Allcargo Logistics Ltd (NSE: ALLCARGO) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Ravi Jakhar — Director, Strategy and Group Chief Financial Officer
Analysts:
Unidentified Participant
Vikram Suryavanshi — Analyst
Presentation:
operator
Sat Sam Ladies and gentlemen, good day. And welcome to the all Cargo Logistics Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. The management is represented by Mr. Ravi Jaghar, Director Strategy and Group CFO Mr. Yan Clean, Chief Operating Officer, ECU Worldwide and Mr. Stephen Dunn, Finance Director, ECU Worldwide. I now hand the conference over to Mr.
Ravi Jaghar for opening remarks. Thank you. And over to you sir.
Ravi Jakhar — Director, Strategy and Group Chief Financial Officer
Yeah, hi. Thank you and good afternoon to everyone. Thank you for joining in on this call and I’ll take you through the financial and business highlights for the quarter along with my colleagues Yann and Steve on the call and happy to respond to your questions or information that you may seek to sum up. If you look back at the quarter gone by, we could split it into two core segments, the international supply chain business and the domestic business. On the domestic business there are no macroeconomic challenges. The country’s economy seems to be in good shape.
The trade volumes have been flowing well. There are a lot of emerging sectors, particularly E Commerce and quick commerce which continue to grow well. And all of these leads to opportunities in logistics sector. And as an outcome of that, we have also seen good progress in the domestic business, contract logistics business. If we compare prior to the previous year, we have grown our revenue by 50%. EBITDA has gone up by about 30%. On the domestic express business, the whole GATI turnaround has been panning out well. We have been able to now be a bit more selective on the revenue and at the same time rationalize margins and costs.
Which is why we’ve been able to improve the EBITDA in the express business also. And as we head into the month of July and August, we are also seeing the revenue momentum coming in. So on the express and contract logistics business, good performance, good momentum and possibly we should see more benefits coming out from an operating leverage with white space reduction in the contract logistics business and with increased volumes and revenue in the XRS business in the coming months and quarters to follow. On the international supply chain side, while the company specific initiatives have been all going okay, the macroeconomic volatility remains.
The geopolitical tensions have not de escalated. The little bit of concerns around the whole tariff Announcement by us continue to impact the trade which remains subdued and that’s why we have seen volumes and the overall performance being more flattish from a gross profit perspective. And then there are some impacts on the cost which have impacted at the EBITDA level and there is also a notion loss of FX which I’ll explain once I complete the highlights as there is a significant number for the quarter which is impacting the reported pat. In terms of the near term momentum we are seeing beyond of a strong rebound with almost 8 to 10% increase in volumes.
However, this is not structural. I would call it more seasonal. As the holiday season demand starts picking up. This is normal for the July August September quarter to be stronger on volumes and the overall performance and that is what we are seeing on a relative Q on Q basis. But in terms of the overall broader recovery, trade volumes normalizing, the macroeconomic scenario being more positive, these are things which need to be further cautiously seen over the coming months and we need to see how the whole geopolitical events shape up. So at this point in time very difficult to make any long term comments.
The near term next three months look good. Beyond that we’ll have to see in the coming couple of months. Let me take you through some of the financial highlights on the consolidated and the segmental performance for the company for the quarter 1 FY26 on the consolidated side, revenue for the quarter stood at 3,817 crores which is a marginal increase of 1% over the corresponding quarter last year and a decline of marginal 3% over the previous quarter. The consolidated gross profit for this quarter stood at 856 crores which is a growth of 8% over the corresponding quarter last year and 2% over the previous quarter.
I would say that the volumes have remained flattish and we have maintained the high yield which is what is protecting the gross profit. But the additional increase that we see in the gross profit is also on account of some of the local revenue that we earn in European countries which is in Euro and Euro has had a sharp appreciation the last quarter. That of course also means that the European salaries and cost paid out also had an impact and therefore you see the impact of Euro inflation in both the gross profit being higher and also the staff and the GNA costs also being higher.
