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Ladies and gentlemen, good day, and welcome to the Gujarat Pipavav Port Limited Earnings Conference call hosted by IDFC Securities. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Shirish Rane from IDFC Securities. Thank you, and over to you, sir.
Good afternoon, everyone. And welcome to Gujarat Pipavav Port Limited Q3 FY '20 Earnings Conference Call. Today, Gujarat Pipavav Port Limited management is represented by Mr. Jakob Sorensen, Managing Director of Gujarat Pipavav Port Limited; Captain Mishra, Head of Bulk, Liquid and RoRo business; and Mr. Santosh Breed, Chief Financial Officer. To start the call, I'll hand over the call to Mr. Mishra, who will make some opening comments. After which, we'll open the floor for question and answers. Over to you, sir.
Thank you, Shirish. So ladies and gentlemen, good afternoon. Welcome to the call. So at the outset, I would like to thank you all for your interest and support during the past year. Though it's a bit late in the year, but since we are having this first call in 2020, I would wish you all a very happy new year. I would also take this opportunity to now introduce Mr. Jakob Sorensen, our new MD, who has joined on 1st of Jan, 2020. Over to you.
Thank you, and good afternoon, ladies and gentlemen. So my name is Jakob Friis Sorensen. And as you have maybe seen in what has been given out here, I have been with the A.P. Moller - Maersk Group for nearly 30 years. Having said that, at this call here, I hope you can understand that I'm fairly new in the job, but we have also Captain Mishra, and Santosh Breed will be available for any detailed questions. I think at this point in time, in my tenure here with Gujarat Pipavav Port Limited, it would be not advisable for me to start to pretend to be an expert in all details. But I'm very happy to be here, and I'm looking very much forward as well in the future to work with all of you. Thank you.
So thanks, Jakob. So I will now take you through the summary of the performance. Now in the Container business, we did 231,000 TEUs, and that is an increase of 3% over the previous quarter. This was driven more by higher coastal volumes. On the Dry Bulk, we did 735,000 metric tonnes, which is higher by 9% compared to the preceding quarters. And it was more driven by the fertilizer volumes. On the Liquid side, we did about 194,000 metric tonnes of liquid cargo, which is a decrease of 17% over the preceding quarter. This is mainly due to lower LPG volumes, however, if you compare this to the quarter last year, then it's an increase of over 30%. On the RoRo business, we have done around 9,000 CEUs, which is lower by 56% compared to the previous quarter, and this is because of the muted markets globally and also because of the fact that the automobile industry is going through a transition in terms of the emission norms, et cetera. Now coming to the financial performance. We reported revenue of INR 1,966 million. Expenses stands at INR 795 million, with an EBITDA of INR 1,170 million and a margin of 60%. Later in the call, Santosh will also take you through the financials in detail. Now if I come to the volumes development, on the Container side, then we have seen a decrease in the ICD volumes to the previous quarter, which is then compensated by higher local volumes. But overall, we maintained the average. On the Liquid though, we have seen lower than the preceding quarter, but it is close to our run rate of 200,000. And if you compare that with 9 months -- if you see the 9 months volume in this financial year, then we are up by some good margin, almost 58%. On the Bulk, we have seen an increasing trend now in the last 3 quarters. And on a 9-month basis, we are up by almost 30% over the similar period last year. Now the RoRo, as discussed earlier, the volumes have been lower in Q3 compared to the preceding quarters for the reasons stated -- I have discussed before. So now I would hand over it to Santosh to take you through the financials in detail.
