Ladies and gentlemen, good day and welcome to the FY 2025 earnings conference call of JSW Infrastructure Limited and Navkar Corporation Limited, hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Alarik. Good evening. On behalf of ICICI Securities, we welcome you all to the FY 2025 earnings call of JSW Infrastructure Limited. To discuss the results today, we have with us Mr. Rinkesh Roy, Joint Managing Director and CEO, Mr. Lalit Singhvi, Whole Time Director and CFO, Mr. Arun Sharma, CEO, Navkar Corporation Limited, and Mr. Vishesh Pachnanda, Head Investor Relations. Without much delay, I'll now hand over the call to the management. We'll start with brief opening remarks, which will be followed by Q&A. Over to you, sir. Thank you, Mohit. Good evening, ladies and gentlemen. Welcome to our quarterly earnings call for the period ending December 31st, 2024. As this is my inaugural interaction with you all as Joint Managing Director and Chief Executive Officer on this platform, I'm quite enthusiastic about the future growth prospects of JSW Infrastructure. I'd like to outline my top three priorities. Number one, to ensure the advancement and successful completion of our expansion plan to 400 million tons per annum FY 2030 or before, encompassing greenfield, brownfield, and other growth projects within the stipulated time and budget. Number two, to significantly scale up the logistics business segment, targeting a top line of 8,000 crores by FY30 and an EBITDA margin approaching 25%. The objective is to expand the business on an asset-light model to achieve an industry-leading ROC. Number three, to continuously seek out value-active inorganic opportunities. Now, moving on to the operational and financial performance. For the period April 2024 to December 2024, the total cargo handled stood at 85.7 million tons, registering an 11% year-on-year growth. A third-party cargo mix grew by 45% year-on-year to 41.7 million tons, and the share of third parties increased to 49% in the overall mix, up from 37% a year ago. Total revenue for the nine months ending December 2024 stood at 3,457 crores, reflecting a growth of 22% year-on-year. The total EBITDA for the period stood at 1,885 crores, which is 22% year-on-year growth, and net profit for the period was 1,006 crores, a growth of 21%. Now, specifically on the developments during the quarter, at JNPA, we have obtained approval from the relevant authorities to commence interim operations, and we handled nearly 90,000 tons of liquid edible oil this quarter. Similar efforts are in progress at Tuticorin Dry Bulk Terminal, and we anticipate receiving clearances to begin interim operations soon. The cargo handling capacity at the Mangalore Coal Terminal has been increased to 8.1 million tons per annum, up from 6.7 million tons per annum. At PNP Port, the capacity increased to 8 million tons per annum from 5 on the back of dredging activities, while the environmental clearance is in place for 19 million tons per annum. Thus, the total capacity of the company increased to 174 million tons per annum, up from 170 million tons per annum. I'm pleased to share that the global ESG risk rating agency, Morningstar Sustainalytics, has rated JSW Infrastructure Limited as low risk on ESG. This rating from a globally reputed agency confirms our belief, ability, and commitment to manage ESG risk as part of our overall business strategy. With this, let me hand over to Mr. Lalit Singhvi, our CFO, to take us through the financials and other details. Thank you, Rinkesh, and good evening, everyone. Let me first talk about our core business. In FY 2025, the company handled cargo volumes of 29.4 million tons as compared to 28.1 million tons in the quarter ended December 2023. This 5% increase was driven by the increased capacity utilization in the coal terminal at Paradip, the contribution from PNP Port and Liquid Storage Terminal in UAE. The growth was partially offset by the lower cargo volumes in the Iron Ore terminal at Paradip. Third-party cargo has increased to 14.3 million tons from 10.9 million tons, representing 31% growth, and share of third-party volume stood at 49% versus 39% a year ago. The growth in cargo volume and change in volume mix resulted in a 13% increase in operational revenue for the quarter from INR 1,063 crores. Operational EBITDA for the port segment stood at 570 crores, up from 480 crores, an increase of 19%. Strong EBITDA growth was largely driven by the increased revenue. We have consolidated Navkar Corporation financials with effect from October 11, 2024. As a result, total revenue of the company stood at 1,265 crores, and the total EBITDA stood at 670 crores, reflecting a year-on-year growth of 24% and 20% respectively. Consolidated depreciation was 138 crores, and finance cost was 97 crores in the current quarter, as compared to 108 crores and 67 crores respectively in the quarter ended December 2023. Given the sharp depreciation in the INR and change in the yield curve, we have recognized mark-to-market unrealized loss of 156 crores. This is essentially a non-cash charge and in line with guidelines of Ind AS 109 on hedge accounting. As a result, profit before tax for the quarter ended December 2024 stood at 276 crores as compared to 307 crores in the quarter ended December 2023. PAT for the current quarter grew by 32% at 336 crores as compared to 254 crores in the same period last year. As mentioned by Rinkesh, we are scaling up our logistics segment based on the foundation of Navkar business. Hence, we have allocated close to 9,000 crores of CapEx till FY30 and aspire to achieve 25% EBITDA on a top line of 8,000 crores. The expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network for last-mile connectivity. As of December 2024, we have net debt of 827 crores, and net debt to EBITDA is 0.4x, and one of the strongest balance sheets 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 handling capacity to 400 million tons and parallel growth of our logistics business with a top line of INR 8,000 crores FY 2030. with this, I request the operator to open the line for questions. Thank you. Thank you. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 Mr. Achal Lohade from Nuvama Institutional Equities. Please go ahead. Yeah, good evening, sir. Thank you for the opportunity. Sir, first on the volume part, if you could help us understand, how do you see the volumes playing out given our twin ports, Jaigad, Dharamtar combined have been seeing a muted growth given the JSW Steel capacity utilization? How do you see that evolving in Q4 as well FY 2026 and maybe over the next couple of years? And then I'll ask the follow-up questions. As you already said, the Jaigad and Dharamtar ports, they primarily are serving Dolvi Steel Plant, and Dolvi Steel Plant is currently expanding from 10 million tons per annum capacity to 15 million tons. So this lumpy growth will come once when this plant gets commissioned, which will be in around 2026 end or 2027 mid 2027. I think that would be the place where we will see a lumpy growth coming. So till then, I would like to add that we will continue to have our regular growth based on our capacity, which is at 66% utilization. We can go to 75%-80%. So this will be largely coming from third-party growth. So this year also, you can see that we have reached composition up to 49%, which was earlier 39%. So this growth of, say, we have given a guidance of 10%, this will continue to be there till we have our expenses coming into the picture. Understood. So essentially, what you are saying is that the current volume momentum should continue till the new capacity gets added in Dolvi Steel. And at the company level, we are maintaining 10% volume growth FY 2025. have I understood right, sir? Yeah, yeah, yeah. So if you are looking at the quantity side, it will continue as per our guidance. But our revenue and EBITDA will certainly grow much faster because we have other businesses also now into the play. Take it for Navkar or any other acquisitions or possibilities also is there which we are working upon. So this would be different than our regular growth in the cargo. Understood. The second question I had, if you could highlight excellent scale-up on Fujairah 2 million tons for the quarter, is that a new run rate we should work with? And how are the margins, if you could give some sense in terms of the EBITDA for Fujairah from an annual run rate perspective? Yeah, this should continue because the market is good for the tank farm business. So we expect this to continue. And EBITDA margins for this type of business is typically high at 85% plus. So this is a very good acquisition for us, and we are further pursuing such possibilities in the times to come. Understood. Understood. If I may ask a follow-up question, in terms of the logistics CapEx guidance, can you help us understand how do you look at this particular aspect of the business? You've said you will expand Navkar business. If you can throw some more light, given the CapEx seems to be a fairly large one. And when you say asset light, I'm just a bit lost here. You're saying you will spend INR 9,000 crores for INR 8,000 crore revenue with a 25% margin. That comes to about 20-22% ROCE. So if you could just tie these points, sir. So partly I'll answer and partly Rinkesh will further elaborate on the logistics business, so what I'm saying that on this side, what will come to Navkar, Navkar will continue to grow. And as we are building a parallel network or an alternate network pan-India basis, so Navkar will certainly get benefit from it. So you know that we have made a platform above Navkar, which is JSW Port Logistics Company, so there will be a lot of growth coming through this platform. Navkar, balancing whatever it can take, it will go to Navkar, and the rest of this will go to the port logistics company. So spending of this INR 9,000 crore what we have planned for till FY30 will be partly at Navkar and partly at other levels at this platform which we have created. So as regards the ROC and all that, 20% or 22% ROC, this is basically we are going for low-cost options, which Rinkesh will further explain to you. You see, you have to look at Navkar as a stepping stone into the logistics industry. And from here, as Mr. Singhvi said, the logistics part of the network, the network planning is more important than anything else in logistics. So what we have planned is setting up close to 15-20 terminals across India so that Navkar also gets access to these terminals and its cargo also increases as part of a bigger network. That is number one. Number two, we are trying to leverage the group's cargo into this Navkar and the pan-India logistics platform that we have. So we will create a base cargo for further movement. Number three, the current structure of creating an ICD or an asset is quite expensive. So what we are looking at is that apart from greenfield projects, we will be also looking at Gati Shakti terminals of the railways in which we don't have to buy the land. We get land on lease from the railways, and you can set up a similar terminal. And also leverage our own sidings, group sidings as well as have strategic tie-ups with major importers and exporters. So in this strategy, we will be creating the same assets at a much lower cost. So this is on the terminal part. Secondly, a large part of our CAPEX will