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Navkar Corporation Ltd
Earnings Call Analysis
Summary
Q2-2024
During the earnings call, executives highlighted geographical advantages creating a barrier to entry in their market. They provided rough estimates for various segments' turnovers, like INR 12-15 crores quarterly from domestic operations in Udhana servicing ArcelorMittal. A revenue breakdown was requested but not provided; instead, an offer to follow up via email was made. For future guidance, with the monsoon season over, a positive outlook on domestic movement is expected, with anticipated growth in domestic side volumes (10%-15%) and CFS exports, contingent on export quota openings. Morbi's imports and exports could grow around 15%-20%. Specific revenue figures or breakdowns were not given during the call.
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Ladies and gentlemen, good day, and welcome to the Navkar Corporation Limited Q2 FY '24 Results Conference Call hosted by PhillipCapital. [Operator Instructions]. Please note that this conference is being recorded.
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 guarantees of future performance and involve risks and uncertainties that are difficult to predict.
I now hand the conference over to Mr. Vikram Suryavanshi from PhillipCapital (India) Private Limited. Thank you, and over to you, sir.
Thank you, Sagar. Good morning, and very warm welcome to everyone. Thank you for being on the call of Navkar Corporation Limited. From the management, we are happy to have with us here today Mr. Arun Sharma, Chief Executive Officer; Mr. Prasoon Singh, Chief Financial Officer.
Now I hand over the call to Mr. Singh for their opening comments. Over to you, sir.
Thank you, sir. Good afternoon, and welcome to you all. I'll begin the call by spending some time on the business performance in the September quarter, followed by insights on the results of Q2 2024, yes. So business scenario continued to be gloomy for EXIM trade in India in the quarter. The Ukraine-Russia war continued to impact global trade, and India did not escape the effects of this disturbance.
Both imports and exports were sluggish on the back of the global trade scenario, specifically relevant for our business was the dip in agro commodity exports, which is suffering due to government disincentives, including withholding export quotas for essential food commodities. Domestic trade in commodities contributing to a major portion of our rail movements was impacted adversely on account of monsoons in this quarter. Our businesses have, however, displayed resilience, and we have posted good results.
So I will speak about the different businesses in brief, and then I'll move on to the financial performance here. So starting with the CFS business. As mentioned earlier, the imports and exports moving to Nhava Sheva port have shown a decline. This has impacted the volumes at our CFS for EXIM trade. We handled 16,296 TEUs of export and 29,789 TEUs of import in the quarter against 18,132 TEUs of export and 28,854 TEUs of import in the previous quarter and 24,412 TEUs of export and 26,461 TEUs of import in the same quarter last year. Overall, EXIM volumes at CFS were down 2% from the last quarter and 9% from quarter 2 of financial year '23. So that is what I have on the CFS business.
On the ICD business, you would be aware that ICD Morbi has received regulatory clearances and we commenced operations in the months of February and March 2023. The business is growing at a robust rate and new customer acquisition, also expansion of coverage of different commodities and different geographies within the Saurashtra region is happening -- [indiscernible] region is happening as we expected.
The numbers recorded at Morbi were expectedly much higher than the previous quarter. We were able to handle 7,674 TEUs of export and 1,183 TEUs of import as against 2,065 TEUs of exports and 216 TEUs of import in the previous quarter and 251 TEUs of exports and 6 TEUs of imports in the last quarter of FY '23. This represents an increase of 288% this quarter over the last quarter. And of course, I will not compare it to the last quarter of FY '23 because that's a very big increase, yes, so we'll not talk about that.
On the domestic business side, the domestic business suffered in the last quarter on account of monsoons. Domestic rail transportation in general, historically, shows a dip in the monsoon months. The number of trains running on the domestic circuit from Somathane CFS/PFT came down to 141 from 171 in the previous quarter. This represents a drop of 18% and is attributable to the impact of monsoons on the domestic movement here. So that is on the business side.
