Note that this conference is being recorded. I now hand the conference over to Mr. Rohit- Mr. Mohit Kumar. Thank you, and over to you, sir. Thank you, Steve. On behalf of ICICI Securities, we welcome you all to the Q1 FY25 earnings call of JSW Infrastructure. To discuss the results today, we have with us Mr. Arun Maheshwari, Joint Managing Director and CEO, Mr. Lalit Singhvi, Whole-Time Director and CFO, and Mr. Vishesh Pachnanda, Head, Investor Relations. We'll start with a brief opening remark by the management, which will be followed by Q&A. Over to you, sir. Thank you, Mohit. Good evening, everyone, and welcome to our quarterly earnings call for the period ending June 30, 2024. India's economy remains robust compared to other major economies, driven by solid domestic demand, growth in manufacturing, and continuous infrastructure investments. Around a month back and a half, India chose a new government. With the forward-thinking and energetic leadership of our Prime Minister, I believe the ongoing reforms and significant measures to enhance the logistics sector, efficiency and effectiveness will continue. At JSW Infrastructure, we have a clear vision of transforming the company into a complete logistics solution provider, delivering cost-effective, last-mile connectivity to our customers. The acquisition of a majority stake in Navkar Corporation, which owns container freight stations and inland container depot in key locations, aligns perfectly with our strategy to establish a nationwide network. This is the first step towards that. Additionally, it grants us access to extensive land resources within Mumbai metropolitan region and Gujarat for further development and expansions of these facilities. The enterprise value of this acquisition stands at INR 1,644 crore, and we expect to consummate the transaction by quarter three of 2025. I'm pleased to share that we have obtained an acceptance letter from Southern Railway Division for the construction and operation of Gati Shakti Multi-Modal Cargo Terminal in Arakkonam, Chennai. The terminal has a superb connectivity to rail, road, and in close proximity to the port of Chennai and Ennore. This initiative is in line with the goal of creating a nationwide logistics network to enhance last-mile connectivity. On the growth projects, construction of 13 million tonne Jatadhar port is progressing well. The hydrographic and geotech studies have been completed. At JNPA Liquid Berth, pipeline construction and connection work is in full swing. We have signed a concession agreement on July 2 with Chidambaranar Port, which is Tuticorin in Tamil Nadu, to develop a new 7 million ton cargo berth, and further discussions are underway for equipment specs and ordering. In an effort to combat global warming and climate change, I am pleased to announce our commitment to curtail our direct greenhouse gas emissions and achieve net neutrality by 2050. Moving on to the operational and financial performances for the period April 2024 to June 2024, the total cargo handled stood at 27.8 million tons. This is 9% year-on-year growth. Our third-party cargo grew by 48% year-on-year to 13.8 million tons, and the share of third party in quarter 1 of FY 2025 increased to 50% in the overall mixed cargo from 37%, a year ago. Total revenue for the quarter stood at INR 1,104 crore, reflecting a growth of 20% year-on-year. EBITDA for the same period stood at INR 609 crore, which is 25%--24% year-on-year growth, and net profit stood at INR 297 crore. With this, let me hand over to Mr. Lalit Singhvi to take through the financials and other details. Thank you. Thank you, Arun, and good evening, everyone. In Q1 FY25, the company handled cargo volumes of 27.8 million tons as compared to 25.4 million tons in the quarter ended June 2023. This 9% cargo growth is mainly driven by the incremental volumes from the newly acquired assets, PNP and Liquid Terminal UAE. Also, the volumes at Paradip Coal and Iron Ore Terminal grew by 50% and 15% respectively. Cargo handled volumes at Dharamtar and Jaigarh was impacted by a planned maintenance shutdown at Dolvi steelmaking facility of the anchor customer. On a year-on-year comparison, Jaigarh and Dharamtar volumes were lower by 1.2 million tons and 1.5 million tons. Third-party cargo has increased to 13.8 million tons from 9.3 million tons, presenting 48% growth, and share of third-party volume stood at 50% versus 37% a year ago. The growth cargo volume resulted in an increase in operational revenue for the quarter from INR 878 crore to INR 1,010 crore, a year-over-year growth of 15%. Other income for the current quarter is INR 94 crore, as against INR 40 crore in June 2023, mainly driven by increase in income from fixed deposits and gains of mutual funds. EBITDA for the quarter ended June 2024 was at INR 609 crore, from INR 491 crore in the quarter ended June 2023, an increase of 24%. Strong EBITDA growth was mainly on the increased revenue. ...Depreciation was INR 135 crores and finance cost was INR 74 crores in the current quarter, as compared to INR 95 crores and INR 71 crores respectively, in the quarter ended June 2023. Profit