Ladies and gentlemen, good day and welcome to Q4 FY25 earnings conference call of Gateway Distriparks and Snowman Logistics Limited. This conference call may contain forward-looking statements about the company, which are based on belief, opinion, and expectation of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. Today on the call, we have Mr. Prem Kishan Gupta, Chairman and Managing Director, Mr. Ishaan Gupta, Joint Managing Director, Mr. Samvid Gupta, Joint Managing Director. From Gateway Distriparks Limited, we have Mr. Kartik Sundaram Aiyer, CFO, Mr. Rajguru Behgal, Chief Business Officer, Mr. Manoj Singh, Chief Strategy Officer. From Snowman Logistics Limited, we have Mr. Padamdeep Singh Handa, CEO and Director. Mr. N. Balakrishna, CFO. I now hand the conference over to Mr. Samvid Gupta, Joint Managing Director, for the opening remarks. Thank you and over to you, sir. Thank you. Good afternoon, everyone. Just before we started the Q&A, we thought we'll make it a bit easier because this time we had some accounting entries which were a bit of one-off in nature. So we'll just give clarity on a couple of them. We've given it in our press release, but we uploaded that a bit late as the meeting ran for longer. So basically, CFS revenue, it appears to be negative, but actually this is on account of change in accounting method between gross revenue, net revenue of some certain discount. So for the full year, this figure is about INR 46 crores. So if you add that back, then FY25 revenue for CFS vertical would be higher than FY24. Then another big change is that in December, Snowman Logistics became a subsidiary. So now it gets line by line consolidated. So for the full year, we have INR 145 crores of revenue, about INR 25 crores in EBITDA, and PBT of INR 3 crores, and PAT of INR 3.5 crores on account of consolidation. There was a big one-time hit on it. It's a provision. It's not a cash payout yet, but of about INR 12.8 crores. This is on account of the merger that we did within the group between Gateway Distriparks and Gateway Rail at the time and one more group entity. This is a provision we've taken on stamp duty amount payable for it. But since the amount was not a certain amount back when we did it three, four years ago, we've just taken it as a contingency right now. And then the last item is that we've taken the exceptional income. Last quarter, we took it off about INR 380 crores-INR390 crores for gain in goodwill of Snowman. But this quarter, we've corrected it. We've done the fair value of equity on consolidation, and there's a minus INR 258 crores there. Net of, we're still INR 131 crores, but again, it's a line item that's come in. It's not having any impact on cash flow or actual losses to the company. So I hope that clarifies a few things in the results. We can now move to Q&A. I'll just hand it back to the moderator, please. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handset while speaking and avoid Bluetooth earphones or speakerphones. Participants are also requested to limit themselves to three questions at a time to give others in the queue a chance and can rejoin the queue thereafter. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Love Jain from Artha India Ventures. Please go ahead. Hi, good evening. Thank you for the opportunity. First question is on Snowman Logistics. In the IP mentioned on the facilities in Kolkata and Krishnapatnam will commence in June 2025 and Q2 of this financial year, respectively. However, on the second last page under the expansion plan, it says the Krishnapatnam facility is expected to start operating in July 2026, which is a Q2 of FY27. Can you please clarify if these are different phases of the same plant or is there any change in the timeline? And what revenue growth targets has the company set in alignment with this increase in warehouse capacity? Yeah, hi. See, the facility in Kolkata is starting in the month of June itself, and it will add additionally almost 6,000 pallets. With the current inflow of material and the seasonality, if we look into it, we are quite positive in ramping up the facility much faster than what we earlier would have if it would have come earlier. So the business alignment is quite in line with the new facility. As far as Krishnapatnam goes, that will be up in this year only in the month of July. So for that, when I go back to expansion plans, that is the second phase of Krishnapatnam, which will be taken in future for the expansion. There's a possibility as we do have another warehouse available in Krishnapatnam to be converted to a cold store. Okay. So there will be two phases, one in this July 26 and another will be in July 27. Sorry, July 25 and July 26. That's the plan. Right. That is as per the plan. Okay. And another question on the transportation services. As I can see, despite increasing segment-wise revenue for the transportation service, we can see a decline in EBIT from INR 52.88 lakhs to INR 5 lakhs, which is approximately 90% downside in