Total Transport Systems (NSE:TOTAL) Q2 2027 Earnings Call

0:01 Ladies and gentlemen, good afternoon, and welcome to the Total Transport Systems Limited Q2 and H1 FY 'twenty seven Earnings Conference Call hosted by Rig Capital. We have with us today from the management, Mr. Makaranth Pradhan, Managing Director Mr. Srikanth Nibande, CFO and Director Mr. Bhavik Trivedi, Company Secretary and Compliance Officer. 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. Before we begin, I would like to remind everyone that today's discussion may contain certain forward looking statements.

0:50 These statements are based on the company's current expectations, assumptions and estimates regarding future events and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements. We encourage participants to refer to the company's filings with the stock exchanges for a detailed discussion of the risk factors. I would now like to hand over the call to Mr. Makaranth Pradhan, Managing Director of Total Transport Systems Limited, who will begin with his opening remarks and provide an overview of the industry and business environment. This will be followed by Mr. Srikanth Nibande, Chief Financial Officer and Director, who will discuss the company's financial performance for the quarter.

1:35 Thank you. And over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining Total Transport Systems Quarter two and H1 year twenty twenty seven Earnings Conference Call. I trust that you all had a chance to review the investor presentation and financial results, which are accessible on the NSE website. To begin, I would like to start with an overview of the economic outlook and update on the logistics sector economy. The Indian economy continued to demonstrate resilience during the first year of twenty twenty six-twenty seven first half of twenty twenty six and 2027, supported by domestic consumption, infrastructure spending and manufacturing activity.

2:34 The RBI has projected India's GDP growth at 7.1% for the year twenty twenty six-twenty twenty seven, reflecting sustained domestic demand and investment activity. India's export performance remained robust with the merchandise and service exports reaching approximately US476.2 billion during April to September twenty twenty six-twenty twenty seven, registering 13.84% growth year on year. However, global economic conditions remain challenging due to geopolitical tensions, particularly in West Asia, fluctuations in crude oil prices and uncertainty surrounding international trade policies.

3:26 These factors continue to influence commodity prices, transportation costs and global supply chains. Overall, India's economic outlook remains supportive of trade and logistic activity, although global uncertainties required continuous monitoring. The logistics sector update. India's logistics sector maintained positive momentum during the first half of twenty twenty six-twenty twenty seven supported by higher trade activity and infrastructure development. Cargo handled at major Indian ports increased by 7.2% during April to September twenty twenty six-twenty twenty seven year.

4:13 JMPA recorded container throughput growth of 17.67 during April to September twenty twenty six, reflecting healthy container movement. Air cargo traffic also registered approximately 12% growth during April to September twenty twenty six. The industry, however, continues to face challenges from fluctuating freight rates, higher fuel costs and geopolitical disruptions affecting international shipping routes. These developments have implications for shipment schedules, transit times and overall logistic costs. Meanwhile, continued investments in highways, ports and multimodal connectivity are expected to strengthen India's logistics infrastructure and improve freight movement efficiency.

5:11 Overall, the sector's long term outlook remains supported by India's expanding international trade, infrastructure development and increasing demand for integrated logistics solutions. Company operational update. Total Transport Systems recorded healthy operational performance in Q2 FY twenty twenty seven with sequential growth across its key logistics segments alongside continued progress in business expansion and operational initiatives. The LCL consolidation segment handled total volumes of 107,980 cubic meters compared to 91,504 cubic meters in the quarter ended in Q1 FY twenty twenty seven and one hundred 9,163 CBMs in Q2 FY twenty twenty six.

6:14 Import volumes stood at 52,104 CBMs compared with 45,025 CBMs in the previous quarter, while export volumes increased to 55,876 cubic meters from 46,477 cubic meters. In FCL Freight Forwarding, total volumes stood at 4,435 TEUs in Q2 FY twenty twenty seven compared with 4,025 TEUs in quarter one of FY twenty twenty seven. Export volumes were 3,777 TEUs against 3,544 TEUs in the previous quarter, while import volumes stood at $6.58 TEUs compared with $4.81 TEUs in quarter one financial year twenty seven.

7:18 The air freight segment recorded total volumes of five forty nine tonnes compared with four thirty four tonnes in quarter one FY twenty twenty seven and four thirty nine tonnes in quarter FY twenty twenty six. Export volumes increased to four eighty three tonnes from three forty five tonnes in the previous quarter, while import volumes stood at 66 tonnes compared with 89 tonnes in quarter FY twenty twenty seven quarter one. Alongside volume growth, the company continued to focus on improving margins, strengthening its business operations and maintaining consistency in growth.

