Good afternoon, ladies and gentlemen. A warm welcome to all members to this 18th Annual General Meeting of the company. It is my privilege to address you all as the Chairman of Mahindra Logistics Ltd. In compliance with the Circulars and Directions issued by the Ministry of Corporate Affairs, the company is conducting this AGM through video conference. Thank you for joining us virtually today. I greatly appreciate your taking out time to attend this meeting. Since a requisite quorum is present to video conference for the AGM, as Chairman, I will call the meeting to order. All the Directors of the company are present at the meeting through video conference. Let me introduce them. Chairman of the Audit and CSR Committee, Mr. Ranu Vohra, Independent Director. Other Independent Directors, Ms. Malvika Sinha, Mr. Dhananjay Mungale, Mr. Ameet Hariani. Chairman of the Nomination, Remuneration, Stakeholders Relationship, and Investment Committees, Mr. Darius Pandole, Independent Director. Chairperson of the Risk Management Committee, Ms. Avani Devda, Independent Director. Managing Director and CEO, Mr. Hemant Sikka. Non-Executive Non-Independent Director, Mr. Naveen Raju. Mr. Mehul Parik, Partner of Deloitte Haskins and Sells LLP, the Statutory Auditors, and Mr. Makarand Joshi, Partner of M/s. Makarand M. Joshi & Company, the Secretarial Auditors, are also present at the meeting. The Company Secretary of the company is also participating in the meeting through video conference. I now request Mr. Jignesh Parikh, Company Secretary, to take us through the regulatory matters and general instructions for attending to the AGM. Thank you, Dr. Anish Shah. Good afternoon, ladies and gentlemen. I welcome you all to this 18th Annual General Meeting of Mahindra Logistics Ltd. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and the circulars issued by the MCA and SEBI. Facility for joining this meeting is made available through video conferencing for all the members. The company has also provided a webcast facility to view the live proceedings of this AGM on the company's website. Now, an advisory for shareholders. All the members who have joined this meeting are, by default, placed on mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the Speaker Shareholder is called out by the Managing Director and CEO, the Speaker will be unmuted by the host to enable him or her to speak. Before speaking, the Shareholder is requested to switch on the video and audio icon appearing on the screen, and if for some reason the member is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request members to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is a connectivity issue at the Speaker's end, the host will mute that Speaker and the next Speaker will be invited to speak. Since this AGM is being held through video conferencing, pursuant to the applicable circulars of the MCA and SEBI, physical attendance of the members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The Register of Directors, Key Managerial Personnel, and their Shareholdings, Register of Contracts, the Memorandum and Articles of Association of the Company, and the Certificate from the Secretarial Auditors of the Company on implementation of the company's ESOP scheme and all other documents as mentioned in the notice of the 18th AGM required to be kept at this AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to cs.ml@mahindralogistics.com, which is also mentioned in the AGM notice. The notice of the 18th AGM, along with the copies of the audited standalone and audited consolidated financial statement for the financial year ended 31st March 2025, together with the Board's and Auditor's report, have been emailed within the statutory timeline to all those members whose email addresses are registered with the company or with the RTA of the company or their depository participants and also other persons who were entitled to receive the same. Hard copies were dispatched to members who have requested for the same. Additionally, the company has also sent letters to those shareholders whose email addresses are not registered with the company or its RTA or its depository participant, providing the web link where the Integrated Annual Report for the financial year 2024-2025 and the notice of the 18th AGM of the company can be accessed on the company's website. With the permission of the members, I am now taking notice of the 18th AGM and the Board's report, which were circulated to all the members, as read. As the Statutory Auditors report on the annual financial statements of the company and the Secretarial Auditors report for the financial year ended 31st March 2025 do not contain any qualification, observations, comments, or adverse remarks, the same are also taken as read. As per the Companies Act 2013 and the SEBI Listing Obligation and Disclosure Requirements Regulation 2015, your company had provided the facility of remote e-voting to the members to enable them to cast their votes electronically from remote location. As per the timelines mentioned in the AGM notice, the remote e-voting facility was provided for five days, which concluded at 5:00 P.M. yesterday, on 28 July 2025. Further, in compliance with the rules on e-voting framed under the Companies