Thank you, Captain Mishra. So let me give you an overview of financials for the quarter ended 31st December 2019. The total operating income for the quarter at INR 1,966 million is down by 1% from the immediate preceding quarter as the previous quarter had a one-off rebate reversal of INR 84 million. Excluding this onetime rebate reversal, the total operating income for the quarter would have been higher by 3%. Total expenses at INR 795 million are higher by 10% as compared to the previous quarter. Operating expenses at INR 372 million are higher by 11% due to higher fertilizer handling expenses. Other expenses at INR 280 million are higher by 10% as compared to the previous quarter due to higher repairs and maintenance expenses. EBITDA at INR 1,171 million is lower by 8% and margin at 60% is lower by 400 basis points than the previous quarter. However, if you exclude the onetime rebate reversal, then the margin would have been lower by 200 basis points. Other income at INR 114 million is lower by 2% as compared to the previous quarter. Net profit for the quarter stands at INR 1,204 million. This includes a reversal of deferred tax provision of INR 602 million on account of lower tax rates which company will opt for in the future years. The operating net profit for the quarter, excluding the deferred tax impact is INR 592 million. In comparison to the same quarter last year, the EBITDA was higher by 19% and the net profit -- the net operating profit was higher by 13%. I would also like to give you an overview of the financials for 9 months ended 31st December 2019. The total operating income at INR 5,743 million is up by 10% as compared to the previous year. Total expenses at INR 2,272 million are lower by 3% as compared to the previous year. Operating expenses at INR 1,017 million are lower by 4% due to reclassification of the finance leases as per IND AS 116. Other expense at INR 830 million are flat, in line with the previous year. EBITDA at INR 3,462 million is higher by 20% and margin at 60% is higher by 500 basis points as compared to the previous year. Other income at INR 391 million is higher by 9% as compared to the previous year. The net profit for the quarter at INR 2,439 million is higher by 58% as compared to the previous year. So again, excluding the deferred tax impact, then the operating profit is INR 1,828 million and higher by 18% year-on-year. And if you look at the 3-year -- the 9 months number, then within these 3 quarters, we're actually very close to our full year profit number of last year. So with that, we are happy to take the questions.
[Operator Instructions] We have the first question from the line of Koundinya from JM Financial.
This is Achal from JM. Can you help us understand what has been the EXIM or gateway cargo growth in container segment for the quarter?
What we did in last quarter.
Sorry, I couldn't follow actually.
So the EXIM -- so EXIM, the gateway volumes has remained flat on a quarter-on-quarter basis. So I'm comparing -- yes, so I'm comparing the September quarter versus the December quarter.
Understood. And with respect to ICD volume decline Q-o-Q, is there any particular reason? Because we've seen this is the second -- probably second quarter where the ICD volumes are falling Q-o-Q.
So I think -- so if you look at the total volumes, so total volumes have improved. And then I should -- this is a positive sign because we're also getting an increased volume from the local exports. So our local export -- or the export proportion has also improved. So now if you remember, we have been reporting a mix of 60-40, 60 imported, 40 export, now that has changed to 45-55. So we are getting more local export volumes in our total numbers. And typically, to compare with the last quarter, then of course, we have more incremental export also from the ICD in the last quarter. So in nutshell, we are not very much concerned about this change as far as the overall volumes are improving.
Sorry, I got a little confused. 40% was earlier export. Today, it is 45% or 55%?
45%.
45% is export now. Okay, okay. Understood. And with respect to DFCC preparation, you said in the last quarter that we are calibrating our CapEx from a CY 2020 year-end. Is that still on track? Or is there any delay?
No. It is on track.
So we do expect the connection to happen, the DFC connection to take place in the fourth quarter of CY '20, is that fair?
That's right. So overall expectation on DFC side is Q3 is what we are targeting. So we will be ready. So the internal project work also will be completed in line with that. So Q3 is what we're expecting.
Understood. Great. Just last clarification, you said the tax adjustment with respect to deferred tax. Have we decided to move into the new tax ratio of lower -- the concessional tax rate? Or what is it, sir?
So Achal, thanks for asking this question because this will be more of a clarification for everybody. So as you know, the deferred tax liability has been calculated for the future years. And we have taken a stand of going with the existing rate right now because we have a MAT credit sitting in our books. So we want to utilize our MAT credit and then move to the lower tax regime. However, when you look at the deferred tax calculation, we have to calculate the tax also for the future years. And whenever we move to the lower tax regime, then the liability goes down. So that has been calculated for the future years. And with that, now there is a reversal in the provision.
Right. If you could clarify, sir, for the sake of -- for all of us, in terms of the tax rate for -- what is the MAT credit which is available? And till when do you think we would be under the old tax regime?
So first -- to answer your first question, then our MAT credit as of 31st March 2019, so I can give that number right now to you, it is at INR 1,591 million. And as far as utilizing that, then, of course, it is more of a future -- futuristic view, right? So I will, right now, not really answer that question because it is more sort of calculations on how the volumes are going to grow. That's why I'd not like to take that question right now.
The next question is from the line of Mohit Kumar from IDFC Securities.
My first question on the break of the bulk cargo, given that there is a huge growth, if you just -- pertaining the volumes, is it possible to break up in terms of coal, fertilizer and other minerals in metric tonnes?