As Europe is a key region on an overall basis this potentially negates out EBITDA excluding other income and other items. From a business standpoint for the quarter one FY26 stood at 103 crores compared to 136 crores for the same quarter last year and about 128 crores for the previous quarter. What we have seen is that from a business standpoint we have been able to rationalize working capital, we have been able to improve our efficiency on that, and as a result of that we have been able to reduce our debt. Now it is noteworthy that in rupee terms our gross debt has come down by 107 crores compared to the previous quarter and now stands at 1060 crores.
If you account for cash lying with us as well, the net debt has actually come down also to 467 crores, which is below the previous quarter. The reason why I say it is noteworthy is that while the business is not generating strong cash flows and at the same time our borrowings in the Belgian subsidiary are in euro. So therefore in Euro terms there’s actually been a more substantial reduction by way of operating cash flows and working capital efficiencies. But it is primarily the currency translation which is also showing limited reduction in the overall net debt and the gross debt position which could have otherwise been even higher.
And I’ll come again to the FX fluctuations and what the overall trend looks like. Now if you look at the quarter one FY26, the impact of foreign exchange loss which is notional is almost 83 crores for this quarter. Now to explain what exactly happens is that we have all the global operating entities are step down subsidiaries of EQ Worldwide and the other holding companies in Belgium which account in Euros. Now they give intercompany advances and loans which are for the purposes of working capital and general business management which are given in US dollar terms. So from an accounting standpoint, these US dollar loans for the EURUSD parity are on a quarter, on quarter basis, accounted for and adjusted in euros.
And we see that seasonally some quarters are negative and some quarters are positive in terms of the notional forex impact. If you look at the long term perspective, over last 5 years the total change in USD to Euro has only been about 1.8 to 1.9%, which means that less than 0.1% on an every quarter basis. However, the past quarter was exceptional on the negative side whereby the change in single quarter was about 9% subsequent to the quarter in the month of July it almost reversed by 4%. So while euro appreciated by 9%, it then came down by 4% in July.
So these are monthly and quarterly fluctuations which are notional in nature because these are long standing working capital advances given from the holding company to the operating companies and the long term impact is only created by the long term changes in Euro to USD exchange rates. However, as a company we also recognize that from a quarterly financial reporting perspective these numbers do create unnecessary fluctuations in the reported earnings and therefore we are discussing how some of these notional now these are not real losses and therefore they are also not hedgeable at large but how we can possibly adopt accounting practices which can help us eliminate these undulations from accounting standpoint and we will perhaps come back with some views when we report next quarter for this type.
What we have done is we have decided to increase our disclosures and make it more clear by including this notional FX loss as a separate line item which could be a loss or a profit as long as the current pattern goes. However, as I mentioned the debt has come down because the cash flows remaining strong by way of operating business profits and also the working capital efficiency management on the international supply chain business Moving on to the segments the LCL volume for the quarter ended June stood at about 2.14 million cubic meters which is about a 3% growth over previous quarter.
The FCL volume for the quarter stood at 168,000 Tuscan which is up 6% over the last quarter. The air volume for the quarter stood at 8.4 million kilos which represents a growth of 5% as compared to same period last year and a seasonal decline of 14% as compared to Q4FY25. Revenue for the Quarter 1 FY26 stood at 3330 crores which is similar to the corresponding quarter of last financial year and a marginal decline corresponding to the previous quarter, which primarily indicates that while volumes have been flattish, the freight rates have also been range bound. As an outcome of that, the revenue numbers have also been broadly flat.
