Blue Dart Express Limited (NSE: BLUEDART) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
MR. Tushar Gunderia — Head – Legal & Company Secretary
Sagar Patil — Chief Financial Officer
Analysts:
Mr. Kripashankar — Analyst
Shiva Agarwal — Analyst
Vikra — Analyst
Mr. Anjul Agrawal — Analyst
Presentation:
MR. Tushar Gunderia — Head – Legal & Company Secretary
Hello, Alok.
operator
Hi, sir. Good afternoon. We can start now.
MR. Tushar Gunderia — Head – Legal & Company Secretary
Yes.
operator
Hi.
MR. Tushar Gunderia — Head – Legal & Company Secretary
Hi.
operator
Yeah.
MR. Tushar Gunderia — Head – Legal & Company Secretary
How are you? All fine?
operator
Yeah, all good, sir. All good. So, good afternoon everyone. And welcome to the interaction with the senior management of Blue Dart Express. So firstly I would like to thank the management for giving us opportunity to host the call. So today we have with us Mrs. Sagar Patel, CFO and Mr. Tushar Gundaria, head of Legal and Compliance and Company Secretary. I would now hand over the call to the management for some opening comments and then we can take the Q A. Thank you. And over to you, sir.
MR. Tushar Gunderia — Head – Legal & Company Secretary
Yeah. Yeah. Hello. Hello. Good afternoon everybody. Thank you, Alok. And a very warm welcome to all of you. As you are aware, the Board of Directors of the company in its meeting held on 30 January 2026 approved the financial results of the company for the quarter and nine months ended 31 December 2025. And the company declared its financial results for the quarter and nine months ended 31st December 25th. Wherein the company posted revenue from operations of Rupees 1616 1,61 million and profit after tax of Rupees 700 billion for the quarter ended December 31st, 2025. Blue Dots Quarterly performance reflects resilient domestic demand with meaningful contributions from Tier 2 and TF3 markets and steady SME shipments activity supported by strong execution discipline across the network.
During the quarter, Blue Dot EX continued to invest selectively in strengthening its operational and customer facing capabilities. As as part of its long term capability building strategy the company operationalized its flagship green integrated hub at Pat Har. Enhancing line hall connectivity, network efficiency and and service reliability across North India. The results have already been uploaded on the stock exchange website and also posted on the company’s website. I now hand over the call to Mr. Sagar Patil, CFO for further proceedings. Thank you.
Sagar Patil — Chief Financial Officer
Yeah. Good afternoon all. So this is the quarter wherein we have closed with the growth of revenue at around 7% and also improvement in. The. The profitability levels. There has been an exceptional item as you would have noticed in our quarter results reported. So we seem to be on a continuing on the trajectory of steady growth with also improvement in profitability in last two quarters. So with that background I would suggest we can start the Q and A session. Thanks. Yeah.
Questions and Answers:
operator
Yeah. Thank you. So anyone having question can either post it on chat box or raise your hand. So we’ll take first question from Mr. Kashankar. Please go ahead.
Mr. Kripashankar
Hi, good evening and thank you for the opportunity. So. So my first question would be More on bookkeeping question. Just wanted to get what would be your tonnage for the quarter as well as the details what you give around parcels.
Sagar Patil
Yeah, sure. So Tanish for The quarter is 374884 tons.
Mr. Kripashankar
Okay.
Sagar Patil
And number of shipments 107.4 million.
Mr. Kripashankar
Okay.
Mr. Kripashankar
So clearly the trend of shipments growth being faster than the Tanish growth is reflecting I think. Tanisha.
Sagar Patil
Sorry.
MR. Tushar Gunderia
Yeah. Preparation. You can be little louder.
Mr. Kripashankar
Sure, sure, sure. So what I was saying is that the trend of parcel growth has been faster than the tonnage growth. So you know, just wanted to get a sense of what are the key growth areas. So has E Commerce continued to outperform the overall growth and if so, what has been the growth rate over there?
Sagar Patil
Yes, so E Commerce has continued to be the driver both in terms of shipments as well as overall their share in in terms of tonight and both at the ECOM here as well as ECOM Light surface level. Nevertheless, ECOM Light surface has been growing, continuing to grow at a much faster rate as compared to EcoMare.
Mr. Kripashankar
Any you know, numbers around what would be the contribution of B2C or E commerce this quarter? And and how has ground performed? Can you comment something on ground’s overall tonnage growth this quarter?