8:05 Software implementation initiatives are progressing with encouraging results from AI related initiatives aimed at improving operational processes and efficiency. On the business development front, the company continued to pursue new client acquisitions and expand its presence through business development and pitching activities across various locations. The airfreight business is also being strengthened through additional team members to support its growing business requirements. The company witnessed substantial business growth from Abilaya and continued expansion of its business associated with Amazon.

8:51 Additionally, its Flipkart Minutes business is expected to expand to 20 locations with further growth plan. Going forward, the company remains focused on sustaining volume growth, improving margins, expanding its client base, strengthening operational capabilities and leveraging technology to enhance business efficiency. With this, I would like to hand over to our CFO and Director, Mr. Srikanth Nivande, to discuss the company's financial performance for quarter two and H1 for year 2027. Thank you. Hello. Good afternoon, everyone.

9:40 Moving to the financial performance of Total Transport Systems Limited delivered very healthy performance during quarter two of financial FY twenty twenty '7 with very strong growth across revenue and profitability parameters. On a year on year basis, consolidated revenue from operations increased by 73.7% to INR 2 and 83.9 crores compared to INR 163.5 crores in quarter two of FY twenty twenty six. On a sequential basis, revenue grew by 46.7% over quarter one of FY twenty twenty seven. For H1 of FY twenty twenty seven, revenue stood at INR477.5 crores, registering a growth of 53.6% compared to the corresponding period for the last year.

10:33 EBITDA for the quarter two of FY twenty twenty seven increased to INR10.4 crores from INR4.8 crores in the last corresponding quarter last year, representing a growth of 2.2x. The EBITDA margin improved to 3.7% compared to 2.9% in quarter two of FY twenty twenty six and three point three percent in the previous quarter. For H1 twenty twenty seven, EBITDA stood at INR16.9 crores, registering a growth of 84.5% over the corresponding period for the last year. The EBITDA margin improved to 3.5 from 2.9% in H1 of FY twenty twenty six. PBT, that is profit before tax for quarter two of FY twenty twenty seven increased to INR9.1 crores from INR3.1 crores in Q2 of FY twenty twenty six, representing a growth of 2.9x.

11:31 The PPT margin improved to 3.2% compared to 1.9% in the corresponding quarter last year. PAT that is powered after tax for the quarter stood at INR 7.1 crore compared to INR 2.4 crore in Q2 of FY 'twenty six, reducing good phenomenal growth of 3x. The PAT margin also improved to 2.5% against 1.4% in the corresponding quarter last year and 2.1% in the Q1 of FY 'twenty seven. For H1 FY 'twenty seven, PBT has increased to INR14.6 crores, reflecting growth of 109%, while the PATs stood at INR11.2 crores, registering growth of 112.5% over H1 of FY 'twenty six. The H1 PAT margin improved to 2.4% from 1.7% in the corresponding period last year.

12:35 Basic EPS for H1 twenty seventeen stood to INR 6.96 compared to INR 3.22 in the H1 of FY twenty twenty six. Overall, the company has delivered the improved financial performance during the first half of FY twenty twenty seven, supported by revenue growth and better profitability across key parameters. Going forward, our focus will remain on strengthening our operations margins, maintenance cost, discipline, improvisation, operational efficiency and building sustainable growth across our business segments with the help of our new software and the system which we are putting into place. With this, I conclude my remarks. Thank you so much for joining this call and wish you all very happy healthy Diwali and healthy New Year coming ahead.

13:30 And now we are proceed and open for the question and answer session. Thank you very much. Thank you very much. We will now begin with the question and answer session. Questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, you may please press star and then one now. Your first question comes from the line of Abhishek Verma with Cloud9 Family Office. Please go ahead.

14:27 Hello. Ashish. Good afternoon. Good afternoon, sir. Thank you for giving me the opportunity to ask a question. My name is Abhishek Verma and my question is, what are the key strategies to improve profitability and maintain consistent track growth? If you are aware, the freight levels have increased drastically in these two quarters, okay, because of which there is a possibility of higher freight margin. Of course, we have to keep in mind that our costs don't escalate in the same proportion, which we are trying our level best to ensure that we plan our bookings in advance.