this quarter. So what is the reason of this? Hi, Bala here. Just give me a moment. So you're looking at the quarter-on-quarter comparison, is it? Yes. See, just for the sake, is it Q4 versus Q3 comparison you're doing or Q4 versus Q4? Q3, Q4. Q3, Q4. See, in Q4, as an earning process, we have taken an additional provision as a cost shares. Also, there is a slight dip in the margins in the current quarter. That itself is a reason. Otherwise, the revenue, I mean, otherwise, the business itself is flat in the current quarter. Okay. Did that answer your question? Yes. And another one is on the planned CapEx that you mentioned, INR 100 crore-INR 150 crore. And in the previous call, you mentioned 80% of the CapEx is expected to be funded by debt. So is this the same capital structure you're going to follow for the CapEx, or is there any change in the capital structure for this CapEx amount? Yeah, we are still in the same opinion that we go with 80/20 model. 20 will be from their internal accruals. 80 will be funded through loans. Okay. And on the cash conversion cycle, I can see that for FY24 in FY25, it is increasing. Could you help us understand why the company decided to clear payables earlier and how this fits into the overall working capital strategy? Sorry, what is that decreasing? I didn't hear properly. If you can repeat. Yes. So it is related to the debt table. I can see that under why the company has decided to clear payables earlier and how this fits into the overall working capital strategy. So I think it's just a function of business. Depending on the business mix at that time, it varies. Terms vary customer to customer, whoever is growing at a different pace for the quarter. And this is primarily on account of the 5PL business. Okay. Cool. Thank you so much. Love, just one more thing. Since you touched upon expansion, I just want to add that apart from the CapEx, which we are planning, which will be for buying land and building up our own facilities, similar to our Lucknow model, we are also discussing BTS, where someone else builds a warehouse and we do a long-term lease for more locations. So we'll be growing on both asset-light model as well as our own projects. Okay. Cool. Thank you. Thanks. Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Rohit from Samatva Investments. Please go ahead. Yeah. Good evening and thank you for the opportunity. So my first question is on Snowman Logistics. See, the margins have seen a significant dip over the last three to four years where we were reaching somewhere around 18%-19%. And I guess this year we have entered in 11% for the warehousing part of the business. Just wanted your thoughts on what's been the reason for this decline. Is it some accounting change or is there a mixed change or what is the main reason for this? See, the margins, as you see, are blended sales also with growth coming from 5PL business. The overall blend of margins are reducing, and that is what is reflecting on the P&L as well. Also, there have been certain cost pressures in the last year, which further because of the business mix change, as some of the industries did fantastically well and the others didn't do much. So that also created some sort of a marginal dip. So which is reflecting, but from this year with the increase on the 5PL model, this reflection is there. Sir, I'm only talking about the warehousing part. I get it 5PL is a bit low margin volume-based business. I'm only talking about the warehousing part of it. So those margins also three years back were around 18%-19%. That's come down to 11% this year. So I just wanted to know on the warehousing part of the business. Some of it is contributed by the Park and Pay model. This year, we have grown 500 times in Park and Pay model, wherein close to 60,000 pallets were outsourced and built. Wherein the margins are lower, thus the percentage margin is pulled down on the warehousing part. So going forward, can we expect margins to be at these levels due to your new Park and Pay system that you have adopted? See, this is the short-term park and pay what I'm talking about, and we will continue to grow in that. Also, there was another business with Amazon which was shut down, which also impacted the overall warehousing margins. So the mix of warehousing change also has contributed in overall reduction in terms of percentages, which is reflected. Fair enough. Thank you. My second question is on Gateway Distriparks per se. So just the broader picture I want to understand. Three to four years back, in one of your calls, you had highlighted you want to increase your satellite terminals. You want to expand more in Central India, in Rajasthan. I get Jaipur hasn't come through. But apart from the facility in Uttarakhand, Kashipur facility, we haven't been able to add a lot of satellite terminals to improve our volumes. So just wanted what are our plans going forward in terms of maybe setting up new ICDs or leasing out something? What is exactly our goal going forward? So the