before tax stood at INR 392 crores, which is lower by 5% year-on-year. It may be worth noting here that in Q1 FY 2024, finance cost included an unrealized foreign gain of INR 87 crores. If we remove the unrealized gain, then PBT growth is 23% year-on-year. Similarly, PAT for the current quarter was lower by 8% at INR 297 crores, and if we adjust for the unrealized forex gain of last year, PAT growth is 14%. As of June 2024, we have a net cash of INR 195 crores and one of the strongest balance sheet in the sector. This, coupled with steadily increasing annual cash flows from the current asset base, we are well positioned to pursue a growth plan to enhance our present cargo facility capacity from, to 400 million tons by FY 2030 or earlier. With this, I request the operator to open the line of questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Hello, Mr. Alok, your line has been unmuted. Please go ahead with your question. Hello? Hello, Mr. Alok, can you hear us? Yeah, yeah. Am I audible now? Yes, sir, you're audible. Please go ahead. Yeah, yeah, yeah. So, thanks for the opportunity. So, just a couple of questions. First is on the volume side. We have seen Dharamtar and Jaigarh volumes declining on a YOY basis, and one of the reasons you have mentioned in the presentation also is the Dolvi plant shutdown. So what's the status there now and, I mean, could we expect improvement in the Q2 in that, in these ports? Hi, Alok. Yes, the entire shutdown period is over, and the plant has been running full since the last 3-4 weeks now. So we don't see any such kind of reduction in volume in the rest of the year. So this was known, which would be coming up, though, so this cargo drop is because of that shutdown. Sure. And, also, you know, we have seen a 9% growth in volume that's primarily driven by the new contribution from the PNP as well as this liquid terminal in UAE. So for the full year now, what's the volume growth we are looking at, based on the run rate of, you know, new ports also contributing and also Dharamtar and Jaigarh, you know? We maintain our guidance, what we had mentioned earlier, 10%-12% kind of volume growth would be there for the full year, full year basis. Sure. This will, we'll be able to achieve that. Got it. Just one last question. So, on Navkar, you know, since we did not have a call after the acquisition, so just if you would spend some time on how we are looking to integrate this with our operations and also the CTO license which they have, how are we planning to use that or just some thoughts on that. So, yeah, very pertinent question, because this is one of the forays, you know, for any port company, port company, it is important to have a complete last mile connectivity and logistics solution provider. So we are, this is the first step toward that. So if you see our journey very closely, we have started from a captive cargo company, we got on third-party businesses, then we got into different product segments. Now these are different service segments which we are getting into. So this is the first step toward that, and it is a very strategic location near Mumbai and Gujarat, which are the very high potential business locations. And, with the kind of assets what they have, apart from the strategic locations, they have their own trains, CTO licenses and ICD, CFS and ICD, all three are there. So it adds value when we start integrating with our existing operations as well as the new opportunities, what we get in the way for this. So our whole vision is that we should become a complete solution provider from the port angle as well as from a distribution and delivery purposes. And this is what we intend to be. Maybe, you know, maybe another couple of years' time, we would like to increase this business more robustly and integrate with our existing other locations. Sure, sir. So, once this transaction gets completed, how much time it could take for the integration? So this is the first piece of the entire growth journey, what we have. So many such opportunities, either by building acquisition or by integrating with other solution providers. This could be a larger gain. This is the first piece of that. And once we consummate the entire deal by quarter three, 25..., then we will start, you know, working onto that, though we already have a blueprint ready. But I think in the months to come or the quarters to come, we will start seeing the results out of it. Sure, sir. Got it. Thank you. That's all from my side. All the best. Thank you. Thanks, thanks, Alok. Thank you. The next question is from the line of Priyankar Biswas from BNP Paribas. Please go ahead. For the opportunity. So coming to the question about inland logistics that Alok asked, specifically on Navkar. So sir, can you give us a roadmap, how exactly you plan to grow into inland logistics? Because the way I believe is, that when you gave the INR 30,000 crore CapEx plan, this probably wasn't within that. It seems like it is beyond that. So what sort of CapEx level can go for us to go into inland logistics, any pipeline of further acquisitions? And furthermore, it seems that Navkar's revenues were