Act 2013 and the Circulars issued by the MCA, the voting at the AGM will also be conducted by the same e-voting system of NSDL, which was used during remote e-voting. Shareholders who have not cast their votes through the remote e-voting process and otherwise not barred from doing so shall be eligible to vote through the e-voting system during the AGM. Upon commencement of e-voting, the Voting tab on the screen will be activated to enable such shareholders to cast their votes. They can cast their votes by clicking on the Voting tab. Shareholders may also note that there will be no voting by show of hands. The results of the e-voting, along with the Scrutinizer's report, shall be communicated to BSE and NSE where the equity shares of the company are listed and will also be placed on the website of the company and NSDL and will also be displayed at the Registered and Corporate Office of the company within the prescribed timelines from the conclusion of the meeting. Mr. P.N. Parikh or failing him Mr. Mitesh Dhabliwala or failing him Ms. Sarvari Shah, practicing Company Secretaries of M/s. Parikh and Associates, have been appointed as Scrutinizer to scrutinize the e-voting process in a fair and transparent manner. Now, let's move to the agenda items of this AGM. Before we go through the list of proposals for the AGM, shareholders are informed that with respect to item number 6, Mr. Dhananjay Mungale Independent Director of the company, by his letter dated 14 July 2025, has requested the company to not consider his reappointment as an Independent Director of the company upon completion of his term on 21st July 2025 on account of his professional commitments. Accordingly, the company had also released a Corrigendum to the notice of the 18th AGM on 14 July 2025 with respect to the said proposal. Accordingly, proposal number 6 stands infructuous. There are 11 other agenda items for approval of members, comprising of four Ordinary Business and seven Special Business, which are: Proposal number one, Consideration and Adoption of Audited Standalone Financial Statements of the company for the financial year ended 31st March 2025, the Reports of the Board of Directors and the Auditors thereon, to be passed as Ordinary Resolution. Proposal number two, Consideration and Adoption of Audited Consolidated Financial Statements of the company for the financial year ended 31st March 2025, and the Report of the Auditors thereon, to be passed as Ordinary Resolution. Proposal number three, Declaration of the Final Dividend at the rate of INR 2.50 per equity share of face value of INR 10 each for the financial year ended 31st March 2025, to be passed as Ordinary Resolution. Proposal number four, Reappointment of Mr. Naveen Raju Kollaickal as a Director liable to retire by rotation, to be passed as Ordinary Resolution. Proposal number five, Reappointment of Ms. Malvika Sinha as an Independent Director of the company for a second term of five consecutive years, commencing from 30th July 2025 to 29th July 2030, to be passed as Special Resolution. Proposal number eight, Appointment of Ms. Makarand M. Joshi & Company, a firm of Company Secretaries, as Secretarial Auditors of the Company for five consecutive financial years, commencing from 1st April 2025 till March 31st, 2030, to be passed as Ordinary Resolution. Proposal number eight, Appointment of Mr. Hemant Sikka as Director of the Company, to be passed as Ordinary Resolution. Proposal number nine, Appointment of Mr. Hemant Sikka as the Managing Director of the Company, designated as Managing Director and CEO, with effect from May 5th, 2025 to May 4th, 2030, to be passed as Special Resolution. Proposal number 10, Introduction and Implementation of Mahindra Logistics Limited Performance Stock Unit Plan 2025, to be passed as Special Resolution. Proposal number 11, Grant of Performance Stock Units to the eligible employee of the subsidiary companies of the Company under Mahindra Logistics Limited Performance Stock Unit Plan 2025, to be passed as Special Resolution. Proposal number 12, Increase in the authorized share capital of the Company from INR 105 crores - INR 200 crores, and consequent alteration to the Capital Clause of the Memorandum of Association of the Company, to be passed as Ordinary Resolution. The objectives and implications of the resolution proposed at the AGM are already set out in the notice, the explanatory statement, and additional information forming part of the AGM notice, and for the sake of brevity, are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session. I will now take you through the flow of the AGM proceedings. The Chairman will first address the members. Then, in accordance with Section 108 of the Companies Act 2013 and rules made thereunder, read with the MCA Circulars, he will order for e-voting to be conducted on proposals to be transacted at this AGM as set forth in this notice. This will be concluded by the question and answer session by the Managing Director and CEO. The Company has received requests from some members to register them as speakers at the AGM. Accordingly, the floor will be open for these members to ask questions or express their view. The moderator will facilitate the session once the Managing Director and CEO open the