EBITDA for Quarter 1 FY25 stood at 52 crores as compared to 87 crores in Quarter 1 FY25 and 80 crores in Quarter 4 FY25 for the international supply chain segment. On the domestic side as I mentioned, the express business we rationalized and the revenues declined by 7% quarter on quarter which was also a bit of seasonality. And like I mentioned we’re already seeing a stronger momentum in July and it stood at 357 crores for the quarter. However, despite the decline in the revenue, the cost initiative measures which we’ve been adopting allowed us to increase the EBITDA by 18% during the same period of corresponding quarters on the contract logistics business as I mentioned earlier, we have seen a year on year growth in Both revenue and EBITDA with revenue going up by 49% and EBITDA going up by 29%.
Here we still are operating at a wide space capacity which is perhaps slightly higher than our desired labels. And therefore I see opportunity to improve the margins by utilizing these white spaces and generating additional revenue without any incremental rental cost. And we do have some contracts which have been signed up post quarter closing and we have a good healthy pipeline as well. So that’s a broad perspective on the financial performance and the business outlook. But we’ll be happy to engage in the discussion. So I would hand it over back to the moderator to open the floor for questions and answers.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star 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. A reminder to all participants. You may press Star and one to ask a question. The first question is from the line of Condenia from Jefferies. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity. So my first question is on the international supply chain front. So between all the currency movement, right. You know, at while it helped your gross profit, it didn’t help at EBITDA level. So I mean, can you provide a little bit more granularity? You know, how should we look at this profit to EBITDA conversion and also speak a little bit about the initiatives that you have been speaking about? I mean, where are they with respect to, you know, cost reduction measures and all? That’s one and two on the express distribution side, right.
You know, you did speak about some kind of recovery in Tokyo. So I mean this segment, not just for you but for broader industry, has been a bit weak for some time now. And are you seeing any green shoots now which are giving you, I mean, ahead of the festival, giving you some, some kind of optimism out there? If you can throw some more color on this, please.
Ravi Jakhar
Yeah, sure. So let me start with the international supply chain business. On the international supply chain business, our primary operating currency is US Dollar and therefore the business largely operates in US dollar. And we see consistency in when we look at the US dollar numbers, there’s a good amount of consistency on the yield because the entire business is wired to US dollar internationally. And therefore if you look at our gross profit over the last three quarters and divided by the volume, which is the yield, it is absolutely consistent over the last three quarters. Taking out the FX impact, which was not reported separately in the earlier quarters.
What we see, the one which I spoke about, which is the intercompany advances, that is purely a notional impact. So I’m not much concerned from a commercial standpoint on that. Yeah, speaking on the actual impact, like I said, approximately, and it will be plus minus 5% here or there, but approximately, say 50% of our revenue, 50% of our cost is on the ocean freight side, which is entirely US dollar. And 50% of our revenue and cost on the LCL side could be on the ground door movements, local charges, handling at the origin, destination, etc. And in the FCL, ocean freight will be a slightly higher component because ocean freight could be about 65, 70% in the FCL business because they’re, you know, the initial part, there’s no stuffing de stuffing, those operations are limited.
So now the ocean freight is entirely in US dollar, which means that you’re buying in US dollars, We are selling in US dollars on the local charges. These are typically bought and sold in the local currencies. And conventionally what we have seen is we typically cover up the local cost from the local revenue and we make profit on the. That’s the broad framework on which principally industry operates. And that’s how we do the pricing as well. So from that standpoint, we do not see a real impact of fluctuations between local currencies and the US dollar unless these are wild fluctuations.
So what I mean by wild fluctuations is these are countries like say Turkey or Argentina over the last few years. When there are wild fluctuations, the currency depreciates significantly and there are significant changes between receivable and payable positions, sometimes at large, 99, 98% of the business. These fluctuations don’t impact much. This volatility, like I mentioned, what we saw in euro to dollar was a bit exceptional in nature, coming in one quarter at about 8.59% compared to 2% over five years. So this resulted in slightly higher local revenue and slightly higher local costs as well. And you know, just to give you a ballpark estimate, you can make out from our geographic presence and the volume distribution, we’ve been sharing GP numbers by region as well.