Sagar Patil
So we’ll remove all of this. So E. Com has continued to be at around 30, 31% in this quarter of the overall revenue and ground also this quarter slightly lower. That is 28.6. We typically say it’s in the range of 30%. So the share of ground when I say ground, the surface B2B is at around 28.6%. Yeah.
Mr. Kripashankar
So I think the ground growth this quarter has been relatively lower. Just want to get some sense because the post the GST rate cut we were hearing that the tonnage growth in ground was quite good. Your thoughts around that and how do you see, you know the ground piece going up given that you have commissioned too large infrastructure over a period of one and a half years. So your thoughts around these?
Sagar Patil
Yeah, so. So ground as compared to Ecom air like surface that we saw that the surface is slightly slower again in terms of the new facilities that we have what we opened in Gurgaon. This is besides growth, this is also largely in terms of consolidation of multiple facilities there. So not only for growth but also consolidation or replacement of the existing space.
Mr. Kripashankar
Got it sir. And, and with respect to the trend going ahead, you are you seeing you know, north of or sort of a growth coming in in ground? Because the, because clearly you’re adding lot of capacities in in, in the ground infrastructure point of view. Just wanted to get some sense if, if, if that’s, that’s something which is a fair expectation given that the industry is growing at. Let’s take about 12 to 15%.
Sagar Patil
Yes. Ground will continue to be the growth driver and the facility that we bring in. What we brought in Kurgao has been a ground hub which caters to both B2B surface as well as Ecom light surface. So the light packages that we move on ground, so they both these two products are expected to be the growth drivers.
Mr. Kripashankar
Got it sir, thank you very much. I’ll get back in the queue.
Sagar Patil
Yeah, thank you.
operator
Thank you. Anyone having question can please raise their hand or post it in the chat below. Sir, we had one question regarding the margins. So the margins have actually been pretty strong. So what has led to that and whether that is, you know, is there any one off in that or would we see these kind of margins kind of continue going ahead?
Sagar Patil
The the margins for this quarter were related to the to the festive period though the festive period was split between the earlier quarter, that is September being also a strong month as well as October and November as well as December continued to be strong. So definitely there would be a benefit of the light parcels moving in larger volumes. And yeah, as I said since this is going to be expected to be the growth driver, we would work towards keep maintaining or improving the margins.
operator
Got it. So any, any guidance on the what kind of volume growth we could see going forward and also on the broad margin range whether we are almost at the, you know, at this now stabilized margin or we’ll see some further improvement from here.
Sagar Patil
So we will not be able to forecast, however we’ll work towards improving the. Margins further
operator
and anything on the volume Sir,
Sagar Patil
Volumes. Yes, the E Com Lite surface as well as surface have been the growth drivers. So while the other products will also continue to grow. But largely we see these growing faster than the other products.
operator
Got it. We have one question in the. In the Q and A box so I’ll just read it out. If the B2C or the E Commerce growing faster and overall growth is single digit. So does it mean that the traditional business is kind of declining at a faster rate and what would be the realization difference between the two and when will the E Com growth start making the overall growth look better?
Sagar Patil
The other products which are traditional documents or Air Products International or as well as Ecomer, they also continue to be to grow however at a lesser rate. So from the margin perspective all the products more or less are on a comparable margin. So it’s not so while the yield could be lower and that is where the growth could seem to be lower because in terms of in case of ground while the percentage margin can be on the similar percentage levels but because the yield is lower than air products the the the growth over there in terms of as a revenue would seem to be lower as such.
operator
Got it. Answer one more question in the in the chat window. So now we are seeing very strong growth coming from some of the peer sets. Also like delivery has shown very good number. Our number has also been pretty good but there are some section of players who are not kind of showing much growth. So is the industry also moving towards some bit of consolidation and where the larger players are getting a higher market and the smaller players are kind of or mid sized players are continuing to kind of lose market share? Just your thoughts on that.
Sagar Patil
I think while we we generally call this as a domestic or a express product, each product has its own strongholds product mix as well as the way we service our customers either in terms of capacity or service or the price price levels as such. So per se will not be able to compare any of the two competitors as a Apple to Apple. Nevertheless given the some of the consolidation that has happened in the recent past there will be I think better ability to to avoid any price related. Price related actions to acquire additional business or volumes. I think overall given the consolidation that that has happened there could be a better opportunity to realize better price points to to charge for the value being delivered.
operator
Sure. We have some more questions so I’ll just read it out and so you know what’s the capex number for this quarter and what’s the number pegged for FY27 for the for capex and which key areas it is being targeted for? That’s the question which we had.