also go into either leasing of rakes or purchasing of rakes, a mix of which an ideal mix will be calculating and moving ahead. So this will be broadly the strategy that will be followed. Perfect. Thank you for that elaborate answer, sir. I have follow-up questions, but I'll fall back in the queue. Thank you. Thank you. The next question is from the line of Lokesh Maru from Nippon India Mutual Fund. Please go ahead. Hi, sir. Good evening. Just one question. So our revenue is obviously growing faster than the volume growth within the whole ports business. Let's say 5% volume growth or 13% top line growth. So could you please help me understand the realization part? Where are we seeing this hike in realization? Thanks. See, this year, if you see in this quarter, one is Navkar, one quarter almost has come, 11th of October to this, where the cargo is not included because in Navkar, in the logistics business, only revenue or EBITDA comes. So that has come, which is not linked to that port cargo. And this oil tank terminal, which we have in UAE, so that has come into the picture where the margins are 85% plus. So this has enabled that revenue and EBITDA are much higher compared to our port cargo where EBITDA margins are say 50, 52, 3%. But here, it has 85% revenue business has come in. So this has made us that revenue and EBITDA are much higher than the throughput. Understood. Understood. So just one more thing. This 50 terminal plan on logistics side, this is something new, right? Mentioned first time on the call. Could you please elaborate what is the plan, maybe in a bit more details? Ladies and gentlemen, the management seems to have disconnected. I request you to stay on the line while I reconnect them. Thank you. Hello. Ladies and gentlemen, we are reconnected and are good to go. The next question is from the line of Priyanka Biswas from BNP Paribas. Please go ahead. Good evening, sir. This is Priyanka from BNP. Sir, my first question actually going on to the previous question that was asked, while I understand that the realizations have been kind of similar at the port ends of the business, but what I see is that the EBITDA per ton has improved significantly. So can you tell me, is this number sustainable or should it improve from here even more? Can you throw some color on that, let's say in the subsequent quarters? So it is a question of mix, Priyanka. So this will continue if we go in the same way. The port business EBITDA will remain the same. But if you add this Navkar business get added, and you know that Navkar and logistics business typically is a much lesser percentage, and combined one would definitely be a bit lower than what we have been reporting for the port business. And that is why we are going for now segment-wise reporting. So we'll be giving logistics separately and port business separately. And as I said earlier, port has shown a higher number because last year that oil tank business was not there, and this year oil tank business has come. This is included into the port business, and that is why the EBITDA margin is higher. Okay. Sir, what I see is that there has been sharp falls in the iron ore volumes, which you had also highlighted in your media releases. Can you elaborate on the reasons why it is so, and when exactly can we expect these volumes to come back? See, iron ore prices are cyclical, and right now the prices are a little lower. So it has affected a bit on the export side. So as and when we have seen in the last few years that in a year also there is a cycle. Sometimes it is good, and then the exports are higher. So some people have in between stopped, and some last players have again restarting those things. So we feel that in the next quarter it should come back. So at Paradip and in the Odisha sector, there were some stop and start with two major customers stopping in the last quarter for various reasons. So they have all restarted now. And these are part of the iron ore market. So generally, you will understand that if the prices are good, then people start moving more. So this is one thing which we'll be facing and we'll be overcoming. Thanks, sir. And just adding on, so just like you had highlighted that with the INR 90 billion CAPEX for logistics, you should get something of an EBITDA of something like INR 20 billion by FY30. Similarly, can you tell for the INR 300 billion CAPEX originally that you had planned for the ports particularly, what sort of EBITDA that CAPEX should lead to by FY30, like a comparable number? Most of our project appraisals that we do are based at a minimum of at least 16%. You can take as a sure shot guidance that it will never be below those numbers. I said earlier also that since greenfield projects are more where there is no revenue sharing, so I'm looking at EBITDA margins going from, say, current level of 50%-53% operational EBITDA margins; they are going to 58%-59%. That is mainly because the share of greenfield is more unless we are able to get more terminals from the government privatization, which we don't know today how much will come because that only decreases because there is a revenue sharing there. More or less based on this guidance, you can estimate the number. I said just one more if I can squeeze in. This is regarding to particularly on JSW Steel. So in each of the quarters, in the past three quarters, we are seeing some sort of maintenance or some things around there. So should we expect such a thing to also occur in, let's say, 4Q FY 2026, or should we have more of a normalized run rates for, let's say, JSW? What you see is that JSW Steel generally, they have been meeting and they have been targeting also the peak capacity. So the