MAHINDRA LOGISTICS LTD (NSE: MAHLOG) Q4 2025 Earnings Call dated Apr. 22, 2025
Corporate Participants:
Rampraveen Swaminathan — Chief Executive Officer
Ashay Shah — Head Last Mile Delivery
Unidentified Speaker
Analysts:
Shogun Jain — Analyst
Amit Dixit — Analyst
Alok Deora — Analyst
Krupashankar NJ — Analyst
Vikram Suryavanshi — Analyst
Shah — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Mahindra Logistics Limited Q4 FY ’25 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 the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Jain from Strategic Growth Advisors. Thank you, and over to you, sir.
Shogun Jain — Analyst
Thank you. Good evening, everyone, and thank you for joining us on the Mahindra Logistics Limited’s Q4 and FY ’25 earnings conference call. I hope everyone has had a chance to view our financial results and investor presentation, which were posted on the company’s website and stock exchanges today. We will begin the call with opening remarks from management, followed by an open forum for Q&A. Before we begin, I’d like to point out that some of the statements made during today’s call may be forward-looking. A disclaimer to that effect was included in the earnings presentation. I’d now like to invite Ram to introduce his speakers and thereafter make some preliminary remarks. Over to you, Ram.
Rampraveen Swaminathan — Chief Executive Officer
Thank you,. Good afternoon, everyone. I hope you all have had a chance to see our earnings release some time ago and also an important organization announcement we made about our leadership transitions in the company. I’m joined today by Dr Anish Shah, the Chairman of Mahindra Logistics here Mahindra Group, Mr, who currently serves President of the Farm sector at Mahind Jain Mahindra and others members of our management team, including Saurabh, CFO; and, who is the Company Secretary of the company. Before we — before I to the operating commentary of the business, let me quickly hand over to Dr Shah to see if to start us off with some opening comments at his hand.
Ashay Shah — Head Last Mile Delivery
Thank you, Rob, and good evening, everyone. I wanted to share a few thoughts and therefore have joined this call for the first 10 minutes or so. And you may have seen the announcement today that Ram has decided to step-down from the CEO role and pursue other professional interests. The Logistics Board has accepted his designation and the Logistics Board has also appointed Sika as the CEO of the company. Is a veteran and a strong leader currently runs the farm business farm equipment sector at Mahindra has done exceedingly well in that role over the last five years.
And you’ve seen the farm business gain significant market-share even from a very-high base and more than doubled its profits over that time period while going through a fairly tough environment at multiple points in that time. Before that Haymoth was the Chief Purchase Officer for M&M and has had a very stellar career. He is one of the top leaders at M&M and has been appointed by the MLL Board. Personally, I’m very excited. The MLL Board is also very excited to have him on-board as CEO. We see tremendous potential in this business and we feel that the foundation that has been built by RAM is a strong one and will help take the business forward and coming in with his experience will make a huge difference to being able to realize the potential that we see in this business.
I would like to personally thank Ram for all his efforts and dedication and hard work-over the years, which has helped build a strong foundation at Mahindra Logistics and wish Himanth and the MLL team all the very best-in helping us taking this forward and realizing the tremendous potential that the business has. Thank you.
Rampraveen Swaminathan — Chief Executive Officer
Is the operating commentary, let me just first quickly welcome Hayman. Haymond has joined us today on the call and through the Q&A, probably he might jump-in, but I think she knows far better than I would ever go side. So that’s great stuff. I just want to echo lot of things Anish said. I have had the chance to be a colleague of now five years in the Group Executive Board and the Menda leadership and is I think a phenomenal person in addition to all his business achievements. I think he has great insights from his supply-chain leadership role in terms of building blocks of our industry as well. And therefore I wish him the very best.
Unidentified Speaker
Thank you, Ram,
Rampraveen Swaminathan — Chief Executive Officer
And welcome him on-board. So with that, let me quickly jump into a bit for update about our strategy, the external environment, just operations highlights and update on where we are with the Express business and the other important highlights for the quarter. In the interest of — I think the interest of time, I’m going to keep my opening comments this time really short and open up really for Q&A from all of you.
So let’s jump into the industry. I think FY ’25 was a year that tested the strength and flexibility of the entire sector. All the players from carriers to freight brokers to logistics start-ups, infrastructure providers, all of us felt the weight of economic headwinds, regulatory uncertainties and of course, global disruptions. As the year has progressed, many of us forecasted or expected an anticipated turning point, but that relief has really not come in and challenges have continued through the year in terms of headwinds. The year also saw a major — some major elections at both central and state levels, which slowed down growth for us, especially from a consumption perspective, which drives a lot of our business.
Yeah. And in general, I think as companies are waiting more for government plans post-elections. I think the recent past, we are seeing positive economic tailwinds, at least from a domestic economy perspective. Recent interest rates — interest-rate cuts and tax relief announced as a budget should start kind of driving an increased level of growth. I think the post-COVID restructuring of demand and consumption cycles, especially on things like appliances and durables, the interruption of the ratings, some of those, I think have — all of them have had some impact in terms of disruption of demand, but they all now past us.
And therefore, I think the industry is looking-forward to a period of stronger growth. Yeah, as this demand increases, so will the need for stronger supply-chain networks and we expect to see more investment, obviously in warehousing, transportation and technology-driven solutions. Now from an end-market perspective, the automotive business remains obviously our biggest end-market and overall industry volumes have been bolstered by the early arrival of the festive season, this change also offered a slight boost to retail activity across key segments. The two-wheeler segment recorded low-to mid-single-digit growth and though I think a real positive thing has been rural demand growth during the quarter.
Our strong discounts and new product launches have helped momentum — have helped maintain momentum. Right in rural areas, while urban demand has still remained relatively subdued. Our passenger vehicle volumes habit this growth, primarily driven by robust performance of SUVs, which as you know, blends positively to us. Commercial vehicle volumes have recorded growth, but it’s on a very low-base given where we were last year and the medium and heavy commercial vehicle segment continues to be constrained, though I think we are all cautiously optimistic about what the future goes.
Our business came on this, right, has been really strong and recently tractor stood out with strong double-digit growth fueled by a bit of a rural revival and improved food grain production, higher MSPs. We are expecting the segment will maintain its growth trajectory backpack of continued positive farm sentiments. The FMCG industry, which probably represents around — a little 20% of our demand and probably a larger part of our growth, it continues to navigate a challenging external environment with another quarter of muted performance. Urban markets are experiencing a sustained slowdown, while rural demand is showing signs of gradual recovery. Our inflationary pressures remain a key concern for most of our end-customers and there is a focus on keeping the — just not just the raw-material cost, but also associated things with logistics cost low. Right.
