Ladies and gentlemen, welcome to the Q2 and H1 FY 2026 earnings conference call of TVS Supply Chain Solutions Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant clients 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 your operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. Now, I hand over the conference to Mr. Prabhu Hariharan, Head IR of TVS Supply Chain Solutions Limited. Thank you, and over to you, sir. Thank you. Good morning and welcome all to TVS Supply Chain Solutions earnings call for Q2 FY 2026. I hope everyone had a chance to look at the financial results, which were posted on the company's website and also on the stock exchange. We have with us today Mr. Ravi Viswanathan, our Managing Director, and Mr. R. Vaidhyanathan, our Global CFO. We will commence the call now with opening remarks from our management, along with the business performance update. It will be followed up by an open forum for Q&A. Before we begin, a customary remark, I would like to point out that some of the statements made during this call may be forward-looking in nature and must be reviewed in conjunction with the risks that the company faces. A disclaimer to this effect has been included in the investor presentation. I request and hand it over to Ravi to make the opening remarks. Over to you, Ravi. Thank you, Prabhu, and good morning, everyone. First, let me welcome all of you to our earnings call to discuss the performance for the second quarter and the year ended September 30, 2025. I will share with you the highlights of our performance, and my colleague Vaidhy, our Global CFO, will take you through the analysis of our numbers. We look forward to interacting with you as part of the Q&A session. For the benefit of those participants who might be joining the call for the first time, please note that TVS Supply Chain Solutions is a tech-led and asset-light supply chain solutions provider. We have two main business segments, namely the Integrated Supply Chain Solutions, or ISCS, and Global Forwarding Solutions, or GFS segment. We operate across four continents: Asia, Europe, North America, and Oceania, where we offer bespoke and tailor-made solutions in the 3PL space and also offer 4PL services in select markets. For more details about the company, you may please refer to our website, www.tvsscs.com/investorrelations. Now, let me move on to the performance for the quarter. This has been truly a landmark quarter for us. Not only have we delivered strong year-on-year and sequential PBT growth, but it also marks our best PBT since our public listing, reflecting the impact of focused execution, rigor in operations, and disciplined cost management. Our consolidated revenue for the quarter stood at INR 2,662.6 crores, up 6% year-on-year, driven by strong growth in our ISCS segment, particularly in Europe. Adjusted EBITDA stood at INR 178.4 crores, maintaining a healthy margin of 6.7%, while PBT improved by 30.8% to INR 23.32 crores compared to INR 17.83 crores in Q2 last year. Our PAT improved by 54% from INR 10.61 crores in Q2 of last year to INR 16.31 crores for the current quarter. At the segment level, the ISCS business delivered another stellar performance, with EBITDA margins expanding to 8.7% in the current quarter from 8.2% in Q2 of last year and from 8.3% in Q1 of the current year. The performance was driven by operational excellence, early impact of our strategic initiatives, including the cost out programs, right-sizing, and right-shoring. The GFS segment faced headwinds from a challenging macro, with revenue flat at INR 669.6 crores in Q2 FY 2026 versus INR 674.4 crores in Q2 FY 2025, and margins declining to 2.2% from 4.2% on a year-on-year basis. However, we saw a sequential improvement in revenue growth from INR 609.4 crores -INR 669.6 crores on the back of improved volumes and a modest increase in EBITDA margins from 2.1%- 2.2%, reflecting the early benefits of our cost and efficiency measures and also signaling early signs of stabilization in this sector. On a year-on-year basis, we have guided in the prior quarters that the GFS segment continues to operate in a challenging macro, with revenue broadly stable and margins impacted by continued rate pressures despite volume recovery. However, we are continuing our calibrated actions on cost, pricing, and efficiency to restore profitability in this segment. We are confident that these actions will help cushion the macro impact and strengthen profitability over the coming quarters. Our strategic initiative on the transformation front, which Vaidhy and I had elaborated last call, the Project One in the U.K. and Europe, is well on track. The integration is progressing across all layers of the organization, and we are already witnessing operational and commercial synergies. The program is on track to deliver annualized and in-year savings, as per our early guidance, of INR 110 crores-INR 120 crores and INR 50 crores-INR 60 crores, respectively. With a sharper focus, continued cost discipline, and improving business mix, we remain confident of sustaining profitable growth and moving closer to our medium-term target of 4% PBT by Q4 FY 2027. Let me now hand it over to