plan remains the same, but as we mentioned over the last few calls, that land acquisition continues to be a big challenge. We've almost finalized a couple of parcels, and then due diligence doesn't go through. Some title issue is there. Some people back out last minute on price. So we're looking for viable projects only, and we don't want to expand for the sake of expanding. That being said, there are still two or three active opportunities that we're looking at, and one of them is also on an asset-light model. So hopefully, we've been saying we'll get back with it, but even though overall sentiment is down right now, fresh investments are much lesser. So we are also reevaluating our plans, but we definitely want to have more rail-linked ICDs. Got it. Sir, and on this Western Dedicated Freight Corridor, so last in Q1, if I'm not wrong, the rail coefficients to all the three ports had seen a significant fall. So what are you getting on ground? Why is the rail coefficient actually decreasing? The share to Mundra and Pipavav, in spite of both of them being connected on the Western DFC, why is still road being preferred over rail? So speaking because once JNPT comes through maybe by the end of the year, is there a possibility that volumes might not kick through for us or for the industry as a whole? Yeah. Hi, Rajguru is saying. So one of the reasons you have seen a slight dip in rail volumes was also due to the congestion issues faced, especially at Mundra Port. And there were double-stack restrictions very often, and especially due to heavy pipeline towards Mundra. And there was a restriction going towards Mundra, which really hit the overall volumes. Plus, trade was also expecting that with the completion of DFC, which has not done till now, there will be some kind of positive commercial advantage given to the trade. That has also not happened. We are just waiting and watching. Hopefully, once the JNPT corridor is completed, which now they are saying is, as per the site they're mentioning, December, but as per our sources, it might take another couple of months. It should happen by March. Then only we will see 100% advantage. Then there's a possibility of some shift from road to rail. Fair enough. So just one last question is on your Kashipur ICD. So if I'm not wrong, we had acquired it for around INR 150 crores. And currently, I guess we are doing around 3,000-3,500 TEUs. Just wanted what was the reasoning to buy the Kashipur ICD, considering in your only calls earlier, you had said the total addressable volume is only around 10,000-12,000 TEUs. So what was the reasoning to spend so much money on an ICD where the potential volumes within that area is only three times what we are doing right now? So just your thoughts on that and how do you see it going forward in terms of expanding volume from that ICD? So that time, the rail operations were done by someone else. So we looked at the whole picture of rail plus road plus ICD, and it made sense because it's about a four- to- five year payback for us, which was better than a greenfield ICD project. While the volumes are not as high as, say, NCR or Ludhiana, it's still a good catchment area. There are some fresh investments also coming in that region, and with our increased services and us hubbing it via Garhi, via Piyala, we can target a slightly wider market there because we can pass on the DFC and double-stacking margins. So that was the thought behind it. Okay. Fair enough. If I just have one more question on Snowman Logistics per se. So it's on the 5PL business. So I understand organically within the three clients that we have, we have been doing well. But it's been three years, three to four years, and we haven't been able to add any new customers. So are you still confident? And I just want to know if you is there any real value addition that you are able to give to the clients? Because if I look at the last three years, I get it we have three clients, but there's been no inorganic growth on that part. So how do we plan to expand the 5PL business? This year, we have added two new customers. One is Unilever, and the other one is an Indonesian coffee chain by the name Kopi Kenangan. That will start reflecting I mean, it has already reflected in our books this year, and it will further increase the volumes in the coming years. We are constantly working on creating new similar customers apart from our organic growth from the existing ones. Okay. So for the Unilever part, what are we exactly doing for them, if you could just elaborate? So we're doing their ice cream distribution in Northeastern states, Seven Sisters from our Guwahati warehouse. Okay. Thank you so much, sir, and all the best. Thank you. Thank you. Thank you. Next question is from the line of Bhoomika Nair from DAM Capital. Please go ahead. Yeah. Hi. First, I just want to understand all the exceptions, as there are multiple. From what I understand, one is clearly the revaluation of Snowman goodwill, which is INR 258 crores. Second, I