And while the end industry continues to try to make price hikes across categories, there has been the negative impact of the way volume growth has moved. Urban general trade-in particular continues to face headwinds despite the slight quarter-on-quarter improvement. The consumer durable industry, I think it’s something we are quite positive about in the near-term, near to mid-term. The Indian Meteorological Department’s forecast of above-normal temperatures and potential heat waves already shaping market dynamics. Robust demand for cooling products including racks, fans and coolers is expected as consumers prepare for an intense summer. One of the important things which happened in this industry, especially on fans was the introduction of the BEE DOM last year.
And as that transitions out, I think we are now seeing demand slipping down to more consistent patterns. Our rack firms are actively stocking up to infra supply keep space with this heightened demand, setting the stage for significant growth in the coming months . We see that happening directly from the end industry itself as well as indirectly from our e-com marketplaces, etc., who are serving the same demand. On the industrial side, the cable and wires business continues to benefit from strong B2B demand. This growth is driven by activation of new capacities and recent surge in copper prices, which has triggered kind of a proactive inventory stocking through the supply-chain. Additionally, robust export activity and a healthy rebound in real-estate development are driving volume growth in the wires segment, which has encountered challenges in previous quarters. Very briefly on e-commerce and quick commerce, I think this is a highly researched industry. And I think from our perspective, we have started seeing green shoots in the industry with a renewed focus on some areas, especially around things like a consumer appliance distribution. The grocery segment continues to grow, but the growth of quick commerce has resulted in distribution models for grocery marketplaces kind of undergoing a change and most of them are being forced to their strategy and their way forward. So in this context, I think our recent quarter continued to show continued progress. Some things which went well continued volume growth, right, and order intake, especially in contract logistics. This has been very important. Overall, our revenues grew by 0.2% in the quarter on a year-on-year basis and Contract Logistics was a positive thing. From an order intake perspective, we have completed contracting approximately 1 million square feet of additional space. This is going to basically bring again some of the white space which has challenged us in the last 12 to 18 months. And therefore, we expect this — these projects will get — are under implementation and we expect them at least 1 million square feet to be fully occupied well before Diwali this year. Express has had a better quarter this quarter after a challenging quarter in Q3, where our order intake was soft and our deliveries were also impacted by some operational disruptions. We did see a stronger Q4 despite Q4 generally being sequentially a weaker quarter compared to Q3. Our order intake of new contracts continues to be around 5,000 tonnes per month and we are continuing to focus on expansion of sales, it’s like both by expanding the sales organizations and by focusing on synergies. The overall operations have remained stable. I think our net service levels remain north of 90% on an adjusted basis. And I think as I said the network is well by tune today, though there is obviously a need to kind of bring in more volume into the system. Overall order intake at a company-level remained positive and consistent with prior quarters, slight uptick in contract logistics from e-commerce and FMCG. And as I said earlier, an uptick in our express business. From a full-year perspective, I think our subsidiaries have really done — several of our subsidiaries have really had a very strong year. The mobility business two-by-two and large have performed well on a year-on-year basis. The Wizard investment or Logistics has had a strong profitability improvement in the year compared to the previous year. It remains an important growth lever for us. And so we are — we see a positive kind of shift towards a more stable playbook there. I think which we’re really kind of focused on or kind of watch out really remain more of the same really as we get into this year. Obviously, the most important thing which everybody is talking about is global trade right now, global trade remains pretty volatile with all the tariff actions across the world led by the US administration. I don’t think we really have a perfect ask answer to what exactly will happen. We are continuing to watch this space very carefully, but I think for the forwarding business, we do expect to see a period of volatility in-demand and pricing probably through the first two quarters of this year at least. Right? New project launches have been a challenge in terms of stretched out timelines compared to the past. In the past compared to 90-day 120 day rollouts, which was the norm for us coming out of COVID, we are now seeing like a 150-day rollout on most projects or some even longer and that I think remains a challenge for us. Inflation remains. The third thing, which I think is an area of focus for us, obviously is managing inflation, especially from an from a Mancorp perspective. I think as our operations are pretty widespread, the logistics industry has a high dependence on migrant labor across at least eight or nine major states which we operate in. And given just the broader inflation, the overall economy, I think we are seeing the pressure in terms of cost-control and cost management. I think the management team is focused on solving for all these three things as we — as we look-forward. And of course, the Express business remains a very big priority in terms of getting volume growth in, which has been a priority for us in the last quarter and we hope we will sustain that momentum and accelerate it further in the coming quarters. So just moving on to consolidated financial performance for the quarter. Our revenue for Q4 increased by 8.2% year-on-year to INR1,570 crores. Our revenue from the warehousing segment stood at INR297 crores in Q4 compared to around INR249 crores for the same quarter last year, a growth of around 15%. As we end 2025, the warehousing business has more than quarter pool compared to what it was in 2021. So we continue to be very long and bullish on expanding warehousing and warehousing linked solutions in the company. Despite the short-term challenges we have had around white space in the last 12 to 15 months, it’s something we may believe is a very integral part of the playbook. And we continue to expand and put in new facilities, though with a sharper eye on short-term demand. The supply-chain management business, including our 3PL and Network Services businesses contributed around 95.5% of overall revenue and the mobility business contributed the balance. Gross margin at a fully consolidated basis stood at 9.5% in Q4 ’25 compared to 9.4% in Q4 of the previous year and 9.2% in the preceding quarter of the year. Our gross margin without the impact of the Express business was at 10.3%. To remind you all, I think our broad target has been to be around 10.5% on the basket and excluding MVSPL, we are at around 10.3%. EBITDA for the quarter stood at INR78 crores approximately, up 37% from the same quarter for last year. Our consolidated losses for the quarter were around INR6.8 crores. Pretty much all the entities were positive with the exception of MESPL, where losses have continued to decline year-on-year and sequentially quarter-on-quarter, but obviously something which we need to continue to focus on. With that, let me quickly talk about component performance in a couple of minutes and then I’ll open it up for questions. Let’s begin with the standalone entity, MLL, which hosts — and to remind you all, MLL hosts our contract logistics business and parts of our last mile delivery business. Our revenue for Q4 ’25 was INR1,293 crores compared to INR1,183 crores in the previous year, up approximately on 8.3%. Our PAT