Snowman Logistics Limited (NSE: SNOWMAN) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Prem Kishan Dass Gupta — Chairman & Joint Managing Director
Kartik Sundaram Aiyer — Chief Financial Officer
Padamdeep Singh Handa — Chief Executive Officer and Director
Analysts:
Unidentified Participant
Prashant Khale — Analyst
Kunal Tokas — Analyst
Muralidhara Reddy — Analyst
Vipul Kumar Shah — Analyst
Rusmik Oza — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the Q3FY26 earnings conference call of Gateway District Parks Limited and Snowman Logistics Limited. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
Please note that this conference is being recorded before we proceed. We once again request everyone to include their firm’s name alongside their name in the zoom display. Kindly rename your connections. Today on the call we have Mr. Prem Kishan Dasgupta, Chairman and Managing Director. Mr. Ishan Gupta, Joint Managing Director. Mr. Samvit Gupta, Joint Managing Director from Gateway District Parks Limited. Mr. Kartik Sundaram Iyer, CFO. Mr. Rajaguru Bhegal, Chief Business Officer. Mr. Manoj Singh, Chief Strategy Officer from Snowman Logistics Limited. Mr. Padamdeep Singh Handa, CEO and Director. Mr. Raghav Garg, CFO. We will now directly begin the question and answer session.
Anyone who wishes to ask a question may use the raise hand option. If you wish to remove yourself from the question queue, you may press the option again. Participants are requested to unmute themselves before asking the question. We’ll take a minute and then we’ll open the floor for question and answer. Thank you. We’ll take our first question from Prashant Kale. Prashant, please introduce your company name and please go ahead.
Questions and Answers:
Prashant Khale
Hello sir, this is Prashant Kale from Star Capital. Congratulations on good set of numbers.
Prem Kishan Dass Gupta
Thank you.
Prashant Khale
Yeah, my question is about the governance in the company. Because if you go through the number of notes, most of the notes are about some tax dispute or something about money stuck somewhere or some claim from some Tax authority. So every year the list is growing. So I am little bit worried about the accounting practice and the tax. In terms of tax and dispute perspective, the notes are filled with lots of tax claims and disputes. So I would like the management view on this and how we are going to reduce this and improve the governance in terms of these tax and other claims.
Thank you.
Prem Kishan Dass Gupta
Yeah. Hi. So we believe in transparency. That’s why we give a very detailed and thorough explanation of all the matters going on. Some of them are questions raised by investors in the past. So it’s fair that everyone gets the same picture. If you look at it, we’ve closed a lot of tax matters also and a lot of them are small amounts. Also certain matters are industry wide issues, not just limited to us. Whether other companies disclose them in the same way or not is beyond our control. But like I said, we are more about transparency.
If there’s a specific concern related to any matter, we’re more than happy to address it. But I think more or less we are. I mean we would say we are run very well with corporate governance kept in mind. And it’s been commented by other investors also that they’re happy with this kind of reporting as well.
Prashant Khale
Yes, we are happy that company is reporting time to time whenever these types of situations arise. But we would also like to see the timely closure of all these matters or sometimes amicable solutions. Instead of fighting it up to the Supreme Court, it is better to close them down and reduce sometimes pay the penalty or go with the amnesty schemes raised by government every few years. So it would be good to close some of them which can be closed.
Prem Kishan Dass Gupta
Yeah, no, we appreciate that. We’re also of a similar mindset and if you see last year we closed out a lot of tax issues under the amnesty scheme. The Vivad sevishwas with a very nominal payout. But where we feel there is a merit in a case, we would want to contest it where we think it’s worth it. But we appreciate your feedback and we’ll take that into matter.
Prashant Khale
Yeah. Sir, one question is that we had 31 wrecks for quite some time. Are we planning to increase them further or. We are happy with these 31 rakes.
Prem Kishan Dass Gupta
So we’ve been at 34 now for the last couple of years and in our investor presentation also we highlighted that we’ve placed an order to purchase three rakes. Now these are the high capacity high speed wagons. We’ve also swapped three of the old capacity rakes for three high capacity rakes. So by the end of May June we would be at 37 rigs.
Prashant Khale
Okay. So by end of May we will get delivery of the three new rakes, right?
Prem Kishan Dass Gupta
Yeah. And the swapping of the three will also be completed by them.