believe there is some stamp duty. And third, there is the revaluation of assets because of which the depreciation is also kind of changed during the quarter. Is that understanding? Are these the three exceptionals? And if you can just highlight if I've missed anything else during the first phase so far. Yeah. It's that plus Snowman number getting nine by nine consolidated. And also, the CFS revenue getting adjustment, which we've been doing for the last three quarters as well. So it's not a like-to-like. If you look at Q4 last year versus Q4 this year, you'll see a change in this is basically gross revenue, net revenue. Some discounts earlier were counting as part of net revenue. So that's about INR 46 crores on the CFS revenue side for the full year. Okay. From a depreciation perspective, can you clarify what is being the impact for the quarter and for the year because of this useful life reassessed? We've only done it in Q4. We've not done it backdated from Q1. It's between INR 3.5 crores to INR 4 crores. So it's lower by INR 3.5 crores-INR 4 crores for the Q4, which is where it will continue, and this is a base to be utilized for now, the next year as well. Is that understanding correct? Yes. Yeah. Okay. And on this revaluation of the Snowman goodwill, INR 258 crores, was there any tax benefit associated to this? No, this is just a pure goodwill. It comes as goodwill. So we had taken a gain on goodwill, and then now we've taken an impairment on goodwill. So net we're left with plus INR 132 crore for the year. Yeah. There's no tax impact, no tax impact, nothing. It's purely a balance sheet item. Okay. Okay. Fair point. Just if you can call out what has been the rail and the CFS, if it's upper TEU or anything of that sort, if you can just talk about that as well. Yeah. So roughly, it's about INR 9,500, INR 9,600 for the rail side and say INR 1,300, INR 1,400 for the CFS side. This is for the fourth quarter, right? Yeah. Okay, so if there's any. And also for the full year, actually. Sure. For rail, if we see now last two, three quarters, we've kind of settled at this 92,000-93,000 TEUs per quarter and about INR 9,500 crore to INR 9,700 crore range for a bit per TEU. So it's fairly sticky around this number. How are we seeing growth kind of coming back given that we don't have any particular ICDs in pipeline for 26 per se? And it seems that at least at Kashipur, etc., we've not been able to scale up volumes per se. So if you can just throw some light on this and any progress on any land acquisition for any ICDs that we were planning, any progress out there? So because Q1 was low, this Q1 will be much better, say, more in line with what we've done Q2, 3, 4. So you'll see some growth there. But otherwise, we're just waiting on, say, one is the July date of the tariffs, how that plays out. Overall, also sentiments are lower. Fresh investments are less. So volume will probably remain around the same range with some growth. More growth we're getting from gaining market share. But say the NCR market, Ludhiana market, those are flat as an overall basis. So that's there. On the new terminals, we're still waiting on finalizing something. We've still not been able to secure it. We're being extra careful after Jaipur. So once it's there, we'll announce it and let you know. Sure. So and in terms of the volumes per se, while obviously YoY 1Q will look good, but has the market seen any improvement in terms of the volume trade activity or not really because of the tariffs? Not solely because of the tariffs. Generally, also even before that, volumes were flat. And I think if you see across the industry, it's like this right now. Okay. If you can just also talk about the market share numbers and how our double-stacking has panned out in this particular quarter. Yeah. I'll take it. So in quarter four, our market share at NCR has been steady at 17%. And at Ludhiana, so we have regained our market share to 27%, which last year it was as low as like 24%-25%. In Uttarakhand market at Kashipur, we have regained market share to 37%. Yeah. So that is the status of the market share. In terms of the double-stacking, after this double-stacking which has happened at Faridabad, our double-stacking percentage has increased to 41% in Q4. And if we split this further into different ICDs, so earlier we were in the range of 40% of Faridabad volumes. Now it is gaining Okay. So overall, just wanted to tell you the overall 41% is there, and earlier it was around 38%. So we have gained 2%-3% advantage. Going forward, also as the volumes grow, we are anticipating a good amount of increase. We are targeting 42%-43% going forward. Sure. Just on this market share number, these were fourth quarter market share numbers or for the full year, sir? These were fourth quarter over last year, fourth quarter. How would it be for the full year? Full year, NCR was 17% and Ludhiana 25%. Then Kashipur was 28%. Right, so at such a shape and look [crosstalk]. Yeah. Full year, you see the lower number of