-to-case at a location-to-location kind of level. Sir, just one question on CapEx. How should we think about your CapEx for FY 2026 and for the next two years? Any significant capacity addition or freighter addition are you looking at? CapEx for us is a normal phenomenon in terms of given the large number of facilities that we have. As they come up for either renewal or they come to a level where there is a need to add capacities, we keep on adding across the locations. As far as air network is concerned, we keep on evaluating different modes of network, not only for the number of aircraft, but also almost on a day-to-day basis as to how many sectors we need to fly, how many flights. I mean, that's a continuous exercise. Depending on how the economics develops in future, we can always be looking at manoeuvring our capacities, be it addition or reduction or change of mix of the fleet. Any number that you'd want to share, sir, incrementally? Or it's going to be in the similar INR 2.5 billion-INR 2.6 billion sort of zone that. It will be the similar kind of nature. We do not have any. Because even after we added two major facilities in Delhi, it is not that our CapEx has gone up very significantly. If at all, the addition happens more at the ROU asset lease assets level. The CapEx is, even for auto-sorters, not very significant if you add for a few facilities. So the CapEx will be in the similar kind of range unless we find some opportunity to add anything significant currently. I mean, we will always update the stakeholders whenever we have those kind of plans. As of now, it is the normal CapEx that will continue. Okay, sir. Thanks a lot and all the best. Thanks. We'll take next question from Mr. Vipul, please go ahead. Am I audible? Yes, Vipul. Okay. So on your slide number 19, you have this operating cost per kilometer. These three metrics you have mentioned in the left-hand corner. So can you give those figures? Is it possible to share those? Please, you are talking about the investor presentation? Yes, sir. Yeah. What is the question, please? I want all those three figures. We have already uploaded the investor presentation actually today. It is available on the website. If there is anything, you can always call me, Vipul. No, no. You have just mentioned, but you have not put the numbers. Numbers? We have put, Vipul. Numbers are mentioned in the presentation. You can go through it. If there is anything, you can always call me. Call me on my mobile. Okay, sir. Let me check. Then again, I. Yeah, yeah. Please. Otherwise, please call me on my mobile. Yeah. Or you can give me your number. I will call you. Sure, sir. We'll take next question from Mr. Anshul Agrawal. Please go ahead. Hi. Thank you. Am I audible? Yes, yes. Great. Question is on yields. Please correct me if I'm wrong. Generally, when surface grows faster than air, blended yields, sort of blended realizations per kg, sort of trend downwards. This quarter, despite surface continuing to grow faster than air, the blended realizations have slightly inched up. Is there something that we need to sort of build in as part of future momentum as well in yields? Surface could sort of see an uptick. If you could just shed some light on this. When you say yield, you mean to say the margin percentage? No, per kg realizations on a blended basis. Yes. Surface this time, we had an increase in the number of shipments versus the number of. If you look at it from an RPK point of view, the realization per kg, there will be an increase because we have moved more lighter shipments. That comes at a higher realization per kilo. That mix within even surface would have the RPK to work. Okay. So we have not taken any hikes or any change in pricing for surface or any product as such? Not in general in the market, but customer to customer case, we do keep tracking the customer profitability. Wherever we see either for a customer or even for a customer within a certain lane, if there is a need for price increase, those actions would keep on happening throughout the year. No specific big bang price increase as such, besides our GPI that we have. The GPI would come in from January, the coming year, right? January calendar year 2026. All right. Second question that I had was, any color on uptick in utilizations in the new freighters or Guwahati as a center? Are we seeing more of express business happening from Guwahati versus the direct port-to-port deliveries that we were sort of doing in the previous few quarters? Yes. The new freighters, they cater to not only Guwahati, but have been merged in our all India network. Yes, we introduced or added one sector that is in terms of Guwahati. Especially after last year, sometime in August, September, post-September 2024, the utilization has, even after adding the new aircraft, come back to the normal level of 85% + on a volumetric way. The volumes into Guwahati have been at an optimum utilization, again, in the range of 85%-90%. Volumes from Guwahati to the rest of India have also gone up. Not optimum. It will be, I mean, not full, but more than 50%, 50%-60% is what, with the core products, is what I'm talking about. What we track is the overall network utilization or aircraft utilization, which has been at an optimum level, more than 85%. Got it. Just one last question on B2B business. Any particular reason why the growth has been so muted in B2B business? Any particular callouts that you would want to share with regards to strategy in the B2C business? Why has the growth sort of accelerated in B2C, whereas in B2B, which is predominantly sort of a bread-and-butter business, we are seeing such muted trends? B2C remains the growth driver. Within B2B as well, surface keeps growing faster. Probably the improvement in the transit times with the GST, EWB-related movements has also been making ground more efficient. That is where for us also, that has been the area, or that has been the mode where we grow faster. When you combine B2B as a mix of both surface and air, where air is a higher realization in the pricing, whereas ground is a lower realization in pricing, when the ground grows faster versus air, the blended mix of the two would seem as if B2B is growing slower than the B2C. It is more of a mix change that is also happening over there. While from a percentage margin point of view, ground also remains as profitable as air. As a mix in terms of yield per kg, it would show as if B2B is growing faster or slower as compared to B2C because of this change in the mode there. Sorry, I didn't quite get that. So when ground grows faster, does B2B grow faster or B2C grows faster? Ground is also a B2B product. Our surface B2B is also a ground product. B2B is a mix of the