Sagar Patil
So. Largely our capex is in the nature of either replacement or renewal or element of expansion in that again with the with the accounting standards the leased assets are also treated more like a capex. But okay, keeping aside the least part our capex is typically in in the range of maybe 100250 crores of rupees expected to remain in the same kind of range again largely towards expansion or replacement of the existing facilities given that we are already already present all across India. So it typically involves large number of smaller or medium level facilities which are being either upgraded or expanded or replaced.
operator
Got it. Got it. So yes actually though we had follow up question when you had mentioned 28.6% for the quarter it was it only B2B or includes B2C also this was B2B only. Okay.
Sagar Patil
Including B2C our it would be about 42% share of ground revenue and air would be about 53%. So you can see that their share of ground is slowly increasing.
operator
Got it. I’ll just take next question from K. Shankar. Please go ahead.
Mr. Kripashankar
Yes sir. Just you know, because you mentioned, you know ground has reached about 42% and A is at 58%. Just wanted to get a sense around the capacities which were deployed in Guwahati for air. Do you so overall it’s an overarching question. Do you see the growth in AI business to be slattish to 3% sort of over the over the medium term. And is that something which is likely and and your capacities can get underutilized? Is that some some of a threat you believe can happen?
Sagar Patil
Not exactly related proportional. See what happens in case of air. Our capacity we measure and monitor mainly in terms of the pallet utilization and not aircraft utilization. Given that the aircrafts are supporting the existing express business which fly essentially at night. So as an aircraft capacity there is always possibility to increase by 100% if we start flying throughout the day. But that is not the case in our case. This is more of supporting the express business, catering to the overnight moment of the shipment so that what we pick up in the evening can be delivered next day morning.
So and given the number of fleet size that we have and network that we have, there is an element of flexibility that we can act on almost on a day to day basis adding or removing a particular flight or at times particular sector. So our pallet utilization remains at around 85 to 90%. For a volumetric way to end of level we also use a good amount of commercial passenger airline capacity not only in our own eight stations that we are in, but also more than 25 other locations across the country. So unless the air volumes grow very significantly at a very higher level, we may not have to.
We may not have to add any additional routes or runs for that matter. However, on an ongoing basis, whether the growth in AR is 3% or even it can go up to 15, it can be very well handled through the commercial airline itself. So the function of air growth is not essentially on an ongoing basis to do with the the capacity utilization of the aircraft. But yes, last few quarters we have seen that air air volumes are growing at a slower pace also because we also have a very good efficient ground network and to our existing Customers we are able to provide a choice between both air as well as ground depending on their urgency, the criticality of the shipments as well as the. Of course when it comes to retail customers what kind of promise they have for their customers on the portals.
Mr. Kripashankar
Got it sir. Got it. And the price hikes which you had taken starting January just wanted to get a sense around what has been the effective pass through. And do you see that we will be able to realize about 4 to 5% increase this year?
Sagar Patil
Yes. I mean January price hike is part of this quarter and then of course sometimes takes some time to realize. But we’ll get to see the clear, clear picture at the end of this part.
Mr. Kripashankar
I understood. So just wanted to get a. A directional sense that. No, no hard numbers. Just wanted to see if. If customers are ready to take absorb increase in prices and this how are the sentiments especially after you know you’ve seen a good third quarter. So just wanted to gauge that sentiment from you.
Sagar Patil
Yes, yes. I mean it’s still work in progress. I would say it’s. It will span pan over the quarter. So yeah, we’ll see the results the proof of the pudding when it’s ready at the end of the quarter.
Mr. Kripashankar
I understand. Thank you sir. That’s. That’s all from myself. Thank you.
MR. Tushar Gunderia
As an investor since last many years. Right.
Mr. Kripashankar
Yes. I’ve been. I’ve been covering the stock for quite some time. Yes, definitely 10 years. Yes.
MR. Tushar Gunderia
Yeah. Okay. Thank you.
operator
Yes, thank you. We’ll take next question from Shiva Agarwal. Please go ahead.
Shiva Agarwal
Yeah. Hi. I’m audible.
Sagar Patil
Yes. Yes.
Shiva Agarwal
Hi. Yeah. Thank you for giving me the opportunity. First of all I would like to know sir, you have mentioned in the ground B2B you have a 28.6% market share and in 42% in the ground total console market share. So I would like to know is B2C market is growing faster than the B2B and broad based demand outlook in B2B and B2C market. Just wanted to know about this.