kind of flattish for a prolonged period. So what are we going to do to actually bring this asset up? So the thing, Mr. Biswas, thanks for asking this question. You know, this segment is making sense, provided we have some port assets as well as some, you know, inland logistics, some kind of visibility and the vision, what you believe in India. The way the economy is growing, the way the kind of consumption centers are growing into the rural India and the entire India, it is not limiting to certain geographies, and this needs a wider network. We have studied the other geographies, how they have grown on this particular sector, and we look at the other Indian companies, the way we are, they are looking at this sector. It is definitely a very, very high potential sector, and this will be a synergist to the existing port businesses. So it is not that independently we are doing this. It is a well-thought-out. When we are investing so much of pipeline of projects are there for developing the ports or the terminals or the other businesses on the port side, that will not be very value accretive unless we have this piece of the business also with under our control. So this is a step towards that. Now, as you said, that in INR 30,000 crore pipeline, this was not mentioned. So we are seeing this as an opportunity which is coming up. It could be a lease model where the CapEx would be very minuscule. It is not worth mentioning in INR 30,000 crore or any such opportunity which comes up like Navkar. We will not be averse to looking at those opportunities. If that happens, then, you know, we can always... Because the pipeline is big enough, the balance sheet is strong enough, and if it is value accretive, we can definitely leverage our balance sheet to acquire any such opportunities. So it is, you know, it is a moving target for us, which opportunity will come our way. But if you have to look at on a lease model, then it is not a costly affair. The project costs are almost negligible. So we can always develop that as well. But we would, you know, continue to grow in this particular segment, either by of acquiring, by way of developing ourselves or by way of synergizing with another such players within the segment. It would be a combination of everything, so it's difficult to put a number on the project on such, you know, style of businesses today. So, sir, would it be correct to say that since your company has broadly ROC level of roughly 18%, so eventually, also in the long term, when you are developing this inland logistics network, so you would also have something of an that as an aspirational ROC broadly? Yeah. Shreyank, Shreyank, this is Lalit Singhvi. So, ROC on an immediate basis may have some, you know, effect because of this CapEx. But over a period of time, we don't see, because any infra project, when you put in the money or CapExes, it tends to come down. But as utilization grows, and we are quite confident that utilization of this facility will also grow, there will be synergies with some group also. There are, you know, other things are there, and as we grow the chain, then utilization of Navkar assets will grow rapidly. And with this, ROC will again come. ROC may go down for few, say, few years to three years, when the CapExes are there and utilization is lower, but we see long-term ROC of 18%-19% will be there. Okay. That's very helpful, sir. Just if I can just squeeze one more in. So, in the presentation you had mentioned about the Arakkonam Gati Shakti terminal, and you have mentioned the anchor customer as well. So if you can throw some more details, like, what is the strategic sense of Arakkonam? Because it does not seem to be within the container belt as such. So the thing is that, you know, see now, we're having Navkar with us and having bought the schedule license of Sical earlier. So we, if we have to be in logistics sector with the last mile connectivity, we need to have a network of such locations across India. Length and breadth of India has to be covered by such things. Now, we are fortunate that we are part of the group, wherein the group is also growing very fast, and they also need this kind of network across India. So Chennai was one such location, and incidentally, Arakkonam was one such, asset, which was perfectly fitting into the requirements of one of our anchor customers. So we said, "Okay, it's not a bad idea to build on to that," because the location is very rewarding. There were many players who were bidding for it, who were eyeing for it. The hinterland is very, very good over there, so we can connect it over there, and we can use our licenses, and we can make this good for it. So, the anchor customer could also become the base cargo for this particular location, and we can build out to our businesses from there on as well in that location....So it's, it's a journey which we have to travel, with all the locations, and thereafter we have to imbibe with all the other, value accretion, port assets. And sir, if I can just squeeze one more in. So what I see is that Paradip coal asset, there has been a Q1Q2 drop in the volumes. Is it seasonal in nature or