Now moving over to the financial performance of the company in this quarter. The operating revenue for the quarter stood at [ INR 94.6 crores ] as against INR 105.5 crores in the previous quarter and INR 109.3 crores in the second quarter of last year. This represents a reduction of 10% from the previous quarter and 13% from the same quarter in the last year. The reason for this reduction is the overall reduction in business in the 3 segments: export, import and domestic, which we discussed earlier, yes. So that's on the revenue side.
The operating profit for the quarter reduced to INR 35.6 crores in this quarter from INR 37.8 crores in the previous quarter and INR 41.6 crores in the same quarter last year. This corresponds to a reduction of 6% from the previous quarter and 10% from the same quarter last year. It is to be noted that the dip in operating profit is much lower than the dip in operating revenue. This is attributable to the improved operational efficiencies introduced in all our business lines as an ongoing activity. This has also resulted in increase of gross profit margin to 38% in Q2 2024 from 36% in the previous quarter, yes.
Coming over to the EBIT. The EBIT for the quarter stands at INR 5.5 crores, that is 6% down from INR 7.5 crores, that is 7%, and that is quarter-on-quarter and INR 23.1 crores in the last quarter of previous year. The reason for this reduction in EBIT from the last year is the high depreciation, employee cost and other expenses incurred on account of ICD Morbi project completion and operations commencement with business still being in a ramp-up phase. Depreciation has also increased significantly from the last quarter as fixed assets are being capitalized yet overly.
Then coming over to the aftertax profit. For the quarter, the after-tax profit stands at INR 2.04 crores as against INR 3.73 crores in the last quarter. The profitability has reduced from 4% to 2%. The major reasons for this reduction in profitability is the reduction in volumes, we spoke about it. The increase in depreciation, interest cost for the debt assumed to fund acquisition of vehicles and other assets, et cetera. So that is what is caused this reduction in the PAT.
Now finally, concluding on the business outlook. In the coming couple of quarters, the exports of agro commodities is expected to revise as government is expected to release export quotas -- fresh export quotas. It is also evident that domestic rail transportation is improving pan-India as the monsoons have receded. However, general commodities, EXIM trade is not expected to show much positive movement as of yet. We, therefore, expect that revenue as well as profitability will show some improvement over the next couple of quarters. Significant improvement in revenues as well as profitability is expected over the medium term as the business at Morbi matures, yes.
So that is all from now. I now hand over the call back to Mr. Vikram.
Yes. Thank you, sir. We'll now move to taking question-and-answer session. Sagar, you can continue.
[Operator Instructions] The first question is from the line of Mr. [ Nakul Joshi ], who is an individual investor.
I have a couple of questions. Starting about the EXIM imbalance for the second quarter, like how has that improved? And so going forward in double stacking, do you see any improvement over that?
Yes. So if I understood your question correctly, you're asking about the EXIM imbalance. And the second question was, how do you expect double stacking. So the EXIM imbalance at Morbi, specifically about Morbi, I can tell you the EXIM imbalance is something which is very much evident. And the projections, the business projections that we have made are considering that imbalance, yes. So that is expected not to change significantly.
On the Nhava Sheva side, I think that the EXIM imbalance is not so much of an issue or a problem. And we do not expect any further changes on the EXIM imbalance in the Nhava Sheva port also, yes. So that is the 2 areas where we operate, and we do not expect that there will be any significant change in the EXIM imbalance in both places. Having said that, our business plans, our projections are all made taking into account this fact of the business, yes. So that is there.
And talking about double stack. So double stack container pain movement as expected will help both the EXIM as well as the domestic cargo movement. So we expect that as more and more double stack train movement happens, we will be able to increase our operational efficiencies, specifically with reference to Morbi operation, yes. So I hope that answers our question. I also have with me at Captain Arun Sharma, who is the CEO. Anything that you would like to add to this Captain Arun?
Yes. With regards to double stack, to answer your question -- am I audible?
Yes, sir, you are audible.
Yes. To answer your question with regards to double stack. In general, double stacking is going to help the trade. But specifically for Morbi, I would like to highlight is that since our operation at Morbi is a little imbalance. So we are heavy on the imports when it comes to Morbi local, and that is a 40-feet container, and heavy on exports for the 20-feet containers. So double stacking is not going to impact much on our profitability. So that consideration has already been taken into our business actions.