Sagar Patil
Yeah, I mean the intention is to grow faster both in surface ground B2B as well as ground B2C. And we do see that. I mean we have that our. In our growth volume growth is in general higher than the. The. The industry growth that is being quoted in public domain. And so again the B2C B2C market space is split between captive flavors and others Same way surface B2B it can be. There is a fair amount of share also probably coming from unorganized sector. So will be difficult to comment on how or how much we are gaining the market share or not. But yes, we are, we are growing faster there.
Shiva Agarwal
Just one last question. What the demand outlook are you seeing in the B2B and B2C market?
Sagar Patil
How is the demand demand
Shiva Agarwal
outlook. What is the demand outlook as being into B2C and the B2B market?
Sagar Patil
I mean we see in general customers growing and, and how much we get out of that. Again a function of how much are we doing in terms of lane wise. How do they see the, the pricing at a lane to lane level? How much share of wallet does the customer play around? So based on how our business is panning out in general, difficult to estimate as to how the demand is panning out. But we see a lot of positivity customers also being very positive in terms of the growth growth outlook.
Shiva Agarwal
Thank you so much sir.
operator
Thank you. So we had some questions in the chat box. So one is. So actually first we’ll take from the, from the audio only, then we can take the chat box. Yeah, please go ahead Vikra.
Vikra
Yes sir. Hope I am audible.
Sagar Patil
Yes.
Vikra
So how is the clue on belly capacity available to us and how much we are using that and for our own competitors or other players. So if you can give some sense on that, how it is growing. Are we seeing some mismatch over there that would be helpful.
Sagar Patil
Daily capacity of air, you mean to say?
Vikra
Oh yeah.
Sagar Patil
See daily cargo capacity theoretical, given the number of hours we are flying and the theoretical capacity that we have, it would be moving between 450 to 550 tons per day depending on which routes and which flights we operate. And as I said, it’s quite flexible based on the day to day forecast of the flights as well as the capacity available. Again between 20 to 40% of the revenue. We also fly on commercial airlines, so it’s quite a flexible kind of model that we have. In terms of our ground capacity it’s completely variable. So the, the vehicles that are being plied on the road are quite optimum to the capacity.
Typically we have a mix of both scheduled fleet as well as additional fleet. So depending on the. So we do get a indication as to how many additional trucks on which routes we may have to fly for the day, few hours in advance. So again there is no unutilized capacity when it comes to the fleet capacity as such, of course there will be return load. So if, if a truck is going from say west to east, the, the trip which is coming back back from east won’t be 100 utilized. But then it is also important to get that vehicle back as well as the loads which are being picked up in east to come to the western part of India to meet the transit times or the customer promises.
So, so, so that is as far as middle mile is concerned. When it comes to the first mile, last mile being our hubs as well as the service centers or the pickup and delivery centers. Given the large number there would always be multiple cases of over and under capacity utilization depending on when we are put up and what is the growth trajectory that has been forecasted. But by and large the the machine is running at a close to optimum kind of level with a good amount of flexibility built in for any additions or additional loads to be serviced.
So to. To. To give an example, our volumes go significantly higher in case of say the peak seasons which is the second half of the year. And given the optimum utilization of the existing facilities, we do take facilities for a temporary period of two or three months depending on how the festival or the peak season is expected to pan out during the quarters. So there is no significant or unutilized capacity. In general the network as well as facilities are are placed in a way that there is a close to optimum level that we operated.
Vikra
Okay, got it. Thank you. And am I audible? So I just have. Okay. Sorry. So was there any positive impact of course or what happened with Indigo and other airlines cutting down their schedule?
Sagar Patil
Sorry, I. I didn’t get the question. Can you be little slower. There is a little bit of echo.
Vikra
That is impact on us. Was there positive impact on us what happened to Indigo and other airlines cutting down their schedule?
Sagar Patil
Positive impact of Indigo. Yeah, there would have been cases where. Where any scheduled flight if they. The. Schedule gets disrupted then the customers would typically have contracts with different service providers. They would be also be quick enough to shift the load but not that very significant to kind of to make a big difference for the quarter.
Vikra
Got it sir. Thank you very much.
operator
Thank you. Anyone, any question can please raise the hand? Sir. We’ll take the some pending questions from the chat. So now after several quarters have we now seen the. The aircraft stabilized the the newly added two aircraft or is it is still some bit of stabilization could further happen from here as in the. If you can highlight the capacity utilization basically of existing and the new aircrafts.
Sagar Patil
Yeah, so when we added the aircraft it’s a small addition to the overall bigger network that we had. So it’s not that these two aircrafts got added and completely new network was. I mean the sectors were added. They were merged in the entire Big setup that we have barring addition of Guati which was more of a. I would say an extension of the network to see how the volumes kind of pan out. So yes, in the initial period when we were moving our commercial loads that were. That had increased in the year 21, 22, 23, they were absorbed in this aircraft.
We also increase the. I mean as the new aircraft or the new schedule of all the eight aircraft stabilized, barring first two, three months where we had a. We took some time to catch up. But from September 24th I think the utilization has been at a normalized level of 85% or so at a volumetric palette utilization level. Again, it’s not that if you have eight, eight aircraft six plus two these are being plied on a day to day basis. There are cases where we do 51 or 61 or sometimes 6 plus 0 depending on when this aircraft go for either servicing or some maintenance or on a weekend on a holiday season or wherever we see a dip in volumes forthcoming, you know, ahead of a week based on whatever reason it could be.
So to answer your questions shortly, yes, these aircrafts is a part and parcel of the day to day flying of the network. At the same time we have also been increasing our utilization or buying of the commercial air capacity with the. With the capacity also going up in general in market we at times see opportunities where we may drop at times on some of the sectors. And instead of using all the aircraft we can also rely on the commercial airline. Wherever we either find the cost impact is either neutral or positive.
operator
Sure. We take the next question from Mr. Anjul Agrawal. Please go ahead.
Mr. Anjul Agrawal
Hi. Thank you for the opportunity. So first question. Would would you. Would you be able to give us the growth numbers for the products that we have? Any. Any numbers would be helpful. Say what would be the grown surface business have been or air or if even if you can break that up as well that will be pretty useful.
Sagar Patil
Normally we don’t barring the couple of products which are the the main no on on the radar. So like I mentioned the Ecom light surface would have grown by about 26% in terms of shipments or 25 in terms of revenue and surface at about 22% in terms of shipments to be otherwise I mentioned these are we we don’t generally report the numbers by products because the products are also at times when you say air or ground these do not necessarily move move on air or ground. But it is more of a function of PR promise transit time to the customers. So will be Incorrect to call them air or ground. These are all express or courier products as we report.
Mr. Anjul Agrawal
Sure. So what I was trying to understand was in surface, B2C surface has grown faster and similar for air. Overall, air would have grown by how much and same for surface. Would would that classification or that bifurcation be available with us?
Sagar Patil
So that’s what calling them air and surface as a at all products put together would not be appropriate. That is why we do not differentiate or report the numbers by air or and surface.
Mr. Anjul Agrawal
Okay, second question sir that I had was was on our margins. I think a few quarters back you had mentioned that, you know, Surface might be slightly dilutive in terms of margins versus Air or, or the product wise. Would would that hold true even for E commerce versus traditional or B2B products?
Sagar Patil
Well, largely the surface. I mean all the products, be it B2C or B2B would carry similar level of margins whether it is air or carried on air or on ground in terms of percentage to revenue. But yes, per shipment air would typically be higher because of the higher yield per kilogram that we get.
Mr. Anjul Agrawal
Understood what I’m trying to understand, sir. Now, because of seasonality, because E Commerce volumes would have been higher in the current quarter which typically would see some dip in Q4 whereas B2B would. Would see some uptick in the next quarter. Would our margins get impacted because of this? Or we foresee margins to be fairly stable irrespective of the product. That is what I was trying to understand.
Sagar Patil
No, no specific impact. Because even during the peak season, while we incur higher cost because of certain temporary facilities that we hire, the increased volumes take care of it. So there is no significant impact. I mean whatever you see in the quarterly margins that would be similar across the products.
Mr. Anjul Agrawal
Got it. That’s it from man. Many thanks.
operator
Thank you. Anyone having question can please raise their hand. Sir, a few questions were there in the chat box. So sir, one is on the price hike which you had taken. So you, you briefly indicated that it’s in process. But how much on a blended basis do we really expect to come through from the 9 to 12% price hike which we have announced in October? So effective January, that was the price hike. Right. So it’s almost one and a half months now. So as per your assessment and discussions with the customers, what’s the price blended price increase you could be targeting here.
Sagar Patil
Difficult to quote the exact number because we do go to the customers in this range. Nevertheless, sometimes the customers would trade higher volumes for the price or sometimes the customers would. Would Also temporarily divert some of their business and before coming back. So again to regain that business we may go back and renegotiate as such. So this process would go on for few months sometimes for some big customers itself.
Again given the, given the diverse I would say product types that we have starting from a small envelope of document to a 50 kilogram 100 kilograms of per shipment kind of profile customer, there would be various other know criteria whether you look at rupees per shipment or rupees per kilo across the different product as well as different customers as such. So very difficult to pinpoint. But yes, what we drive at a individual customer level to start with is 9 to 12%.
operator
Got it. And sir, one of the question is related to your comment during the call. So if ground has grown at more than 22 or more, more than 20% or so and overall shipment growth is as per the volumes which you gave is around 9%. So does that mean that the AIR has declined quite materially actually in this quarter on a yoy basis?
Sagar Patil
Not really. AIR is more or less stable. I would say it’s positive but not declined.
operator
Okay, okay, got it. Because the, if you just do the mathematics it’s, it comes to a pretty muted growth for air if we just try to add the, add the numbers. So.
Sagar Patil
Yeah, but it’s, it’s positive, it’s not negative.
operator
Okay, okay. And yeah, tonnage and shipment numbers you’ve already kind of mentioned. And sir, just on the outsourcing. So some of the bigger peers have been commenting on how the insourcing of logistics is kind of now picked out and the customers and E commerce companies would be more going for outsourcing of their logistics requirements. So just your thoughts on that? Have you seen any change from some of those customers who had started in sourcing or increased their insourcing and now again moving back to giving a decent share to three PL players.
Sagar Patil
Yeah, I think our share with those major plus players would not be very significant because we would typically service not so price sensitive but service sensitive products which are of a premier category or so. So in the overall game, including the insert player, our share would be much smaller and large part of our customers would be more of D2C or the brands itself. Not something very significant that I can talk about.
operator
Got it, got it. Sir, one question again was on the margins. So you know several quarters back at one of these calls you, I mean the team used to mention about margins can reach a range of like 12 to 13% on the upside. So does that number still hold or it could do even better than that considering how we are able to now scale up the margins and once the aircraft is stabilized and growth is also coming back. So do you think what could be the peak margin? I’m not really asking for any specific number. But what could be the broad range? If you could indicate abroad the number where we could see this margins can have potential upside there.
Sagar Patil
Yeah, we can target that level of margin. But see the 12 13% that we saw were post Covid impact that we had seen. But the way we are also trying to devise or improve the margins not impossible to get to those levels of margin in the medium to long term I would say. Yeah.
operator
Got it, got it. So I think, yeah I think we are largely done with the questions. We’ll just take one last question from the chat window only. So it’s again related to some sort of guidance only. But if you just ignore the number. But in air and ground what could be the growth outlook? Can air still do 8 to 10% which has not been the case for this quarter at least. So can air grow at around 8, 9% which you have been mentioning in in a normalized scenario that it can grow at around that level. And what about the ground growth? Since we are on a low base we have grown around 22%. So can this 20% plus growth continue for some period at least?
Sagar Patil
Oh it can. I mean we are one of the major players in air when it comes to Express Express products and given the the recent Philip that we are getting on the economy on the Terry fronts and all, I think it always it is possible but then can’t really comment or comment about any percentages that can come in.
operator
Right, sorry, just one follow up on that. So this GST cut which had happened, have we seen any, any big impact due to that and do we really see that positive impact continuing or was it restricted to this largely this quarter only.
Sagar Patil
We saw both positive and negative impact of GST Catalyx in September while we build the resources for first couple of weeks till 22nd of September we saw a muted movement. But at the same time the last quarter of our last week of September we saw the volumes increasing to an extent. It continued in October. We do not from from our industry our the volume customer that we see we have not seen a very significant continuation of that impact. It might be there for the larger FTL kind of movements or the industries where we are not servicing as much. But otherwise, I mean we don’t see a significant impact continuing after maybe a couple of months.
operator
Got it. Got it. So I think, yeah, that’s, I think those were the questions. Sir, I would just like to hand over the call to you for any closing comments.
Sagar Patil
Yes. So thank, thank you for, thank you all for your questions and comments. As I mentioned, this is a, I mean ours is a business where we are, we continue to work with a stable network. Not very significant ups and downs. The, the idea is to improve the business as while growing kind of organically. And we expect the process of improvement will continue and hope to improve the numbers better in the, in the coming quarters. That’s all from us. Yeah. Thank you.
operator
Thank you. Thank you so much.
MR. Tushar Gunderia
Thanks, sir, for thank you so much for the call. Thank you, investors.
operator
Thank you. Thank you. Thanks everyone for joining. Thank you.
MR. Tushar Gunderia
Thank you.