You could broadly make out Europe is a slightly higher cost continent. So one could estimate anywhere between, you know, 20%, I would say plus, minus a few percentage points could be the cost of staff in Europe and corresponding GNA numbers. Could be similar, which means that a 9% impact could basically created a 1.8% overall impact on the SGNA cost. Which is why you see some of the inflation in the SGA cost also. That’s one part, not the entire part, but you see a similar uptick in the GP also. So this kind of negates out. So there’s.
On a net basis I do not see an impact because of the Euro USD change at large because you would have seen a positive impact on GP and a negative impact on the sgna. That’s the broad view on the currency impact. Now in terms of the cost itself, apart from this, you know, the impact of Euro versus UST or Euro versus INR which is the reporting currency here, other things have been. There have been some, you know, one off payments. You also provided for doubtful debts which we have, you know, kind of discontinued some of the non core businesses which we felt had higher risk and some of these amounts are pertaining to that business.
We feel that there could be similar provisions in the next quarter as well on the doubtful debts. But from a Q1FY Q1 CY26 which is January calendar year January 26th, we believe that with a complete exit from some of these non core businesses which are there in some of these countries, we should. The core business has basically very strong collections, very strong visibility and everything. So we should see a negligible provision for doubtful debt. That’s the outlook in terms of the business aspect on the international supply chain. Like I mentioned, we are seeing the festive green shoots at this point in time.
We are seeing the momentum volumes seem to be 8 to 10% up at this point in time sequentially month on month. If I look at the June versus July roughly so those things are there but we cannot count upon them as a long term momentum because we need to see how the overall trade environment settles post all the ongoing geopolitical concerns and the economic trade sanction concerns. In terms of the initiatives, there was a second part of your question if I recall, where the impact of the initiatives on the cost reduction and all is. So on the outsourcing bit, I would say on the operational side we are slightly behind.
We are expecting to conclude, say about 30 to 40 roles in the quarter gone by. But you had some change in plan moving into a different location and possibly that will be delayed by 2/4 in the financial outsourcing. The first phase is on track and that should be implemented in the coming quarter. The first phase should lead to an impact of about US$1.5 million on an annualized recurring savings basis. So that is something that is on track. The operational part, which should have also led to a similar amount is kind of delayed by 2/4. Otherwise should have been done in this quarter ending June, but should possibly be pushed back closer to the year end quarter, the December end quarter.
In terms of the other initiatives, they are going well. In terms of our automation, we’ve been able to build rate management tools, a lot of AI projects that you’re working on. So in terms of bringing in operational efficiency to drive productivity, those things are working fine. So that’s a bit on the international chain. If you have any short quick question, I can take that up. Otherwise I’ll move to the express business where you asked some questions.
Unidentified Participant
Yeah, if you can quantify one off payments that you incurred on the other expenses side respect to the receivables or the provisions so that you can have a steady state number approximately I would.
Ravi Jakhar
Say $1.5 million of third party provisions, roughly about US$700,000 of intercompany receivable position, square of net impact and approximately 1.5 to $1.7 million of variable payouts which are not provided considering the financial performance. But then we felt that given the competitive outlook and the performance of the company in these times, we decided to give a part of the variable performance bonus, etc. Which is amounting to about 1.6 to $1.7 million. These are the three numbers so totaling to about $2.2 million on the provision side and about 1.6 1.7 additional on the variable payout which are not accounted for so that the broad impact otherwise like I mentioned, the volumes have remained steady, the GPS yields have remained steady and the SV and a cost have been largely range bound.
Barring these exceptions and the intent now from here on is how we can expand the volumes. Now in this festive season, of course that will happen, but on a long term sustained basis. We need some support from the macroeconomic environment recovery and then we are very focused on leaning in our SG and a cost so that the entire incremental GP can flow towards the bottom line. So on that note, in the interest of time, I’ll move to the express business. Your question on the green shoots visibility, like I mentioned, yes, we do see green shoots in the express business.