floor for questions and answers. Those members who have not registered as speakers but still desire to raise any questions may use the chat box provided on the screen. With this, I now request our Chairman to kindly address the members. Thank you, Jignesh. Dear members, the true test of leadership is not just about reaching milestones, it's about the people and the vision that keeps us moving forward. As we step into a new chapter, we express our gratitude to Mr. Rampraveen Swaminathan for his leadership and positive contributions to Mahindra Logistics. At the same time, we are delighted to welcome Mr. Hemant Sikka as the new Managing Director and CEO. Hemant has been an integral part of the Mahindra Group for over three decades and is one of our top leaders. He brings with him a sharp strategic perspective, operational excellence, and a people-first approach that deeply aligns with our values. His leadership ensures a seamless transition, enabling us to build on our momentum and embrace the opportunities ahead. I have personally felt that our logistics business has tremendous opportunity and potential, and I'm thrilled to see Hemant in this role as I feel that he is very well positioned to help take our company forward. This momentum anchors our theme for the year, Accelerating the Future. It reflects our commitment to lead with purpose and transform how India moves by building a connected, intelligent logistics ecosystem that unites infrastructure, technology, people, and sustainability. FY 2024-2025 unfolded against a backdrop of global volatility, with trade disruptions, financial tightening, and policy uncertainty, with strain in our global value chains. Amid this turbulence, India demonstrated a high degree of resilience. Logistics gained renewed prominence backed by focused reforms and an INR 11 lakh crore infrastructure push in the budget for 2025-2026. Flagship initiatives like the PM Gati Shakti, Bharatmala, ULIP, and the National Logistics Policy are transforming connectivity, while India's Logistics Performance Index improved from 44 in 2018 to 38 in 2023. With 19,826 km of highways, 36 logistics parks that are underway, and multimodal infrastructure, this sector is poised to drive India's next wave of integration and growth. Mahindra Logistics recorded standalone revenue of INR 5,013 crore in FY 2024-2025, reflecting an 11% year-over-year growth with its EBITDA at INR 297 crore. While consolidated revenue reached INR 6,105 crore, also up 11%, and consolidated EBITDA stood at INR 284 crore. The year saw continued investments in key organic and strategic initiatives, reinforcing the company's long-term growth agenda and driving improved operational maturity and a more diversified family base. As we continue expanding our solutions and shifting towards a broader consumption-led ecosystem, our responsibility extends beyond business growth. With people and planet at the center of our approach, we are committed to building resilient, sustainable supply chains that drive progress for our communities and the environment alike. Mr. Hemant Sikka, our Managing Director and CEO, will take us through the business overview and highlights of the company, and also address the question and answer session. Before I hand over the proceedings to Mr. Sikka, I wish to inform members that the company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. I also order for the commencement of e-voting on each item of the agenda before the floor is open for questions by members. Those shareholders who do not wish to participate in the discussion or question and answer session relating to the resolutions, or do not seek any clarifications or do not want to wait until the question and answer session is over, can cast their votes. Kindly note that those of you who have already cast your votes on the remote e-voting platform shall not be permitted to cast votes now, and voting once done cannot be changed subsequently. With that, over to you, Hemant. Thank you, Dr. Anish Shah. A very warm welcome to all the members. FY 2024-2025 was a year defined by disciplined execution, navigating a mixed demand environment across sectors. Contract logistics remained a key pillar of our business, delivering INR 4,744 crore in revenue, supported by new account additions, sector-specific integrations, and yield improvements. In B2B express, while challenges continue to persist, we saw volume recovery in the second half of the year. Network optimization and operational discipline helped cut EBITDA losses and set a firmer base for our future scale-up plan for this business. Our freight forwarding business saw a 20% year-over-year revenue growth, reaching INR 306 crore. With strategic expansions into the U.K., UAE, and key Southeast Asian routes, we further cemented our role as a trusted partner of our customers in growing cross-border trade. Last mile delivery recorded exponential revenue growth, driven by Eden's EV-First fulfillment model, closing the last year at INR 381 crore compared to INR 334 crore in the year 2023-2024. Mobility services reported stable revenues of INR 316 crore, underpinned by a continuous focus on structured commute programs and electric vehicle-based shuttle solutions. While profitability pressures remained