Understood. And in terms of price hike at the industrial level for the rail business, do you see any scope for that in the H2 FY '24?
No, no. Right now, we don't see we don't foresee it happening. Till the time the overall scenario changes in terms of road transportation, things are going to be in the same manner.
The next question is from the line of Mr. Rajeev Jain from RJ Investments.
Am I audible?
Yes.
Sir, I have a couple of questions. Sir, first is, sir, could you throw some light on the number of double stacking trains as of the quarter? And sir, how much of that figure is related to our EXIM and the domestic business?
Yes. So I will answer this question. In this quarter, the double stacking train was 0. And as I said, in terms of moving a double stacking train on a domestic circuit, it is -- right now, it's not possible because DSC, if you see, it has not been started. Our domestic circuit -- we are operating on domestic circuit between Nhava Sheva, that is our Panvel facility and our Morbi facility. Regular train is being moved, at least 4 to 5 movements are happening in a month, that we don't foresee it happening maybe a good number of months, maybe by 2024 -- end of 2024 when DSC would be operational, then only you will see double-stack train moving on that particular track.
As far as the EXIM trade is concerned, as I earlier mentioned, that our trade is little imbalance on the 20 and 40 side. On the two 20-feet container, keeping one 40 is practically possible as far as the railway norms are concerned, but then it goes beyond the weight what is being permitted. So that is not possible. Lowering one -- two 40-feet container, one on top of other that is definitely workable, but then there was one new notification which had come from railway, by which there have been some weight restrictions, which have been put on. So keeping that also in mind, we foresee that this particular double stacking for the 40-feet containers are also not going to be much of a help. Only when we are moving the empty containers, that impact is going to be there.
So if you ask me practically how much is going to impact us in future, my answer for the EXIM would be not much, maybe 5% of the movement will happen on double stack basis.
Also, sir, could you share the empty running cost for the EXIM and our domestic business? And also, sir, the CapEx guidance for the remaining year and for the next year, maybe not exactly the numbers or the range?
So my empty running cost is already taken in our costing. When we are selling our product to our customers, that has already been taken into consideration even if it is for domestic or the EXIM trade, or both of them. As far as the CapEx is concerned, I will ask Captain Prasoon to please.
So on the CapEx, I think a significant CapEx that had to happen at Morbi has already happened. So as a direction, what can be taken is that there is no significant fresh CapEx planned at Morbi as of now. What we are going to see is some ongoing improvement activities that will happen at both our facilities, but nothing significant in terms of fresh CapEx is expected at both our locations, yes. So I hope that answers your question.
[Operator Instructions] The next question is from the line of the line of Rahul Jain, who's an individual investor.
So I have a few questions from my side. Firstly, on the macro level, I just want to understand what is the situation in terms of the export market?
Yes. So export market macro level, it is going to be subdued for the next 1 year, because this is a election year. India is still an agro-based economy where majority of export is happening in the agri commodities. In the coming year, until the election is over, we expect that this scenario is not going to change much. As far as other commodities are concerned, we see like -- which is going to impact us the tiles and ceramics, that is quite robust. It is expected to be in line with what is going on.
So I hope that answers your question. Apart from that, I think majority of exports are in line with whatever is happening right now. There is not much of a difference, which is expected.
Okay. Okay. Understood, sir. Secondly, sir, are we planning to add more I think [indiscernible] any time in defining pieces for those. So just want to know your perception or perspective regarding the same?
So right now, the discussions keep on happening, but there is nothing concrete, which is at this point in time we can communicate it to you. So right now, to answer your question, the answer is no.
So if anything, just to add to what Captain Arun said, if anything comes up, we'll inform investors accordingly. But as of now, there's nothing concrete on the table. There's nothing on the table, yes.
Okay. Okay. That's some of my question. And thirdly, sir, so rail is an asset for us. So are you having any plans on buying more rakes in the coming quarter or in next financial year? And just wanted to know if there are any challenges in the availability of rake in the market?