Yes. So we have done 83,000 metric tonnes of coal in this quarter, fertilizer were at 533,000 metric tonnes, and minerals were -- and others were 119,000 metric tonnes.
What was the same number last year, sir?
So last year, for 2018 quarter you're referring to?
Yes, sir.
So let me just get back you. I need -- just have to get hold on those numbers.
Secondly, sir, the -- which is the -- the contribution of Pipavav Rail has been varying quarter-on-quarter materially. In the sense, last quarter, it was INR 7 crores to INR 8 crores, it has gone up to INR 14 crore in this quarter. Is there a particular reason or something we should highlight?
Sorry, can you just repeat your question, I didn't get you.
Sir, Pipavav Rail contribution.
Okay.
It used to be -- run rate was INR 7 crores to INR 8 crores, if I remember correctly. It has gone up to INR 14 crore in this quarter.
Yes, that's right. So PRCL actually has reported a one-off income item in the financials, which has pushed their net profit up, and that's why we're also accordingly consolidating that in our books.
What would be the -- can you please quantify that?
So it is in the range of around INR 150 million one-off what we reported.
Okay. So I think INR 12 crores is the one-off in the PRCL in this quarter. Am I right?
That's right. And just to answer your question on the Bulk split for the last year, then we had 92,000 metric tonne of coal and 241,000 metric tonne of fertilizer.
Next question is from the line of Ashish Shah from Centrum Broking.
Yes, sir. Sir, this...
Hello?
Hello. Yes, am I audible?
Yes, yes, yes. Sorry.
Sure. So sir, could you give the realization by the various segments in terms of Bulk, Containers and Liquid?
Yes. So on the Container EXIM, we have a realization in the range of 6,500 to 6,700. And Bulk, we are in the range of around 500 to 550 metric tonnes. Liquid is in the range of 500 to 540 per metric tonne. And RoRo continues to be in the 5,500 to 5,700 per tonne.
Right, right. Sir, also historically, we've had -- in our imports, especially we've had a huge share of Far East cargo. So given what is happening with China, are you seeing some shipment getting delayed or any negative impact that you can foresee over the next couple of months?
So I think there are a lot of things. We are still watching the situation. Of course, there is a lot of news in the market that this would have an impact overall globally. The coronavirus is one thing as it is, but we're still too early to speculate on that and to come to a conclusion, but we are watching the situation closely here.
Right. Sir, any -- for the -- on a historical basis, what would be the Far East share in the total cargo -- Container cargo? If it's possible to give even a ballpark, it will be helpful.
So we have -- of course, most of the services what we have at the port right now are meant for Far East. But it's -- as of now it's difficult to split between the various sectors. So you can assume, of course, for the major share, of course, is Far East sector.
Right. Sir, lastly, we have -- we had been seeing over the last several quarters that coastal cargo was actually going down. And this time, you said that the Container cargo has been helped by the coastal cargo volumes. So any new service line that you've added? And how should one look at it in the future as well?
So in the December quarter, of course, we continue to have the same services, which is there. And generally, what we have seen is the cotton season actually helps us in the Q4 to improve the volume moving from west to south. This time, of course, there has been a delay in season, so it has started, but a bit late during the quarter. But still has helped to increase the volume in this quarter. And we expect even some movement on quarter happening even in the first quarter of 2000 -- FY '20 -- fourth quarter of FY '20.
Right. So you think it's a seasonal uptick? It may have some impact in Q4, but then it may wean off after that?
Yes, you can say that is seasonal for sure. You can say that, yes.
Okay. Sir, lastly, any update on the extension of the concession agreement?
So on the concession agreement, we continue to engage with the Gujarat government and the GMB. But as of now, I think, we are closely in touch with the government on that, but we don't have any concrete news on this to share as of now.
[Operator Instructions] We have the next question from the line of Achal Lohade from JM Financial.
Just wanted to check with respect to other operating income, what you mentioned, in the presentation. There's an increase from INR 118 million to INR 148 million. Could you please elaborate if there is any one-off? Or what has driven the increase?
So other income actually includes mainly the interest income and...
Other operating income, I meant.
Other operating income?
Yes.
Okay. Okay. So there's no one-off in the other operating income. It is -- so basically, all the ancillary services what we provide are part of the operating income. There is no one-off.
Is it the reefer mix has improved for the quarter Q-on-Q compared to last year?
As compared to last year, yes, we have higher reefer volumes. But -- so I'd say, the other operating income is a mix of multiple other items. So reefer is one of them. But there's no one-off aspect which I can really highlight to say this is the specific reason for the increase.