visible in parts of the express and forwarding segments, the year's core focus was on accelerating progress. This is across capabilities, capacity, and customer integration. This was reflected in deeper solution embedding, greater share of the wallet, and stronger platform integration across key accounts. Our long-term strategy is anchored around four foundational pillars, and these are integrated solutions, expanded offerings, digitization and technology, and of course, operational excellence. Each reflects a focused effort to create a platform-driven business that delivers end-to-end visibility, agility, and builds in resilience. We expanded our solutions, which now contribute 25% of our contract logistics revenues and over 35% from non-auto and farm segments. New fulfillment centers in Eastern India and tailored playbooks for FMCG and FMCD sectors highlight our shift towards broader consumption-led ecosystems. We continue to strengthen our multi-service portfolio with the launch of ProTracking, an integrated long-haul express cargo solution, while expanding our car carrier fleet through the 2x2 Logistics joint venture. Our entry into ONDC for last mile delivery and the launch of Eden's EAR, a SaaS-based carbon analytics tool, not only widened our reach but also deepened our relevance in future-ready logistics segments. Our LogiOne platform matured into a unifying layer across operations, embedding AI-powered analytics, fleet optimizations, warehouse and EV modules, and real-time data exchange through ULIP. Our Catapult incubator strengthened our innovation pipeline with several startup collaborations translated into several live deployments across our business. We also expanded physical capacity in high-growth corridors, scaling our warehousing network to around 21 million sq ft, out of which over 4.2 million sq ft is now solar-powered. That means green. We remain on track to reach 7 million sq ft by the end of the current financial year. These facilities are built with modularity, compliance, and automation ready at their core. As part of our journey towards a future-ready ecosystem, we recently unveiled a refreshed visual identity that embodies the transformation we are driving. It reflects our evolution into a unified, digitally empowered logistics platform, connecting solutions across all our verticals. The identity reinforces our alignment with the Mahindra RISE philosophy while showcasing our commitment to building agile, intelligent, and inclusive supply chains for the future. By learning growth and responsibility, we are building resilient, future-ready supply chains for all our stakeholders, and that includes our employees, customers, and of course, our partners. Capability building remained a key priority, with continued focus on programs like the FLEx and Gurukul and the launch of the Parivartan Leadership Development Program for our business associates. Our employee resource groups foster inclusion and engagement, while our recognition as a great place to work reflects the strength of our culture and commitment to our people. Our sustainability shapes how we build, how we operate, and how we deliver value. We are actively focused on reducing emissions, improving energy and water efficiency, and advancing the circular economy. We are also very focused on fostering inclusion in the way we work. Logistics is the silent engine of progress, connecting dreams to opportunities and powering India's growth. Together, we will continue to serve, innovate, and accelerate the nation's momentum. The Board of Directors of your company, at its meeting held on July 11 and July 17, 2025, has approved fundraising by way of rights issue. This fundraising is primarily for the repayment and/or prepayment in full or part, or all, or a portion of certain borrowings availed by the company and certain subsidiaries for general corporate purposes. Assuming full subscription, the issue size is for an aggregate amount of INR 749.27 crore. The issue price is INR 277 per fully paid-up equity share of INR 10 each, including premium of INR 267 per fully paid-up equity share. The entire issue price will be payable at the time of making the application in the issue. The rights entitlement ratio will be three rights equity shares for every eight fully paid-up equity shares held by the eligible equity shareholders of the company as on record date intimated by the company to the stock exchanges. The other terms of the issue are included in the letter of offer for the issue, which will be circulated to the eligible shareholders of the company. Thank you so much for being a vital part of the journey forward. Now, let me come back to the AGM proceedings. As mentioned by Mr. Jignesh Parikh, Company Secretary, shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of the shareholders, the company will respond to all the questions received through the chat box provided on the screen in the next few days. As informed by the Chairman earlier, e-voting now commences on each item of the agenda. Moving on to the question and answers, I will invite the members who have pre-registered as speakers with the company one by one. Before I call on those who wish to speak on the proposed resolutions, I request you to be brief and avoid being.