maintenance schedules, they will all be a normal part of a process. So I don't think we should be reading too much into that. The only thing we should be looking at is whether JSW Steel is meeting its target. There is a past track record of JSW Steel running the capacity at quite high level. So based on that, we expect that that capacity utilization should continue. Okay, and sir, on the JSW logistics side of things, so can you give us some idea how will the CapEx be spread out, so for example, during your 300 billion CapEx, you had given that 130 billion would be FY 2027, and the rest would be FY 2027 to 30, so what should be the spread out of the 90 billion CapEx that you plan for JSW logistics? That's my final question. Only if you see on this 9,000, already 1,100 has gone into Navkar acquisition. Okay? And then on top of that, we will be adding these are approximate numbers and currently at a very, very initial stage. These have not been fleshed out into real exact numbers. But broadly, GCT and terminal development should give us we should be spending another INR 3,000 crores, another INR 3,000 crores on rake acquisitions or leasing. And for containers, it would be that for specialized containers and other types of containers that will be developed, we are looking at a CapEx of around INR 1,500 crores, and on other activities, it would be another INR 500 crores. So this would be broadly the numbers that give or take it will vary, but this would be the broad trend. Okay. Thank you, sir. I will follow back into the queue. Thank you. The next question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Sir, good evening. Just had a couple of questions. So first is on this logistics revenue target. So we are targeting INR 8,000 crore revenue by FY30. And if I just look at the ports number, if we just take a growth rate on the current run rate, so that would again be the current INR 4,000 crore annual revenue could double in the next five years. So would it be a situation where we are almost at 50, 50% in terms of ports and logistics? Yeah, yeah. It looks like based on this current plan of going in a big way in the logistics network, so this would be around this. So you are right that 4-5 thousand crores will be spent on the port sector and 15-200 thousand crores on this logistics sector. Yeah. No, no. I meant the size of the business by FY30. So your revenue from logistics will be INR 8,000 crore by that time. Your revenue from ports will be around a similar amount. No, that should be much higher, not INR 8,000 crores. By FY30, it will be much, much higher, actually. Sure. Sure. And the CAPEX, so you broadly mentioned some of the areas, but how do we see? How are we looking at this business? Because we are talking about here a 25% sort of margin here, which is similar to, say, what Adani Logistics is doing, for example. But do we see this business to operate as a standalone business, or it would be kind of provided as a blended service to ports? If you could just throw some light on that. You see, if you see all major port or terminal operators, they gradually move into the logistics part of the area because this is a core adjacency to the port or terminal business. Number one, what it does, it ensures stickiness of the customer. Number two, you are looking at not being a standalone port or a standalone terminal operator, but being in a larger play of the logistics business in which the last mile connectivity up to the hinterland or the ICD plays a very big role. And number three, apart from synergizing with our ports, our greenfield ports that we are coming up with, along with the other opportunities in the major port terminals that we'll be looking at, we are also synergizing with our group cargo. So to just give you an example, JSW Steel has a humongous spend on logistics. So even if we capture and synergize with them for a smaller percentage, at least 15%-20%, that itself will be around 40%-50% of the revenues and EBITDA that we are projecting. So this synergy of group cargo, of the port terminal, as well as having the pan-India presence and logistics, this will be a natural progression from ports and terminals into logistics. So just to add that, the model will continue to be the same like of port. So base cargo here again will come from the anchor customer because they have a lot of that outbound cargo which goes from all part of the country, say, from south or from west, also from Dolvi till Delhi and north. So our base cargo for this logistic will also come from that basis, and then we'll top it up with the third-party customers. So that works very well for our port also, and that will work very well for our logistics play also. Got it, sir, and just if you mention about a sharp jump in margins going ahead where operating EBITDA moves from 53% to 58%, just a couple of minutes if you can spend, how that would happen because that's a big jump which we are talking about without a significant change in the portfolio of cargo handled, so just a minute if you can spend, that would be helpful. Sure, sure. So as I said, if you look at my 174 million to 400 million ton journey, so most of the investment is going into the greenfield ports. Okay? So whether it's a Keni or Murbe or Jatadhar, they all are greenfield or wherever we are expanding to Jaigad or Dharamtar and all that, where the EBITDA margins are 65%-70% because there is no revenue sharing with the government. Today, my ratio is around 50-50 between the terminals and the major ports, I mean, private ports. So the margin profile is 52%-53%. But my composition of cargo from the private ports is going to increase as we reach towards 400. So that itself will give