Understood. And with respect to Container volumes, so the growth of 3% roughly for the EXIM cargo or rather flat Q-o-Q, is that the industry growth or we've gained or lost a bit of market share on the Western coast?
No. I think, in fact, we have maintained our market share on the west coast. So there is no loss. And it must be -- overall area on the west coast, the market has remained flat. Whereas we have grown by 3%, right, and the market share has been maintained. And even within Gujarat, if I look at the Gujarat market, and we have actually increased the market share by 1%.
The next question is from the line of Ajinkya Bhat from Macquarie.
Sir, my question is about -- if you could just comment about any price action that the company may have taken because the rough calculation suggests that your total volumes for 3Q FY '20 may have grown roughly about 3% to 4% on Y-o-Y basis, but the revenues are up 13%. Have you increased prices across any of the cargo categories, if you could please comment on that?
So if you remember, on our earlier calls, so we have taken the tariff hike in April. So now I understand you're comparing it with the same quarter last year. And this increase, which we have taken in our tariff -- the tariff hike we have taken in April 2019 is, of course, one of the key reasons why our realizations have improved, and thus that help us to improve our revenue as well.
Okay. So that tariff hike, was it to the tune of 9%, 10%. Is that approximately correct?
No. So tariff hike, I will quantify that to around in the range of 4%. So that's one. And second, on the revenue side, of course, there is a significant increase in the bulk volume. So that's -- that is another reason why you can also see that balance increase in the revenue.
The next question is from the line of Manish Agarwall from Edelweiss.
This is Swarnim here. Sir, 2 questions. The opening -- in the opening remarks, you mentioned something on the rebate reversal. If you can just explain that, what is the nature of this rebate reversal? That will be...
So in fact, this rebate reversal was pertaining to last quarter, not for this quarter, just for -- to clarify. And since we are comparing, that's why I brought this in the opening notes, just to ensure that a like-to-like comparison done. And to explain this, so we do have arrangements with our customers, which are volume-based. And if certain commitments are not met, then whatever we have been providing for those rebates are reversed. So we had a reversal of that nature last quarter.
Okay. So sir, your remarks of that, margins would have been lower by 200 bps that is actually -- I mean for the last quarter adjustment of rebate?
So yes, that's right. So if you remove that retail adjustments last quarter, then the gap between the 2 quarters is of 200 basis points.
Okay. That's right. That's right. And sir, secondly, on this, you did mention that your CapEx is broadly on track and for the DFC preparedness. Just wanted to understand how much we have spent so far and what is remaining.
So of course, we are at -- we have in the initial stage now, so there's no major spend. And most of the spend will happen closer to the completion of the project. So there's no new major spend so far.
Okay. So the bulk of about INR 70 crores, INR 80-odd crores will be towards -- in the next 2 to 3 quarters?
Absolutely. You're right.
The next question is from the line of Deepak Krishnan from Goldman Sachs.
This is Pulkit. Sir, firstly, we've done pretty well on the Bulk side. And you mentioned that this quarter, fertilizer is a big contributor. I understand that fertilizer, there is a fixed quota that every port gets. So would it be fair to assume that we've exhausted our quota for this year? Or should we expect a strong fourth quarter also when it comes to fertilizer? That's my first question.
So on the Bulk, yes, the performance was more driven by the fertilizer cargo. So fertilizer is both tender cargo and nontender cargo. And it is also not the case that we get a fixed quota, so it is very flexible. It is not that though the allocation is as per the market requirement to the fertilizer marketing entities, but it is not a fixed quota for the port. So -- and this performance has been driven both by the tender-based cargo, or the urea, and also by non-urea cargo: DAP, NPK, MOP, which we do.
Understood, sir. Sir, my second question is, if you could just highlight any guidance on dividend for the full year.
So we will continue to maintain our policy on the dividend, which we have very clearly stated that if -- we try to distribute all the profit as far as we don't have any requirement on the CapEx front, so that stand, we continue to maintain, and the dividend will be announced in line with that policy.
The next question is from the line of Prateek Kumar from Antique Stock Broking.
My first question is on realization. Sir, you mentioned, there is some change in export and import mix during this quarter. So did that also had an impact on our realizations in Container segment?
No, not really. It was the -- for us, as a port, we are handling a box. So whether it is the export or import, really doesn't make a difference for us. So that doesn't impact our realization.