for the quarter was in Q4 ’25 was INR13.1 crores as compared to INR7.9 crores for the same quarter last year. Last year, we did have some gains in terms of other income for the same quarter last year. The other income accrual — earnings from other incomes are lower in this year’s Q4 and adjusted for that, the improvement was slightly sharper. The take-forward income despite the recent challenges has had a strong year and revenue for Q4 FY ’25 was INR69.4 crores, up 10% from the same quarter last year, though down sequentially. Our PAT for the quarter was on INR0.8 crores, down from INR1.2 crores last year. A lot of that’s just being the pressure we have continued to see from a pricing volatility perspective. In Q4, as some of the — especially from an ocean perspective, where we’ve had a lot of challenge in terms of the moving prices. The express business, Q4 ’25 revenue stood at INR93.8 crores. Our losses shrunk to around INR23.7 crores for the quarter. Our mobility revenues stood at around INR80 crores for the quarter, down marginally from INR84 crores in Q4 F ’24. I think you would remember probably those of you attend this Q3 call, we had highlighted that we have seen a couple of big accounts churning out towards the end of Q3 and we have got new orders and new customers who are ramping-up slowly and therefore, it will be a couple of quarters before we actually catch-up on revenue rate. Our PAT for the quarter though remained consistent at around INR1.3 crores for the quarter. The Logistics or Express business, revenue for the quarter was INR42 crores as compared to INR32 crores in the same quarter last year, year, a very healthy revenue growth. PAT for the quarter was just about breakeven, right, pretty much in-line — down from Q4 last year. Sitting on a positive side and the lastert is roughly half our last-mile delivery business, the other half sits inside MLL. On a positive sense, I think I think generally Q4 is weaker than Q3 in the last mile delivery business. Given the challenges we’ve seen with the Shing because of Of the e-commerce kind of peak going off. I think our continued focus on growing beyond e-commerce into other markets, I think continues to be real positive. Our last-mile delivery business today, approximately 15% of its revenue is non-e-commerce. And as we kind of start to scale that up, I think we’ll just see more leveling of this business, right, both from segment shifts as well as from richer services such as micro fulfillment. Our 2×2 logistics, which is our automotive car carrier business has stand-out here, but I think continues to do really well. It’s kind of — we — to remind you all, we’ve stayed with this business through a significant downturn, reinvested the business and grown it back. And I think revenue for Q4 F ’25 was INR24 crores, up 60% from the same quarter last year, which was around INR15 crores. PAT for Q4 FY ’25 was INR3.3 crores as compared to INR1.9 crores for the same quarter last year. I think overall revenue breakup between automotive and non-automotive is — auto and farm, I say automotive alone, auto and farm together, auto and ad is approximately 58% of demand. Consumer and e-commerce roughly split the balance, right, right on in general. I think as supply chains evolve and customer expectations continue to increase, we obviously remain focused on driving integrated logistics, right, by expanding the network, investing in technology and just diving on our operational strengths to maintain our competitive advantage. All right. So with that, I’ll open the floor for questions-and-answers and we’ll come back once again for closing comments here. Thank you.
Questions and Answers:
Operator
Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wish to ask a question may press star and one on your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. I repeat, if a participant asks this to ask a question, you may press star and one. If you wish to withdraw yourself from the question queue, you may press star and 2. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. We thank you. We have our first question from the line of Amit Dixit from ICICI Securities. Please go-ahead.
Amit Dixit
Of the e-commerce kind of peak going off. I think our continued focus on growing beyond e-commerce into other markets, I think continues to be real positive. Our last-mile delivery business today, approximately 15% of its revenue is non-e-commerce. And as we kind of start to scale that up, I think we’ll just see more leveling of this business, right, both from segment shifts as well as from richer services such as micro fulfillment.
Rampraveen Swaminathan
Our 2×2 logistics, which is our automotive car carrier business has stand-out here, but I think continues to do really well. It’s kind of — we — to remind you all, we’ve stayed with this business through a significant downturn, reinvested the business and grown it back. And I think revenue for Q4 F ’25 was INR24 crores, up 60% from the same quarter last year, which was around INR15 crores. PAT for Q4 FY ’25 was INR3.3 crores as compared to INR1.9 crores for the same quarter last year. I think overall revenue breakup between automotive and non-automotive is — auto and farm, I say automotive alone, auto and farm together, auto and ad is approximately 58% of demand. Consumer and e-commerce roughly split the balance, right, right on in general.
I think as supply chains evolve and customer expectations continue to increase, we obviously remain focused on driving integrated logistics, right, by expanding the network, investing in technology and just diving on our operational strengths to maintain our competitive advantage.
All right. So with that, I’ll open the floor for questions-and-answers and we’ll come back once again for closing comments here.
Amit Dixit
Thank you.
Operator
Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wish to ask a question may press star and one on your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. I repeat, if a participant asks this to ask a question, you may press star and one. If you wish to withdraw yourself from the question queue, you may press star and 2. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. We thank you. We have our first question from the line of Amit Dixit from ICICI Securities. Please go-ahead.
Amit Dixit
Yeah, hi. Good afternoon, everyone. Hi, and thanks for the question. A couple of questions from my side. The first one is on-contract logistics. So if I look at it, if you can highlight the quantum of unobserved cost that was there in this quarter? And similarly for the — for the four new warehouse locations, what kind of revenue trajectory should we build-in for these? I have — in the prepared presentation, it is mentioned that three of them will start breaking in Q1 FY ’26. And when do we expect these two breakeven on profitability front? That is the first question.
Rampraveen Swaminathan
Okay. Okay, Amit. You want to ask the second question as well? I’ll take them together.
Amit Dixit
Yes, sure. The second question is on the again. So in the last call, you mentioned that you expect 6,000 to 7,000 tonnes of additional monthly volume to achieve EBITDA breakeven. Now this quarter, we have achieved around 5,000. So what is the run — the rate looking like in April and how soon can we achieve the breakeven run-rate?
Rampraveen Swaminathan
Sure. Right. So let me just answer the first one and Saura might add-in some more details as well. I think the contract logistics business, we rarely — we don’t generally have unabsorbed capacity in that business, right? As a normal of business, as you know, we build customized solutions for clients and therefore, we don’t generally have with minimum guaranteed volumes.
Our absorption gaps or if you may are come from two basic things, unsold white space because we do contract out facilities over a period of time, larger facilities do give us cost advantages in terms of construction, but then we had to obviously sell them out as part of our solutions to different customers. Now the second thing which is there obviously is that there are start-up costs as a project takes, I know is being bit out, it does take certain amount of spend as we are currently doing that. We largely expense that spend.