15:20 Because today the situation is if I have to book a container for freight forwarding or for my consolidation business, we have to book in advance. Otherwise, I would get a date if I start booking today, I will get a ship date of nearly one month ahead. So it all depends on our good planning and execution because of which we are able to keep the cost under control and have a better profitability. Okay. So my second question is, will today's U. S. Election result will be going to affect flight date? Hello. You are breaking up, Abhishek.

16:10 Okay. So my second question is, will TOTAL's U. S. Election result will be going to affect flight rate? Are going to affect? Flight rate. Freight rate. I personally don't think so that the freight rates will come down for the next two quarters at least. Okay. So one last question. What sustainable EBITDA margin can the company achieve over the next two to three years? Next two to three years? Yes. We can talk about two or three quarters at the most. Okay. Let's say two to three quarters.

16:57 If the freight levels remain the same, we will be able to maintain the EBITDA margins, which we have done in this quarter, which are one of the best as of date. Okay. So one last question. How will the company monetize its presence across 89 plus countries to drive an international business growth? Firstly, 89 countries, we don't have our offices. We have our agents network there. So there is no question of monetizing. The business, which is today being done is coming through all our partners and vice versa, we are giving business to our partners for handling, Okay?

17:45 We are already monetizing the network that we have and we will continue to expand our network and do better. Thank you, sir. Thank you. Thank you. The next question comes from the line of Darshan Chandra, an individual investor. Please go ahead. Yes, I'm audible. Yes, you are. Yes, congrats for the good sets of number. Thank you. Can you please throw some light on the Abiliyah when you means Abiliyah last time sales profit 75%.

18:41 So anything on that, what the company is doing going forward? Abhilaya, now we are at the core business, we are doing this last mile delivery for Amazon as well as Flipkart and now we started with the delivery also in Maharashtra, some stations. But basically more in the Amazon and Flipkart. Now the next step what we are doing with Amazon is we are handling the dark stores of Amazon now in Maharashtra, Karnataka as well as in Tamil Nadu, which we are just handing I mean handling the manpower and supporting their system. This is giving the good revenue point of view because we have some fixed costs and they gave us X plus two as our payouts.

19:36 Subsequently, we are now expanding the same handling of dark store business with Flipkart now, which they have promised after Diwali season, they will look into it since we have a relationship for past six years with them. So we are hopeful key next stores from now, Flipkart Minutes as well as Amazon Now. So that will be adding up our top line as well as the PBT level also. So this is the business what we are getting into. Apart from that, looking for some more businesses like from the delivery opening centers for the last mile deliveries in the Rajasthan, where we have a very strong network.

20:22 In Tamil Nadu also, we have a very strong network. So those stops are on with them. So probably after this season gets over, early December or mid December, we can start handling this kind of shipment at various stage for these three major customers. That is but my question was regarding the sale of Abilea. Last time you sold Abilea for 75%. Yes, sale of Abilea. Actually, investment, the buyer was willing to do that, and we are about to do that. But there, he got a funding issue since the quarter started in February itself and there all funds were supposed to come from the Gulf countries, which got stuck. So we couldn't arrange for the funds for the to do this process.

21:14 So that's how the whole deal got canceled. We waited for a long time. But looking at the situation and looking at their fund position, we feel that it's not going to happen. So that's what we canceled it in the month of February last year. Any other deal with some any other talks going on regarding the sale of at least 25% or maybe 50%, anything going you can inform me? Yes. Talks around with some renowned private equity funds that so the process is already on. And after this season, probably December we'll resume our communication with shortlisted two to three companies. Okay. And in the last con call of 25 you said that Abilaya you are looking to scale Abilaya to INR200 crores and at that time the pad will be on Abilha from the pad will be at least INR500 to INR7 crores. Are you sticking to that timeline?

22:13 Yes, yes. Definitely it will happen. But in this quarter the Abilha sales has grown, but the pad number has gone below the Q1. Can you throw some light on that? Because second quarter was there are some first month was August July August was not so shipments are happening. It started happening from the month of late August to September since all the seasons started like Ganfati, Navaratri and now the Diwali, which has come in the third quarter. So that is a little more low volume in those July 1 and August. Now since we have picked up this third quarter and December also we'll be achieving the good volumes. So what kind of EBITDA margin do we as a shareholder, as a company expect going forward for Abilaya business and for main total transport business? It can be maintained in the 3.5% to 4% range?