Vaidhy, our Global CFO, to take you through the financial highlights in more detail. Over to you, Vaidhy. Thank you, Ravi. Good morning to all. Thank you for joining the call today. Q2 FY 2026 was a strong quarter, marked by margin expansion in ISCS, overall improved profitability, and healthy cash generation. The key highlights for the quarter are our ISCS segment continued to lead the performance, with EBITDA margin expanding to 8.7% compared to 8.2% in Q2 FY 2025 and 8.3% in Q1 FY 2026, supported by strong execution, cost efficiency, and mix improvement. PBT grew 30.8% year-on-year to INR 23.3 crores, driven by operational discipline and strategic initiatives, which Ravi outlined. We also marked our second consecutive quarter of positive PAT, demonstrating the sustained momentum in earnings recovery. We also delivered a strong free cash flow from operation, reflecting the discipline, working capital management, and healthy operating profits. Moving on to the results for the quarter, our consolidated revenue for the quarter is INR 2,662.6 crores, versus INR 2,592.3 crores in Q1 FY 2026, versus INR 2,512.9 crores in Q2 FY 2025, reflecting a sequential growth of 2.7% and year-on-year growth of 6%. From a segment perspective, the ISCS segment delivered a strong year-on-year growth of 8.4%, with revenue at INR 1,993.0 crores, versus INR 1,838.5 crores in Q2 of last year, and a flat sequential growth. On the GFS segment, our revenue for Q2 FY 2026 is INR 669.6 crores, with INR 609.4 crores in Q1 FY 2026 and INR 674.4 crores in Q2 FY 2025, marking a 9.9% sequential growth, largely led by growth in volumes in India and the modest recovery of trades. On a year-on-year basis, revenue declined marginally by 0.7% due to continued pricing pressure offset by growth in volumes. Within the GFS segment, GFS India delivered a strong performance in Q2 FY 2026, with revenue growing from INR 155.7 crores to INR 228.3 crores year-on-year, supported by healthy volume growth on the back of strong business development. The GFS India business also delivered sequential improvement from Q1 INR 175.6 crores, partially offsetting the revenue decline in the rest of the world operations, which remained impacted by soft flight demand and pricing. With respect to H1 FY 2026, our consolidated revenue stood at INR 5,254.9 crores, versus INR 5,052.3 crores in H1 FY 2025, at a growth rate of 4%. The growth is driven by our ISCS segment, with revenue of INR 3,975.9 crores, reflecting a 6% improvement compared to INR 3,744 crores in H1 FY 2025. GFS segment reported a revenue of INR 1,278 crores, down 2% from INR 1,308.2 crores in H1 FY 2025, primarily due to the persistent pressure on the flight trades. Pricing continues to remain under stress, and macroeconomic uncertainties and tariff volatility continue to impact the segment. Now, moving into the cost structure, flight clearing, forwarding, and handling expenses declined from INR 745.1 crores in Q2 FY 2025 to INR 727.3 crores in Q2 FY 2026 on a year-on-year basis. On a half-yearly basis, it is INR 1,407.6 crores in H1 FY 2026 compared to INR 1,478.3 crores in H1 FY 2025. This reduction primarily reflects a change in business mix in the ISCS segment, and the GFS segment-related expenses remained largely in line with their revenue. The flight clearing, forwarding, and handling expenses on a sequential basis increased from INR 680.3 crores in Q1 FY 2026 to INR 727.3 crores in Q2 FY 2026, in line with the revenue growth from GFS segment. Material-related costs remained largely stable on a year-on-year basis. On a sequential basis, material costs declined from INR 487.4 crores in Q1 FY 2026 to INR 446.3 crores in Q2 FY 2026 due to lower volumes on account of changing business mix. Subcontent expenses remained largely stable on a year-on-year basis. On a sequential basis, with INR 369.4 crores in Q2 FY 2026, INR 377.1 crores in Q1 FY 2026, and INR 366.1 crores in Q2 FY 2026. Employee costs increased from INR 576.2 crores in Q2 FY 2025 and INR 618.9 crores in Q1 FY 2026 to INR 644.4 crores in Q2 FY 2026. On a half-yearly basis, employee costs rose from INR 1,153.1 crores in H1 FY 2025 to INR 1,263.3 crores in H1 FY 2026. This increase was primarily driven by the impact of annual inflation on employee costs in the new projects that we undertook. Other expenses increased from INR 215.3 crores in Q2 FY 2025 and INR 256.8 crores in Q1 FY 2026 to INR 298.1 crores in Q2 FY 2026. The rise was primarily driven by changes in business mix, higher rental charges due to increasing short-term rentals, and higher repairs and maintenance in the U.K. and Europe region. Depreciation of right-of-use assets and interest on lease liabilities under IND AS 116 declined year-on-year, with ROU depreciation declining from INR 103.9 crores- INR 95.8 crores, interest cost declining from INR 22.6 crores -INR 14.6 crores. This was primarily due to our initiative to optimize lease commitments, transitioning selectively from long-term leases to medium and short-term rental arrangements wherever operationally feasible, resulting in corresponding increase in the short-term rental expenses, as outlined above. In terms of profitability, our consolidated