With the month of July volumes looking good and we believe the momentum to continue through the festive season. I would also say that from an industry standpoint, actually last few months have actually been quite good. We have seen Double digit growth in the industry at large though for us last quarter we did not see revenue growth. We saw a growth in focused customers. But we also let go a few customers. And that’s how you see the profit profile improving. I will also say that we potentially also, if you look at the last 2, 3/4 at large, we would have potentially lost some market share.
But now we are in the positive direction with a new team. We joined in about four, five months back completely. The team has settled in well and is now working with some momentum. So I would say that industry at large, I honestly don’t see any challenges. Industry has been growing well. We had been struggling on the revenue growth side and focuses on cost optimization. Now I would say I’m confident the cost optimization has done well, which is why you see the EBITDA growth despite revenues declining. And we clearly see momentum on both the volumes and the rates.
And we’ve also been able to bring in marginal price increase as well, which also helps in improving the yields and profitability. So that’s the broad outlook on the express business.
Unidentified Participant
Thanks for the elaborate answer. Just one last thing. Can you. Do you have any specific comments on the gross profit or gross margin side in the express business that looks to have. It appears that it has taken a hit.
Ravi Jakhar
So I would say that gross profit on the express business side should potentially be sitting at a higher number from here. But we saw deductions to be slightly above our estimate levels and these deductions typically pertain to a few quarters behind because the claims come in later and then you kind of settle them in. So I would say deductions are to some extent what we believe would be controlled and multiple steps have been taken which should lead to maybe 0.3 to 0.5% kind of potential impact. Beyond that there should also be an impact of, you know, the improved operations in terms of the volume grows up and the cost of mid mile ability to run the, you know, the trucks for higher kilometers per month.
A lot of those operational parameters are typically linked to volume. As we’re able to scale up volume, we should be able to bring down the operating cost. So from an ideal operating perspective we are operating clearly below where we should be. If you look at our operating gross margin is sitting under 25% for this quarter. While we believe that in ideal state it should be more closer to 30%. So there’s definitely that opportunity for us to continue to improve on the gross margin in the percentage terms on the domestic business. In the international business, percentages don’t make sense because freight is largely a pass through cost and there I would always recommend to look at yield which is gross profit divided by volume.
Unidentified Participant
Sure. Great. Thanks for the answers. All the best.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The next question is from the line of Vikram Suryavanshi from Philip Capital. Please go ahead.
Vikram Suryavanshi
The two questions from my side.
operator
Can you please be a little louder?
Vikram Suryavanshi
Is it okay now?
operator
Yes, much better. Please continue.
Vikram Suryavanshi
Okay. No. Okay, just a two question one is that obviously with this tariff how do you see reorientation of trade or early sign coming from the customer side in terms of volume and that’s in particular region if you can highlight to some extent and second is in terms of EQ 360 app. We just wanted to understand to what out of total volume how much would be our like a door to door kind of volume and is there any scope or further to really capture the share of customers whole end to end logistic from save point to delivery for us?
Ravi Jakhar
Yeah. So as I understand your question is around the impact of the tariffs and the increased penetration and the outlook for door to door through the EQ360 platform. So let me invite my colleague Yann Clean to come in and share his views and I’ll add on to that comment. So Yann, you want to share your views on what’s happening with the whole tariff environment and also on the door deliveries as and the potential with EQC 16.
Unidentified Speaker
Sure, absolutely. Well I think in general, well we all see how volatile the market is at the moment and I think it’s quite hard to predict how tariffs develop in the coming months. You all see we have now pretty high tariffs especially on the on the markets from and to the US. Well India just has been hit hard by increased tariffs, double increased tariffs but as well other regions of the world. Right. The EU has been hit by 15%. China that’s stronger terrorists and as well if you look at China now has been the decision has been delayed again.