23:07 Yes, definitely. Abilaya will be less, but total transport definitely 4%. Okay. But as you said by our MD in the last con call of us, when the freight rate goes up, the margin increases of the company and volume increases and margin also increases, it works that way. Maybe has crude has come down and maybe that is going to improve our transportation on freight. Do you see the 3.54% range will be maintained? Definitely. This crude and all this is not affecting to the rate levels of the If Harmus opens and everything goes at least 50% less transit, it will happen, then it helps us the company to maintain the margin at 3.5% to 4%?

24:04 Yes, because even if Argus opens tomorrow also, it will take minimum six to eight months to get the things regularized. This is mainly because the freight levels are shipping lines they come up with on the two basic things. One is the container inventory management where their containers are placing out and secondly, the routes of the ship. As of today, Gulf Region is having close to 650,000 containers are stuck, empty plus loaded. So getting those number of containers into all the system, it will take minimum eight months. Furthermore, there are so many ships which have come on the different routes, they need to again align their routines and selling schedules will be again the challenge for that. So things will not be immediately happening to the normal if it is Harmus gets open and no war situations like that.

25:07 Furthermore, we are diversifying little more and focusing more on the air cargo and taking some good team onboard will be the last quarter of this year. So those things will be additional revenue should start for the next year for us. Furthermore, our project division is doing very well now. We recently signed up some good contracts with Tata Motors, Axel Metals for steel carrying the steel from China to India. And further is Hitachi heavy engineering also we are tying up. So those activities and those cargo movements will be starting from the last quarter of this year. And that is the continuous shipments are on. So we are very hopeful and we are confident that this 4% margin will be definitely better for the total transfer.

26:01 And one last question. Can you throw some light on the trade receivables? Your receivables have gone up from INR98 crore to INR179 crore and cash flow outflow H1 outflow of the cash is INR21 crore. Because of that, our borrowing has increased to INR52 crore. So how will we maintain the cash flow positive? I mean, receivables, can you throw some light on that one? That is the main Yes. This is Bhakaram Pradhan. What we control is the DSO, the number of days that we are getting our money back. When there is increase in the turnover, the outstanding when we are giving two months to three months credit, it is bound to go up.

26:51 Freight levels have doubled up. If you have seen Dubai, they have gone up by 10 times. Yes. That is one of our main markets. So when you see that there is an increase in the freight level, obviously our outstandings are going to go up. But till the time our DSO is not increasing over fifty eight, fifty nine days, we are in a very comfortable situation. Yes, that means we have a good problem that we are not able to 100% service the business that we are getting. That is also helping us to push our margins so that we get the customers who are giving us little better profitability.

27:43 We are able to pick and choose the business. So increasing in the outstanding is not of a worry till the time, but DSO is in control. Right. So can you I mean how many in the next quarter can we see the receivables going down? No way. Okay. If the business is growing, how can you see the receivables going down? Yes, this 178 at least you said that 60 DSO is there. So it means that last in this quarter result may be coming into next quarter three, right? But we are also going to continue doing business, right? Yes, yes. Got it.

28:30 How if I am going to do more business, how do you expect my outstanding go down? Got it. Got it. Right. Yes. Yes, will be in the question. If I have any question, I will be in the queue. Thank you, sir. Thank you. Thank you. Your next question comes from the line of Sashi Singh with Dalar and Broja. Please go ahead. Thank you. Congratulations on the great set of numbers. I have only one question. You mentioned the freight rates would be similar kind of in next two quarters.

29:18 So do we expect H2 would be better than H1? Or we can deliver the same Exactly. It is more or less going to be the same thing. More or less same. Little bit different because if we have little bit more money at our disposal Yeah. We are looking at, we will be able to do little bit more business. Understood, sir. Thank you so much, sir, and I wish you all Thank the you. Thank you. Your next question comes from the line of Abhijit Vagmari with VP Capital. Please go ahead.

30:16 Good afternoon, sir. Good afternoon. I'm Abhijit Vagmari. My question is that how is the company using a technology to improve operational efficiency and reduce the logistic cost? Currently, what we have been doing, we have been analyzing on the volumes that we have done for the past one point five years. We are using AI to give us the data quote wise and we are booking our requirement of containers ahead of time. That is giving us two advantages. One is we are able to plan our shipments much better, giving a better service to our customers.