Kashipur because Q1 and Q2 were down, which we gradually improved in Q3 and Q4. Understood. So I mean, with the volume growth being restricted to the market-led growth given lack of new capacities per se, obviously the focus will have to be on market share gains. Given how competitive the market is, how are you seeing that pan out versus the bit upper TEU? Where are we seeing the ability to kind of actually grow volumes, or will it be more driven by the margin expansion as we move forward? So we're focusing on Piyala and Viramgam. Those are two markets where we feel like we can do better. With Ludhiana, we kind of already regained our number one spot, so I think keeping that consistent will be there. But these two markets, there's good scope, especially after Faridabad got double-stacked. Sure. Okay. This helps. Maybe I'll come back in the queue, and sorry, just lastly, what is the CapEx that we're looking for in FY 2026- 2027? Maybe around INR 30 crores other than the new terminals. Okay. Okay. And sorry, what will it be for Snowman? Because that will also get consolidated now. INR 100-INR 150 per year. Even Gateway is INR 30 per year. So say INR 60 crores for the next two years. This is basically some warehousing capacity and vehicles. Understood. So, basically, and this does not include any new ICDs. Either when we acquire land, then we will outline that separately. Yeah. Okay. Got it. Thanks so much. Thank you. Next question is from the line of Kunal Tokas from FVC. Please go ahead. Hello. Am I audible? Yes, you are. Please go ahead. The first question is about the 5PL vertical. This is represented as the trading and distribution segment in your statements. While revenue has grown well, margins have fallen. So can you explain why that is? See, as I have mentioned that we have acquired a new business with Unilever, wherein the margins are different to the earlier businesses we were doing in 5PL. So that has contributed to a lower overall percentage when it is vis-à-vis the top line. And also, the product mix for the current customers of ours has changed, which has resulted in lower margins. There are certain items which are imported and it comes at a different margin than what we procure and what we procure from India. So the differential is because of the mix change, plus the new business with Unilever, wherein overall margins are differently pegged. Earlier, you were targeting gross margins in 5PL was 89%. Has that changed now with the new situation? Yes. Correct. That has changed, but it will remain in the range of 6%-8% depending upon the product mix. All right. And just want a clarification on the accounting for the goodwill impairment that you have taken. Can you explain a bit more why that occurred after taking the gain on consolidation last quarter? Yeah. It's basically linked with the share price also, as well as the accounting standard where we have to make a discounted cash flow. So we didn't really have a choice but to go with this figure. So we've taken ahead of INR 258 crores. But again, it's purely a balance sheet item, no tax, no cash outflow. It has no bearing on the overall operations of the company. How much of it was linked to the share price and how much to the DCF calculation that you yourself did? What's the weightage of these two? The DCF and the share price are roughly in the same range as of March 31st. So that's the entire impact. Our last purchase was at about INR 75. So we first took a gain at that value. Then this has come down from basically INR 75 minus close to INR 50. So that INR 25-INR 27 rupee gap is the hit that we've had to take. All right. Thank you. Thank you very much and have a good day. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one. Next question is from the line of Jainam Kiran Kumar Shah from Equirus Securities Private Limited. Please proceed. Yeah. Hi, Sir. Thanks for the opportunity. I just missed one point. You clarified on the other income part. So can you just repeat that part? Like other income is higher during this quarter. What has led to that particular thing? There’s some routine write-backs of discounts and incentives payable. Then there’s also interest income as the company is sitting on over INR 100 crores in cash right now. And then also there was a write-back on account of a provision we made for tax last year. And then we opted for Vivad se Vishwas. We paid out the tax and closed out all the old matters. But last year, we had only taken a provision on a contingency basis. So it got added back in EBITDA, but it’s subtracted back from PAT. Got it. And the higher other expense, what would be the reason? Like we have been doing INR 28-INR 30 Cr kind of a number, but this year it went up to INR 40 Cr. This is only for the Gateway number that I'm talking about. Any specific other expense which has been added into this number? Basically, the stamp duty number that we've given of close to almost INR 13 crores. We mentioned it at the start of the call in the press release. This is