Prashant Khale
Okay, good. Thank you, sir. That was my question. Thank you very much.
operator
Thank you. Participants who wish to ask a question are requested to please use the raise hand option. I now request Kunal from Fair Value to please unmute himself. Kunal? Yes. Please go ahead. Yes.
Kunal Tokas
Okay. Thank you. My question is regarding snowman logistics. So address to Mr. The first question is about the warehousing segment of the look at the historical numbers. It used to do an epic margin of around 15% and even went above 20% sometime for FY21. Now for the past many quarters the performance has been going down and this quarter was the worst. So can you explain what is happening there?
Padamdeep Singh Handa
Hi. So in past few years the overall mix of our warehousing has also changed. If we see the mix we were earlier predominantly a frozen company. Now we do a lot of chilled and dry warehousing as well, which has brought down the overall margins and also the overall microeconomics around has played that part. And if you see in last couple of years the things have started turning back. I mean they got stable and now we are seeing a little bit of incremental revenues coming which is looking exciting in times ahead.
Prem Kishan Dass Gupta
Also we have the park and pay model which was not there in FY21. So that is a pure back to back arrangement at a low margin. But it adds to the overall ebitda.
Kunal Tokas
Overall EBITDA in absolute terms,
Prem Kishan Dass Gupta
yes.
Kunal Tokas
But through your can you, can you explain what the margins in the dry storage would be as compared to the earlier chilled and frozen segment that you were in? Because from above 20% close to 20% margins, it has moved this quarter to 3% less than 3%. So that’s a significant effect from movement into the pay as you go and the dry storage segments. So what was the rationale if you don’t get the margins there?
Padamdeep Singh Handa
The dry storage is typically to address some of our customers who are into quick commerce or typically into QSR business or coffee chains. And thus the margins are lesser with ample availability of dry warehousing around. So our mathematics is quite different and the margins are very minimal when it comes to dry Visa vis the other overall frozen.
Kunal Tokas
So do I get the idea right at the rationale for getting to the drive business only to fill up capacity that was not being filled by the Chilga frozen business?
Padamdeep Singh Handa
No, it is not like that. We create separate dry capacity in the same warehouse. It is not to fill that but for the stickiness of the customers who are typically serving the quick sale restaurants or the coffee chains wherein they keep both frozen and dry in the same warehouse and would want to use synergies of a single unit to service their restaurants. So it is something which is imposed and we have to do it to service those sort of businesses. Thus the margins were lesser. If I say earlier, the dry pallet we were selling in the range of 600 to 700. Today we sell in the range of 850 to 1000 rupees. And it is improving every quarter on quarter.
Kunal Tokas
Are these dry storage locations separate from the chilled locations even in the same facility?
Padamdeep Singh Handa
No, most of them are in the same facility.
Kunal Tokas
Okay, Most were in the same facility.
Padamdeep Singh Handa
Yeah.
Kunal Tokas
So we even with lower margins, returns on capital are not compromised because of this. Because maybe you have lower capital employment facility.
Padamdeep Singh Handa
See, when a facility. When we are designing a new facility, we are incorporating dry as dry only for the facility. And we take frozen as frozen. So the overall capital employed is also in line to the plan.
Kunal Tokas
Okay. Sir, the second question is regarding 5 PL. In 5 PL, I understand that you own the inventory that you sort of service. But it doesn’t show up on the balance sheet. So why is that?
Padamdeep Singh Handa
No, it is showing on the balance sheet. The top line does include the 5 PL inventory stock value. It is the overall traded value.
Kunal Tokas
But what about the stored inventory? The top line includes that and that’s the traded value for the entire quarter. But the stored inventory as of September it was only around 14 crore of inventory that you had in your balance sheet. So is that.
Padamdeep Singh Handa
Yes. See, so our inventory we keep only to 15 to 20 days inventory with us. So the inventory you are seeing in the September results, so that is related to trading inventory only. And that is in line with the number of days inventory we are keeping.
Kunal Tokas
Okay. Okay. And what is the payment structure for the 5 PL business? You get paid and how do you get paid?
Padamdeep Singh Handa
It is different for different customers. You know, it is a very customer specific P and L or a finance structure.
Kartik Sundaram Aiyer
Who finances the inventory? Do you finance the working capital? Do you pay something in it?
Padamdeep Singh Handa
See, if we finance the working capital, we charge for that. If we don’t finance, then it is back to back.
Kunal Tokas
Yes. So it varies.