So everybody was expecting that there will be a trade deal or at least a decision on the China tariffs between US and China just now this week but that’s all delayed again. So this shows how volatile the market is I think at the moment. Well we see the volatility sometimes help us also in terms of growth. Right. If there is a deadline coming soon for new tariffs to come into the picture, there’s always a hike or spike to push volumes into the US which then always help us to gain a bit more business as well, to have higher yields because people have short term very strong demand which then well.
At. The end helps us to sell the capacity at a higher price. But at long term we see it on all the markets globally the volumes are a bit down. So this is really the uncertainty and not knowing what’s going to be in one month or in two months with tariffs for sure, that’s not helping the global trade. And we use our international business are really dependent on the global trade. So this is really a bit unpredictable, I think. Well, we are at the moment navigating quite well in that market. It helps us at least at the moment to keep the yields up.
And I think it will also at least till the end of the year, if not longer, help us to keep the yields on a higher level. But again, right, it’s still quite unpredictable. And volumes, well, market volumes are down. I think with our way of navigating in that market, we are good and our aim is for sure to grow further because well, we have not the largest market share. So growth is possible. And that’s our clear aim. Growth, take more market share. But overall market development quite unpredictable. And at the moment volume is a little bit down.
Vikram Suryavanshi
Okay, got it. So I thanks for giving clarity on terms of volume. But there was also concern for the industry or investors that the brands may ask for supply chain also to be a sound kind of a tariff type. Because what sense is there that out of whatever tariff height is happening, some will be born by the brand from the supplier and some will be basically in supply chain. So are we seeing some negotiation happening on that front where they are really asking obvious some kind of a burden as a supply chain partner.
Unidentified Speaker
So can you repeat that? Because it was really hard to understand.
Vikram Suryavanshi
Okay, so whatever tariff increase is happening are the brands are asking to bear some of that tariff burden to supply chain partners also to manage the inflation.
Unidentified Speaker
Yes.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, let’s wait for a moment. Let the question queue assemble. Sam. The next question is from the line of Vikram Suryavanshi from Philip Capital. Please go ahead.
Vikram Suryavanshi
Hi sir. Now hope this is better. There was some network issue, so probably I think I’m audible now.
Ravi Jakhar
Yeah, Vikram, we can hear you. And so yeah, and Vikram was primarily asking about, you know, is there expectation from the supply chain companies, the logistics partners from the companies to be a part of the tariff hit. So from my Perspective. Let me share my views and Yann can add to that. So basically, you know, when there’s increase in cost, whether it’s cost on account of raw material or cost on account of freight or cost on account of, you know, tariffs such as the current environment, naturally everybody is trying to mitigate the cost and negotiations may happen.
However, where we sit in the supply chain is we are kind of a platform that brings capacities together and as an LCL consolidator, primarily we create efficiencies. So what it means is that in an environment like this, it also creates an opportunity for people to be more cognizant of utilization and try and load more LCL cargo rather than, you know, half utilize boxes. So from that perspective there is efficiency and that’s what keeps us more relevant. Secondly, you know, our profitability is largely an outcome again of the efficiency and therefore it is not vanilla markup on the cost.
And therefore, you know, we do not see as such any significant pressure or we engage with forwarders at large who of course are working with the brands and companies facing the tariff hikes. But I think to some extent as the tariff hike happens in those particular trade lanes, like let’s say there are certain sectors on which there’s cargo going from Brazil to US and that has kind of stopped that lower demand, automatically adjust the freight rates. So the freight rate, which is basically a buying cost for us, comes down and therefore we are any which way is keeping the same margin, able to pass on a lower cost to the customer as well.
So to a large extent we are not impacted by any additional negotiations. And as you see over the last three quarters I was just mentioning, we have remained absolutely consistent on the yield, which is US dollars that we make on every cubic meter or US dollars that we make on every tu. That’s broadly my perspective. Jan, you want to add to that?
