AVG Logistics Limited (AVG) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to AVG Logistics Ltd. Q4, FI26, and FI26 Result Conference Call hosted by CleanAdvisor. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen-only mode, and there will be 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 mode. Please note that this conference is being recorded. Also, please note that today's meeting is expected to last approximately 40 to 45 minutes, including the discussion and Q&A session. I now hand the conference over to Mr. Harshal Ghanshani from Kirin Advisor. Thank you, and over to you, Harshal.

Yes, thank you. Thank you, everyone, for joining the conference call. On behalf of Kirin Advisor, I welcome you on the conference call of AVG Logistics Limited for Q4, FI26, and FI26. From the management team, we have Mr. Sanjay Gupta, Managing Director and CEO. We have Mr. Rajesh Rohila. Chief Financial Officer. Now, I hand up the call to Mr. Sanjay Gupta, Sir, Hubertius.

Thank you, Sir. Good afternoon, esteemed investors and welcome to ABG Majestic Limited Q4 26 earning call. We sincerely appreciate your continued trust and support as we continue to strengthen our position as a technology-driven Integrated multi-modern logistics solution provider. ABG Logistics is a leading integrated logistics solution provider in India, offering end-to-end supply chain services across road, rail, warehousing, cold chain, liquid logistics, third-party logistics, 3PM operation. With our inspection of 2010, we have built a strong Canadian network comprising over 70 branches, more than 3,000 owned and hired vehicles, over 7.41 lakh square feet of your house new space. As a diversified customer, we are spending FMCG, food and beverage, finance, retail, telecom, steel, automotive, pharma, and industry sector. Our integrated multimodal capabilities continue to enable efficient, reliable, and cost-effective logistics solutions for customers across India. Officially, we continue to execute on our strength roads. During the quarter, we strengthen our multimodal capability through our entry into the rail-based liquid logistics segment, expanding into a high-growth market, and reinforcing our ability to offer safe, efficient, and sustainable transport solutions for the chemical and allied industries. We also advance our infrastructure expansion with the strategic acquisition of Land person in Himachal to a place called Talival for warehouse purpose. This investment will support future warehousing and logistic capacity, enhance our regional presence in North India, improve operational efficiency, and strengthen relationship with key customers. Further, we reinforce our commitment to sustainable logistics through our collaboration with Nestle India and Ashok Linden for deployment of CNG-powered vehicles. This dedicated green logistic corridor not only reduce carbon emission, but also improve operational efficiency and a long contract with the customer, reflecting our continued focus on building environmentally responsible and feature-ready logistic solutions. Also, the Indian logistic industry continue to benefit from strong structural support. Driven by sustained government investment in infrastructure, increasing multi-model connectivity, formalization of supply chain, and the continued implementation of initiatives under the National Logistics Policy and the PM Gati Shakti. These developments are expected to improve, create efficiency, reduce logistics costs, and create significant opportunities for integrated logistics players with nationwide capabilities. Our multimodal strategy remains centric on our long-term growth roadmap by effectively integrating road, rail, warehousing, cold chain, and specialized logistics solutions. We aim to deliver greater efficiency. Lower transit costs and improve reliability of our customers. The recent expansion into rail-based liquid logistics further sends this integrated approach and open new revenue for growth in specialized logistics equipment. Sustainability continues to be an integral part of our business strategy, along with the deployment of cleaner fuel vehicles. We are also continuously evaluating initiatives that improve fuel efficiency, optimize vehicle utilization, reduce carbon emission, and promote environmentally responsible logistics practice. We believe that sustainable operations not only contribute positively to the environment, but also create long-term operational combustion advantage for the company. This year, we are focusing on... So, we are trying to improve the running condition of the vehicle so that we can take maximum revenue by asset of our assets. Looking ahead with the global economic uncertainty and involving market conditions may continue to create short-term challenges. The long-term fundamentals of the engine logistics sector remain highly increasing, rising manufacturing activity, increasing consumption, continued growth in e-commerce, government-led infrastructure development, and the ongoing shift towards organized logistics continue to provide a strong foundation for sustained industry growth. With our establishment network, nationwide network, diversified service portfolio, experienced management team, and disciplined approach towards execution, we remain confident of delivering consistent growth while maintaining financial production of the operational efficiency. We will continue to pursue opportunity that enhance shareholder value. Strengthen customer relationship and reforms APG logistics position as one of the India's leading integrated multi-model logistics solution provider. I would like to now invite our CFO to take through detailed financial performance for the quarter. Thank you.

Hi, good afternoon, investors. This is Ajesh Rohila, key financial officer with AVG Logistics Limited.

Coming to the financial performance,

we are pleased to report a strong, moderate financial year 26, reflecting healthy growth across both revenue and profitability. During Q4, FY26, we recorded total revenue. Of 176.61 crore, registering a growth of 19.4% year on year, EBITDA stood at 34.72 crore, increasing 45.21% year on year, while EBITDA margin expanded by 349 basis points to 19.66% profit after tax, stood at 10.71 crore, reflecting a moderate growth of For the full year, financial year 26, we achieved total income of 582.48 crores, representing a growth of 5.07% year-on-year. Habita increased to 112.45 crores. Up 14.27% year-on-year, with EBITDA margin improving to 19.31%. Profit after tax stood at 26.17 crore, registering a healthy growth of 22.71%, while FAT margin expanded to 4.49%. These results reflect our continued focus on operational excellence, prudent cost management. I would also like to share a few thoughts on the direction in which the company is progressing. Over the past few years, our strategy has been centered not only on expanding scale, but also on improving the quality of our earnings by increasing operational efficiency, enhancing service offerings, and building stronger customer relationships. We believe that sustainable growth in the logistics sector is driven by disciplined execution, operational excellence, and the ability to consistently deliver superior service levels. Accordingly, we continue to focus on improving turnaround times, optimizing network utilization, and transforming our execution capability across all business verticals. One of the key strengths of AVG logistics continues to be our diversified business model, our presence across multiple logistics segments, including transportation, multimodal logistics, cold chain, warehousing, liquid logistics, and value-added supply chain solutions, reduces dependence on any single service line or customer segment. This diversification allows us to respond effectively to changing market dynamics while providing customers with integrated logistic solutions through a single service platform. We are also witnessing increasing demand from customers for customized and integrated supply chain solutions rather than standalone transportation services. Large enterprises today are looking for logistics partners. Who can optimize their end-to-end supply chains, improving inventory management, ensure timely deliveries, and provide greater visibility across the movement of the goods. Our integrity services offerings, supported by our nationwide network and experienced operational teams, position us well to capitalize on the structural shift in customers' requirements. Another important area of focus is customer retention. We continue to work closely with our existing customers to identify new logistics requirements across different geographies and business verticals. This approach has enabled us to strengthen long-term partnerships while generating incremental business opportunities from our existing client base. We believe that deep customer engagement remains one of the most effective drivers. of profitable and sustainable growth. Operational discipline continues to remain at the core of our business philosophy. We are constantly evaluating opportunity to improve fleet productivity, reduce empty runs, optimizing fleet planning, enhance warehouse productivity, and improve asset utilization. These initiatives not only improve operating efficiency, but also strengthen our competitiveness, In an increasingly dynamic logistic market, as supply chains across India continue to become more organized, customers are increasingly prioritizing compliance, safety standards, service reliability, and technology-enabled operations. While selecting logistics partner, AVG Logistics has consistently investing in building robust operational processes compliance framework. And quality standards that help us maintain long-term relationships with leading domestic and multinational customers. Going forward, we remain focused on expanding our vision in high-growth sectors such as FMCG, food processing, pharmaceuticals, chemicals, retail, and industrial logistics. We also see meaningful opportunity emerging from the government's continued emphasis on manufacturing infrastructure, developing dedicated freight corridors, industrial corridors, and multimodal logistics parts. These structural developments are expected to create incremental demand for integrated logistics providers with nationwide capability and diverse service offerings. Our capital allocation strategy continues to remain rooted and disciplined. We will selectively invest in expanding our logistics infra, warehouse capacity, specialized transport capabilities, and technology platforms. While maintaining a balanced financial profile, our objective is to create scalable infrastructure that supports future growth while generating healthy return on capital over the long run. Overall, we remain confident in the long-term outlook for both the company and the Indian logistics industry. Our strong customer relationships, diversified business portfolio, expanding infrastructure, experienced leadership team, and unwavering commitment to operational excellence provide a solid foundation for sustained and profitable growth in the years ahead. With these remarks, I would like. Thank you once again for your continuous trust and support. We remain committed to delivering consistent performance and creating long-term value for all our stakeholders. Thank you. Over to you, Harts. Thank you.

Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press R and 1 on their touchtone telephone.

If you wish to remove yourself from the question queue, you may press R and 2.

Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Our first question comes from the line of Mayur Parit with Dhania Ventures. Please go ahead.

Yeah, hello, can you hear me?

Yes, sir, we can hear you. Please proceed with the question.

Yeah, I just wanted to know like we have closed FY26 with a revenue of 578 crore. So, what revenue are we targeting for the next financial year?

Yeah, our focus is on achieving sustainable and profitable growth. Based on our current order book, customer pipeline and expansion into new business segment, we expect to deliver healthy WGT revenue growth in FY27, and we are confident that our existing customer base And the new customers, which we are identified, are already in pipeline, along with the new business open city, will support our growth during the year. And more or less, our industry growth is around, double-digit in around 15% approximately, 15 to 20%. So our target is to achieve 15 to 20% growth in the next year. Okay, got it, 15 to 20%.

I also want to know what was the capex done by the company in pre-financial year, and the projected capex for like FY27, and

what will be the assessment process? I will give to my CFO, he will give it. Yeah.

Yeah.

Capacity in the financial year 26 is 50 crore plus, and the financial year 27, we are also targeting 50 crore plus to have our growth engine because we need to place the additional vehicles and we add some new customers for long-term contact basis. So it's a very regular feature for our industry. to keep running our business with the modified and improved technology. So, 50 crore is our this year and 50 crore plus we are targeting for this financial year 2020. Over to you, sir.

Okay, and can you also provide more details on rupees 100 crore capex plan?

Yeah, basically, the CAPEX is done for the liquid logistics train we have started this financial year. One more, the RAC we are targeting in FY27, and besides that, we have added sorts of CNG, EV, and LMG missiles, which are sustainable as well as supporting our zero emission. So, besides that, we are also adding some regular vehicles, which is as per the requirement of the customer. So, around 100 plus vehicles we have added last year, and same we are targeting in the next financial year.

Okay. Okay. Got it. Thank you. Over to us. I'll have more. I'll come back. Thank you.

Thank you. And next question comes from the line of Sakshi Sinde from Shah Consultancy Ltd. Please go ahead.

Saakshi, you may please proceed ahead with the question.

Yeah, am I available?

Yes, you are available.

Yeah, so a few questions with me. Firstly, on the revenue target. So, are we expecting to achieve, what is the revenue target we are expecting to achieve in the next five financial years?

Next is five years.

Yes, yes, correct.

Actually, we have yesterday, we have uploaded our revision of 2030 with a 1250 crore turnover. And by 2030, we have made the vision for the next four years.

Okay, so surely I will go through it. And if you're talking about warehousing, whether we want to increase our income from warehousing segment also or logistic will remain our main focus segment?

No, no. Total, as a multi-model logistics service provider, we are dealing in the five segments of the transportation. One is the road transportation, another is the road transportation, third one is the cold chain, fourth one is the warehousing and supply chain management. Nowadays, we are getting the business from the customer to maintain the supply chain within their factory. And fifth one is alternative fuel. Nowadays, the customers are asking for electric vehicles, gas vehicles, CNG and LNG. So, because of the war, etc., this CNG, LNG are pricing segment. So, there is a huge demand on the alternative fuel vehicles so that dependency on the diesel will be less and they are sustainable and zero emission vehicles. And the fifth one is about liquid logistics. Because liquid logistics business is a little better because of very few companies are into this business. Hence, we have entered into the last year and we will grow in this manner with 8-10 trends by 2030.

Good to hear, sir. Also, in your previous call, you have mentioned that we are providing the supply chain management service also. Can you please give brief details on this and are we focusing on scaling up this or this is a good margin segment?

Yeah, it's a good segment because we are supplying the, managing the, their warehouse and business movement, inventory movement, etc. So, Marcin is there, but it is highly responsible work because earlier companies are pointing their team, and nowadays they are giving to the 3PL companies.

Good to hear, sir. Looking forward to your update.

Thank you. Our next question comes from the line of Josh Agarwal, an individual investor.

Please go ahead. Can I already do this? Josh, please proceed with the question. We are not able to hear you.

Josh, we are still not able to hear you.

Hello.

Yes, we can hear you. Please go ahead. Hello.

Yes, yes. Yeah, yeah, yeah, yeah. Yes, please. Yeah, yeah, thank you for the opportunity. So, there is a significant increase in the business world in previous months. So, how that has impacted the business in future?

Can you repeat the question, please?

Yeah, yeah, I am asking for, there has been a significant increase in the diesel prices, the fuel prices. So, how that has impacted the business?

No, no, fuel prices isn't a very important cost and main cost in our industry. But maximum customer contracts include the fuel inflation close. So, all the contracts are having the rider, and the percentage of the digital consumption is mentioned in the contract. So, there is no much impact on us due to increase in digital price. We are getting the increase from the customer as and when the digital is increasing. For few days, we have to manage our own, but within a week time or 15 days time, they are increasing our rates.

Okay, okay. So, what are our targets in green energy? So, as we are investing in EV or CNG trucks?

Yeah, sustainability is an important part of our long strategy. So, we have already started buying the TNG vehicles, LNG vehicles, and electric vehicles, and customers are also insisting us to deploy alternative fuel vehicles, for which we are trying our level best, but one condition is from our side. We want a long-term contract because there is a huge investment in the... EV and LNG vehicles. So, whichever customer is providing us a long-term contract of three to five years or seven years, we are buying the vehicles and providing them for their services. So, we have a huge plan for investing in electric and CNG vehicles, LNG vehicles.

Okay, okay.

And future fuel will be like alternative fuel only, because ultimately we have to come out from the diesel, and the diesel may be polluting and other things. This EV and LNG vehicles are less polluting and emissions, pollution services.

Sir, but do you think that the EV trucks will be sustainable in future, suppose if it is a long distance? If the distance is long, suppose, maybe, how is it 2000 km?

Yeah, as of now, their range is around 150 to 200 km in one charging point. But like Delhi to Amrishar, Chennai to Bangalore, they are 500 km journey. So what we are doing, we are investing in the infra also. So, we are putting charger in between, and we are taking like a diesel. Our vehicle is taking. Similarly, the vehicle will be charged at the middle point. So, ultimately, like, if you are going from Pune to Mumbai, Nasik to Mumbai, or even Ahmedabad to Mumbai, so, there are chargers are available, and we can charge the vehicle and can go. So, ultimately, the chargers will come out, come, infra will come, and there will be no problem for running the vehicle on long route also.

Okay. So, what is the capacity that the EV vehicle can carry?

There are one of rigid vehicles, one is trailer. Trailer can carry up to 40 tons at one time. And small vehicles can carry up to 9 ton, 6 ton, 3 ton, 1 ton. So maximum vehicles as of now in the industry is using within the range of 150 km. But now we are getting the contract for like Chennai to Bangalore route and that is around 400 km. So we are putting infra in between middle way so that both way this vehicle will run and can go up to 400-500 km.

Okay, okay. I just want to have an idea, like, if it is a 40-ton EV vehicle and a contract for 5 years for 500 kilometers, so what will be the, like, impact on the P&L? So, like, it is better from diesel vehicle or...

It is better from the diesel vehicle because my operational cost is very less. Because the asset cost is very high compared to the diesel vehicle, but operating cost is very less and maintenance is not there. So EV profit is much better than the diesel.

Okay, okay, okay. One last question. We have also started one liquid logistics segment. So can you give a brief detail on what is that and what are the margins look like in that segment and how we are going to expand that segment?

Liquid logistics means carrying transportation of the liquid material. So, there are two types of drugs. Earlier, we don't have any liquid tankers with us. It is basically tanker with chemicals, transportation, and it is by road and rail, both we can do. So it is a huge demand in India, and as of now, we are only 180 tankers, but gradually we have to increase up to 1,800 tankers. So that is around double of the five times capacity. So, we are, there are two options we can buy from, import from China, or we can take in the lease in India also. So, two tank trains we have already purchased, and the third one we are trying to take on lease also.

Okay.

Okay. The rate will increase. Okay, okay. I just wanted to know if you are purchasing a vehicle, and then when we get to see the positive return on that vehicle, what is the timeline for that?

No, no. My vehicle is earning from day one. So, we are taking maximum 90-80% loan from the bank or NBFC. So, my truck is earning from day one and we are paying the EMI. And over a period of time of the five years or six years, the EMI will also close, whereas the life of the vehicle is 10 years in the NCR and the major cities, and 15 years in the small cities. So, earlier we are running in the long route of 2000 km and 2500 km, and later on we will shift these vehicles to a lesser route of 500 to 1000 km. So, vehicle is a profit making from the day one itself.

Okay, okay.

So, because we are not paying the EMI from our pocket. EMI is self-dependent, vehicle is self-dependent. If you buy the vehicle, it will run the money from the day one.

Thank you. Our next question comes from the line of Manikandan Nair with Thermo Capital Private Limited. Please go ahead.

Yeah, am I audible?

Yes, sir.

Yeah, this is regarding the FI26 financials. The company has recognized a one-time lease reversal gain of 21 crores in the financials. Is it being considered as a recurring revenue? If not, like the normalized financial performances of FH&G6. It's to be published.

Can you repeat your question, please?

The one-time lease reversal gain of 21.19 crores, which is recognized in the last quarter of the financial year 26. Is it a recurring income or a one-time income by virtue of adjustment of accounting standard 116? If it is not recurring, Like, the normalized financial performance are you going to publish?

Let me clarify you this. This is a normal business income, because we had entered into a long-term contract for different, our requirement, lease basis. So, in certain cases, the lease is long-term. So, we need to create some. India's provisions, one on the asset side, another on the expense side. So gradually, we have completed a period on this contract, which has been cancelled during the financial year. So here the expenses, which is over-debited to our P&L. And asset is created more as compared to the liability we have in this current financial year. So basically, it's our operational profit only. It is not a windfall profit. And it is very well, whatever adjustment entry for the industry requirement we are doing in the P&L, it has an impact of that. On the one side, it is showing as income. On the other side, it is deficit over depreciation and the finance cost. So, you can say, it is our question on income. This is not a windfall gain. That's it, Pramayat.

That's very clear, sir, like. The adjustment, the India S-116 standard is clear to me. My question was, is it going to be a recurring in nature? But what I understand, by virtue of closing a contract, pre-close of a contract by Indian Railways, this effect was to be given in the financials. So, as per my understanding, this is not going to be a recurring in nature. Therefore, it is not a normal operational result. That is the doubt I have.

Actually, we have taken opinion from a lot of professional firms on this. Actually, it is operational income. Even they said opinions from the PwC also. So, it is actual operational other income, but Uh, uh... We want to have this set-off with the expenses we have dedicated to the P and L, but we want to show it separately as a line item. So we have did that. Actually, it is operational income only. And it pertains to current financial year as well as some previous year. In the current financial year also, we have taken some warehouses on these, where we have created this index, this last fee and the right to use asset. So it's a very normal process every year as and when we are entering into any long-term lead agreement. So where this, as for the index 116, we have to create this provision in our books of accounts. So, these are as per the CHS-ray requirements, note our message.

So, the company will be taxed on each?

No, if it is a gain, so when we are computing the computation for income tax purpose, these gains are already adapted to our P&L in the previous year, so that is why this will not be considered as our gain, and tax is not available on that.

So the year in which you have to add back and pay tax on that, and this year you will have to diminish and you don't have to pay tax on it. You may understand it, correct, sir?

Yeah, actually, previous year, we have added more expenses against the contract, and we have paid more taxes in previous year. This year, it has been reversed as our revenue. So, as per income tax provision, this addition is not considered as our income. These are considered as revenue, but not taxable purpose.

Yeah, so these are book entries, like, basically, to show the correct picture of the company. Okay.

Sorry, I can't hear.

Now, these are the book entries to show the correct picture of the company. As far as tax is concerned, these are not reckoned.

You can say that we are entering multiple long-term agreements on a regular basis and sometimes due to the requirement, it gets terminated in between also. So, it's a very regular and recurring nature. It's not an exceptional thing. So, it's very natural. So, it can happen to any year, this year, next year, another year. So, it's all as for the index requirements, issue requirements.

Okay, thank you.

Thank you. Our next question comes from the line of Viswajit Iyer, an individual investor, please go ahead.

Yeah, good afternoon, sir. Thank you for the opportunity.

Yeah, so I just have a couple of questions.

Yeah, I just have a couple of questions. So, can you please brief us on the Haljiram contract that you are entering into?

Yes, we got the, recently we got the contract from Hakdiram Nagpur, and they are the leading FNCC brand. They are supplying towards Maharashtra, Gujarat, and Odisha, Chhaktisgarh, and Telamdana, Andhra, Karnataka. So, there is a huge requirement and upcoming festival season. So, they have given us the contract for three years extendable to another five years for the 100 vehicles dedicated supplies to them. And this is a full segment and overall requirement is very high. But initially, we have given 100 vehicles. 100 vehicles contract make further come by another two to three months after deployment of these vehicles. So these are very large customers and having a lot of movement from Nagpur to Pan-India, like a state I have already told, three, four, five states, they are sending their material.

Okay, sir. And, sir, which industries are you targeting to fulfill revenue targets?

Pardon, sir? So, which industries you will be targeting going forward? Yeah, we are basically ABG, we have developed with the FMCG companies. Now, we are introduced into beverage, liquor industries, steel, cement, pharma, chemical. And industry development and solar power industries. So there are many industries that are there, which is a lot of the precipities are there, like solar power, maker, breweries. These are the major transportation required for this company, for the Rambler and Finisbury's boat. So these are the basic industries which we are trying to catch up for growth.

Thank you, sir. Just one last question from my head.

We have delayed our financial results for the Q4. What was the reason for the delay? You know, it does not really indicate the boost time.

Yes, sir, you are right.

The delay was only due to the procedural and audit related requirements. As our business has grown, the audit process has become more detailed and required additional reviews.

So it took some

additional time in those reviews and consultation from our branches. And after completion of the review, the financial measures were placed before the board of directors. We remain committed to maintain high standards of corporate governance and family disclosure. We'll try to keep it well within the factory time notes. Sorry for this time.

Okay, okay, sure. It's fine.

Thank you. The next question comes from the line of Kewal Gala with Gala Ventures. Please go ahead.

Yeah, hi.

Good afternoon. Sir, can you please brief us about the new venture with Bednath Group, and what kind of services will be giving under that venture?

Sir, with Bednath, we are not providing a logistic service. Actually, we have made a logistic company separately with the Bednath. Vietnam is already... Having the license for LNG Gas. So now, LNG Gas is their own company, like B LNG, that's not LNG. And now we have joint venture with 5050 and Agus University. We buy the truck from the Tata, Ashok Miland, or some other manufacturers, which were buying biology vehicles. So we have made a separate logistics company for, that name is Carbon Light Logistics Private Limited, that is 50% subsidiary of the ABC and 50% subsidiary of the Bednar Group. So, nowadays, the customers are asking for the green logistics, like Chata Steel and other cement companies. There is a huge demand for the long-term contracts they are giving. So, we are having a very high growth plan in this company of webinar group, because webinar group is a very big group of 18,000 crores. So we got opportunity and signed an agreement to the long-term and made the company called Carbon Microsystems. So, we will start the, all the formalities have been completed, and now hopefully we will start the operation of this company, which is the subsidiary of the AVG, in maximum next one month or so. Okay, okay. So, yes, thank you so much, sir. Yes, yes, yes.

Thank you so much, sir, for giving us about the business. So, yes, that's all from my time, sir. Thank you.

Thank you. Ladies and gentlemen, due to the time constraint, that was the last question for today. I now hand the conference over to Mr. Hershel Ganshiani from Kirin Advisors for the closing remarks. Thank you, and over to you, Hershel.

Yes, thank you. Thank you everyone for joining the conference call of AVG Logistics Limited. If you have any queries, you can write us at bsat-k-revisors.com. Once again, thank you everyone for joining the conference call.

Thank you, Arusha. Ladies and gentlemen, on behalf of Korean Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.

Thank you.