my EBITDA margins to go to 58%. Got it. And just last question, if I may. So FY 2028-30, when you scale up the logistics business as well, which would be more like a 20%-25% margins, and you also have the ports business scaling up with slightly higher margins, so blended margins could still be at around 53%-54%. Is that understanding correct? Because that logistics business will also be. Say, my port business will have a much larger chunk of the share in the total business. So this will be much higher. Even if it is 15%-20%, that should be around 55%. It will not be less than that. As per the current arrangements of 400 million, if I go further into the terminals at the major ports, then composition may be different because there we have to share revenue. But as far as the plan which we have rolled out of 400 million tons, it will be around 55%. Got it. Got it. That's all from my side, sir. Thank you and all the best. Thanks. Thank you. Participants, please restrict yourselves to two questions. For any more questions, you may rejoin the queue. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you, sir, for the opportunity. I'll straight away go to my questions. Firstly, I wanted to get a sense that on a YY basis, could you tell us the movement of these expenses booked inside employee cost? So ESOP expenses mostly has been provided. I'll just do exactly this thing, how much is left out. One second. Just give me FY 2025 is inr 15 crore, FY 2026 is inr 25 crore further to be done. That is all left now. INR 40 crore is total left. Sure. No, what I was just trying to get a sense of was on a YY basis, how much would have been the savings at an EBITDA level because of lower lease cost, and how much were the operational kind of elements over here? So your EBIT has grown from INR 370 to INR 440 crores YY from the port operation. So that's been a INR 70-crore increase. I'm just trying to kind of decipher of the INR 70 crores, how much came in because of lower lease expenses YY? Just one second. I'll just tell you the exact number. Give me a second. Aditya, let me come back to you after this call. So you know. We'll give you the exact number so we can know. We'll provide you this number. Sure. Again, just a clarification as in if I see your presentation and derive numbers for the logistics business, it seems to be a INR 120-130 crore kind of top line from logistics and maybe 11%-12% EBITDA margin kind of number. Are these broadly kind of stable numbers to project at least in the very near term? Obviously, over time, you will become a much larger margin company, logistics, but like 11%-12%, is it a good starting point from a margin perspective? Over here, how do things look? Yeah, this will, we are looking at some improvement in the margin in the next year itself. We have some low-hanging fruits where we can improve the margins. There are some investments that are required to increase the revenue, which will increase the margins also because you know that Morbi facility was just started a year back. So it has not reached to the break-even utilization itself. So fixed costs are quite heavy. So once we are able to utilize this capacity a bit more and this Navkar, this Panvel facility in any case because of our Dolvi requirements, so these are the low-hanging fruits we expect next year itself to give a good result. Sure. Just last question. As in if you've talked FY 2026, what could be a reasonable growth guidance taken into account the fact that Dolvi constraints may continue and bulk of the inorganic elements are already captured FY 2025? could we still think through a high single-digit growth? Would it become challenging to grow at that pace? See, that's why I'm saying that we should look at revenue and EBITDA numbers for our growth and the normalized growth without an acquisition. We said it would be similar to what we have seen this year. That is assured. Beyond that, [growth] may come from the cargo numbers [that] may come if we go for some acquisition. But definitely, with the improvement in Navkar and other things, the revenue and EBITDA profile would be much better than this number. We may come back during the March quarter [with] further refinement on this. So this probably kind of harps on this aspect. See, the problem, at least with me as an analyst, is that your organic trends on growth are suggesting a decline happening on a YY basis in the past few quarters. And the growth is being driven more by the inorganic components. And obviously, components will continue to get those opportunities inside and more will come. I'm just trying to get a sense that for the existing assets that you have, how do you see the growth panning out? Because the numbers today appear to be kind of fairly soft on a growth perspective. So where does the U-turn happen and from where? Just help us kind of build our numbers more precisely, incrementally. Thank you. So if you look at the port profile, two terminals, that is JNPA and Tuticorin. While they'll be commissioned, JNPA, we are looking at the first quarter of 25 and Tuticorin later on. The biggest advantage that we are having is these terminals are allowed for interim operations. So a lot of growth we expect to come even during the interim operations at these two terminals. Similarly, Paradip coal terminal, there were certain issues at the coal fields on major law and order issues. So these have been all sorted out. So on the port sector itself, we are quite happy that we'll be able to increase our volumes there. At least we're looking at a double-digit growth, which earlier my predecessor had also told you. So this would be the growth that we expect to see in 25, 26. So you know that