again a provision. It's not a cash outflow yet. So whenever the demand comes in, we'll pay it. Got it, sir. That is no matter in this conversation. Thanks. Thank you. Next question is from the line of Love Jain from Artha India Ventures. Please go ahead. Hi. Thank you. On seeing annual trade receivables, Snowman is increasing year on year. Can you please specify how much these are considered good in FY 25 and how much are overdue from last six months, and how much are the provisions? If you can give a breakdown of annual trade receivables. Hi. Bala here. See, increase in trade receivables is a direct relation to our increase in turnover. We put it this way. And we carry provision approximately INR 4 crores, which is covering 180 days. But all majority is from the current year itself. Yeah. Is that answers your question? Yeah. Yeah, and how much are the provisions out of the year? Is there any provision? We provisioned full 180 days, which is around INR 4 crores. Okay. Good. Thank you. Yeah. Thank you. Thank you. Next question is from the line of Gaurav Gandhi from GPM. Please proceed. Yeah. Thanks for the opportunity. Just one question or clarification from your side. Sir, why have we arranged the land acquisition deal at Jaipur in such a way that it came under Benami Property Act? And is there any possibility of settlement there, or is this issue going to get dragged for many long years? So it wasn't our intention to do anything like that. I mean, we still believe we did it the right way. We have good top legal firm also advising us who believes that we have a strong case. We were hopeful within the next year or two, for whatever reasons, this got caught in this legal case. But according to us, it's still fine. There's no, unfortunately, like a settlement scheme like Vivad se Vishwas and all that we've done in IT matters. But we're confident that the tribunal will go in our favor. Okay. All right. Yeah. Thank you. Thank you. Next question is from the line of Pranay Khandelwal from Alpha Invesco. Please proceed. Hi. Thanks for the opportunity and congratulations on a number of milestones. We will not. Hello. Hello. Am I audible? Is it better? Yes, please go ahead. We can hear you. Is it better now? Yes, please proceed, sir. Yes. So I just wanted to know now that Gateway has reached that 50% plus mark for Snowman, so is the Gateway still looking to invest more in the company or maybe completely merge Snowman into GDL? How is the management thinking on that? No, so no plans on merger right now as they're different businesses. Regarding stake also, we haven't thought of anything yet. We're not against it, but we don't have any immediate plans to increase our stake either. Okay. I was asking since you mentioned that there's some INR 100 crores on cash and GDL will be turning out more cash this year, so any plans? Every year, there will be certain CapEx which is required in GDL. And we have a track record of paying dividend also. So based on the cash flows, if and when there is any surplus, then we could consider it. But as of now, we have not announced any plans. All right. And now on the Snowman side, any new customers that we are talking to for 5PL business? I also wanted to confirm that these two customers that were mentioned, Unilever and Kopi, they're both on the 5PL side, right? Yes. They are on the 5PL side. And on an ongoing basis, there are many customers who we have a conversation with. But only we also select those customers who we are confident of their growth and their ability to make payments on time because this business is very working capital intensive. So as and when we come across any large new customer, which makes sense, then we partner with them for 5PL. Okay. And Kopi, I believe right now has only one outlet in India, right? So what are their plans? Are they planning all [crosstalk]? As of now, they have two plans, and we have obviously plans to expand more, but we will not be able to comment exactly how many stores and at what time. Okay. All right. All right. I think that'll be all. Thank you. Thank you. Participants, to ask a question, you may press star and one. Ladies and gentlemen, to ask a question, you may press star and one. Next question is from the line of Kunal Tokas from FVC. Please go ahead. Mr. Kunal, your line is unmuted. Please go ahead with the question. Hello. Am I audible? Yes. Okay. Just a quick question. You mentioned right now that choosing the right customer is very important for your 5PL business because obviously you take inventory ownership and you don't want to be left hanging with inventory you can't sell. So onboarding a player like Kopi, which is just entering the industry, do you think it makes sense to take that risk versus going with more established players? But then obviously you also have the thing that established players have their own supply chain established. So how do you manage that trade-off between taking more risk versus getting more growth from new players entering India or expanding