like or do we expect the volumes to come back to like 5 million ton plus levels, which you were doing in Q4? So Q on Q, generally, there is, you know, because, see, the, what happens is the power plant generally starts stocking up in, in the month of February and March, because the power demand peaks up in April/May. And that's where you see seasonally it slightly goes up. But then if I have to see, you know, the drop is not very significant. It's just about 0.7 million. So, if I have to see year on year, because that would be the real comparison, which is a significant increase. So I think, the current barometer in port assets, especially when the monsoons are very heavy, the Q1 second part and Q3, Q1, second part and Q2 full. So year on year would be a right barometer to understand the volume movement. Okay, sir. Thank you, sir. Thanks. Thanks, Prem. Thank you. The next question is from the line of Noel Vaz from Union Asset Management. Please go ahead. Hello. Hi. Yes, yeah, just one follow-up on Jaigarh. Now, we have, I think you had mentioned that there is a plan to improve the utilization of the assets. So what additional CapExes are we expecting for this particular asset? Immediately, we do not see any additional CapExes coming in for that particular asset, because that asset has completely have very good asset base over there. There are trucks, trailers, gantry cranes, they have, containers, they have their own railways. So it is well, very good. Like, we, we, on a, on a any immediate basis, if I have to look at it, we don't need to do any more major CapExes over there. It is only just because of we'll have a very strong management, very strong network of our, other assets, which we would like to utilize, and, we'll have a very focused approach. We see a, a very good, traction in that particular thing. We have analysis and we have done those studies, and we expect it to be a good, good, addition to our assets. Just to add that Morbi is still unutilized. It has just come into operation, and this will be utilized over a period of now onwards this year and next year and all that. So this is a brand new facility which is, you know, just come into existence. Okay. But, if we're talking about taking these assets to full utilization, what is the rough timeline we are looking at? In any of these assets, full utilization, because there is no capacity nameplate over there. So, how best you utilize those capacity, like Morbi if I have to look at today, that facility started just about 6, 8, 10 months back, 10 months back. And, the potential that to take it full will be maybe 2 years, maybe 3 years, it could be that kind of timeline. But then, that is an amazing facility at a very strategic location, where the cargo generation and consumption both at the one location. So nothing can beat that part. And, Mumbai facilities are in the heart of Mumbai, wherein hardly any 1 or 2 assets are there. We are really connected in that region. So this is one such facility which gives a very, very good reach to the entire hinterland through Mumbai by rail. So these are the advantages, which we have looked at, and the cargo visibility is very clear at both the locations. Okay. Thank you. That's all for me. Thanks. Thank you. Thank you. The next question is from the line of Dhananjai Bagrodia from ASK Investment. Please go ahead. Just, congratulations with the results. Thank you, Dhananjai. Yeah. What were the reasons for the margin dip? What would be the third-party revenue share in terms of value? Sorry, what was the first question? Sorry. So your margin, OP margin, what would be the reason for the reduction in OP margin? What would be steady state OP margin you're looking at? Operating margin. Operating margin is 14%. Why the reduction? No, operating margin is. Reduction is 51.4 to 51. It is almost similar margin. The 0.4 has come down because you know that Jaigarh and Dharamtar, as we said, that cargo has come down because of this Dolvi facility shut down. So there, the margins are, you know, that around 55% and at our terminals, margins are lower. So average margin is 52, 51, 52%. So this is the reason that cargo has dropped at our captive port, where the margins are higher. Okay. And so, going ahead, what was your third-party value for this quarter? Third-party- Revenue. Revenue is around 49% in the total and, group company is around 51%, in terms of revenue. Yeah. And so, and so you, would you be, the CapEx guidance would be still similar, INR 14,000+ for the next year? Yeah, it is approximately that level, INR 13,000-14,000 we plan to spend. Okay, perfect. Thank you so much. Yeah. Thank you. Thanks, Dhananjay. Thank you. The next question is from the line of Nidhi Shah from ICICI Securities. Please go ahead. This is my question. So again-... I know a lot of people already seen Navkar, but just want, wanted to know about how- Ma'am, I'm sorry to interrupt. Your voice is muffling a little bit. Could you speak a bit louder, please? Hello? Hello. This is clear now. Okay. So, I extra question on Navkar. I just one more, that in time, okay. Your voice is breaking. Mohit, we are not able to get