We do not capitalize that spend, right? The — I think we have mentioned earlier on, we generally try to keep our network at around 3% in terms of warehousing space. We have today around is on 0.6 million square feet. We have for most of last year had around 1.5 to 1.7 million square feet of space in the 7% to 8% range. So the first thing which we are doing obviously is to try and reduce that, right? And that would essentially come down over the next — and that’s a comment I made in my opening comments, approximately 1 million square feet of that has been sold. It’s contracts which are under implementation.
And therefore, as you know, all those contracts are peaking up before Diwali and therefore, by September, we should start seeing that INR1 million fully utilized. That INR1 million and I’m just going for some ballpark numbers roughly comes at probably around INR20 per square feet. And you could do site level changes are there, but just at a macro-level right there. Then of course, then be of course, I think I’ve made a specific reference was site listed in the photograph, right? And I think those are all-in some level of operations already. So I think — but let me just talk about each of them. Kolkata right now is a 4 lakh square feet facility.
We have commissioned half the facility already. The other half will get into commission towards August or September based on the construction schedule. The 2 lakh square feet is commissioned is already operating. We are running a grocery fulfillment center and an apparel, let’s see there. The fight project, which you can see there is basically a project which is completely sold-out. That project went live in April and we are building — there is a second phase to it, but the first phase which we have commissioned is around 3.3 lakhs. And that’s fully sold-out. That’s actually all to one customer and it represents a very large national logistics facility for them.
The second phase of construction will start later that year, but it has no impact. We capitalize after construction is done and that’s pretty much sold-out as well because it’s sold to the same. Is approximately a 1 lakh square feet facility. We are going to probably build-out gold live with the first one lakh. Around half of that is essentially sold-out and will get commissioned through the first-quarter of this year, right? So essentially will be completely sold-out. Talkata come half is already sold-out and is already operational. Other half only comes by September. Will probably carry some white space right through the first-half of the year, but small amount of white space, around 50,000 square feet. Puna is a new site, which we are building. It’s a brand-new facility.
As you know, it’s 4.5 lakhs and kind of a benchmark facility for us, lighthouse facility for us in the West and that facility around half of that is — we’re going to — goes into full consumer — full absorption into our book somewhere around July, the end of Q1. And at this stage, we got around — probably around more than half of that sold. We are relocating some of our existing projects there as well. So it’s also not all new projects. It’s in consolidation. So I think from a revenue perspective, therefore, you should start seeing the — the is completely scratched, it’s absolutely brand-new, right? From a revenue and cost perspective, revenue and cost is already there in our numbers. The second phase will come up in September.
Other revenue and cost will start with 50% utilization in Q1 and will actually end will go into revenue and cost by the end-of-the first-quarter of the year. So that’s just quickly on the four projects. And as far as the MESPL number is concerned, I think what we had said is that we usually need to get approximately 6,000 tonnes more per month-to actually be able to get to the EBITDA breakeven level. And if you look at where we finished this quarter, we overall finished around approximately around 2,000 tonnes per month of. We booked orders of around 5,000 to 1,000 tonnes.
But just — and so I just want to clarity for your sake look that Amit — Amit, sorry, we just, Amit. So we book orders and contracts. It takes us several months for the orders to flow-in. So we did in Q4, book around 5,000 tonnes per month of order intake of 4.5 to 5,000 tonnes, around 40% that came through the numbers in the quarter. So you will see that roughly revenue was tonnage was around — was up around 2,000 to 3,000 tonnes per month and obviously, that will continue to have a tailwind through the first and second-quarter. So the way it works is every month — every quarter we would add you know, the volumes of 6,000 to 8,000 tonnes per month and obviously with some — with the — with the conversion ratio, we expect somewhere towards the end of Q2. As of now, I think we expect — or we estimate by that by the end of Q2, we should be in a position to get to that 6,000 to 7,000 tonnes gap. I hope that answered your question, Amit.
Amit Dixit
Great. Thanks a lot and all the best for your future endeavors. I hope our path cross a team. Thank you so much
Operator
Thank you thank you. We have our next question from the line of Alok Deora from Motilal Oswal Financial Services. Please go-ahead.
Rampraveen Swaminathan
Good evening, Alok.
Alok Deora
Hi, good evening. And firstly all the best for your new endeavors and also all the best to Mr Sika for the new position at Mahindra Logistics. So I’ll just quickly jump on the question side. See, just wanted to understand, so if you look at the Y-o-Y numbers, the revenues are lower in the 4th-quarter. And I’m assuming the pricing would not have changed much. It’s mostly the volumes which have been on the lower side. So you know, in the scenario right now, it’s that the first-quarter, second-quarter should also be a kind of a similar than what it was that we would have done in the 4th-quarter. So how do we see this profitability moving?
I mean, you have given a run-rate that some 6,000, 7,000 tons will get added in 2Q. But the market scenario is very difficult in the express side. So just any change we have seen than what we had got in the last quarter.
Rampraveen Swaminathan
Look, I think just first because there’s a bunch of data points in-place, but let me address a couple of them, which I think are most relevant. Obviously, revenue is down year-on-year. Some part of around 3% right compared to Q4 last year and Q4 this year. There is a little bit of that impact, which basically — and I wouldn’t Call-IT substantial, but probably 1.2% this quarter has been a yield. We saw prices shut-down a load, but I think yield is down based on retail versus enterprise versus some volumetric load shifts which have happened. 1.5% to 2% is still because volume is behind where we were in Q4.
So as you know, we had in Q1, we had softness in the market. Volumes actually came down in Q2, we had sold operational issues. Last quarter, I had said that we have picked most of that volume back-in terms of clients trading back with us and we expect that volume to start coming back. And I think around two-thirds of that is back from those clients. We have been filling the rest with new volume. So I think that’s broadly at least what’s happened on a year-on-year basis. I think to the other question you asked, Alok, I think we’ve had this conversation at some frequency.
Obviously, markets are tough right now, especially from the express side. But as I said last quarter as well, we are confidence will start trading up this quarter on a quarter — on a sequential basis in Q3 and Q4, we have been up by around 8% in terms of volume. And I think we are — we feel based on order intake, we should be able to consistently be able to move that up. What’s driving that, I think is a couple of things, which I’ve already said again earlier as well, but just repeat that. I think the first thing is sales coverage. We have historically been — had a sales organization, which was pretty much — which was really focused on depth, large market clusters.