documents as well as air B2B movements as well as the surface B2B. Within these three products, surface B2B has been growing faster. When the. In that sense, did air degrow in the B2B business in the current quarter? Because overall B2B growth has just been 2.5%. Yes. Within that, surface has been at 3.5%. Though the number of shipments have grown by 23%, the number of lighter shipments have gone up in surface B2B. The revenue growth is 3.5%. For surface. Got it. Yeah. Thank you so much. We'll take next one from Krupashankar. Thank you for the follow-up, sir. One question. What we are picking up is that on the e-commerce side, the realization has increased per shipment. Is that something which you've also seen over the last quarter or so? Sorry, come again? Over the last quarter? The price per shipment in e-commerce, what we are picking up is that for the industry, it has gone up, right, on a YoY basis, right? Is that something which we are also seeing, given that our growth in B2C shipments have also been good? If you look at overall shipments, it's been up 10%. Have you seen an increase in realization on a YoY basis in the e-commerce business? If you are talking about versus last quarter, which is June 2025, we do not see any significant increase in the yield because our GPI cycle is typically during the year. Any change in the yield would be a function of more of customer or lane mix than the price increase. What I meant was last year, September quarter. Okay. Last year, September quarter, there would have been a GPI that would have been done in most of the customers. However, depending on the customer mix, the number may or may not show the same type of increase. If I see for, so effectively, I don't see a very big increase in the realization. Though we would have done the GPI for the customer, the customer mix it. If there are a smaller trade lane or a lower price customer grows faster, then the overall yield may not show an increase at a product level. Got it. Got it. Okay, sir. That was a question from my side. Thank you. Yeah. We'll take a couple of questions from the chat here. Also, one question is on the GST cut impact. Have we seen any visible improvement in the volume of cargo after the GST cut? Do we see some really material improvement coming in 3Q because of that? We did see some uptick in the last 10 days of September. However, it is difficult to segregate whether it was on account of GST or it was on account of peak on account of the festive season coming in early October as such. Yes, we did see increase. Okay. Also, on the aircraft utilization, at this stage, what would be the utilization levels of the aircraft capacity which we are having, including the old and the new ones? In terms of capacity, it is also a function of how many hours you fly. That is where, when, I think last time also, there was a question with respect to the capacity quoted in the annual report remains same. What we, the capacity has been 500+ tons, and that remains in the high. I mean, it has increased, but it is still between 500 and 600 as such. It is a function of how many sectors and how many hours you fly the aircraft. Even after adding those two aircraft, we have continued to show 500+ because it would have gone from 500 - 560 tons per day. Again, it is not a physical capacity of the aircraft, but how much do you fly? Got it. Sir, we'll take one question from Mr. Achal. Please go ahead. Yes. Yeah. Thank you for the follow-up opportunity, sir. Sorry, I just got a little bit perplexed with this. You said B2B, B2C is 70/30. Growth in B2C was 18%, and B2B was 2.5%. These are revenue growth numbers or volume growth numbers, sir? Revenue. If I do a rough math, I get a blended revenue growth of about 13%. Blended revenue growth, this is for the quarter. For the quarter. 18% into 70%. 2.5% into 30%. You can do the math again. The revenue for B2C has gone up by 17.9%. 2.5% is the growth in B2B revenue. The blended is 6.6%. Okay. My bad. Actually, I mixed it up. Okay. Sorry. The second question I had was, with respect to the price, if you were to give us some indication in terms of for a same per kg shipment, how much would be air and how much would be surface typically for any particular leg or sector, if you could quantify? It will be actually very subjective. For the given weight break, if you send a small shipment, then the RP cable may be very, very high, it will look like. Because over there, the shipment is, the service element of the cost goes up. It will not be appropriate to quote any number because the variation across weight break and across the sector will be very significant. Right. No, I'm checking from the customer perspective. If he has to decide between whether he wants to do an air or a surface movement, right. What would be the cost difference from their perspective? For a customer, the shipment of 20 kg, when it is sent on air, it may cost five times higher than when it is sent on ground. Okay. Okay. Understood. As you said, with the improvement in the infrastructure, whether it is E-way bills or GST or road infrastructure, etc., more and more cargo is being moved on road. Yes. There is a yield pressure, but the cost is also low, but the percentage margin is similar. Have I understood right, sir? Percentage of margin is similar. Yes, as the customers improve their own infrastructure or their ability to forecast, the need for utilizing a costlier mode of transport will be less. We do not move as such, I would say, cargo on air. It is more of air shipments which are more time critical than freight critical. Got it. Understood. In terms of the competition, are you seeing further intensity actually increasing with respect to air, or things are as they were, what they were, say, a year back on the airfront? We don't see a big change over there. Yeah. We We do have an advantage of having our own freight fare. So we have a control on what we carry and how fast. I mean, we can carry it consistently without worrying about getting offloaded. From that point of view, there is a very significant advantage that adds to our credibility. That kind of structure remains in the industry as such. Got it. I don't see a big change at this point. Thanks so much. We are almost at the end of the session. I'll just hand over the call to the management for any closing comments. No. Nothing specific from our end. If any of the investors would like to know any further details or clarifications, they are always welcome to approach Sagar or me, and we'll get back to you. Thank you. Thank you so much for joining. Thank you for setting up this call, and thank you all of you. Mr. Vipul Jain, you can call me back if that is there. Yeah. Thank you. Okay. Thank you.