EQ terminal, we have a capacity of 30 million tons. We are still yet to utilize those capacities. We are less than 20 at the moment. So there is a scope there and a lot of coal requirement. So there were some constraints, and they are getting resolved. So there, this particular terminal, we expect a good growth. And as we said, Tuticorin and JNPA interim operations have been initiated because berths are already there. And we need to parallelly, we will be doing all the investments which are required. So this will further add to our this thing. Covered shed of Goa would be ready by this March end. So there again, we were earlier constrained by the pollution authorities. And as per their requirement, we have set up the covered shed. So Goa will give us further additional cargo. So there are opportunities of these terminals which will give additional cargo even if we have a flat growth at JSW Steel's cargo. Understood. That helps a lot. Thanks for the call, and those were my questions. All the very best to you. Thanks, Aditya. Thanks. Thank you. The next question is from the line of Arpit Shah from Stallion Asset. Please go ahead. Hello. Am I audible? Yeah, yeah. Yeah. I just wanted to understand, did we have any contribution from the JSW group in the Navkar business this quarter? Arun will explain to you from Navkar. Yeah. JSW has been our customer even before the takeover also. So right now, current 15% revenue comes from JSW Steel. So that is a contribution what we get from JSW Steel. And further, we are in discussion with JSW Steel to further top it up. 15% or 50%? 15 or 50? 15. 15. That is not any. Okay, go. And I just missed the numbers on the INR 9,000 crore breakup which you did for the logistics business. How much was for the terminals? How much was for the leasing? I just missed that number. Can you just list it down again, please? Hello? Ladies and gentlemen, the management has got disconnected. Request you to stay online while I get them connected. Thank you. Ladies and gentlemen, we've got the management back. We're good to go. Hey, I'll just repeat my question. You all had said a INR 9,000 crores breakup for CAPEX in the logistics business. If you just can list down that numbers again. Yeah, yeah, so basically, this includes whatever we have spent for Navkar, which is around INR 1,000 crores or so, and then we talked about that we'll be setting up GCT terminals where it will be a low cost where the land is given by the government, so we only have to pay the lease charges, so that would be another, say, one third of the total will go there, and the other investment would be into the rakes, containers, and other facilities to make this GCT work. So that will make that number INR 6,000 crores, right? No, no, no, no. INR 9,000 crores. So we said the GCT itself would be around INR 3,000 crores. Navkar is already INR 1,000 crores. So INR 4,000 is gone. The rest of the money will go into the rakes, containers, and other facilities. Got it. And just one last strategic question that I had. Why are we not making Navkar as a logistics arm for the group? Is it possible to keep the structure very clean instead of doing one piece here, maybe the logistics piece in Navkar and another piece letting the JSW Port Logistics business? So is it possible to keep the structure clean where Navkar could be leading the logistics business for our group and the JSW Infra could be leading the ports division for the group? Just wanted to understand, have any insights on that? Sure, sure. We'll explain to you. So we have already created a platform which is called JSW Port Logistics Company below JSW Infra. And Navkar has been acquired by JSW Port Logistics Company, not by JSW Infra. So we are very clear that we are making a platform for logistics business under JSW Port Logistics Company because Navkar balance sheet is not that big, which can take that load of 8,000-9,000 crores. So we have made in this way that there will be many more companies we may further acquire, I mean, ICDs or CFSs or any other new acquisition under this platform. So all this put together, our idea is to strengthen that platform. But Navkar will continue to get benefit because of the network which we are creating. And as per their balance sheet, what they can take, that will go to Navkar. Got it, but are there any funding plans from the group to Navkar because there is scope to improve the stake from, let's say, 70% to 75%? So there is a chance where you could probably increase stake and make the balance sheet a little healthier than what it is currently? Yeah. At the moment, we are not contemplating any change in the shareholding structure of Navkar. They will definitely have good cash flows. As we said, that there will be the benefit of anchor customers increasing their cargo with Navkar. That was the prime reason also because their location is like that where the anchor customer will announce their business. So once their cash flows are increasing, and then we can always expand whatever possible within the Navkar. Got it. Any guidance for 26, 27 on the EBITDA front for Navkar? See, that will come back by the March quarter. We will come back and give the guidance for Navkar at that point in time. It will be definitely much, much better than what it is right now. No, no. That is there because we have already given that the triggers would be group cargo, low-hanging fruits wherever a bit of whatever investment immediately needed will be done. So all this put together will give good growth in their revenues and EBITDA. What kind of utilization do we have on these assets as of now? Arun will explain to you. As far as Exim business is concerned, yeah, Exim business