I think after Q2 this year, we have been focused on expanding the sales organization significantly. And as we just put more feet on-the-ground, we just get more coverage of the market and that is one thing which will drive the order intake. The feet of the ground will take some time to mature, but I think that’s an important driver for growth. The second thing obviously is more synergy with the rest of the MLL business. A lot of customers whomish have in 3PL business, they generally are large enterprise accounts and they sign annual contracts, right? And in-between the year, they normally don’t switch customer vendors they already have.
Several customers will come up for rebuilding this year or contracts will come up this year. We have a view on what we think we can win there. And that’s the second lever, which will drive some of this volume movement, Anuk. And third one, obviously is we are putting a higher focus in terms of regional distribution and some newer offerings which are tailoring our offerings more for things like commerce and some segment customization of our offering should allow us to get some deeper penetration in segments we don’t serve very well today.
But those are the three things, reach a synergy as we Call-IT and obviously improve our offerings. And those three should really are what we think will drive the volume and never say never both ways, never say never in terms of can go by, never say never that can actually turn good as well. And so look, as I said, I think we projected in 10%, 9% to 10% growth for Q4. Then we came in at 8%, right, market conditions happened to be tough, but we are obviously working that up and moving it up.
It’s coming at some impact of yield as well, which is a question which you have raised in the past, saying that we — and that we’ve taken cognizance of some of those markets — market issues as well, we’ve adjusted pricing and that’s impacted some yield for us as well as I mentioned. I’ll stop and see if you have anything else to add.
Alok Deora
Yeah. Just one last question. So based on the full-year tonnage, which we would have done in the — in FY ’25, what kind of tonnage growth are we looking for FY ’26 because the street, I mean, most of the other listed players are the larger players in this space are talking about 5% to 7% growth in even in the best-case scenario or so just wanted to understand what kind of growth
Rampraveen Swaminathan
We are coming from the base we are in right now, we are probably looking at on mid-teens, right? So I think as I said, the 6,000 tonnes from where we exited the year is like a mid to high-teens number and that’s kind of what we are targeting right now, look, and that’s got some runway. So I think the market is — but I think as I said, there are some emerging market segments as well like quick commerce, etc., which lend into the market’s growth as well. So we’ll see how it turns out.
Alok Deora
Okay. That’s all from my side. Thank you and all the best.
Rampraveen Swaminathan
Thank you, Alok.
Operator
Thank you. We have our next question from the line of Krupashankar from Avendus Spark. Please go-ahead.
Krupashankar NJ
Yeah, good evening and thank you for the opportunity. The first question is on the housing business.
Operator
Sorry to interrupt, Mr Krupa Shankar your audio is quite disturbed.
Rampraveen Swaminathan
Yeah, it’s kind of it’s kind of breaking., I don’t disturbed breaking for sure. So we want to come back on the queue? Why don’t we just go to Vikram and come back when he comes back on the
Operator
Next participant is Vikram Suryavanshi from PhillipCapital India. Please go-ahead.
Vikram Suryavanshi
Sir, what was the warehousing revenue for this 4th-quarter and full-year.
Rampraveen Swaminathan
Sorry, I said earlier on, our warehousing revenue for the quarter was around INR296 crores, right, up from around INR259 last year. So INR297 crores for the quarter after INR249 crores same quarter last year. For the full-year, warehousing was around INR1,170 crores, right? And I think you will find a more detail of that because the extracts in the investor deck which has been shared. So yes, so there has been a growth of 15% in the warehousing revenue. It was INR984 crores last financial year. It has increased to INR1133 crores, INR1,133 crores this year.
And between quarters — 4th-quarter of last year, it was INR249 crores. It has gone up to INR297 crores, which is approximately 19% higher warehousing solutions revenue. And, I’m just trying to see — you see on other slides, we list our total warehousing space that obviously includes space which we use in our express business, etc., which is in-house. So there is a separate chart which also talks about yield, etc., in the investor deck to help you frame that.
Vikram Suryavanshi
Yeah, I understood. Got it. And just to clarify that, see, whatever whitespace we have save around 1 million-square-foot and we expect it to get utilized by Diwali, which also include the new addition which are coming up in, say, next quarter. So that I can understand.
Rampraveen Swaminathan
Yes. So Vikram, I think the new facilities we sell as we said, some of it’s only coming up by Diwali. That Talkata will come up 2 lakh square feet up by Diwali really and so smaller white space is included in that number which you.
Vikram Suryavanshi
Got it. And just last question about customer side, do we do any business with the and would it be just to give a brief unit economics are similar to our warehousing business only?
Rampraveen Swaminathan
I won’t make a client-specific comment, but I think what I would say with them is that we do work with pretty much all the marketplaces which are there in e-commerce. Some we do integrated solutions some obviously we do specific parts of and first smile for them and so I think this show would be one of those mine which we do work with largely on the midmile.
Vikram Suryavanshi
Understood. Okay, thank you.
Operator
Thank you. We have our next participant From the line of Khrupanshu from Avendus Spark. Please go-ahead.
Krupashankar NJ
Am I audible?, word.
Rampraveen Swaminathan
Yes.
Krupashankar NJ
Hi, thank you for the opportunity. Just wanted to check one part on the warehousing piece. And you did mention that there is a mixed demand environment relating to the overall warehousing structure. Sorry to interrupt again. Mr Kropa. Your voice is quite breaking now. Yes. Let’s why don’t just continue, we’ll answer it to the best I can and then you might just be better. Thank you Ram. Thank you. So with respect to the warehousing division, just wanted to be the confidence with respect to white space fulfillment that I wanted to check, given the mix demand environment, how confident are we with respect to that? So do we want to take it a little bit slower on the expansion going ahead in account of mutant environment in the industry?
Rampraveen Swaminathan
Yeah. This is a great question. I think to be honest, we’ve already done some of that. I think since our white space, we are — as you know, warehousing construction is in 12 to 18-month cycle, if you go from, probably even longer based on some geographies, we are looking at how much land acclamation, etc., we have to do. And therefore, we plan the projects on 18 to 24 months as a kind of a bellwether in terms of planning. And so to the extent we contract something within 18 to 24 months, it’s hard for us to recontract it, right?