Okay. So -- but just like when we compare it with the realization, which you mentioned in like last quarter, like all -- in all the 3, 4 subsegments, it looks slightly higher versus, like, last quarter. So there is a further increase from Q2...
Your observation is right because this also goes with the mix of the cargo. So typically, in Container, it depends on how many transshipment boxes we have handled. So when this mix change, then accordingly the change in realization.
Okay. Even in the Bulk, we are doing probably slightly higher, so fertilizer is a higher realization segment?
That's right.
All right. And the CapEx for FY '20 is, as you said in previous comments, INR 80 crores is for FY '20 also. Although -- I mean as you said, CapEx is back-end towards DFC commissioning. For FY '20, how much we're expecting?
So it should be in that range only because the major CapEx, what we intend to do is on DFC, and the rest will be more of a maintenance CapEx. So you can take that number for FY '20.
Right. And on DFC, it seems like, versus, like -- I mean is there any preponement in expectation from government push? Earlier we were expecting till -- to operate till December, now we're saying about September. So is there some preponement of work expectation or some push from railways or government side?
No, in fact, the time line was always Q3 of 2020. So that was the time line which we have also given earlier. And DFC continue to maintain that. So they are progressing well. And our associate company, PRCL, are also progressing well on their project. And we also have all the permissions in place, and we have also initiated the project within the port boundary.
All right. And just last question on -- is there any update on the new jetty policy, which was discussed like in the last -- towards the end of last year? Anything on that that has come up, further details in Gujarat?
I think that was the only thing which came out when the Government of Gujarat came out with its captive port policy. So there was a memorandum and it stays that way. I think there is no further update on that.
The next question is from the line of Ankit Panchmatia from B&K Securities.
Sir, this question pertains to more -- often more capacity kind of situation which we are kind of seeing with new terminal also coming up with our competitor. So are we kind of facing any realization pressures from the liners? How are we seeing the competitive intensity in the western coast?
So of course, we don't see any pressure as of now from any of the shipping lines on the realization. And I think mainly because if you see the port cost. It's a very small component today in the entire logistic cost. So the cost of transportation from the port to hinterland is much higher. And that's where the shipping line of focus is to how to really reduce that cost. So we don't really expect any further pressure on the realizations going forward. As such, the capacities have always been coming up because in the west coast, if you see, there has been a capacity which has been coming up on a regular basis. But then we successfully rolled out our tariff increase in April '19, so I don't see any reason of any pressures on realization in going forward.
And just to add what Santosh said, if you see the northwestern market growth, so in terms of the port throughput, it has always been on a higher single-digit. So I think that would not put in much of a pressure on the rates, I guess.
Okay. Okay. And sir, more to ask Mr. Jakob if he can answer. How has been his experience within the global Maersk? And how he's been finding Pipavav as an asset? And is any -- any light on his plans of scaling up this port?
Yes, hello. Well, I started with A.P. Moller - Maersk all the way back in 1987. And after 2 years, my first posting was to Indonesia, 1989. I've then spend some time in Japan. I've been in Malaysia. I also was in India from 1999 till 2003 with the company where we, at that time, called it Maersk Logistics, which has now become Damco. And then I returned to Indonesia, where I spent probably 10 years looking at all the integration of some of Maersk's acquisition, looking into port development, looking into new services development, intra-island, et cetera. Coming back to India, it's, of course, a thrill to be back here after almost 20 years. I've seen a lot of change. I'm also very pleased to see the operations and what's going on in Pipavav. But again, as I started up to see, at this point in time, with less than a month's of feet on the ground, I think it's a bit premature of me to start talking about future. The only thing I will give credit to is the team because with the first glance, it definitely appears to be a very well run port with a lot of opportunities as well.
[Operator Instructions] We have the next question from the line of Prateek Kumar from Antique Stock Broking.
One question on -- is this -- I mean the parent group, A.P. Moller - Maersk, would that be also looking for this CONCOR divestment on government stake?
We can't really comment on this because this is something which the promoter will have to take a decision. And of course, we are not really privy to that decision. So we are not really aware of any such thing.
Okay. And on the coal segment, do you see any further pressure on your -- I mean I understand that coal is generally a issue with our port in terms of volume ramp-up. But in relation to new government policy on domestic coal mining, do we see further pressure on coal volumes?
No, I don't think so we see any further pressure on the coal volumes. In fact, if you see pan India imports, they have been quite stable. So I would not see any impact on that.
