ECOS (India) Mobility & Hospitality Ltd (NSE: ECOSMOBLTY) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Priyanka Bhagat — Account Director, Investor Relations & IPO
Rajesh Loomba — Chairman & Managing Director
Hem Kumar Upadhyay — – Chief Financial Officer
Analysts:
Unidentified Participant
Vaidik Bafna — Analyst
Senthilkumar Natarajan — Analyst
Jainam Shah — Analyst
Niraj Vijay Kamtekar — Analyst
Sahil Sharma — Analyst
Madhur Rathi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Ecos Mobility and Hospitality Limited Q1FY26 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 touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms. Priyanka Bhagat from Ad Factors Investor Relations Team. Thank you. And over to you, Ma’. Am.
Priyanka Bhagat — Account Director, Investor Relations & IPO
Good afternoon everyone. Thank you for joining Ecos India Mobility and Hospitality Ltd. Quarter one financial year 26 earnings call. We are pleased to have you with us today. Leading the discussion is our Chairman and Managing Director Mr. Lajesh Lumba along with our Chief Financial Officer Mr. Hem Upadhyay. Please note, some statements made today may be forward looking and actual results may vary due to external factors.
With that I will hand over to Mr. Lomba to share his insight on this quarter’s performance. Over to you sir.
Rajesh Loomba — Chairman & Managing Director
Thank you Priyanka. Good afternoon everyone. Thank you for joining us today for Ecos India Mobility and Hospitality Limited’s Q1 FY26 earnings conference call. Eco Mobility is the leading mobility company with a Pan India presence offering ground transportation solutions in two key segments. Employee transport services which we call ETS and Shofford Car Rentals which we call CCR. We operate mostly in the B2B segment and remain focused on driving growth by adding new clients including wallet share from existing clients and expanding into new geographies both domestically and internationally. With a growing emphasis on employee safety, the return to office momentum and ESG mandates for large enterprises, the demand for organized tech enabled mobility partners are expected to accelerate.
ECOS is well positioned to capture this trend. We currently operate in over 110 cities across India and have a presence in over 30 countries serving Fortune 500 companies, BSC 500 firms, global capability centers, IT, its companies, travel and event companies and fast growing Indian enterprises. Besides a small number of retail business also, these organizations rely on ECOS for scalable, safe and technology driven mobility solutions. With that brief on our company, let me take you through some of the highlights of Q1FY26. As you are all aware, Q1FY26 was a volatile period for the hospitality and travel sector with travel sentiment significantly impacted by heightened cross border tensions.
However, for Ecos, Q1 FY26 was the best quarter ever in revenues as well as gross margins in relation to Q4FY25 the background being that Q1 is historically a lower quarter. Now the resilience of our client base and our extensive geographical presence enabled us to deliver strong top line growth while maintaining our gross margins. We commenced the year with strong operational momentum and a solid traction across our core businesses. The total trip volumes grew around 20% year on year. Now this performance reflects sustained enterprise demand and underscores our ability to scale efficiently in high value mobility verticals even in little difficult times.
The momentum was also visible in our client additions. We onboarded 53 new clients during the quarter taking our active client base to 1189. Out of these clients, 55 sorry 45 plus clients are Fortune 565 plus clients are BSE 500 corporates. These wins of accounts span the IT, BFSI, pharma consulting and other sectors underscoring the industry wide shift towards organized reliable mobility partners. I’d like to share that among them was also a very large Fortune 500 company which placed its trust in Eco by replacing 12 vendors across six locations with Eco Mobility as a single managed service provider responsible for the fleet, for specialist staff to the company and managing end to end operations using technology.
With this our base of large clients where with a single service provider has now grown to eight such clients. Our fleet capacity also expanded to 15,000 plus vehicles with 946 owned fleet. This enables agile asset light scalability. We also added 113 owned fleet during Q1 FY26. I’m happy to share that retention amongst our long standing clients also remains as strong as ever. 59% of our Q1 26 revenue came from clients who have been with us over five years now. This reflects the enduring relationships we have nurtured and the consistent value that we deliver as we continue to strengthen backend efficiencies from real time tracking to smart technology.