And what we have done is, I think since the white spaces challenges started surfacing out in Q4 last year actually, Q4 FY ’24 or Q4 FY ’25 after what was a very, very teperate e-commerce peak, right, and our customers have to kind of take some of that space. As you know,, we’ve kind of really shut-down a lot of expansion, right? The ones which are going down like Fulton is basically a back-to-back with an anchor customer for seven years, right? So, right? So apart from that, almost everything which is some of them like, we have actually pushed back the launch.
So we were kind of reworked construction schedules with customers with partners as well. So at this stage, I don’t think we are actively looking at adding immediately. I think the major focus right now is, is to stake true to our strategy, which is firstly 30% multi-client, 70% bespoke. Okay. And so, Kripa, what we are doing right now is, I think as I mentioned last quarter, we’ve increased the beast book, which is back-to-back in our percentages substantially.
So since Q3 last year, Q3 of F ’25, we’ve not really commissioned any new multi-client facility. All of those have really been stuff which have been — all of them have been bespoke build-outs for — with a back-to-back client. What you’re seeing today is just customer sites which are in-construction from before that. We will wait to see how volume picks up. As Saurab mentioned just now, year-on-year volume is up by 16%, quarter-on-quarter up by 15% year-on-year, up by even more.
So the growth in warehousing in that sense is spanning itself out. Now is there obviously a putting capacity ahead of that demand. So at the right point, you got to break that. We broke it in July last year and I’m pretty sure that the management team going-forward will maintain that discipline in terms of future.
Krupashankar NJ
Yeah. And,, just one thing to add, the one-plus million square feet that you see in the tech, this is the last of our expansion in the BTS space. With this, we will be at about a 5 million square feet from a BTS perspective and there are no further plans or sites that we have announced beyond these.
Rampraveen Swaminathan
We’re going to take a bit of a higher the market really starts shaping up a little bit to the way we like to see it. We also reviewing design standards and so on and so forth. So it’s a good time for us to just hold to kind of recalibrate a little bit. Okay. Any other questions? I hope that answered your question. One more. Yeah. One more on Express B2B express the business. I wanted to check, Ram you going ahead, I think already you did mention in the presentation that the cities would be one of the areas where we’ll be focusing on. Is there know, a large portion of the integrated solution provided pretty tapped in and scope was there to drive your growth in business on the required tonnage for EBIT replacement yeah,, obviously, integrated solutions do add a lot more to add to the express volume cripper that’s one of the reasons why we strategically have an interest in the expert business. It’s a balance of both Regional Express and National Express.
But typically most — it changes by end-markets, but so obviously, as we sell more integrated solutions, we will see the flow-through of that volume. I think your question specifically is currently all our integrated solutions, wherever they use express barring a few exceptions like PIN codes we don’t serve, wherever we do serve, they use our own express business. And so as we get new sites, we will obviously see a pull-through of it.
For example, you know, in Q4, we launched for a very large cosmetic company — global cosmetic company, we launched and distribution center and integrated warehousing and distribution in Nagpur. So that’s a business where the express deliveries or the part truckload deliveries from that DC, which we run together on one platform. That business basically uses — the contact business uses our express business itself to do the PTL.
So you will see that pull-through coming in and we think that’s a very strategic capability for IWD because I mentioned before. So thank you very much and all the very best. Sorry, it’s very difficult to hear you. So probably you can just send some on yours as well.
Operator
Thank you. A reminder to all participants, if you wish to ask a question, you may press star and one. The next question is from the line of Shah from Equirus Securities. Please go-ahead.
Shah
Yeah, thanks for the opportunity. Hope I’m audible. Yes, hello. Yeah. So congratulation, sir, for joining in minor logistics. This question is mainly to him. So basically, of course, it’s very early-stage to say anything but as we see that over the last two, 2.5 years, the major pain for the company has been the Express logistics business. So any view of him like how he will be going ahead with that business and how overall profitability will be coming in probably in, let’s say, say medium-term over next two to three years’ time if we can comment on anything on that part.
Rampraveen Swaminathan
Thank you very much,. I think it would not be appropriate for me to comment on Express Logistics at this stage. I would still request Ram to take this question. And as I slide into my new role from the next quarter, then I’ll be more okay to take such questions. Yeah.
Shah
Yeah. I think already knows my answer. So maybe just fact checking with you. Manit, do you want me to comment on it? It? I’ll give it a — give it a pass. So sir, just one thing on that part. Have you already told about the tonnage that we have been signing in on a consistent basis over the last few months or quarters. Are we doing too much ton that is eventually impacting our revenue growth? And of course, we know overall revenue for this year has not been growing for the Express segment. So what kind of change we can see from this lower base for the next year, the new contracts that we would have signed over the last 12 months.
Rampraveen Swaminathan
So in general, it’s a long question, but I think just two broad data points. I think the first thing is as I said, we exited roughly give or take the same tonnage at the end-of-the year — for a full-year basis as we had in the previous year. That was a stale of two stories, two halves. The first-half of the year, we got severely impact — volume declined given both market conditions and some of the in our network. In Q3 and Q4, Q3 also we had operational issues challenge us to move tonnage in.
But so what we have done at the end of Q4 is basically recover some of that volume and get some new orders and so we just basically mitigated while our new orders continue to come in. We basically had a bunch of churn, which was there in the system. We had to get that churn fixed, which is kind of what we have really done in Q4.
And that’s — I think that’s why there’s a — as you look at the math, if we’re trying to figure out where the new orders have gone, it’s gone into the risk books, is that some of the old orders basically are impacted by churn, right? And that’s kind of why we think that there will be a positive flip. I think and to the other question about how I see the year, I think or how we see the year. I think it’s the same thing which I mentioned earlier on to Alok that we are looking at probably a mid to high-teen growth year-on-year basis what we kind of laid out as some of the sales focus we’re doing.
A large part of the focus right now is strategically on driving the sales engine faster and accelerating that’s kind of what the big focus. Got it, sir. And sir, from an industry perspective, has there been anything
Shah
That has changed over last one year? Of course, we know that competition has increased few players are cutting down the pricing and taking away the market-share and all those things. So anything that has changed from that or this kind of competitiveness is still in the industry? This question is mainly because we are already a kind of a smaller player from the overall industry perspective. So we have a lot of volumes to cater, but we are still at 90 a quarter revenue. So is this competition that might, you can say put our numbers into the check for next year as well?