The next question is from the line of Anuj Upadhyay from Emkay.
Sir, I've joined in a bit late, so probably, this could be a repetitive question, and sorry for that, if it is. Sir, our Container volume overall was down by close to 8%. Could you just quantify what -- I mean was it primarily due to the transshipment? And if yes, then how much the transshipment was down?
So yes, your observation is right, it was down mainly because of the transshipment volumes. However, we will -- we can't really quantify the numbers because we have said in the earlier calls that we don't really split it by each separate cargo stream. I'll just -- I will try to give a number on that, yes, we have grown on the EXIM, where the marginal growth of around 1% year-on-year, and the reduction is seen mainly because of transshipment.
Okay. Okay. Secondly, sir, on fertilizer, you mentioned that we have both tender base and non-tender base, so I guess someone had asked a similar kind of question. So do we expect a similar trend in growth going ahead as well, say, for Q4 and FY '21?
So I mean we have a good import in 2019, if you see calendar year, pan India imports were higher. If the trend continues to be same, I think we will be able to -- we'll be able to maintain or be at par with what the imports are. Look, it all depends on how the demand is there in 2020.
Next question is from the line of Parash Jain from HSBC.
Yes. And many of my questions have been answered. But just 2 questions only. One for Santosh and one for Jakob. First for Santosh. Can you help us understand that following the Maersk restructuring and their drive to move volume towards their own terminal, what percentage of Container volume in Pipavav now pertains to Maersk or to an alliance, so to say? And secondly, for Jakob, I mean with Maersk, at the group level, being in the forefront of dealing with the decarbonization issue and probably way ahead than what industry has promised to -- promised on Paris Accord, do you see Maersk or GPPV gradually discouraging handling of coal as a material going forward?
So I will take the first question. And Parash, so we have been -- so we also spoke about -- of course, in the last call. So yes, the collaboration efforts are working well for Pipavav, because now, as a group, we are able to provide end-to-end solutions for our customers, and that has also helped Pipavav in growing volumes. So typically, now when we look at our Maersk volume, we have got big services of Maersk and then we have almost close to 40% to 45% of volumes coming from Maersk. So that is a big boost for us, and we will surely continue to work together to provide some innovative solutions for our customers.
And then do you know what was this percentage let's say, a year back? The 40% to 45% that you're referencing?
So a year back, I think, it was in the range of around 30%, 35% in that range.
And for the second question, I think, thank you very much for recognizing our A.P. Moller - Maersk Group for being a pioneer in reducing of pollution because that's indeed what is high on the agenda for the group. The question specifically about coal in Pipavav, I think, at this point in time, we don't have any immediate plans of just stopping to import coal via the coal in Pipavav. But maybe long term, we would be looking at alternative commodities. What I can say is that we are looking at investments in more environmental-friendly matters such as solar panels for our own emission reductions. So that's definitely something that will be high on the agenda also going forward.
And just to add, the way we are handling coal at our terminal, we are ensuring that the environment is well protected. We have a yard which has been constructed with a proper infrastructure to ensure that the coal dust doesn't flow in the air. So all those precautions are being taken care of when handling coal at Pipavav.
And maybe one last question, which you already answered to one of the other participants about concession renewal. I mean I understand the whole market has been waiting for this for the last few years. And at some point of time, this will come out. I mean I'm not sure if you're in a position to share your initial discussion with the Maritime Board. Or if I can rephrase the question, based on your experience of Maersk's concession renewals in different parts of the world, what would be your initial hunch, i.e., will the renewal be more of the same with probably some commitment towards Capex? Or it would be pretty much a function of paying the fee?
It's a very difficult question, Parash, because this varies from country to country and concession to concession. So we can't really give a straight answer how the commercial terms are going to be post extension. But what I can surely share with you is about our engagement. We continue to engage with Gujarat Maritime Board on this matter. And in fact, with the regular meetings and follow-up which we do. And so far, of course, we don't have any red flags as such on the concession extension. So we have stated also this in our earlier calls, and I'd like to state that again today in this call, that we have a very good engagement with GMB, and absolutely there are no red flag to be concerned for us about the concession extension.
Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for their closing comments.
So ladies and gentlemen, thank you so much. Thanks, again, for all your interest and support, and we look forward to some engaging calls like this in future. Thank you so much.
Thank you.
Thank you.
Thank you very much, members of the management. Ladies and gentlemen, on behalf of IDFC Securities, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.