is concerned at Navkar, at Panvel facility, all three facilities put together, we are doing close to around 15,000 odd TEUs, which is if I see it takes the dwell time of a week, which is going on right now, a week to 10 days, we are operating at an 80%-85% utilization with the domestic containers, domestic volume getting and the volume of domestic containers going up. That remaining utilization level of 20%, which is left out, we are taking care of from the domestic containers. As far as the Morbi capacity utilization is concerned, there is a good headroom which is available, and we can say we are operating at around 25%-30% at Morbi. Got it. Got it. Thank you so much, Vishesh. Thank you. Participants, please restrict yourself to two questions. If you have any more questions, you may rejoin the queue. The next question is from the line of Kunal Shah from DAM Capital. Please go ahead. Yeah. Hi, good evening, team. Just a couple of things on the logistics bit. So the INR 8,000 crore revenue number for the logistics, right? And this is also built upon our assumption to capture the JSW group domestic freight expenditure, I mean, the wallet share, right? So could you just guide how much over time could this be captive versus third party or year as well? So I'm just trying to understand that the INR 9,000 crore CAPEX, how much is sort of earmarked for your group CAPEX, basically, just to capture that bit of wallet share? So it's not earmarked CAPEX-wise. As per their requirements, as we said, 15-20 GCT centers we may plan over a period of time. So obviously, since we will have a base cargo coming from anchor customers, as per their requirement, we'll be doing it, setting up those facilities, and we'll top it up with the third-party cargo. So as JSW Steel, overall, you can take a number of, say, INR 15,000 crore-INR 20,000 crore is the inbound and outbound logistic cost. So as we said, even if we are able to take a part of that, even if we're 25% also, we are able to take. So that is a good number which this logistic arm can consider in this INR 8,000 crore revenue. Understood. And secondly, you briefly highlighted upon this with respect to the investments in Navkar Corp, but it's quite strategically located to your Dolvi facility and your end consumers. Now, is there a chance that I mean, just trying to understand what could be the quantum of investment into this particular entity because it's a separately listed entity. Could you give any sort of flavor over here? And in case if their balance sheet is not supportive for such a big CAPEX, could there be ICDs from JSW Infra? So here, let me put things in perspective. Here, the growth strategy that Navkar we are looking at is generating better efficiencies at the existing terminals. That is number one. Number two is kind of utilizing the space available and the land available to create more capacity and spread. And thirdly is leveraging the group cargo to generate new circuits. So where you can, again, on the return flow, capture new customers. So this is a part of a bigger strategy that we are looking at. And the investments are primarily in more of movable assets which can be leased also. So you need not have a CAPEX of purchasing a rig. You can lease a rig also. So this would be broadly the strategy that we are following. And if you look at what we have done at Navkar, earlier, Navkar used to have eight, nine rigs. Currently, we have jumped it up to now 11 rakes through leasing. The capacity of Navkar is being increased through various strategies. Understood. Understood. This is really helpful. Thanks a lot. Thank you. The next question is from the line of Ankita Shah from Elara Capital. Please go ahead. Yeah. Hi, this is Ankita Shah here. Just one question, sir, on this hedging cost. So what is our total exposure? And is this hedged at the quarter-end date? And this will be done every quarter? Exposure. For exposure, you mean to say, Ankita? So we have one bond of $400 million. Another $120 million is another loan which we have taken for funding our UAE terminal. So there, in any case, revenue and expenses are in dollar only. So for this $400 million, we have enough dollar income with us. So there is a natural hedge. If you look at our profile, that VRC charges are paid in dollar. So our 17%-18% of our total revenue is in a dollar denomination. So we are dollar surplus. So we follow hedge accounting as per IFRS. And based on that, the part of that will come to OCI and part comes to the P&L. So that is accounting which we follow. And this is basically a non-cash entry. Got it. So you do this on this $400 million of exposure? Absolutely. Absolutely, yes. Okay. Okay. Got it, sir. That's it from my side. Thank you so much. I'm sure you're ready. Thank you. The next question is from the line of Kundan Nimagadda from Jefferies. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, only one question, but sorry for harping on the margin part. I mean, you spoke about a 25% kind of margin from the logistics side. And on that basis, if you still need a 50% plus kind of margins, logistics should not be more than maybe 25, 30, or 20, 25% of your business, which should warrant about six to eight times rising your ports' revenue growth, which would be about two and a half times rising the capacity. So can you help me understand this math? Or are you confident of you still maintaining this margin profile at 50% plus? See, as I said, that our margin profile is set to increase because all the investment what we are contemplating is towards greenfield port, where the margins are 65%-70%. And capacity is being increased from 174-400 million. So one is your growth of the cargo itself. Second