Adjusted EBITDA for the quarter stood at INR 178.5 crores, representing a margin of 6.7% compared to INR 176.7 crores at 7% in Q2 FY 2025 and INR 173.3 crores at 6.7% in Q1 FY 2026. Within the segments, ISCS delivered strong performance with Adjusted EBITDA of INR 173.8 crores at 8.7% margin, up from INR 150 crores at 8.2% in Q2 FY 2025 and INR 164.1 crores at 8.3% in Q1 FY 2026. GFS, however, continued to face the margin pressure with Adjusted EBITDA of INR 14.7 crores at 2.2% versus INR 28.2 crores at 4.2% in Q2 FY 2025. The significant margin improvement in ISCS is mainly on account of the recovery of our ISCS Europe business from H2 FY 2025 softness and the strong turnaround-driven recovery of our Earth's Wealth IFM business, which is now integrated as part of ISCS Europe. ISCS India and ISCS North America continue to deliver sustained growth in profitability. The declining margins in GFS reflect the ongoing headwinds in the GFS segment, particularly driven by the declining rates due to persistent pricing pressure. On a sequential basis, both businesses showed improvement, ISCS with continued growth, and GFS improving on a sequential basis on a back-of-volume growth, modest recovery of the rates, and strategic cost-take-out initiatives which we have taken across regions. Our Adjusted EBITDA for H1 stood at INR 351.8 crores compared to INR 362.0 crores in H1 FY 2025, reflecting a decline of 2.8%, primarily due to the persistent pressure on the flight rates in the GFS segment. Our adjusted PBT before share of profit from previous ILP was INR 23.4 crores, up from INR 17.8 crores last year, a growth of 31.9% year-on-year, reflecting margin improvement to 0.9% from 0.7%. On a sequential basis, the adjusted PBT grew by 24.7% from INR 18.8 crores in Q1 FY 2026. Our reported PAT for the quarter was INR 16.3 crores, as compared to INR 71.2 crores in Q1 FY 2026 and INR 10.6 crores in Q2 FY 2025, year-on-year growth representing 53%. With respect to H1 FY 2026, our adjusted PBT before share of profit from previous ILP stood at INR 42.3 crores, versus INR 31.3 crores in H1 FY 2025, reflecting growth of 34.9% year-on-year and reflecting the margin improvement to 0.8% from 0.6%. Our reported PBT before exceptional items for H1 FY 2026 is INR 218.1 crores, including the share of profit of INR 178.1 crores from previous ILP in Q1, versus INR 31.6 crores in H1 FY 2025. Our reported PAT for H1 FY 2026 is INR 87.5 crores, as compared to INR 18.1 crores in H1 FY 2025. On the cash from operations, post-lease rental expenses for H1 FY 2026 stood at INR 105 crores, a significant improvement, underscoring our sharper financial discipline and better quality of volumes. Our net debt as of September is INR 285.7 crores, as compared to INR 238 crores as of March 2025. The increase in net debt is primarily towards CapEx funding for a major project in ISCS North America. With this, I will hand it back to Ravi. Thank you, Vaidhy, for the detailed analysis. Let me now touch upon our business development efforts and key customer engagements, which continue to support our revenue momentum. On the business development front, we continue to build a healthy pipeline of new opportunities across our key markets. In the current quarter, we secured new business wins of INR 204 crore, representing 8.1% of Q2 FY 2025 revenue. These wins reflect the continued customer confidence and the strength of our offerings across all our markets. Our order pipeline remains healthy at INR 6,200 crore, giving us solid revenue visibility going forward. During the quarter, we won several notable contracts. On the ISCS side, we secured mandates from a global leader in building technologies in India, another contract with one of the top Indian commercial vehicles manufacturers, a large global agricultural equipment company based in the USA, a top multinational IT services company in the U.K., a leading Europe-based coffee equipment manufacturer, a European building materials manufacturer based out of the U.K., a leading Indian manufacturer of electrical and consumer durables in India, a global player in energy management and automation in India, and a top Indian automotive manufacturer, apart from several other smaller contracts. India has especially been a very solid performance on the business development side. It is encouraging that we have got significant wins in Q2, which will help us build on the revenue side on the India business, especially on the ISCS side. On the GFS side, we added one of the top global automotive component suppliers, a multinational industrial technology leader, an Asia-based industrial components manufacturer, a global components and packaging solutions provider, and a global specialist in textile chemicals. All of these wins reflect the trust leading global and domestic brands place in our capabilities and position us well for continued growth in the coming quarters. Let me summarize by saying we have delivered another strong quarter of consistent growth in both revenue and profitability. The strong performance of our ISCS segment, operating discipline, and substantial cash flow generation demonstrate the resilience of our business model. On