So right now, we have 7 rakes of our own, and 8th rake is coming this one. So, so far, our CapEx on the asset procurement in terms of rolling stock has already been over. We right now are seeking a few more rakes to include it to our fleet, but that will be on a long-term lease basis. But having said that, we are open for it as and when any new businesses opportunity keeps on coming, and we will definitely explore that. But right now, all our CapEx on the train has already been done.
So there are no challenges as coming to [indiscernible]?
No, that challenge of wheel availability is still there, but then we received all our trains as soon as the wheel availability started coming in. So right now, all our rakes have been delivered. But yes, to answer your question about the challenges, there are challenges. And by the time we again start thinking about procuring rail assets. We foresee that things are going to be normalized. So we don't see any challenge for us as and when we plan.
Okay. And the do you think -- can you please share your more returns outlook for H2 FY '24 in terms of volume?
So outlook, Captain has already -- Prasoon has already informed that we foresee our cost is optimized now. We are now -- we only have to increase on our volume. And we foresee after monsoon is over, domestic movement is going to improve. And with the agri-commodity, fresh quota on offer probably after kharif, we foresee that exports are also going to go up. So overall, we have upward journey from here.
The next question is from the line of Mr. Ashok Shah from LFC Securities.
Sir, while going through our results, there is a CWPI (sic) [ CWIP ] of INR 145 crores, which is on. So out of that, what is the maintenance CapEx and new CapEx? And what is likely to be outcome of this CapEx?
So let me take that question. The CWIP that you saw in the results, that is mostly -- it's not all, but a major portion of it pertains to the new CapEx, which is happening at Morbi. Like I said earlier in my briefing as well as in the answer to your previous question, Morbi -- the project -- the stage is almost finishing, and we are coming into the operational stage. So all the CapEx that is -- that has happened over there is in the conclusion stage, and the CWIP that you saw in the results is majorly on account of Morbi. And there is some bit of it, which is happening as improvement activities or maintenance CapEx at Somathane, okay?
So what's our yearly maintenance CapEx?
Yearly maintenance CapEx would be about let's say, somewhere in the range of INR 10 crores to INR 15 crores.
So that means almost INR 125 crore will both to the new CapEx?
I will not give the numbers out at present, yes, but directionally what you're saying is correct, yes.
Sir, last year, we -- I almost -- I think last year, we sold some business. So out of that, how the allocation of the fund was done? Because at that time, it was stated that some dividend will be distributed.
So I remember there was a discussion around this earlier as well, and the management line at that point in time as well as today is that we do not feel that there is a possibility of dividend distribution at present. If the dividend distribution possibility happens in the near future, we will definitely do it. But at current time, there is no possibility of dividend and distribution. Does that answer your question?
Sir, regarding debt, sir, we came out with the IPO in year 2015. At that time almost 1,00,085 shareholder subscribed to the IPO. And currently, it's less than a 60,000 shareholder only in a company. So over the last 7 years, we are not able to create any wealth for the investors. So what's the outcome of this last 7 years? And how it's going to be in future? Because you are unable to declare -- give some profit distribution over the last 7 years and also not going to give any profit distribution over next 3 years as stated by you. Sir, kindly give some concrete comments and give some view on what will be wealth creation for the investors?
So Mr. Shah to answer your question, yes, you are right, we came up with our IPO. But thereafter, if you see the CFS industry per se has changed a lot. So that time, we were only into CFS business. Later on, we came into ICD. Now from ICD, we have migrated to the rail operations. And within rail operation also, we are now diversifying in the domestic. So the reason of this diversification is that we had foreseen that these -- the hit on the profitability, which used to be there in the CFS industry is bound to happen. And we saw that happening with the introduction of DPD. You -- it has a number of times in the past, also, it has been explained that how DPD has impacted badly the CFS industry.
Now in order to come out of that situation and to reach to a level where we start delivering the value to the shareholders, I foresee that happening in the near future, because we -- with the success of Tumb and then a company, we managed to become debt free, everyone like contributed in that, and thanks for supporting in this cause of the company. And now going forward, what we foresee, things are going in the right direction. We have diversified well and the value to the shareholders will be available in coming future.