is the margin profile will go to 65, 70 percent types in the port business. So this, and if you look at the revenue of port business, it will be much higher what we sent today. So even at INR 8,000 crores of, say, port terminal business, which will give 25% of EBITDA, our margin profile of combined margin profile will still increase from the current level. Sir, let me ask you a different way. I mean, by FY30, where do you think you'll confine your logistics business revenue to as a percentage of total mix? Sorry, come again? So I was asking at INR 8,000 crores revenue from your logistics business, I mean, what would that be as a percentage of total revenue that you're targeting? See, the way we are looking at it is our port business is different, right? So we have given guidance from 170-400 million, and it is 2.4 times in cargo, which is also 15% CAGR. If cargo is 15%, obviously, the volume, because the profile is also changing, we will be into liquids, we will be into containers. So the profile will also switch, and hence the revenue CAGR would be north of 20%-22%. Logistics is an altogether different ballgame where we have given total revenue of INR 8,000 crore and then EBITDA margin of 25%. So this has to be seen separately, and then A plus B. Sure, sir. Maybe I'll take it offline. Thank you and all the rest. Sure, sure, sure. Okay. Thank you. The next question is from the line of Nidisha from ICICI Securities. Please go ahead. Third-party is tricky. JSW Steel [Foreign Language] Ms. Nidisha, please go ahead with your question. My question. [Foreign Language] Ms. Nidisha, are you there? Please unmute yourself. Onboarding and storage [Foreign Language] Bekta, why don't you take next question, please? Sure. Expansion [Foreign Language] The next question is from the line of Eshwar Arumugam from iThought PMS. Please go ahead. Sir, thank you for taking my question. Most of the questions I have have already been answered, but I do have two more. So from the synergistic benefits you see from the logistic business and the shipping business, how much do you expect the shipping growth to be more than the broader market growth of JSW Infra? We are projecting a 22% growth because of the change in mix. Like you're getting into liquid and you're getting into containers. How much more growth can you expect because of gain in market share? Market share, we will always be ahead of the growth in the port sector. As we said, port sector is much lower growth of it may be like GDP types of growth, but we will be growing much faster than by our own strength of the anchor customer, which is already growing by, say, 15% CAGR. Then from the privatization of the major port terminals, which will further give us the growth to us because we are the largest concession holders in India and our regular natural growth. So all put together, cargo growth would be there. And secondly, our EBITDA margins are slated to go higher because we are going much into our private ports where the EBITDA margins are much higher, 65%-70%. Then we are going into the liquid where the margins are like 85% type of things, which we are right now. Our UAE terminal is giving that much of margins. In the future, we are looking at the container also that with Murbe coming in, we'll go to container side also. So all put together will give us a good revenue CAGR growth. So how much should be the margins for the container business? So container business will give the similar type of growth which we are getting at these ports, private ports, which is 60%-65% types. Okay. And is there any plans to merge Navkar into JSW Infra? No, at the moment, we are not contemplating anything this type of structure. So as and when we have anything, we will come back to you. Right, right, sir. And sir, the promoter holding, sir. Mr. Ishwar Arumugham, if you have any further questions, please rejoin the queue. Yes, sir. Sure, sure, sure. Thank you. The last question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Thanks for the opportunity. Sir, what kind of CAPEX plans are we looking for the next three FY 2027? and of that, what would be in the port business and what would be in the logistics business? So, port business for the next three years, we are looking around INR 15,000 crores of investment. And for logistics business, INR 1,000 crores is already spent, and we might invest, say, another INR 3,000 crores or so during the next three years. You mean 26 to 28 or 25 to 27? If you see the figures, we have to spend around, we're looking at spending around 8,000 crores in the next five years, including the 1,000, 1,100 crores we had spent to pick up Navkar. So broadly, in line with that, it would roughly translate to around 2,000 to 2,200 crores per annum. But it will vary depending on the various needs and opportunities that come up. Sir, the INR 15,000 crores mentioned for the ports business, that is FY 2025 to 27 or 26 to 28? Mostly, the ports that we are looking at would. FY 2028, we said. FY 2028, we'll be spending this INR 15,000 crores. Okay. Okay. Thank you, sir. Those are my questions. Thank you. Ladies and gentlemen, that brings us to the end of the question and answer session. I would now like to hand the conference over to the management for the closing remarks. I wanted to thank you all for your very lively and active participation, and we look forward to regular interactions with you apart from these investor calls, and I hope we'll be coming out with better results in the years to come. Thank you. Thank you all. Thank you. Thank you. Ladies and gentlemen, that brings us to the end of the conference on behalf of ICICI Securities Limited. You may now disconnect your lines.