Thank you, ma’am. We will now begin the question -and-answer session. Our first question comes from the line of Disha with Sapphire Capital. Please go ahead.

Yes. Thank you so much for this opportunity. A couple of questions. Firstly, on the international trade side, given again the geopolitical situation, what sort of impact are we seeing there and what sort of steps are we taking to mitigate that?

If you look at the geopolitical situation, the war in Iran, the US and its involvement in Iran, there is a serious implication, especially in the supply side. If you look at it geographically, the largest is from the Asian side right now. If you look at the overall volume, 84% of our major contribution comes from Asia. There is an impact, but it is not like a major as we see with the other trades in the market. I would say there is a minor impact in terms of price, in terms of supply availability and all those things. But it is mitigated in the right way, ma'am.

We see, but it is not impacting as much as we expected it to be. As a player, we are an Asian - dominated player. So one major contribution comes from Asia, it contributes from imports, and the majority is happening from the Far East to India.

What sort of growth are we targeting for this year?

Growth yearly basis, maybe we are surpassing FY '25 numbers.

We expect that it will exceed our FY '25 numbers.

And in terms of our margins, what will be our outlook for this quarter? I think you were at around 7%?

Definitely, we are targeting more.

Margins, we are targeting a little more compared to the current quarter.

And what sort of CAPEX are we doing for this year?

We will be implementing the whole CAPEX program within FY ' 27, l ike, investing on the trailers as well as investing on the containers.

And what will be the total amount of that?

We will be implementing the IPO proce eds fully. It will be a total amount of Rs. 132 crores as mentioned in our prospectus. We will be implementing it fully by the end of March.

And what was the CAPEX number for the first quarter?

CAPEX numbers, so we have purchased for the minimum of CAPEX in this Q1. I think the containers will be deployed in Q3 and with respect to the trailers, we have added 42 trailers in Q1 FY 27.

42 containers have been added.

Trailers.

42 trailers. And sir, you had mentioned also about increasing presence across Africa and Europe. Could you just elaborate a bit more on that?

If you look at the US trade lane, the overall, compared to year-on-year, the percentage towards concentration and into US has increased. You can see the last quarter, I think it used to be around

4%-5% and at this quarter, it is getting close to 10%. If you look at Africa as a whole, at the closest, since we are being a traditional Asia player, now the concentration also, in terms of export also increased so overall, the revenue from export has gone up. We are looking more into the west side. Like for example, Africa, US, Europe, North America, those can affect our real world concentration. And customer concentration will be given into, priority will be given into the state of Africa.

Thank you. The next question comes from the line of Rajiv Pandey with AK PMS. Please go ahead.

I have a question, like a couple of questions. My question would be like, now, right now, top 5 customers contribute to around 30 %-33% of the business. Where can we see this number reaching in next 2-3 years?

We are expecting it to be 15%-20% because we are diversifying the customer base. We wanted to increase the number of customers and decrease the customer concentration.

Yes so air freight contribution is still in single digit. What is your approach and strategy towards this segment?

If you look at, like year or two before, we are not much into air freight itself. It is a sea-based company. We are concentrating more on sea-import and sea-export shipments. In last 2 years, we managed to get this number to like a reasonable level. But going forward, more contribution will come in terms of revenue as well as in terms of final numbers , air will be giving a major boost. I can't comment exactly on which number we will be there in next 2 years but the importance is given into air products to develop.

Got it. And one last question from my side, that currently you have expanded in Ahmedabad. So, do you have any plans to expand network further? Can you comment on any specific regions that you plan to target?

Going into plans; we are planning to expand in other markets like Hyderabad , which is one of the things we are concentrating into and more importance will be given into the regions like Kolkata. Right now, it has been just an operating office. So Kolkata, Hyderabad, Ahmedabad; these are the regions which will be even more field -focused and will be developing at a faster pace.

Got it. Thank you, sir. This was from my side.

Thank you. As there are no further questions at this time, I would like to hand the conference over to the management for closing comments.

Thank you once again for joining us today and for your continued interest in Glo ttis. We appreciate this confidence you have placed in our company. If you have any additional questions, please feel free to reach out to our investor relations, Churchgate Partners and we will be glad to assist you. Thank you for your kind support and your time. Thank you so much.

Thank you. On behalf of Glottis Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

1. This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings. 2. Figures have been rounded off for convenience and ease of reference. 3. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Glottis Limited.