her properly. Operator, why don't we take another question and, you know, then maybe we can come back? Okay. Sure, sir. We'll move on to the next question. Ms. Nidhi, if you could please fall back in the question queue again. The next question is from the line of Sai Siddhartha from Kotak Securities. Please go ahead. Yes, sir. Thanks for this opportunity. Am I audible? Yeah, yes, clear. Yeah, sure. Thanks, sir. Firstly, congratulations on the results. I just wanted a clarity on the effective tax rate for Q1 FY 2025, it has been around 24%, wherein for FY 2024, it has been around 20%. Can we kind of get a guidance on how to look at the effective tax rate and why it is kind of showing higher in this quarter? So tax rate, what is happening is that, you know, our income from other than non 80-IA is increasing. There are certain terminals where 80-IA benefits are over, and that is the reason that effective tax rate is going up. So this will, you know, this trend will continue for some time because the MAT credit is available in our books, and we are utilizing that. Till then, we can't go to, you know, migrate to the new regime. So that is the reason that, you know, tax rates are going up. I mean, effective tax rate is going up. Understood, sir. So how do we look at the same for the future years? Yeah. So this will, you know, it will be around 24% or so, and, it will further grow, go up a bit before then we migrate to the new regime. Okay, understood. Yeah. Thanks. Thank you a lot. Thank you. The next question is from the line of Arpit Shah from Stallion Asset. Please go ahead. Hello. Am I audible? Yes, sir, you're audible. Yeah. Yeah, I just wanted to understand more on the Navkar piece. What are your thoughts around the risks of DPD for the Navkar CFS business? And my second question would be, does the JSW Group have any kind of revenues with Navkar currently? So DPD, the challenges what DPD posed onto all CFSs across India is already factored now. So I think, there is no more downside we see, rather we see the upside from here on. Because whatever factor estimating has been done, and port has a limitation to handle the DPDs. So eventually the cargo will, we expect the cargo to flow back to CFSs to an extent. That is one part of it. But then CFS is not the only business what we are looking out of Navkar. It is much beyond that, which we had, you know, mentioned in our earlier strategy. Now, coming to your second, is Navkar also handling JSW Group cargo? Very minuscule. I believe they handle somewhere around close to just about 3% or 4% of their total revenue is JSW Group. Nothing beyond that today. You see that expanding going forward? So, we being, you know, now a group company, we'll definitely utilize our group strength for that matter, because the locations are very strategic for JSW Group overall, whether it's steel or whether it's cement or anybody else. So we would like to leverage those strength on a case-to-case basis, which we have been working with the group now. Let's see how we expand it out in the days to come. The long-term aspiration would be what? Let's say, three years, five years out. I know it's a part of a big acquisition, that you want to build a complete logistics company. But how do you fill in Navkar today, and what do you see after three or four years? Where does it fit into the complete picture of JSW Group? If you have seen us, like, we have been bidding for the new terminals, we have been building new, we are, we have a pipeline of building new ports as well, and want to get into this logistics solution providing across India. This is, as I said earlier in the call, that this is the first step towards that. It will, I hope, and I expect, and I wish we will not stop here, and it will further grow from here on. We have to make a start somewhere, and Navkar is the first step towards that. We are looking to ICD happen thereafter, and thereafter, we, we hope that we will get more and more such opportunity or, or synergy, or, tie-ups, in these lines. Post, post the open offer, do you see it as an independent company or it will be a separate, like, will it be a separately listed company, or you're looking to merge that into JSW? That is too early to say anything now. I believe as the time passes, we'll take a call, and then we'll inform all the concerned parties. Thank you. Thank you. Thank you. Thanks, sir. Thanks, Arpit. ... Thank you. The next question is from the line of Nidhi Shah from ICICI Securities. Please go ahead. Hi, am I audible this time? Yes. Yeah, it's clear now. Yes, thank you. So again, a lot of questions have been asked on Navkar, but just one more on that piece is the current ports and terminals that we have in our portfolio, how does Navkar as an asset aid in those ports and terminals that we currently have? That is number one. And number two is by when do we think that we can successfully turn around this asset and see good amount of revenue flows from this asset? Thanks, Nidhi. I believe there have been a couple of questions on this aspect earlier, but then I think, you know, as I said, if you have a port, if you don't have a logistics