30% of this quarter’s bookings were powered by Cab Drive Pro by API Integrations and our Customer act which are technology. As the technology channels to receive bookings, our tech investments are not just paying off, they’re shaping the future of a fully digital ECOS rise in use of our end to end CCR platform, cadbio Pro and API integrations. In addition, I’m happy to share that implementation of a new version of our full stack technology RentNet has also started which will result in greater efficiencies.
Now t hese initiatives underscore our intent to build a tech enabled globally relevant mobility platform for the future. We are making strategic investments which will ensure and secure a lasting presence in the industry, setting us apart from the other players. About our costs, I’d like to share that the percentage of employee cost to revenues remains stable in Q1FY26 versus Q1FY25. The increase in the absolute terms were driven more by higher operations headcount to support the growth along with additional provisions for talent retention and employee engagement initiatives over and above normal increments in bonuses. As a listed entity, we take pride in our disciplined execution balancing growth, governance and long term value creation for all shareholders.
Our journey has been self funded, scaling consistently through external capital, reinvesting profits and growing through operational strength. Looking ahead, we anticipate continued double digit growth with margin stability supported by tech led efficiencies. This year we focus on investing in technology to enable us to enter new markets as well as increase our presence in existing domestic and international markets. Our focus continues to remain on a sustainable, profitable expansion.
With that I’ll now hand it over to our CFO Mr. Hem Kumar Upadhyay who will take you through our financial performance in detail. Thanks over to you Hem.
Hem Kumar Upadhyay — – Chief Financial Officer
So good afternoon everyone and thank you Mr. Rajesh. I will now take every one of you through the key financial metrics that underscore our operational performance for this quarter. If you talk about the revenue Revenue growth for the quarter has been at the rate of 22% higher than our guidance of 15 to 18%. Though we are witnessing strong growth trajectory, we maintain our revenue growth guidance with aim to achieve it at a higher side. Gross margin has been stable on year on year basis. However it has declined sequentially from Q1FY25. It’s mainly on account of change in mix of ETS and CCR which is 60 to 40 in Q1FY26 in comparison with 55 to 45 in Q4FY25.
Employee cost the reason for increasing in the employee cost mainly on account of the addition of the operational staff for future growth. Annual increment provision for bonus provision for employee engagement earlier we used to book whenever we used to incur. Now we will provide certain amount every quarter. The run rate of the employee cost will continue as this is the new and normal base. The revenue from operation for this quarter stood at 1811.19 million as compared to 148 8.89 million in Q1 FY25 reflecting year on year growth of 21.65% primarily driven by by almost 19.28% increase in number of trips across both the business segments CCR and EDS.
The EBITDA increased by 5.59% in Q1FY26 to rupees 218.55 million as compared to rupees 206.98 million in Q1FY25. EBITDA margin stood at 12.07% in Q1FY26 compared to 13.9% in Q1FY25. With the 183bps moderation reflecting new practice of provisioning expenses like employee engagement annual bonuses whose impact on the EBITDA 0.70% along with prudent provisioning of doubtful debts from a government client whose impact is 1.10% over the EBITDA for the strengthen the long term business resilience. Excluding these provisions, our margin stood at around 14% which is within our guiding range of 13 to 15%. The pad for this quarter stood same in line with the last year quarter around 132.87 million.
So thank you everyone for listening. Now I open. No, I will hand over the discussion to me Rajesh for the closing comments. So now the floor is open for questions. So you can ask the questions.
Questions and Answers:
operator
Thank you sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Vedic Bafna from Monarch Network Capital Ltd. Please go ahead sir.
Vaidik Bafna
Good afternoon sir. Congratulations on good set of numbers, sir. Basically I just want a clarity on the operating margins which we are looking forward as. Because as we see that our employee cost has increased by around 2029% on a Y basis. So you’ve given the reason for that. But sir, for other expenses we have seen a sharp increase in that as well. However, on a sequential basis the absolute number chance as it is. But is it fair to assume that we can build same kind of numbers going forward as well in the other expenses around 8 crores of other expenses for each quarter?
Hem Kumar Upadhyay
No. Can I answer?
Rajesh Loomba
Yeah.
Hem Kumar Upadhyay
So the 8 crore is something which include an exceptional item which we have provided against the doubtful debts. So it will be remain minus to that. It will remain within the same parameters during this coming quarter as well. And whatever cost which we cost we were incurring on a time basis like some festival expense or some one time Things which happen in a particular month. Now with providing all those expenses on quarterly basis in RP&S so that their impact should not be reflect in in a single quarter.
Vaidik Bafna
Okay, got it. Answer. In terms of employee cost. So sir, now 19 and a half, 20 crores. So this kind of run rate should be built for coming quarters as well. I mean for the full year can be built in around 75 crores of employee cost.
Hem Kumar Upadhyay
Yes, yes, yes.
Vaidik Bafna
So sir, this quarter we have achieved a 12.1% EBITDA margin and we are guiding for EBITDA margins in the range of 13 to 15%. So sir, do you think that it is still achievable so because one or the other quarter we will have to reach around 14, 14 and a half percent EBITDA margin in order to reach that 13% guidance. 13, 13 and a half percent guidance for full year.
Rajesh Loomba
No. So if you look at it, the EBITDA margin is down only because of these provisions. Otherwise on operating business our EBITDA margins are sustained to around 14% only. So that 1.83% 0.7% comes out of the provisions which we were not doing earlier and we were you know, charging them as and when those expenses were incurred. And 1.1% comes from the doubtful debt. So 1.8% is coming from there only which is reflected in fact we have had some cost reductions also in the other expenses and all. So we are very confident of maintaining that actual on the operating business are EBITDA margins of around 14%. So even in this we have maintained that we have to remove the provisions. The provisions are either from the past doubtful debt and the other is from the provisions that we’ve taken for future expenses.
Vaidik Bafna
Provisions. So sir, these provisions wouldn’t be carried forward in another in the coming quarters as well. Right. So these are some one offs we c an say.
Rajesh Loomba
You know, they will be the doubtful debt hopefully will not be carried over in the next other quarters. But the provisions for let’s say employee engagement or you know, bonuses and all that, that will get carried over so that they don’t go and hit in a large amount in one quarter.
Vaidik Bafna
Got it. So earlier.
Hem Kumar Upadhyay
Yeah, the impact on the margin will equalize during the quarter. So you will not see any sudden increase in any numbers because of a particular reason like this.
Vaidik Bafna
Okay sir. And sir, in terms of revenue guidance we achieved a 22% growth this quarter. So sir, can we upgrade our revenue guidance because since we achieved a higher growth in Q1 around 181 crores with a 22% growth. So going forward, what kind of number are we looking for? FY26.
Rajesh Loomba
I would still keep it between 15 to 18%. But I’m confident of going and hitting the higher range of this 15 to 18 range. That I said.
Vaidik Bafna
Okay, sir. And sir, can you let us know as to which region is growing at a faster pace? In the last quarter we experienced that there was a good growth in the southern region, in the Coimbatore region. So any new city or any new region which is doing good in this q uarter.
Rajesh Loomba
Bangalore did better and Mumbai did better. In this quarter, both Bangalore and Mumbai.
Vaidik Bafna
Bangalore and Mumbai.
Rajesh Loomba
Yeah. So. Yes. Yes. Even the Delhi NCR region did better than last time. Yeah.
Vaidik Bafna
Okay. So that’s it from my side. Thank you.
Rajesh Loomba
Thank you.
operator
Thank you. Participants, if you wish to ask a question, you may press star and one on your touch tone telephone. The next question is from the line of Mr. Senthil Kumar from Joindre Capital Service Limited. Please go ahead.
Senthilkumar Natarajan
Hello. Good afternoon sir. I’m audible. Hello. Am I audible?
operator
Yeah, yeah.
Rajesh Loomba
Audible.
Senthilkumar Natarajan
Thanks for the opportunity. Actually I have a question on gcc. Could you share the revenue contribution from GCC customer in this quarter Q1 of FY26 and what could be we can expect for FY26 full year? So GCCs are our large clients in the ETS segment. And I would say the contribution of GCCs in the ETS would be around 60%. We are all seeing a good growth of GCCs in India and we hope to keep acquiring a good number of GCC clients going ahead. Also. Any addition this quarter? Sir, particularly in Q1 GCC customer.
Rajesh Loomba
We added seven customers in employee transportation out of which I think around five customers were GCCs only.
Senthilkumar Natarajan
Okay, thank you. And my second question, could you provide the working capital cycle in a particularly receivable date as on June 2025?
Rajesh Loomba
I’m sorry, can you repeat?
Senthilkumar Natarajan
R eceivable days as on June 2025? Okay. Capital cycle.
Hem Kumar Upadhyay
Your voice is not clear. Your question is also not clear. Can you repeat the question?
Senthilkumar Natarajan
Sir, I just want to know what is the receivable day? That of days. 45 days.
Hem Kumar Upadhyay
Around 45 days for our company.
Senthilkumar Natarajan
Okay. As on June, right?
Hem Kumar Upadhyay
Yes.
Senthilkumar Natarajan
Okay. And lastly, what is the net cash as on June 2025? Sir, net cash.
Hem Kumar Upadhyay
Availability is 123 crores.
Senthilkumar Natarajan
Okay, got it. That’s just one issue. Thank you. Thank you.
operator
Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Janam from Aquarius Securities Private Limited Please go ahead.
Jainam Shah
Yeah hi sir, I hope I’m audible so this question is regard to the contribution of the CCR and ETS segment last quarter it was 5545 this quarter is 6040 so of course it changes according to the new client addition and all other things what kind of mix we are expected to see for let’s say next nine months or next 12 years. Of course our focus will not be on the mixed part but this is just wanted to get a sense on how EBITDA margin or let’s say gross margin will pan out going forward because of this mix.
Rajesh Loomba
S o it will remain in that 40 to 60 range for both depends on where the revenue realization happens more during the course of the year so very hard to predict so I would not like to you know venture out a number but it should remain in that range and that’s how it has been for many many years.
Jainam Shah
So just on the international business how much has been the revenue contribution for this particular quarter?
Rajesh Loomba
I don’t have the number with me right now. J we can forward that to you.
Jainam Shah
Sure sir. So just on the cash part the free cash available is with because it’s around 123s. Of course we’ll be paying dividend in upcoming month after it also will be having a very good amount of cash and I believe our capex is very low given that we are adding only few vehicles in our own books Any specific any specified purpose for the cash utilization or how we will be you can say going forward looking at the cash balance.
Rajesh Loomba
We are still looking for the right fit for an acquisition as beyond buying the own cars that is one you know goal that we have but we have but it’s only the right fit both culturally and in point of view of returns if we able to find a good acquisition target which you know adds value then we would look at that.
Jainam Shah
If you can give t he number of number in terms of how much capex we have done in the one case you.
Hem Kumar Upadhyay
So in this quarter we have done capex of around 13 crore so far we have procured around 113 vehicles so our capex is 13 crores for this quarter and also during end this quarter we have placed orders around 6 crore so with around 60 to 70 vehicles who they will delivered during this quarter of second quarter.
Jainam Shah
Okay and annualized rendered will be in the range of probably 30cr or something or more than that?
Hem Kumar Upadhyay
S o it should be around 35cr. If we see the previous just it’s not fixed. It may be the on the higher side also and be around that also. But at keeping the previous year trend. This should be around 35 cross.
Jainam Shah
Got it sir. That’s it for myself. If I have anything, I’ll join with you.
Hem Kumar Upadhyay
Thank you.
operator
Thank you participants. If you wish to ask a question, you may press star and one on your touch tone telephone. The next question is from the line of Mr. Shobham from RV Investments. Please go ahead. No sir, could you speak a little bit louder?
Unidentified Participant
Am I audible now?
operator
Yes, please go ahead.
Unidentified Participant
As you can see there’s a growth in top line but there’s not much g rowth in bottom line. Can you do a reason for that?
Hem Kumar Upadhyay
So if you see our operating margins. So our operating margin is stable in both the reported quarter Quarter 1 of previous year and this year. As I mentioned in our initial speaker that there are few components like around 0.7% impact of some bonus or employee engagement things we have taken in this quarter and some provision for bad and doubtful debts around 1.10% on the EBITDA. If we remove the impact of those 1.8 or 1.9%. So our EBITDA margin is around 14% only which is the in line with our margin on Q1FY25. And overall the sad margin that our margin will remain around 13 to 15%. So we are within that parameters only.
Unidentified Participant
Okay. And can I get an items of FY26 the number of net profit.
Hem Kumar Upadhyay
Sorry.
Unidentified Participant
can I get the growth part? Like we have have the revenue of 654 crores last year. So what’s the target for this year?
Hem Kumar Upadhyay
So we we are having the target between 13 to somewhere. 13 to 15% only.
Unidentified Participant
Okay.
operator
Thank you. The next question is from the line of Mr. Neeraj from Prospero Tree. Please go ahead.
Niraj Vijay Kamtekar
Hello. Hello. Am I audible?
operator
Yes.
Rajesh Loomba
Yes.
Niraj Vijay Kamtekar
Thank you Sir. Sir, our GP margin is around 26 to 27%. So is it possible to improve the GP margin by buying the new car or adding the new plates in on vehicle?
Hem Kumar Upadhyay
So gross margin is somewhere around 27.5% on between 27 to 28%. Can you repeat your question once again sir please?
Niraj Vijay Kamtekar
My question is that our GP margin is 26 to 27% or 27 to 27 and a half percent. So is it possible to improve the GP margin by having our own more vehicle or more fleet rather than relying on the vendors?
Rajesh Loomba
Yes. So that is always our endeavor to increase our GP margin by negotiating better by having owned vehicles. At the same time the gross profit Margin is also dependent on the mix of the business. Typically ETS is a lower margin business on a gross basis than ccr. So in the quarters that Etsy does better than CCR our margin may moderate out a bit. While if CCR does better then the margin also the blended margin becomes higher.
Niraj Vijay Kamtekar
So is there any plan to add the new fleet or to remain a satellite model as currently what we are?
Rajesh Loomba
Yes, we will remain asset light only. We will have our own fleet, also a substantial own fleet. But at the same time majority of our requirements have been met and will be met with our large set of vendors that we have.
Niraj Vijay Kamtekar
Okay, answer. And in our income statement there are the tools thing. The cost of services and employee benefit expense are separately shown. So does the employee benefit expense include the driver salary paid by the company on on vehicle or it is included in the cost of services.
Rajesh Loomba
So it includes for a few drivers who are on the roads, it includes for those which is a very very small number, I think 30 or 40 sorry, 60 odd drivers over there. But for the rest.
Hem Kumar Upadhyay
This included the cost of service.
Rajesh Loomba
Included in the cost of service only.
Niraj Vijay Kamtekar
Okay, and. And sir, my last question is what will be the growth driver for the growth driver for the companies for the near future?
Rajesh Loomba
The new future, the growth driver is you know, consolidating what we do best in both eps, ccr. Leveraging our brand, our visibility, our operational excellence to get more and more clients. We are as you’re aware this is a highly fragmented business. Till date only 15 to 20% of the market is organized is to grab more and more share of the unorganized market and also be become single vendor of choice as a managed service provider to more and more clients. Like I just mentioned about, you know, one very large Fortune 500 company which removed 12 vendors and made gave us the responsibility of managing the entire transportation including the staff.
Niraj Vijay Kamtekar
So if you permit I ask last question. Do we have any number of plates with the Uber and Ola? Because the some competitor has added their vehicle with the Uber under the Uber Black. So do we have some such arrangement with any, any taxi radio services, Rapido Uber, Ola, any with anyone?
Rajesh Loomba
No, as of now we have decided not to go that route.
Niraj Vijay Kamtekar
Okay, all the best sir. Thank you. Thank you. That’s all from the mind.
Rajesh Loomba
Thank you.
operator
Thank you. The next question is from the line of Mr. Jenam from Aquarius Securities Private Limited. Please go ahead.
Jainam Shah
Yeah, I said thank you for the opportunity again. So the employee headcount that we are talking about in terms of addition that we have done in the recent quarter. Any specific division or any specific segment, let’s say finance segment or sales segment we have added in this quarter. And what could be the, let’s say target that we will be having with this employee addition in terms of revenue growth for next two years after 26.
Rajesh Loomba
So most of the employees that we have added in this quarter have been in operation general. This is to, you know, beef up our operations for and because of the, you know, good number of clients that we have signed up and to ready them for handling the growth and the operations, you know, which will, the scale will increase. So we have to make sure that our people are in place so that you know, wherever we acquiring the clients, we should also have the revenue realization of those clients. And ensuring people are well trained and well engaged into the company and its culture is very important to do that.
Jainam Shah
That’s it for myself. Thank you.
operator
Thank you. Participants, if you wish to ask a question, you may press star and one on your touch from telephone. The next question is from the line of Mr. Akshwara from Praj Financials. Please go ahead.
Unidentified Participant
Yeah, hi sir, I just wanted to ask on the doubtful deck. Is it on a recurring basis on an annual annually, do we have such a recurring cost in terms of percentage like 1 or 2% or is it just one off?
Hem Kumar Upadhyay
There is no such recurring cost we are expecting as of now.
Unidentified Participant
Okay, and how do we do?
Rajesh Loomba
Our bad debts have been very, very minimal if you look at, you know, the previous financial statements. So here we are taking in just as an ample precaution we’re taking this provision. Yes. Although there is no dispute as such with the client yet. But sometimes it takes longer and you one may have to use legal remedies to get the payment right.
Unidentified Participant
Just to extend on that, do we usually file a complaint or lawsuit or anything or we just then let go the revenue?
Rajesh Loomba
No, no, no. So we will take it to the logical conclusion. Whatever is needed to be done, we will be doing the same.
Unidentified Participant
Okay, and do we expect any such provision written back or is it in the process?
Hem Kumar Upadhyay
Yes, yes, that may be. That may be possible because we always that Rajesh said that we are in regular discussion with the client. So keeping our history into mind that we don’t have much bad debts. So in this case also we will settle the things and there may be possibility that we need to write it back in the favor of company.
Unidentified Participant
And this is usually from CCR or Etsy.
Hem Kumar Upadhyay
No, this is from business. So no, no specific to ETS and ccr.
Unidentified Participant
Okay.
Rajesh Loomba
And usually There is no bad debt.
Hem Kumar Upadhyay
Usually there is no bad debts. So. Yeah.
Unidentified Participant
And sir, another question. Can we get a breakup on revenue from economy premium luxury? Like what percentage of revenue comes from from each of these segments?
Rajesh Loomba
We don’t have it readily available right now but we would share it. If you were to give your email ID to.
Hem Kumar Upadhyay
Sure, I’ll contact you. Thank you.
operator
Thank you. The next question is from the line of Mr. Sahil Sharma from Dalmas Capital Management Ltd. Please go ahead.
Sahil Sharma
Yeah, hi. Thank you for the opportunity. I hope I’m audible. So I just wanted to, just wanted to understand more on this ETS to CCR mix. So is this because of the new customers that you have added for like more you know, ETS customers or is it because of lower demand due to seasonality in this CCR segment?
Rajesh Loomba
I’m sorry, can you just repeat that? It wasn’t very clear.
Sahil Sharma
So I was asking like is the this mix change, is it because of the new customers that we have added and you know, they are more the ETS customers or is it because of some seasonality impact and CCR demand is lower?
Rajesh Loomba
No, no, no. So this is more about new customers added into ETS and CCR also. I think this is the best quarter we’ve had. That’s a continuing phenomenon. So around 45 clients were also added into CCR but they were, I guess both the divisions were running very fast. It’s just that maybe ETS ran faster.
Sahil Sharma
Okay, I understood. And can you throw some more light on the technology initiatives that you’re taking like for in house processes as well as for the customers?
Rajesh Loomba
Yes. So in house we have our own full stack technology called Rentnet. We have just started implementation, we were doing the user acceptance testing earlier. Now we have started implementation of the new software across the organization. So which consists of, you know, the driver app, customer app, API integrations and the main booking and operations engine which drives everything.
Sahil Sharma
Okay. And on the customer side ?
Rajesh Loomba
So customer sidem we have the customer app. We have a product called Cap Drive Pro which gives a full dashboard and visibility to customers for all their employees movements using the CCR cars across India or globally. Beyond that we are also developing now a new technology which would take care of the coming trends in technology and travel technology globally which we can offer to our customers which I think should take another year or so to get done.
Sahil Sharma
Wonderful. Thank you so much. That was so nice.
operator
Thank you. Participants, if you wish to ask a question, you may press star n1 on your touch tone phone. The next question is from the line of Mr. Madhur Rati from CCIP. Please go ahead sir.
Madhur Rathi
Thank you for the opportunity. Sir, what is the margin difference between the CCR and the ETA segment?
Rajesh Loomba
I would say there would be around 8 to 9% difference in the margins at the gross level.
Madhur Rathi
In favor of ccr, right?
Rajesh Loomba
In favor of ccr, Correct.
Madhur Rathi
Got it sir. My next question would be. Sir, you have mentioned that there’s vendor consolidation happening at most of our clients. So. this eight lines where we are the source, the ecosystem, sole source vendor. Sir, what percentage of our revenue would be this answer in terms of trade? Sir, are the margins or working capital better for these single source customers? Or if you could just help us understand how does that work?
Rajesh Loomba
So I don’t have this data available in me right now. But yes, it’s. It’s a growing trend that we are now seeing and which also aligns with our thesis and philosophy that eventually as a single vendor we offer a lot of efficiencies and value to the customers. And customers are also now understanding that the company like eco understanding and the credibility it enjoys, it can be trusted. And you know, because for a customer they had both multi vendors because of they don’t want to put all the eggs in one basket etc. But it also brings a hell of a lot of headaches and variance in these level of service, SLAs compliance, governance and ethics for them, the right partner. We see that a lot of clients are willing to shift to a single vending model. And we hope to be taking more and more inroads into that.
Madhur Rathi
Got it. So in these kind of contracts are we getting better working capital data days or is our margin profile better for as you are providing seamless integration to our customers?
Rajesh Loomba
File is similar only I would say somewhere it may also go down a bit because you have to pass on the efficiencies to the customer. But what you do get is a higher value per customer. And of course the lifetime value is also among us in that case.
Madhur Rathi
Got it sir. And I’m relatively new to our business model understanding. So how do we think from capacity utilization perspective or how should we look at from a capacity utilization perspective of our vehicles?
Rajesh Loomba
So our own vehicles that we have, we have more than a 90% utilization of our own vehicles. And as far as our vendors vehicles are concerned, we provide them maximum of their business. And as far as their full capacity utilization or optimization is concerned, it is their responsibility, not ours.
Madhur Rathi
Okay, got it sir. That was from mention. Thank you so much and all the best.
Rajesh Loomba
Thank you.
operator
Thank you the next question is from the line of Ms. Shloka Mehta, an individual investor. Please go ahead, ma’a m.
Unidentified Participant
Hi. Thanks for the opportunity. Just two questions from my side. Firstly, what is the percentage mix of bookings done directly and via travel desks? And second, is that what is the difference in the margins when booking is done via travel desks and when done directly.
Rajesh Loomba
Travel desks. You mean through travel agents?
Unidentified Participant
Yes, that’s right.
Rajesh Loomba
Okay. Okay. So our travel agents are an important part of our ecosystem. But they are very. Not a very large part. I would say only an approximation I can give. But. But I think I. We would rather come back to you with the right number. It is not a very large percentage of our total business. Majority of our business is direct from our corporate clients.
Unidentified Participant
Okay, got it. That’s it. From my side.
operator
Thank you. Ladies and gentlemen. That was the last question for this session. I would now like to hand the conference over to Mr. Rajesh Lomba for closing comments. Please go ahead, sir.
Rajesh Loomba
Yeah. Oh, thanks so much. So thank you for joining the call today, everybody. As I mentioned in my opening remarks, the April to June quarter was a challenging one with several geopolitical developments unfolding right in the middle of peak summer and travel season. However, despite these headwinds, I’m pleased to share with you today that we delivered a very strong performance. Our top line, as we mentioned before, grew by 22% with a steady bottom line and gross margins. We continue to make strategic investments with a focus on enhancing customer experience and strengthening our technology capabilities. These are initiatives that I believe will support the company’s growth over the long term.
We are also increasing capacity in operations at the same time to ensure smooth fulfillment of projected business growth. This ops heavy hiring ensures that as demand increases, the capacity is already in place enabling faster revenue realization. So thank you so much once again for your patience and for the insightful questions during the call. For any follow up queries, please reach out to our investor relations partner at Factors who will be happy to assist you. Thank you.
operator
Thank you, sir. On behalf of Ecos Mobility and Hospitality Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.