Unidentified Speaker
Yeah, I think what is important to understand as well. So these tariffs always are hitting only one trade lane, right? So if we’re talking new terrorists, China to the U.S. so this, well, this is one trade lane which will be hit by it. But let’s say China to Europe is still running well. China intra Asia is running well. So for us it’s quite important when there are new tariffs, it’s not hitting the global trade, it’s not hitting the trade to the U.S. sure, the U.S. is one of the biggest trading partners of many, many countries.
But I think it’s important to keep in mind we are not, and that’s a key advantage of us as eq or cargo that we are a global trading company or forwarding or transport company, logistics company. So we’re trading with all in all countries. So that means even if one trade lane is a bit weaker, all the others are still remaining and we still can grow and we are growing on other trade lanes and also make good money there. So this is quite important. Right. If we talk about tariffs is hitting everything from and to the US but the rest of the world is still trading on a more or less normal pattern.
Vikram Suryavanshi
Understood. And just a last question about Our advantage of EQ360 app and how much we can garner door to door service and take a more valid share from the customers.
Unidentified Speaker
Yeah, so I think with EQ360 I think we developed something quite unique in the environment, especially in the environment of being a neutral partner for many of the other logistic companies. With EQ360 you can with a push of a button you can get the pricing from door to door all over the world. And I think this is something where we gained already a lot of business but our plan is even to gain more business. So that’s why we extended it now not only for our core LCL business so the less container load, but now we also extended it on the FCL business to the full container load.
So we expecting another big push there and to grow our FCL volume significantly by having this offer on EQ360 so making quotations easier from door to door. So not only earning on the sea freight part, so on the port to port, but really earning additional GP on the first leg and last leg and all the value added services around. But EQ360 is really helping us to get there because it makes it for our customers very easy to get a quotation and as well to give us the transport order for those goods. So I think it’s a clear advantage and well, I’m now Well more than 25 years in this industry and I know a lot of companies who tried to develop something similar to have a fully online quotation tool and not only quotation tool but as well the whole interaction with customers digitalized.
And I think we as AQ really made a step forward and this is really a great tool which. Which can deliver a lot of extra revenue and now have this extended to full container loads will make a difference.
Vikram Suryavanshi
Okay, got it. And how is the listing process is expected for this post restructuring timeline? If you can again share if it is any revision.
Ravi Jakhar
So basically we had on the demerge on the listing of restrictive. Yeah Y so basically we had our hearing today. This is the final hearing which we scheduled. However, we believe that NCLT has been significantly occupied and we should now get a hearing date next month. And we expect that in that hearing or maybe so in September or latest October, we expect the matter to conclude and then, you know, the remeasure can be made effective and then it may take a couple of months for the listing process to follow.
Vikram Suryavanshi
Got it. Thanks for an update and all the best, sir.
Ravi Jakhar
Thank you.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, let’s wait for a moment while the question queue assembles as there are no further questions from the participants. I now hand the conference over to Mr. Ravi Jaghar for closing comments. Ladies and gentlemen, the line for the management is disconnected. Please hold while we reconnect them. Again ladies and gentlemen, thank you for being on hold. The line for the management is now reconnected. Thank you. And over to you sir.
Ravi Jakhar
Yeah, thank you for your patience and staying back. Unfortunately the line got disconnected. But I would like to thank you again for joining us on the call and we will keep you posted about all the developments on a monthly and a quarterly basis. We believe in best disclosures to make our investors and analysts more aware about our business and understanding as well. I would encourage everyone to come back with questions to our investor relations team with your suggestions, with any more information or data that you believe might be helpful and better understanding of the company.
Over the last few years we have always tried to incorporate as much details as possible and therefore we encourage you to come back with your suggestions on how you can understand the business better and we’ll keep you posted about how the business is going and also on the core protection development such as the D measure. Thank you once again for joining in the call. Thank you.
operator
Thank you very much on behalf of all cargo logistics. That concludes this conference. Thank you for joining us and you may now disconnect your line. It.