company, then, the question could be why, when can we have the logistic company? So it is, you know, you have to start somewhere, and we have started over here. Now we, we have an aspiration to develop some other ports or some other bit for some other terminals in the nearby vicinity. We have our own group companies within the vicinity of this particular location, especially in Mumbai region. We don't have any presence in Gujarat as a port or as a manufacturing entity. So Morbi is a good entry point for us to get into the tie-ups with the existing terminals over there, which can add value to other terminals as well as to Mumbai region or any other ties, what we are looking here and there across India. So it would be a larger game. Probably, the story may unfold after some time. It is too early to comment and to give a glimpse of that. So, as a time, probably you'll have a look at it. Now, coming to the revenue, how fast it will grow, you know, as I said, as infrastructure, as a company and a group, we have always been very aggressive in our approach, and we would like to turn it around or it is already a good asset. We need not turn it around. It is only we have to fill up those assets. And, with the group strength and with the network of our other aspirations, we would like to, you know, make it a good success story within two years' time or something like that, if I have to look at it. Okay. Okay, thank you. And question on the financials. Firstly, the staff costs have been down significantly this quarter, whether we look at it quarter-over-quarter or year-over-year. So, what is the reason for that, and is that something that is sustainable? Number one. And number two, if the other income has been significantly higher for the last three quarters as compared to before that, again, will we see these levels of other income sustained for the upcoming quarters and years? So employee benefit expenses, it was a, you know, ESOP charges. The employee stock options was given to them, and that is why there was a, you know, provisioning for that, which is actually now tapering off. It was, you know, last year, we had full year basis, we had charged INR 150 crore, and quarter-wise, INR 41 crore were charged in Q1 of 2023. And this 2023-24 and 2024-25, this time it is just INR 16 crore. So there is a INR 25 crore coming out of ESOP only in when you compare this cost. And other income, it is increasing because we came out with IPO in September end, and after that, you know, we got this IPO money, which is lying in, say, fixed deposits. So that is a additional interest income which is flowing in. This money is yet to be deployed, major part. Some part is deployed and some part is still lying. So that is the reason of other income being higher. Q1 FY 2024, there was no IPO. IPO came in, you know, end of September. All right. All right. Last, my absolute last question would be the ongoing projects that we have currently, what is the status of the two liquid berths that are at JNPT? That is number one. And two is that we already have say terminal operations at Fujairah and Dibba. Are we planning to do anything else outside of India in the form of terminals and ports? So on JNPA liquid terminal, if I understood your question correctly, when it is likely to start, right? Yeah, I think whatever is the update, what stage is it at? So the engineering work is already in progression, and we expect this terminal to start operating by March 25. This is what we expect today. Hopefully, we'll be there in the timelines. Coming to Fujairah and Dibba Port, those are in O&M. There is no asset base over there, and we are running those ports very successfully and very efficiently. We are very concentrated towards India because it's a growth story and it's offering a very great opportunity for company like us with a great balance sheet. However, we are not very averse to looking at overseas opportunity if it is very, very value accretive, like what we did earlier with the oil tankage terminal, what we bought in Fujairah. It was. It is great value accretion for us in terms of balance sheet. So any such good opportunity coming our way, we would definitely assess it, reevaluate it, and, if it makes sense, we would—we won't say no to any good opportunity, which adds value to all our stakeholders. All right. All right. Thank you so much. Thank you, Nidhi. Thank you. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you for the opportunity. I'll go ahead with my questions. The first question I wanted to ask you was, when I see the assets that are comparable YOY on organic basis, there appears to be a decline in volumes. Could you kind of give us a sense of how much was the impact because of the Dolvi stoppage this quarter? If there was the same effect last year, same quarter or any other quarter, if you could quantify that as well. Yeah, a good question, Aditya, and happy to answer that. As you said, you know, because of this quarter, there was a shutdown in Dolvi. There was a drop in group company cargo, especially Dolvi and especially Dolvi plant, which impacted Dharamtar and Jaigarh. The total impact was close to about 2.7-2.8 million, somewhere around that. And incidentally, that is the only volume which came from the acquired terminal, which was not there in the same quarter last year. So, had those shutdown not been there, the growth would have been 18%-20%. Just because of the shutdown and third party coming in, which was not there earlier, the growth is 9%, muted to 9%. Had this acquisition not been there, the growth would have been flat. This is what the overall scheme goes like. Yes. So I just want to confirm, just asking on this question. Was there a similar impact last quarter because of a shutdown, or is it something unique to this quarter, and that's— No, no, no, no. It is all the shutdown is over, so the plant came full production in June. Okay. So in 1Q FY24, which was last year, same quarter, there was no such issue? No, no, there was a shutdown last year, same quarter. What was the impact then, sir, if you could quantify? Sorry, what was the? The weight was 2.8 million in terms of volumes lost this year, this quarter. 2.8 port volume was lost because of the shutdown in Dolvi steel plant. Understood. So I'm assuming the guidance still remains kind of unchanged for organic, on an organic basis. So basically, a bigger flat year on volumes, right? Would that be a fair The guidance for the year is 10%-12% growth in the volumes for overall- Yes. - as a port cargo. We got that. And again, just trying to dissect numbers slightly better. You said about INR 25 crores of YOY increase in your numbers has happened because of the ESOP expenses going down. And whatever is in other incomes is another INR 50 crores is because of the IPO expenses, right? It's because of the savings or the interest on the amount received. Yeah, that one gain. So if I take you to elements array, your PBT basically is broadly kind of flat on a year-over-year basis. So that's INR 75 crore increase that you reported otherwise. Question or comment? I'm just trying to kind of clarify that, INR 25 crore is the ESOP part of the benefit that is happening. Yeah. On your PBT. And about INR 50 crore is the benefit on the other income side, which is happening because of the IPO proceeds being there. So in effect, your PBT as of now isn't kind of growing on a YOY basis. Wanted to check whether seen in this light, the remaining three quarters of the year would be any different or similar? See, this benefit of this ESOP cost will be, say, INR 64, 60 crore or so for full year. So every quarter, 15, 16 will come. And last year, full year, we have charged around INR 150 crore. So this bit will continue. And the other income, the interest part, that depends on the cash balances with us. You know, we are going for Navkar and other things, so that, you know, income may come down as we, as we make payments towards that. Understood. Just a last question. You can change at least something. Aditya, your voice is breaking. Hello? Hello. Yes, sir. Aditya is on the line. I guess there's some network issue from his end. Hello? Hello, Mr. Aditya, can you hear us? Last question, Okay. Hello. We will move on to the next question, sir. The next question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Yeah, thanks for the follow-up opportunity. Just one question related to the previous question only. So this guidance which you are mentioning is for this organic guidance or we are including the newer ports also? Because, I mean, in this quarter, if you see, I mean, even despite the you know, plant shutdown at Dolvi, we have still done 9%, and now we are talking about 10% only for the full year. So just wanted to clarify that. So see this 9% growth year-on-year basis, because last year, the same time, the new acquisitions were not there in the last year. Right. So that's where this 9% growth is coming. If I have to look at full-year basis, 10%-12% is an overall growth, with all the assets invited to it. Okay. Okay. No, just so- Were acquired some time in Q3 last year. So, those impacts, considering last year was also partial impact was there in the volumes, but this year the full impact is coming. And, all in all, the existing assets, prior to these acquisitions are also adding volumes to our businesses because of the natural growth. So the overall growth will remain around 10%-12% on the volumes. Got it. And since this, the Dharamtar and Jaigarh would be up and running or are already up and running, the margins will move back towards the normalized. Yeah, yeah. Definitely, yeah. We don't see any doubts about that. Rather, it will improve because the new acquisitions are slightly better. Sure, sure. Got it. Thanks. Thank you, all the best. Thank you. Thanks, Alok. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to the management for closing comments. Thank you, everyone, and it was indeed a great pleasure to interact with all of you once again. Good to interact and good to have more questions, and, we'll keep coming to the market, giving more guidance, and looking forward for your active participation. Thank you. On behalf of ICICI Securities, that concludes this conference. 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