in India? See, we have done our due diligence when we speak with a customer in terms of their plans in India, their stability, plus we see their global presence as well. So at the pace Kopi is expanding globally and the way their contract is structured, it keeps us quite covered in all aspects, and we try and put in our best effort in terms of doing a detailed due diligence to ensure that the company's interests are safeguarded alongside the growth. What sort of securities do you have in these contracts? Do you have recourse to the parent entity of Kopi maybe? Unfortunately, because of an NDA, we are not able to disclose the details of the contract with our customers. But we can assure you that we have built in enough safety which guarantees us that we will not be at a loss. And that's why finding customers who are acceptable, who are amenable to such terms of the agreement, that it takes time and we are careful about who we choose. Also, another question about the warehousing business. So it's flat as we can see, but that's obviously also because of Amazon moving out. So on a like-for-like basis, what would the growth have been if we just remove Amazon from the previous year's numbers as well? See, if we remove Amazon business alone from the Park and Pay business, it's around 5% increase we can see in the warehousing business, which is exactly being compensated by loss of Amazon business in the top line, which is around INR 10 crores-INR 11 crores, which works out to be. What has been the sort of pricing decline in the last one year? See, the pricing decline is for the margins. Impact is for the various reasons. One is our temperature control business remained flat, and there are a few customer segments like meat, seafood, and poultry. This went down year on year by 15%. That has a direct impact on our margins. Yeah. Are the. Of this address, the question. Yeah, I guess. So there has been a pricing decline, right? Yeah. Yeah. Okay. And are your. Sorry. Just to clarify, Kunal, when we say there's been a pricing decline, it's because our mix has changed. So certain products which are stored at certain temperatures, the pricing is more, and some of those have come down. But on an average, across most of our existing customers who we do renewals with, then about 4%-5% pricing increase we have this year. So 4%. But the mix changes, that's why on an overall pricing basis, you'll see the drop. But contract basis with customers, we are able to get increases. All right, and how are you seeing the competitive intensity in this business? Because warehousing is the core of your business where you generate the most cash, which you can then use to grow the 5PL business while transport is more of just an ancillary service, so how do you see the competitive intensity in this business? So as of now, on a pan-India basis, we are still the leader by a large margin in terms of capacity. On a regional level, at every location, there are some cold storages who we compete with. And on the 5PL side, we don't have any competition as of now. But the scenario can change as the industry is maturing and as more and more shift is happening from unorganized to organized. So we do expect healthy competition to come in. And that is why we continue with our growth plans. Is your growth in this business limited just by the supply side? That is, people not building enough cold storages? Or do you think there's also hesitancy from demand side? That is, customers finding the cost of cold storage, professional cold storage services like you do, maybe a little bit too much compared to what they have been doing, which might be unorganized, but that is what they have been doing. It's a mix of both, you're right, that people who are shifting from an unorganized setup to more organized, they see the value in using professional cold chain services. And also, there are certain places where our warehouses are running 100% full. So that's a supply side constraint that we have. All right. Thank you very much and have a good day. Thank you. Next follow-up question is from the line of Love Jain from Artha India Ventures. Please go ahead. Thank you. On the industries we are serving in the Snowman, in the IT agency, we have a good amount of industries that we are serving. If you can give me which one is the highest margin in this quarter? If you can provide what are the top industries that we are serving? See, we are serving from QSR to ready-to-cook food to the quick commerce. Quick commerce has been the recent added add-on. Gave us the revenue breakdown, right? We will not be in a position to share that. It's a blended sort of a thing, so not ready at present. Okay. Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. Participants that have missed out due to time constraint can reach out to the management and SGA for Gateway Distriparks and Snowman Logistics for any further information. With that, we conclude this conference. Thank you all for joining us, and you may now disconnect your lines.