31:07 Two is we are booking containers at a little lower rate than what our competition is doing when we book it in advance. So these are the two things which we are putting to our advantage using the AI tools. The other things that we are doing, if you are aware, government has come up with this advanced cargo declaration, SEMTR. In this, all the consolidators, all the carriers are supposed to declare in advance both cargoes are coming immediately after the vessels is the international port. Now in that, we have put all our efforts to ensure that we master that act.

31:58 In the last two months from the time this SEMTR regulation started in August thirtieth of August, there were nearly 800 containers across India which were stuck because there were problems in STMTR filing. But I'm happy to inform that our company did not have even one container stuck there, which helped us to garner better support of our customers. Because once the container gets stuck in the CMTR problems, we are paying heavily for the detention and beverages. So this is the second area that we have done better than our competition.

32:44 The third area we are doing is using robotic listing to take care of our bill passing, bill payments in accounts, having the documentation inputted so that there is no manual error there and it happens faster. Over a period of time, we will see how much manpower we can save and use it to a productive use. Lastly, we are also tying up with a company in Amsterdam to give us that company name is Real Nexus and they would help us to give the location of all our shipments online.

33:34 So that we are able to give our customers a real time data about their current shipments, which we are carrying. So these are some of the AI and robotic tools that we are using. Over the period, we will keep on trying options where all we can use these technologies for the betterment. At the same time, we have to ensure that we have to keep our cost of technology low and don't go overboard because we have our limitations. We have to use our money currently for doing business also. So these are the things that keeping a proper balance, we are doing as much user technology as possible.

34:33 Abhi, sir, sorry to interrupt. We are not able to hear you clearly. Mister, are not able to hear you clearly. Yes. You are audible. Yes, sir. My second question is, what is the associated cost roughly for this technology? What is the fee that cost? This AI tools are not so expensive. This as per the requirement, we get this attached to our main system. This is not so expensive up here what we do that. It ranges between INR 5 lakhs to INR 10 lakhs per annum as the service provider to the each segment.

35:29 I think you dropped off. No, sir. He's connected. Abhijit, sir, does that answer your questions? Sir, if you can unmute yourself and proceed in case if you have any further questions. Sir, we are not getting proper audio from your line. I would request you to return to the queue in case if you have any further call... Follow-up questions, please. Participants, in order to register for a question, The next question comes from the line of Adarsh Sharma from Springtree Investor. Please go ahead.

36:18 Good afternoon, sir. My name is Adhish Verma. My first question is how does management plan to optimize working capital requirements while supporting business expansion? Optimization means we are taking some more funding from the banks and some other institutes to meet the requirement. And then again, and we are quite tightly controlling the credit periods also in the market, so which will also help us to collect our outstanding and we situated not much overdue amount as there with the customers. So this is all the whole process is supporting the cash flow. Mr. Sharma, does that answer your question?

37:17 Yes. Thank you, sir. Thank you. The next question comes from the line of Darshan Chandra, an individual investor. Sir, I have one question. As in the investor presentation, volume on the volume growth quarter to quarter Q2 FY twenty twenty three and Q2 FY twenty twenty seven, the LCL consolidation has decreased by maybe from $109,001.60 to 107,980 and FCL freight has decreased from 5,013 to 4,675 and they are here as freight has gone up from four thirty nine to five forty nine.

38:03 So can you explain the increase in turnover was from maybe a higher freight rate or that is the whole increase was in the result? Basically, as you are aware, the war between U. S. And has opened up in the end of February. It is in March last year I mean, this year, the last financial year. So the shipment movement was very slow in the first quarter of this financial year. People started settling down or finding out some other routes and started moving cargoes in The Gulf from other ports by road and all these things.

38:48 So if you see that the second quarter, there is a growth in the volumes compared to the first quarter. Of course, this freight levels also keep on increase a lot in the second quarter compared to the first quarter of this financial year. So this is also if you see the volume vis a vis the cost or turnover has substantially increased in the second quarter compared to the first quarter of this financial My question was the growth of this kind of level of 73% year on year growth has come from maybe a little bit on the air cargo, but the main growth has come from that increase in prices of the freight and anything and insurance, right? I'm right on that front?

39:36 Yes. Partially, you are right. If you see, compare the last year's report, our full container volume has increased a lot. Okay. Okay. The LCL business constitutes 1.75% of the global trade. So we are in a niche market. Got it. Okay. So the growth of LCL is limited. At the same time, we have been doing if you see sector wise bifurcation, 30% of our volume was into The Gulf.

40:22 When that gets affected by nearly 40% to 60%, it is obvious that we have to create other market than Gulf, So affecting the LCL volume is definitely going to be there and that was there in the first quarter. In the second quarter, we recouped it, we built up volumes for others at the same time for Gulf also. The other thing is, though we have the volumes many a time, we don't get the bookings or the vessels are bypassing. Vessels are not opening up space for the consolidation business.

41:16 So even today, if you see, we have bought nearly 1,000 cubic of Gulf cargoes, but we don't have containers for them. So these situations are there. We are fighting over it and we will slowly come over it. But it is not that there is no increase in the trade. Of course, the trade has increased for the betterment. Of course, as you said, the increase in freight levels have also contributed quite a lot because of this. Thirdly, if you see our imports have gone up drastically, import LPL. What used to be average of four fifty has gone to nearly 700 containers.

42:03 So we are looking at possibilities of increasing the business from whichever stores that we can get. We are not sitting tight on this is our market and this is what we have to do. We are when there is a situation in one sector, we are pushing the other sector to increase our business. If the LCL volume itself is overall low and which all the CFS is handling the LCL have confirmed that they have a drop of nearly 25% to 30% of drop, but our drop if you see is not more than 10%. That means we have brought into other markets with our aggressive sales efforts and we have added more customers to it. Got it. Okay. So as shareholder of our company, so what can we expect from next quarter and maybe Q3 and Q4 on the revenue front that is fine. On the EBITDA front on the revenue will be same as this level of... More or less the same if the freight levels don't change a lot.

43:09 Okay. Now you said the freight levels will don't change for next six months. We don't expect. But again, I'm saying you these are our expectations and that is coming from our experience and knowledge. Right. Has the Hormuz has opened Iran has opened for Hormuz shipping for India, China and Qatar. But it has opened to what do you mean expect going forward of Q3 and Q4? See, as Srikanth has said, even if Hormuz opens up, even if they give, but it is not certain that it is going to open up. As Sikans has said that there are nearly 650,680 containers stuck in The Gulf. Yes, waiting. By that time they will ease out and come into circulation, it's going to take a lot of time.

44:03 Six to eight And months is a good that is the reason we say that we do not expect the freight levels to change a lot. It might change little bit 10% or 10% here on there. Yes, yes. But not a lot. So sir, the of 7 crores to INR 9 crores, can we see in the H2 also same or it will be I much better than think. No, no, it will not be much better, but it will be more or less sustained. Yes. Thanks for questioning the and arranging a con call for that. And sir, can you see that Abilea sale at least of 25% or whatever maybe in this financial year or it will be not possible in this financial year? We cannot say anything. We are trying our level best.

44:55 We have got lot of people who have approached us. We are dealing with them appropriately. This is what we want to do. But at the same time, it all depends on what they offer, what we want to accept and all those things. If it happens, it is good and we are looking at it. If that kind of offer again comes for INR 75 crore for 75% stake or 79% stake, means you are easy to means sell for that kind of things? No. Now it is the parameters have changed because Okay. That's what I want to understand. We have come into profit. The business has Things gone have changed, so we cannot look at the same often now. Yes, definitely. It has one year has gone by that time.

45:43 So we will take care of all those things in a proper manner. We have got good consultants and who are guiding us properly. We will not be taking that offer, definitely not. Sir, for a 200 kind of Avilia business, what kind of valuation means you are looking for that? So as a shareholder, can diversify means we can see that for Total Transport also? It's very difficult at the moment to come out with the valuation. When at INR75 crore you sell at for 79% stake, but now the business has grown maybe around INR170 crore for revenue of Abilea. So what kind of valuation do the company minimum expect? We are in the process of taking this valuation report from the consultant.

46:38 We were waiting for that some money, money will come, money will come, money will come. But it affected our share price gone below from 90 to around 50. Yes, sir. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference back to the management for closing remarks. Over to you, sir. Hello.

47:26 Again, Blakkam, thank you very much participants for attending this call. We are highly grateful for your support and the questions that you ask keep us on toes and push us to do well, keep on doing well. I take this opportunity to wish you all a very happy Diwali and a good year ahead. Thank you. Thank you, members of the management. On behalf of Total Transport Systems Limited, we would like to formally conclude this Q2 FY 'twenty seven earnings conference call. We sincerely appreciate your participation in this event, and we kindly request that you now disconnect your lines. Thank you for your time and engagement.