the GFS business, we remain cautiously optimistic given the overall macro environment. Our strategic initiatives, including Project One in the U.K. and Europe, right-sizing and right-shoring across all our regions, are on track and will deliver the estimated benefits as outlined earlier and today. As we move to the second half of the year, our focus remains on sustaining the ISCS momentum, improving the GFS profitability, and converting our strong pipeline, translating to consistent and high-quality growth. With continued execution discipline and tight cost management, I am confident that we are well on track to deliver our medium-term objectives and build stronger and performance-driven TVS Supply Chain Solutions. Thank you for your continued trust and support. With this, we'll open the forum for Q&A. 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 the touchstone 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 Disha Giria from Ashika Institutional Equities. Please go ahead. Hi, team. Good morning. My first question is regarding the ISCS business. While it has had an 8% approximate growth, it's a two-part question. Geographically, India in the first half, in fact, in this quarter as well, has not performed. Firstly, what is the reason behind a flat revenue growth for the India ISCS business? Secondly, in the INR 6,200 crores order book pipeline, how much of it is for India? There are a lot of initiatives mentioned, especially for India, as already called out. How much of the order book is for the India ISCS business? All right. Thank you, Disha. Let me answer the second question first, and then I'll go to the first part of your question. Out of the INR 6,200 crores, roughly a third is from the India business. Like I said, we have had some significant wins in Q2, which will start giving us revenue in Q3. It all goes very well from a revenue growth perspective for India. If you look at it from a Q2 perspective or from a flattish growth on revenue, we had earlier spoken about the fact that we were exiting a significant amount of what I would call low-margin accounts in India. Many of the business wins that we had filled that gap. Some of the projects that we were expecting to start last quarter actually got delayed and started only by the end of last quarter. Those are primarily the reasons why the India business is flat. Just to reassure you, the India business is very healthy, strong pipeline, a lot of good conversions, which we can hopefully announce in the next quarter. We are on track to deliver revenue growth in India. Just to follow up to this, can we see approximately 4%-5% growth going forward for the India business on a quarter-on-quarter basis? We should be in a position to get to about a 4%-5% linear trajectory. Yes, Disha. I can say that with confidence. Second question is in terms of the GFS segment. This has been performing in a reverse manner as compared to the ISCS. Here, the India business has been growing hugely. I wanted to understand how much of it has an impact of tariffs and how much of it is an organic growth. I would think that if you look at the India growth, a lot of the volume growth happened primarily because the shipments before the tariff deadlines were a bit high. It just tapered off to almost less than normal once the tariff deadline struck. There is an impact of tariff. The GFS business from India on an overall pie of the business is not something which is significant. That has not changed the trajectory of the company's growth. You are right in the observation that the GFS business, especially the India business, did see a huge uptick in the volumes in Q2, as we did see a significant amount of shipments going up before the tariff deadline. What is the current scenario right now? Are we towards the normalcy growth rate and volumes, or is it a bit still high? I would not hazard a guess. That's why I said we are cautiously optimistic. We will have to see how it pans out. My worry is not about India, but overall, the GFS environment in the macro is something which we need to keep an eye on. As you can see, we did see growth in volumes, but there is significant pressure on pricing. If you look at it globally, the global forwarding peers are all going through significant stress. We are watching this space closely. As and when we see some of these headwinds at least subside, we should be in a better position to leverage. I think from a company perspective, we are focused on seeing what is it that we need to make ourselves stable in terms of our margin expansion. There is a significant drop from Q2 to Q2 this year on GFS. I had spoken about it last quarter also, that the GFS business does have serious headwinds. We continue to experience them. The fact that we were able to see volume increase and a slight betterment of our EBITDA margins for the GFS business is probably an early sign that things could stabilize going forward. By the end of the year, we are hopeful that by the end of the fiscal year, we are hopeful that the GFS business as a whole at the macro should turn. That just brings me to my last and final question. In the rest of the world GFS segment, this decline, I mean, do we have volume uptick, or is it volume and price decline both? Disha, I think the biggest factor is more on the price, Disha. Right here, the decline is more on the price. Volume decline is more marginal, but the decline is more on the price. Got it. Thank you. Thank you. Before we take the next question, a reminder to all, you may press star and one to ask a question. The next question is from the line of Saumil Shah from Paris Investments. Please go ahead. Hi sir, good morning. As the previous participant asked you, due to these tariffs, our business gets affected. Can you quantify, I mean, how much of our business could get affected due to these tariff issues? Saumil, the tariff is probably impacting only a very small portion of the India GFS business. It does not have an overall significant impact. I thought I said that to Disha's question also, that it does not impact the business of TVS Supply Chain Solutions as a whole. The challenge really is on the GFS segment itself at a macro level. If you look at it across the board, we benchmark ourselves with the leading GFS companies, and they are all under severe stress. This segment is something which we need to keep a watch on. There is a larger macro environment that needs to stabilize. We expect that to hopefully stabilize by Q4 of this financial year. Okay. Okay. Our new business growth is about INR 200 crore for this quarter. Normally, say, for example, we want to grow mid-tens. How much new business do we need to get every quarter? Can you share your thoughts on that? We are roughly at about 8% on a year-on-year basis, new business contribution. We typically like to keep that number at about 10%-12%. Like I said, there were some delayed start in some of the programs, but we are confident that we should be able to recover in H2. Okay. So maybe if we can get INR 300 crore-INR 350 crore of new business, then we can grow mid-teens? That's a good number to look at. Yes. Okay. Okay. I mean, the industry-backed companies are doing 8%-11% PBT. What went wrong with us that we are doing so less PBT? Is it that our operational expenses are very high, or what is it, the reason for this, I mean, such a low PBT? I think you should look at it from a company growth perspective. We are really focused on seeing how we can expand the margins. Like I said, the ISCS segment has delivered significant margin expansion. Our mid-term target is to get to 4% PBT by FY 2027 Q4, and we stay focused on that. Absolutely, we keep looking at the benchmarks, and once we get to the 4%, we already have plans to see what steps we need to take to go from 4% to 8%. It is a combination of the kind of markets that we operate in, plus the kind of services and the pricing that we are able to command from the market. As we continue to evolve our brand, we should be able to get better pricing in the future. We stay absolutely focused on the fact that we will deliver 4% PBT by Q4 of FY 2027. Then we will aim for the benchmark numbers as a next step. Okay. So we are right, sorry? Just to add to what Ravi said, I think if you look at last year, our margins were in the range of 0.2%-0.3%. From there, right now, we are trending closer to about 1% PBT. I think you can already see that the benefits of the actions flowing into the bottom line. As Ravi said, the two, three actions that we have taken in terms of Project One, the benefits from the ISM recovery should help get into the 4% PBT by Q4 FY 2027. Right. So we are guiding for 4% PBT for the full year FY 2027 or the last quarter? Q4 FY 2027. Okay. Okay. So maybe around we are doing currently, say, INR 20 crores-25 crores of PBT. So by Q4, we need to reach at around INR 125 crores. Is that achievable? Yeah. I think, as I said, one of the biggest drivers is going to be the Project One, where the annualized savings will be roughly about INR 110 crores-INR 120 crores. As we speak, the project is in the advanced stage of completion. We will start seeing the benefits in Q3 itself, starting from Q3 itself. Second thing is the GFS business. Right now, because of tariff and other things, it is going through some kind of a volatility, and we are hovering around 1.92%. On a steady-state basis, GFS should be around 3.5%-4% EBITDA margin. The GFS segment has delivered this 3.5-4% margin in the past on a sustained basis. Once this tariff, the macro headwinds move on, I think we should be able to deliver that 3.5%-4% margin and reach that 4%. Okay. Okay. Understood. That's it from my side. Thank you and all the best. Thank you. Thank you, sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. The next question is from the line of Karan Sharma from Sharma Securities. Please go ahead. Hello. Good morning, everyone. I just have a couple of questions. We have highlighted in our press release that we aspire to reach $500 million in top line for our North American business. Can you give the timelines for the same and how is the business environment there, particularly in the U.S. region right now? Yes. Our aspiration is to get to about $500,000,000 in North America. We have secured a couple of large contracts, which gives us the confidence that we should get into that kind of a trajectory. Right now, let me say we are somewhere hopefully on a trajectory to grow it to about $150,000,000-$200,000,000 over the next year or so. From there, we have a significant pipeline to believe that we should be able to get to $500,000,000. I would not want to put a timeline right now, Karan, but clearly, we have plans to get to $500,000,000 on an organic basis. Okay. On follow-up on the same, how much of our revenue comes from the U.S. as a percentage of our total revenue? Right here, roughly about 10%-11%, Karan. Okay. Okay. Sure. Thank you. That's it from me. Thank you. Ladies and gentlemen, to ask a question, please press star and one. The next question is from the line of Prisha Rathi from NM Securities. Please go ahead. Hello. Yes, Prisha, please go ahead. Sir, I have just a couple of questions. Just adding up on previous participants, how is the competition environment in India? Is macro environment a worry, and how do we see the business in H2? Are we seeing volume increase post GST cuts? Can you just repeat the second part of your question, Prisha? How is the competition environment in India? Is macro environment a worry, and how do we see the business in H2? Okay. I think from India, you're talking about India business, right? Yeah. Yeah. Yeah. Like I said, we are fairly confident of growth in the India business in H2. We have a very strong pipeline. Like I said, almost a third of the pipeline is from India. We have a couple of very large deals. Hopefully, we should be able to secure one of them in the coming quarter. From an overall perspective, I think the reduction of GST rates should make the consumption go up. We believe that there should be great opportunities both on the production side and also on the distribution side. We do work with a lot of the FMCGs, that is, the consumer durable side of the business. We expect to see a significant uptick, and that should create sufficient volumes for us to grow our India business. We continue to be confident about growth in India. Okay. Okay. Thank you, sir. And all the best. Thank you. Thank you. A reminder to all, you may press star and one to ask a question. The next question is from the line of Raj Mehta from Wisdom Advisors. Please go ahead. Hi sir. Good morning and thanks for the opportunity. My question is on the guidance front. Overall, what will be our guidance for the year and next year? Can you give a breakup in terms of revenue growth and margins for ISCS and GFS segment? Hello? Did you say margin front? No. Can you give us a breakup in terms of revenue growth and margin? Sorry, Raj, could you repeat your question? It's not very clear. Hello, am I audible? Yes. Yeah. Could you repeat the question? Yeah. Sure. So overall, what will be our guidance for this year and next year? Can you give a breakup in terms of revenue growth and margins for ISCS and GFS segment? Raj, as I said, we do not give a quarterly guidance, but if you look at what we are targeting, it is a mid-year growth in terms of overall revenue across the segment. In terms of margin perspective, if you specifically look at ISCS, I think today we are hovering around 8.5%, and that should start seeing sequentially improving in Q3 and Q4 because of the benefits of Project One coming in. Okay. Okay, sir. Thank you. Yeah. Yeah. Thank you. Ladies and gentlemen, this was the last question for today. I now hand the conference over to the management for closing comments. Thank you for all your questions. I can see that there is a lot of questions, especially on the global forwarding business and India business. I I want to summarize by saying we've had a good quarter. We have had good growth in the ISCS segment. We have had significant margin expansion in the ISCS segment. We continue to focus on Project One, which will deliver about INR 100-120 crores of annualized savings with an in-year saving of almost about INR 50 crores. I think we will see the margin expansion continue on the ISCS segment. On the GFS, we are cautiously optimistic, but just want to say that we have taken enough measures to ensure that we look at it from a profitability perspective and continue to drive a stable margin base in the GFS business. We would want to get the GFS business back to about 4-4.5% EBITDA in the near term. For that, we'll have to see some changes in the macro. Like I said, the tariff is not a major factor from an overall perspective, but from an India export perspective, we need to keep a watch on it. The India business is healthy. We have a significant pipeline. We have a flattish revenue on the back of some low-margin programs being exited, and we have successfully filled that gap through customer wins that I enumerated. We continue to see significant traction in the India market. We expect further uptick in volumes in India given the GST change, and that should augur well for the quarters ahead. Looking forward, we are confident of continuing our momentum in the ISCS side with margin and revenue growth and stabilization of the GFS segment. Thank you for your continuous trust and support. Thank you. Thank you, sir. On behalf of TVS Supply Chain Solutions Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.