To answer your question with regards to the dividend, we still maintain that whenever the opportune time comes, definitely a dividend will be offered to the shareholders.
Sir, we are doing a CapEx of INR 130 crores approximately. So what will be turnover from -- realized from this? And what will be breakeven and cash flow to be realized from this further CapEx?
So these are all -- see, we are into a business, which has a very high CapEx and has a high gestation period. But then once the revenue or realization start coming in, then the business longevity is there. So with the current way of business, which is happening in India, we foresee this happening in 7 to 8 years' time when this CapEx would be probably realized or the payback will happen. But these are all hypothetical number you're asking. More concrete as and when we cross the path that time only we'll be able to give you more clear picture.
Currently, what interest rate we are paying to the bankers?
Yes. So we are paying in the range of -- in the ballpark of 9%, yes.
[Operator Instructions] The next question is from the line of Krupashankar NJ from Avendus Spark.
My first question was relating to the underlying change in the industry. So we are seeing that export is declining quite substantially from the country. So -- and given that the imbalance is quite high, just wanted to get your sense as to what you picture with respect to volume growth in the industry, at least over the next 6 to 12 months?
So Mr. Krupashankar, I think we have already answered this question. But just to briefly answer your question, since our exports are primarily at the country level, is agri base. So yes, for the next 6 to 9 months or 1 year, it is going to be subdued. But as far as our business is concerned at ICD Morbi, which is the export dominated market, we foresee things are moving in the right direction, and the volumes are coming up, because it's a greenfield project. There's no other ICD in that area. So we are seeing good traction and a lot of business, which is directly being going to the port is expected to get diverted through ICD. Does that answer your question?
Yes, yes. So sorry, I joined in a little bit late. That's why I was not [indiscernible] to the previous answers you had given. But just to add on to this, then if I were to just look at the JNPT ecosystem and look at the -- can you share what would be the proportion of volumes, which is coming to the CFS nearby by rail? And what would be your market share in that particular category?
So in terms of export you are saying or in terms of...?
Overall, overall. Import and export.
So imports with the introduction of DPD and the volume which is going to CFS, I think -- not I think, but -- and 80% of the volume is now being diverted onto DPD mode. So that means 20%. And in that 20%, there are close to around 32 CFS which participate, and that close to around 3% to 4% is the import, which is coming to our CFS, which is pure import. Then coming to the export side, this direct port exit is always available, which is the factories stuffing the self-sealing all the [ goods ]. And majority of the volume is going on to that mode.
Only the agri commodity or some cargo, which requires a dock stuffing where factories are being [indiscernible] permission is not available with the exporter merchant. That cargo only comes through the CFS, which is maybe 10% of the overall volume, not more than that. And from -- among that 10%, probably we command close to around 30% of Nhava Sheva's export, which is going to the CFS that comes to us. So again, that again boils down to the 3% of the overall exports.
Got it. And my second question would be more relating to the Morbi facility, which you're setting up, as some moat, what you rate your moat as in that particular location, given the proximity to port as well as, of course, the underlying -- the industry size is quite clear. But why would anyone choose Navkar over anyway anything else? That's my question on Morbi.
So I would give you some insights on the CFS why customers chooses or rather when I said that 30% of the export is still being commanded by Navkar is because we have a railway siding firstly. And the cargo, which is moving from the hinterland, if it is moving by road, that is some x cost. And if it's moved by rail, then the cost is less than x. Firstly, that is an incentive to the customers why that cargo moves to Navkar.
And secondly, there is something called planting quarantine and which is required for the agro commodities that lab is also available at our facility. So there are a couple of differentiation, what is available at Navkar. That is why the export cargo moves to us.
The next question is from the line of [ Danishka ] from FWC.
Can you hear me?
Yes, you're audible.
So my first question is the total realization for Vapi, including the sales of vehicles, et cetera. So I know you have got INR 830 crores from Adani, but was there anything over and above that?
No. On the Vapi business, there was no other realization.