Rampraveen Swaminathan
So in general, it’s hard to say yes or no to your question because it’s kind of a — it’s self-answering. But what I would say is that our load tonnage is both an opportunity and a challenge, okay. Why we see it as an opportunity is because we have on the side, very significant customer partnerships. As I said, many of them will come in for bidding this year. They generally do a once in a year, once in two-year contract, right? And so that’s something which will come in. I think the second thing which is there is that we don’t measure the network so much by tonnage as much as by delivery capability and coverage.
In that sense, the network, network does serve around 19,000 plus codes, delivers nearly to 7,000 price spin codes directly. You can obviously through boomerangs deliver all the pin codes. And therefore, our value proposition of better, better-quality handling still remains and we think that’s what will — what differentiates us independent of our size in the market. Markets are tough, there’s no question. I think we have seen — I think we are seeing a correction really in this Express business. Our business grew in the COVID period very significantly and that’s quite normal.
Every time the express is time-defined delivery for loopolescent part truckload offer emergency requirements. And therefore, it drives and supply chains are inefficient. The more efficient the supply-chain gets, the lesser you automatic. The more you can plan your volume, the more you can consolidate it and therefore automatically you see the flip is the same thing in cross-border, the more stable the supply-chain, the more you can move to ocean, the less stable your supply-chain, the more you’ll do air, right?
So I think you’re just seeing that toppling happen in the reset. From a long-term perspective, the shift towards part of load will continue to happen. I think you know, I know all of us in the short-term are worried about industry headwinds. I think all of us are also equally optimistic about the medium-term that this has been a secular growth rate which is in the mid-teens across multiple business cycles. And we expect that to kind of continue.
Shah
Got it, sir. Thank you so much and all the very best. Thank you very much.
Operator
Thank you. Ladies and gentlemen, due to time constraint that we’ll take last question from the line of Mahiut from Wealth Managers India Private Limited. Please go-ahead.
Unidentified Participant
Good evening to the entire management, and thank you for taking the last question. I hope my voice is not breaking and it’s clear.
Rampraveen Swaminathan
Just-for-you, please carry-on.
Unidentified Participant
Yes. So firstly, so congratulations to the new management and wishing all the best to Ram in terms of that. It’s been a while since I’ve been looking at logistics in the sense of earlier we were invested and we will look to — but it’s been a while post the whatever is happening at the company-level. So just wanted to understand two, three basic things terms of so that we can pick it up from where we left. You know, in the discussion I followed, I still get the understanding that the warehousing revenues around INR300 crores for the quarter or INR1,100 crores for the year and the balance appears to be transportation logistics, transportation revenues. Then we have freight forwarding, we have express logistics, which are there.
What I just wanted to understand is you know when we looked at this sector, the earlier hypothesis was that the sector is moving towards the 3PL conceptually and it is going to be a lot — a lot more integrated services rather than looking at bits and pieces of services offerings and solutions. Is it still in bits and pieces? And if so, why aren’t we actually moving to such an integrated? And if it is integrated, what is the actual revenue-share of the total integrated the way one should look at rather than bits and pieces, sir? Is the question relevant?
Rampraveen Swaminathan
Yeah, it’s good question. It was great to-end this call. Right. But it’s the only question you have, do you have something else? No, so that is first. And secondly, I know I think many participants were trying to understand and the same question remains is, you know, despite whatever opportunity we have in the logistics space and overall, right from government to every corporate, we are looking at reducing the logistics cost and improving the runway for the entire sector.
Unidentified Participant
The sector remains in a low-margin we talk of EBITDA margin, I don’t know why, but we should really be looking at PBT margins because it is a very different way to look at rental cost now in the post-India. But from a financial perspective, it remains a dismal profitability margin business in that sense in the true sense of — means we barely are able to get even 1% net margins on a consistent basis. So your some of your thoughts from a slightly long-ish perspective over the next two, three years rather than only a quarter? Yes.
Rampraveen Swaminathan
So I think the first part of your question,, I think what we have always mentioned is that while we take — while we go to our customers and provide end-to-end solutions or integrated solutions to them, we report by service line and we report the business by service line to the market because we think because the market is better able to configure our numbers in the context of individual service lines. So contact logistics tends to be our solutions plus our full truckload, distribution and warehousing business.
And then Express tends to be part truckload, cross-border tends to be free forwarding and obviously last mile tends to be B2C and B2C B2K deliveries. So we report these out numbers because the cost dynamics and the profiles are slightly different. But when we go to customers, obviously, our attempt is to integrate them using process and technology. And the purpose of reporting on the segments is because we manage the delivery process on the segment basis and because it is easier for all of you to do comps of our business with others, right, and understand how the margin profiles of the business works.
Now to your specific question, I think we’ve got two kinds of solutions. We have solutions which are complex in terms of the way they operate in terms of domain knowledge and require a lot of design and solution and capability. And that total revenue is approximately 25% of our revenues, it’s around 23% of our total revenues. In that 23%, approximately half or probably around — probably around 8% to 10% of the total revenue would be what we call really integrated solutions, right, which is where we are running an integrated network. We may be billing on a cost per unit basis or a cost per shipment basis still because of how contracting works, but where we actually run an integrated network for our client, right?
So we still go and run charge the customer for the warehouse separately because there are hundreds of where the customer might still say we want to have a transportation fee per box, which is different from the warehousing charge, but we run the system, run it together, right. So purely integrated solutions, which has been is around 8% to 10% — 8% to 9% of our revenue. Our total solutions by year is around 23% to 25% of our revenue, okay. To the other point you made, yes, warehousing is approximately 20% of revenue today. At the overall level, it’s around 17% to 18%. The remaining 80% is transportation.
But today, it is very small amount — it’s a much smaller amount of full truckload transportation, right, approximately 15% to 18%, 20% of the 82% is express, it’s — 25% is express, it’s global freight forwarding. It’s last mile delivery and of course, the mobility piece is also included. So you brid differently, you’ve got on 20% of those — of that transportation, you’ve got around 60% of full truckload and distribution and you got around 20% of warehousing.