Padamdeep Singh Handa
Yeah, it varies account to account.
Kunal Tokas
Okay. And Soapy Kenyankin has been both onboarded as a business. Right. How has been your progress with them?
Padamdeep Singh Handa
At the speed they have planned their growth, they are now catching up with the numbers and new cafes are being opened. So we expect them to grow. I mean we will also grow along with their new cafes coming up.
Kunal Tokas
Okay, and one more question on the warehousing segment. So if you look at the top line growth, it has been fairly muted. Why is that? Even the capacity I guess have been fairly muted?
Padamdeep Singh Handa
No, in case you see the warehousing numbers, quarter to quarter, year on year it is 19% growth. And from last quarter to this quarter also there is additional 5% growth. And in terms of capacity addition, we have added new warehouses in Krishnapatnam and Calcutta a couple of quarters back. And there are new capacities coming up in Pune and some other locations for the coming year.
Kunal Tokas
There’s a note in your account that says the Krishna Patna blank transaction with GDL is under dispute. Can you explain that because of some title issues?
Prem Kishan Dass Gupta
Yeah, so we’ve explained this in the previous calls but basically GDL bought this land in 201617 and at that time there was no dispute when GDL. GDL also sold two tranches of land to Snowman before this third tranche. Again no issue on the third tranche. When we were registering the property, there was a claim by the government that this is government land. Part of it was registered, part of it was government land. And this is an issue across the district with many other people also. So we’ve appealed in High court. But till then Snowman is operating the warehouses without any problems. And GDL also in the last 10 years never faced any issue. So we don’t really see it being a long term matter.
Kunal Tokas
Okay, and just the last question. Do you maintain, do you still intend to spend around 100 to 150 crore rupees per annum on your capex?
Prem Kishan Dass Gupta
Yes.
Kunal Tokas
How much would be financed with debt?
Prem Kishan Dass Gupta
Majority would be debt, about say 75, 80% would be debt. But we’ll also be looking at built to suit expansion. So that is without any capex or loan from our side where someone else develops it and we take it on a long term lease.
Kunal Tokas
So Built to Suit is the more OMM like model, right?
Prem Kishan Dass Gupta
Yes, but it’s built to ASPEC specifically.
Kunal Tokas
But built by the customer.
Prem Kishan Dass Gupta
Customer, Landlord, warehouse operator. There are different people who own these.
Kunal Tokas
Okay, thank you very much.
operator
Thank you. Before we proceed, a reminder to all the participants. Kindly rename your connection along with your company name. Thank you. I now request Murlidhara Reddy to please unmute his connection. Mr. Reddy, please announce your company name and then go ahead with your question.
Muralidhara Reddy
Yeah, thank you very much. I’m an individual investor. So basically I’m investing for my family and Gateway is actually top in the portfolio of the 1520 stocks we invest across. So I just wanted to know. So I’ve been following the company for a while and you’ve been having some challenges but I thought it is been looking that. But what really concerns me about these the Benami issue though its amount is only 8, 9, 10 crores it may not have a financial impact but it does give a little bit of, you know, discomfort because we would like to really look at the companies which has got a better governance and things like that and because we are investing for the family for about 10 to 15 years.
That is one question and then in the part of the second question is that when will this snowman will turn around and will start realizing in the bottom line. And the third part of the same question is that now you have been now in indoor Pitampur you are investing about 150 crores for does that as proper due diligence has been done. Do you see any again some punami other challenges there?
Prem Kishan Dass Gupta
Yeah. Hi. So on the Jaipur we’ve been disclosing about the issue what’s been happening since the beginning. It’s unfortunate that it happened but we don’t think we’ve done anything wrong in this whole arrangement. We have lawyers opinion from the top tax lawyers in the country and they believe that we have strong merit in our case. So hopefully at this level we are hopeful that a favorable order can come in and then we can resume the Jaipur project. This was a one off for us. So Indore like you’re asking, I don’t see any issues happening there. It’s been vetted again properly.
It was all direct registry. So don’t see any issues like Benami coming in probably ever again in the company’s history regarding snowman turnaround. We are focused on top line and EBITDA expansion right now and we’re in a still a growth phase where we want to more than you know our capacity is 155,000. We want to take it to 200,000 in the next two, three years and we want to build on that further. So we’re reinvesting everything. That’s why because of high interest cost, high depreciation, the bottom line might not appear to be there but on a cash flow generation it’s generating healthy cash flow year on year which we’re deploying back into the business.
Muralidhara Reddy
Thank you sir, I am done. Thank you.
operator
Thank you. We’ll now take our next question from Tanay Hange from Alios Tanay, please go ahead with your question. Please unmute yourself first. Please unmute your connection. Please unmute yourself. Yes, please go ahead. We are unable to hear you. Since there is no response. We’ll move on to the next question from Vipul Kumar Shah. Mr. Shah, please unmute your connection. Let us know your company name and please go ahead.
Vipul Kumar Shah
Yeah, so I am also an individual investor. So my question is regarding your upcoming indoor project. So when, when is it likely to be completed and what type of capacity addition will have?
Prem Kishan Dass Gupta
It should be operational within two years. And we’re looking at about 120,000 TUs per year capacity at the terminal.
Vipul Kumar Shah
It should take two years. So now you have got the possession of land.
Prem Kishan Dass Gupta
Yeah, the possession has come. Now we’ll apply for conversion of land. Since this was agricultural land. Then the rail line is also being built into new rail corridor from Indore to Dahod which will connect to jnpt. So that will take about a year also. And then by the time you get all the final customs approvals commissioning of terminal it ends up taking about two years. But we’ll try to do it a little bit faster if we can.
Vipul Kumar Shah
So what type of precaution we have taken so that the story which was there in Jaipur is not repeated here?
Prem Kishan Dass Gupta
We’ve done proper due diligence, we’ve done direct registry. We’ve not used any aggregator. We’ve gone and seen the site to see that there’s no encroachment, no miners, are there no revenue record road in the middle. So lot less issues, much more cleaner structure. Doing it straight with the landowners themselves.
Vipul Kumar Shah
Sir, how much of our money is stuck at Jaipur? Can you quantify it please?
Prem Kishan Dass Gupta
So the one with the aggregator is about 8 to 9 crores.
Vipul Kumar Shah
And I think there are in notes there are multiple amounts I’ve been mentioned.
Prem Kishan Dass Gupta
So the owned land bias is about 21 crores. The aggregator land is about 8 to 9 crores. And then we’ve deposited with railways. But then we got the work stopped. So that’s it’s lying with railways about 5 crores. But in case, I mean that’s just the project when it goes through that will be utilized towards the railway station works.
Vipul Kumar Shah
So 21 crores which we have spent for registration in our name. That also has been under this means that also has been seized by the government or attached by the government.
Prem Kishan Dass Gupta
No, that is clear. That’s why I was saying only the 8,9 crores is under dispute and that 21 crores value has also gone up in time. So our investment is secure and that’s why we’ve not provided for anything in the financial.
Vipul Kumar Shah
No, but it’s a lot of business opportunity. So the land which we we are having, we can go with that land and have a smaller fruit treat or that is not commercially viable.
Prem Kishan Dass Gupta
No, because you need a 1km length to make an ICD viable and without the aggregator land we don’t have that. So it’s not possible to make an ICD without the land that’s in question.
Vipul Kumar Shah
And sir, my last question is can you give the margin, EBITDA margin for both this ICD and CSS separately.
Prem Kishan Dass Gupta
So as of this quarter, and we announced it last quarter as well that we won’t be giving a split between the segments anymore. We will just be reporting a company wide EBITDA per to you which is there in our investor presentation. And for the ease of all investors we’ve given last two years historical comparable data so people can see the trend of it.
Vipul Kumar Shah
Okay. And you mentioned in your notes to accounts that since we have become debt free we are giving a special dividend. Right. But I think. I saw some debt, I think around 200 crores or am I missing something?
Prem Kishan Dass Gupta
Yeah. So that is after Snowman gets consolidated. So the Snowman debt is also coming in. We had touched a surplus like we had crossed the net debt figure on a consolidated basis without Snowman for the first time in the company. And you know we have healthy cash flows. We’re sitting in, we were sitting on about 140 crores as on date. This is after the acquisition of Indore land also. And if you look at us historically the amount of Capex we’ve done investment in Snowman, investment in Kashipur and the dividend paid, we’ve still generated a good amount. So we felt it was right to reward the shareholders with it’s a one time special dividend. It’s not a recurring annual dividend.
Vipul Kumar Shah
Just for clarification, this 140 crore is after those 200 crores which are visible as a date in your consolidated account.