So the sale -- I think there was some sale of vehicles, et cetera. So there was nothing -- yes. So what was that amount?
So that amount was close to INR 2.5 crores -- sorry, that was the profit that we made, the exact amount Captain Arun?
I think it was INR 26 crores.
Okay, INR 26 crores.
Yes. I think it is INR 22 crores -- sorry, Danishka, it was INR 22 crores.
INR 22 crores on which those vehicles were sold, yes.
Okay. And what was the total investment spent on the existing PFTs?
Total investment on the existing PFT?
Yes.
You mean the Morbi?
Yes, both. Actually wanted the breakup for Morbi and the CFS as well.
So CFS is -- the CFS investment has not taken recently. It is something which is very historical. So that cost may not be relevant, but for the Morbi facility, and let me just refer the numbers and give you the exact numbers. Yes. So as of now, it stands at around INR 450 crores, including the CWIP.
Okay. And so the total investment will be done in FY '24 or '25?
So like I said -- and I think this question I answered before also, the major investments that need to be made at Morbi, we are just about concluding. So there is no fresh major investments planned in Morbi. And whatever is there is getting concluded and closed within this year, yes. So majorly, it will all get closed within FY '24. We will of course, with some more additions and some more improvement activities happening at Morbi as at [ Somathane]. So that will be what we will have.
Okay. And my last question is on the amount remaining to be received for all the asset sales we made at Vapi. So we have about INR 50 crores less. And I think it was mentioned that INR 25 crores will be received this year. So is that -- is there any condition on that? Or is it definitely receivable this year and next year?
No, no, it is definitely receivable. There's no condition. Okay, just to correct my earlier answer, this sale of trailer, that was INR 173 crores in total.
Okay. So with the total realization for Vapi, including all of the vehicles would be INR 850 crores plus INR 170-odd crores?
Of it INR 50 crores is pending, as you rightly mentioned.
The next question is from the line of Varun, Mishra, who's an individual investor.
Am I audible?
Yes, you're audible.
So my first question was, like, could you explain the recent volume declines in both CFS and ICD, like specifying the contributing centers? Like what do you think? And like what is the future outlook for this?
So I think, sir -- I think we spoke about it in the briefing. So on the CFS side, what is happening is there are 2 different business teams. There is export and the import. So export, whatever used to come to us is a decline in the last quarter, because of export quota withholding by the government, and there are other -- for agro commodities. And there are also other disincentives that the government has placed. So that has impacted the exports at our CFS. The imports overall, due to the global macroeconomic situation, the imports have declined, which is also evident in our CFS over the last 2 quarters, not 1 quarter, but last 2 quarters, yes. So that is on the export and import at CFS.
At ICD, our ICD is into its third quarter. And we are doing robust growth over there as we had expected. So new customer acquisition is happening. We are venturing into new areas. We are bringing new commodities to ICD. So ICD, there is no reduction in volumes per se, yes? So that is the answer on the CFS and ICD. I hope I have been able to answer you.
Actually, my second question was like there has been an increase in competition in the industry due to like companies entering like Adani, JSW and so. So like what could be -- see like there are new players entering. So are they creating competition in our like price segment, like in our -- like the segment, which we operate. So do we create -- like have they created any competition for us?
So wherever we present in our geography, they have not. But having said that, companies always venture into businesses, which are probably giving a good scenario or good projections to them. So yes, JSW Infra has entered, Adani is there. Other companies are also there. So they will keep on entering but then when you have to do business, you have to do business, simple.
And just to add, our advantages is our geography. So that is very hard to replicate. So that is the kind of the barrier to entry in our geography.
The next question is from the line of Shashank [indiscernible] who is an individual investor.
Am I audible?
Yes, please.
I missed the first half of the call. I just want to know what is the breakup of revenue in Mumbai and Morbi?
I think that is something -- breakup of revenue between Mumbai and Morbi. I don't have it handy at present, but we can definitely get back to you on that, yes.
The thing is every time you put it in the investor presentation, you haven't put this time [indiscernible].
No. We have historically been putting the volumes only...