Okay. Does that makes sense, right? I think from a longer-term perspective, which I think was also a great question. I think when you — I think when you look at profit potential, it is a toss-up between assetization. So two, three levers. One, I think is how much is a differentiated profit pool which an industry has. And the second one obviously is what’s the level of vertical integration in the industry. Logistics to some extent to a very large extent is a layered industry. And we — any company which is asset-light basically tends to, as you pointed out very well, yourself tends to be a return on capital employed play rather than a return on-sales play, right? And that’s a toggle which we are doing between balancing between risk and systemic inefficiency, which happens because Of infrastructure constraints versus assetizing our business. And what we have done is where we feel the capability is very positive or where we think that we believe that our business models can run very tightly. We have assetized as required. So the two-by-two business is a great example. I think contrary to a lot of what a lot of people often asked us, we went ahead and assetized that business from a downturn. And as you can see, it’s kind of now had four really good quarters. So we’ve shown conviction in that process saying that we will assetize, but we will assetize when we know we can ensure high uptime, high fleet, right, because of the nature of the sector, right? And I think that remains a challenge for the industry and therefore, you will see that I think ROCs will start playing up as you start getting more scale, right, because it typically requires us to maintain very strong operational cash flows, which I think we’ve done, very tightened up in the last two years. It allows you to actually have the right margin accredition. And with that, you can actually get a 18 percentage ROE, which is pretty attractive on the business portfolio, but it requires you to maintain that discipline. It also, I think requires you to consistently differentiate yourself. I think our focus on new offerings like or electric vehicles, Pro trucking, right, which is high-end transportation solutions. Our focus on integrated warehousing distribution and new solutions is all about finding way to differentiate ourselves. So we are actually creating productivity-led value for the client, which can then result in better margin profiles for us, right? This is not a one or two-year play. This is a five to seven-year play, that it just requires us to consistently work it. There will be a tipping point along the way. I do believe that some things will continue to play-out in the industry. Indian demand is probably more omnichannel, which means that demand is more online demand is more general trade demand is more retail, organized trade and that means that companies will require to adopt more complicated logistics to deliver to all these multiple channels, right? And that’s where our — that’s where integration really comes in. I think as India — as the economy starts focusing back on cost-to-serve, I think there is an increased focus on-time to say how do I manage risk downwards and how do I actually outsource for better efficiency and productivity. And that’s I think the other thing which will continue to drive integration. The third thing, obviously, which will continue to be a challenge for us is the rural — the rural urban divide continues to be a challenge for logistics because the economics of rural logistics is actually a challenge, especially in the context of per-capita consumption or per-capita product value or per-capita shipment value. So these challenges will remain, but I think over the next three to five years, you know, and as I said earlier on, this is not a one or two year play. There is a risk that everybody — there is obviously the challenge of maintaining short-term results and the expectations everything will happen in six months or nine months or a year. But I think we want to create a really differentiated player in a very informal industry. It’s not just fragmentation, informal, you have to be ready to play long ball, right? I think the Mahindra Group, we have tried to always play that long ball with capital discipline. And therefore, if you see MLL itself, we have tried to grow the business. We probably doubled the revenue in the last four years with very, very low amount of capital spend as a part of percentage of revenue and also, I think a very low amount of burn. While there is burn today in Express business, there are substantial amount of our businesses which we have turned around and other businesses have scaled-up. I think with coming in and Saurab as a team, I’m very confident and all our other leaders, I’m very confident that the capital discipline will continue, right, and that capital productivity focus will remain unchanged. So I think that remains part of Hindra DNA and MLL DNA. I’m pretty optimistic about that. Okay. That Mayur, I give a very long answer to your question. I hope are some value.
Unidentified Participant
That’s a bookkeeping kind of question or presentation side?
Rampraveen Swaminathan
Sure, sure, absolutely. Absolutely by here, so please do ask your question.
Unidentified Participant
Yes, we have mentioned that in the deck slide that I know the road to ROE would be monetization if just taking one word out of it. So have we identified any segments or any areas where we need to — which will be — because as you were just mentioning, the last point I had in — also had in mind that our Mahindra Group has moved significantly to the selling out or disposing of all the non-core or whatever there is a capital inefficiency in built-in. So have we identified any of the segments right now and any outlook on that to that road?
Unidentified Speaker
So Saurabh here. So we have an annual process to review our investments and decide based on that. Right now, there’s nothing that has been decided, but we go through our strategy every year. And if there is any update for that on account of that, we’ll share with all of you.
Unidentified Participant
Okay. Thank you very much and wish you all the best.
Rampraveen Swaminathan
Okay, thank you all. I think let me just quickly wrap-up the call. And firstly, I think you know, we are well set-up as we go into this year. Some of the challenges we’ve had over the last year and some of our component businesses are actually doing well. We do think some tailwinds are coming from a demand perspective. And obviously, there still remains a challenge on the Express business and I take into — we take into account some of the concerns you all have shared as well, right? But that said, I think we are pretty confident about where we are overall as a business. I think I am pretty excited about, you know, the quality of our leadership team and obviously Heman joining the team now, right? Most of the times if you leave a job, you’re always worried about you kind of look-back at all the past.
I think you know I think our group’s confidence and my own, you know my relationship with and my confidence in seeing what he has done in other businesses, which makes me feel that the future is actually better in the past and will remain that way. So I’m pretty excited about what the company will look-forward to. And I think I’ve always over the last five years, maintain — we always maintain entitlement, a very-high engagement system with investors, right? It’s something which I think before Saurav joined, we did our best to do that and expand.
And I think after Saurav and his team have come in, we’ve actually continue to do that a lot more. I do think that investors keep us — I don’t keep us clean for lack of the other word. They challenge us, you kind of look it up to challenge our perspective and sometimes that’s just an inval amount of feedback. I remember when I came to the industry, I came from outside logistics. And my greatest learning actually is from meeting all of you.
So on that note, I do want to thank you all for what — for all your support and contributions over the last five years, I blurt as much of logistics from you all as alert otherwise. And thank you for your patient support of the company as well. It’s doing what you want is freedom, loving what you do is happiness, and I’ve had the chance to have both over the last five years and is in great fun. And I think you all have been a great part of helping — helping us get to the journey we have.
So thank you all once again and thank you for joining us today. I know we kind of squeezed this call and rescheduled it a short notice and I really appreciate all of you joining us today. We hope we have addressed all your questions and provided insights on our performance and strategy. I think as Himant and I transition, I think we will work along with Saurab and the Investor Relations team to put together a calendar. Obviously, will need some time to get on-board with various things in the company, but I am sure you know, in the coming months, he will work along with Saurab and our Investor Relations team to get-in front of all of you.
And so please do contact our Investor Relations team for any questions not only about today with us, but also about getting in touch with our management team, right? With that, let me kind of wrap this call up. Thank you all for your continued support, engagement today. And as always over the past, I hope our paths do cross again. All right till then, please thank you for your investment in Logistics and your interest in the logistics sector. Thank you very much.
Operator
Thank you, sir. On behalf of Mahindra Logistics Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines