Hi, thank you for taking my question. S o if I look at your Slide 25, right, where you have the revenue days, that looks about 5% to 6% lower than what it should have been. I'm guessing we've lost some revenue days on account of our ships being stuck in the Strait of Hormuz. Is that correct? And what is the situation currently?
Yes, I'm talking about this data, the own tonnage number?
Thank you for taking my question. So, I had a couple of questions on capital allocation. So, if I look at, we have some Rs.7,000 crores in net cash and even at the current rate of paying dividends, we are accruing at something like Rs.2,000 crores per annum, right, and add to that, we have like significant debt capacity and one could argue that some moderate level of debt is even good for the business. Now, if I look at our cash flow statement, we have deployed some Rs. 5,500 crores over the last decade on a net basis, and this includes the period of 2016 to '18, when we were quite active in buying vessels, right? So, my question is, first, how confident are we that we can deploy this scale of capital when markets are weak? And second, is there a limit to this cash accumulation , because where we take a call that we have more than sufficient capital to which we can intelligently deploy, and therefore, it makes sense to largely dividend it out. Would love to get your thoughts on how the management and the board thinks about this?
Fair enough. I know you have talked about this in the past where we have looked at the container segment. Has there been any progress there in terms of new segments that we are looking at?
Sorry, I joined a little late, so maybe you've already addressed this question. If I look at the offshore earnings for this quarter, they look a little subdued compared to the last couple of quarters. Is there any one-off element here?
Second question was, in the past, you've talked about possibly evaluating the container segment. Now, given the new administration in the US and the commentary around how that's going to negatively impact the container shipping segment, plus when you juxtapose that with the massive order book on the container segment in the next few years, it looks like the asset prices there could get very interesting. So, have we accelerated our thinking or process in this step?
My first question is on capital allocation. Are you seeing better opportunities for capital allocation than what you have been seeing in the last three or four quarters? And secondly, for the recent ships that we've purchased, are we still underwriting , earlier we were sort of underwriting to a 10% unleveraged dollar IRR. Is that the same underwriting criteria we are following, or have we sort of relaxed this a bit?
But for any new purchases which are not sort of replacement, are we going to still follow the same criteria as earlier?
Hi, thanks for taking my question. So, my first question is on OPEX. So, if I look at the last couple of years, right, our OPEX to total assets, average assets has been in the 5 %-5.5% range. Now, that was a fairly benign credit environment. Going forward, as you are guiding to higher credit costs as well as picking up the collection and legal recovery team, how do you expect this ratio to evolve on a steady state basis?
Understood. Second question was on the housing product. Can you throw some more color in terms of what is the customer profile you are targeting? What are the yields, ticket size and geographies that you are currently looking at?
Yes. A couple of questions related to your branch network. So if I look at our existing states, right, the top 3 states of Tamil Nadu, Andhra and Telangana. We have some 250 -odd branches right now. How do you see this -- for these 3 states, what's the pote ntial over the next 3 to 5 years? And specifically for TN, has the market sort of saturated because we haven't really grown our branch network significantly over the last 3 to 4 years?
Understood. Understood. And second question again would be related to the newer states, right, which is Maharashtra, Odisha and Karnataka. What's been your experience been in terms of competition, opportunity, size and the customer behavior based on the growth that we have seen so far?
Three questions here. The first is cyclical, the second structure and the third is focused on your role as CEO. So, the cyclical question would be, we obviously saw a big surge in demand post COVID. And various industries are still equilibrating to a post COVID world. Given the amount of possible over-ordering of IT equipment during COVID. One would expect the fall off in subsequent quarters and years. Some of that is starting to be seen. I’m curious to get your point of view on the extent to which we ’re through with that versus, could we ex pect a significant slowdown going forward not because of any industry issue because people are overloaded during COVID. Second question from a structural standpoint, do you see any change in terms of the need for distributors overall is the pie for distributors shrinking where the marginal distributors are getting squeezed out , the Redingtons and Ingrams of the world are holding by own but broadly whether consolidation in the channel for electronic goods, especially on the retail side with Amazon and Croma and what does that do to pie overall, I understand that we are a small percentage of the pie. But we ’ll be curious to get your thoughts on the size of that pie. And finally, as CEO is it fair to say that your role will be focused more on the growth initiatives and the core distribution business will basically run as is , or do you expect to be spending time on both. If you could give us a sense of where you see most of your time being spent the CEO, that will be very helpful.
Hi good evening and thank you for the opportunity. Sir if you could just share w hat was the realized cotton yarn spread for us for the last quarter and where is it currently?
Is my understanding correct that just getting back to the path of normalized spreads of 90 to 100 cents that is just a matter of demand and nothing else?