[indiscernible] the turnover also over there. It's there in all the investor presentation over the last 5 years.
And that turnover -- the revenue breakup, I don't recall that we have been putting in previous investor presentations. But yes, your query is noted, and we'll get back to you on it.
Should I wait for the answer? Or should I -- how you going to give me that answer?
No, we will get back to you on e-mail.
On e-mail, is it?
Yes. We'll get back to you after this call.
Please also let me know about -- I think we were doing some operations at Vapi as well for the domestic operations, right?
Yes. That is that is actually not Vapi, that is in Surat, Udhana.
[indiscernible] So that is still running. You have any business there or how is it?
Yes, yes.
So roughly what kind of turnover we are doing there per quarter? I think you were noting at about INR 10 crore to INR 12 crores, INR 15 crores something.
Yes, we are in that range.
And I believe we were also doing domestic volumes for ArcelorMittal, I think.
So that is the volume, which we are doing from Udhana. And it has a weekly -- sorry, quarterly realization of INR 12 crores to INR 15 crores.
So the entire thing is only ArcelorMittal. There's no other business that they're doing there.
No, there's no other business.
That number is like going to stay the same? Is there an increase anything, nothing?
So we are trying to increase the share. But as of now, you can say that number is going to be constant in that range only.
Okay. I'm sorry for the impatience, but the thing is with the revenue breakup, it would be really easier for us to understand what's exactly happening, because every quarterly investor presentation does have a slide in front of me that every quarterly breakup, the revenue breakup is given for each area or each business that you have. If you can take some time out and please give me the breakup will be really helpful, because anyway already the investors are impatient with the stock price that you guys have kept at on the side the way the business is happening. At least this number, if you can give will be helpful.
So like I said earlier, as well, we will get back to you after this call. Yes. I do not have the numbers handy with me. But...
What kind of turnover we've done in the first quarter in Vapi, sorry -- I mean in Morbi?
Yes. So Vapi typically has been...
Not Vapi, sorry, Morbi.
So Morbi is -- like I said, Morbi the growth phase. What we have done in the last quarter is about -- not about, is exactly 7,674 TEUs of export and 1,183 TEUs of imports. So this is the figure, which I read out in my speech as well -- in my presentation as well. I don't know whether you are referring to this, or is there any specific...
In terms of revenue, sir.
In terms of revenue, you can take the last quarter was somewhere in the ballpark of, let's say, INR 18 crores to INR 25 crores. Like I said, I do not have the exact figures with me. Yes. Okay. So I -- we will get back to you with the exact figures.
We'll take the next question from the line of Miraj from Arihant Capital.
I just had one question. And do we have any guidance? Do you give any guidance in terms of volumes or value?
Guidance for?
Going ahead in terms of performance for FY '24 and '25 for full year?
Yes. So as Captain had already given guidance, but I will again tell you that now since the monsoon is over, we foresee -- we have a positive outlook on the domestic movement. We foresee the movement of -- the number of trains, which had come down, will increase -- overall increase in the domestic side, I foresee to have it in the range of 10% to 15%, and CFS, this is going to be exactly the way things are going. If export quota opens up, we foresee the export numbers will grow. And it will grow exactly in the same manner how [indiscernible] performing earlier. So if sugar quota opens up, we see this number jumping to at least 25% to 30%. If we see only rice getting opened up, it will increase by another 5%. So that is the kind of guidance what we can give right from here.
As far as Morbi is concerned, we are seeing Morbi, the imports are increasing in a decent way. I -- my estimation -- best estimation is that our growth is going to be in line of around 15% to 20% for Morbi in terms of imports as well as exports.
Well, as there are no further questions, I would like to hand over the conference to Mr. Vikram Suryavanshi from PhillipCapital (India) Private Limited. Thank you. Over to you, sir.
Yes. Thank you. And we thank the management of Navkar Corporation for giving us an opportunity to hold the call, and taking time out for interaction with the stakeholder. Thank you all for being on the call.
Okay. Thank you.
Thank you. On behalf of PhillipCapital (India) Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.