Prem Kishan Dass Gupta
Yeah. So 140 is the cash in hand but there is a gross debt still in the books. But the number that you’re seeing is probably with the Snowman figures as well. So as of December if you see the net debt without Snowman would be 200 crores. Sorry, gross debt would be without. Gross debt without Snowman would be about 200 crores. The cash at end of December was about 188 crores. So the net debt had gone to zero in January and thereafter we bought the Indore land which brought the cash down from say around 180, 190 levels down to 140 today.
Vipul Kumar Shah
Okay, thank you.
Prem Kishan Dass Gupta
Thank you.
operator
Thank you. I now request Tanay Hange to please accept the prompt on his screen. Tanay, please unmute yourself and go ahead with your question please. Tanay, we are still unable to hear you. Please unmute your connection and go ahead with your question please. I’m sorry Tanay, if you can rejoin again. Thank you. I now request Kunal from Fair Value Capital to please accept the prompt on his screen. Kunal, please unmute yourself and go ahead with your question.
Kunal Tokas
Hello, I’m audible.
Prem Kishan Dass Gupta
Yeah, hi.
Kunal Tokas
Yes, Questions again on Snowman. First, are there any plans for pricing hikes in the warehouse and division?
Padamdeep Singh Handa
It is a constant effort which we do at every contract renewal with our customers and we are seeing the traction in the same segment.
Kunal Tokas
So you are able to pass on cost increases and
Padamdeep Singh Handa
yes, we are able. To get those price hikes. In all our last contracts which have been done in last five to six months we have got the price hike.
Kunal Tokas
Okay. Second is if you could help us with the percentage of warehousing warehouses or capacity that is PAC positive for Snowman and how long you can average warehouse take to reach that stage.
Padamdeep Singh Handa
Percentages as of now I don’t have. That specific
Kunal Tokas
how many number are there. So what I’m trying to figure is out is at what stage does Snowman start showing up positive back figures?
Prem Kishan Dass Gupta
Again it varies location to location. What we try to aim for is about a seven to eight year payback. It is slightly longer but capex costs have gone up in the last few years. But again these are long term assets where we run a warehouse for 25 to 30 years. So overall project, if you look at it then it’s viable but on a short term basis you might see not that much pat.
Kunal Tokas
And just seven to eight year payback period. Considering any. Does it also consider any replacement cost for say chillers or air conditioning inclusive of that?
Prem Kishan Dass Gupta
That doesn’t come in the first seven, eight years. Normally maybe one cycle in over 25 years you’ll have to replace some of the equipment. But the flooring, racking, normally that’s all fine material handling equipment like forklifts and maybe some compressor chiller you might have to, but not the entire thing.
Kunal Tokas
Okay, and the last question. So in your notes to accounts number four it says that your effective tax rate has increased to 35%. So that’s a new rate that can be expected that affects your deferred tax as such.
Padamdeep Singh Handa
So that was for the previous year. So in current year there is no change. So last year we increased from 29 because earlier we were in 25% and. Now we all in 30%.
Kunal Tokas
Yeah, 30%.
Padamdeep Singh Handa
Yeah. 30% plus surcharge of active tax rate come to 34.9.
Kunal Tokas
Okay sir, okay, thank you very much.
operator
Thank you. I now invite Rusmik Oza from 9 Ways Rusmic. Please accept the prompt on your screen, unmute yourself and go ahead with your question please.
Rusmik Oza
Yeah, thanks for the opportunity. Am I audible properly?
Prem Kishan Dass Gupta
Yeah, you are.
Rusmik Oza
Yeah. My question was regarding this recently the tree, the trade deal which we are signing with us now, how does it impact the business positively? Because off late, you know, the share of ICDs vis a vis CFS has gone up substantially. And if the export activity picks up again, how does it impact our EBITDA per teu or the profitability?
Unidentified Participant
Yeah. Hi. So after the announcement of this US trade deal, so we are expecting a major traction especially in the export exports of handicrafts, textiles, leather and chemicals. And right now we have 25% of USS of the total volume kitty we have export. So we are expecting that with this deal the US bound exports they are going to increase. But again we are just waiting for the fine print and you know, once the proper deal is signed so then only we’ll be able to quantify some numbers. And apart from this US trade deal, we are also hopeful this EU trade deal, so there also we are having exposure of around 10% of the exports are going to EU countries from our ICD.
So there also we are expecting increase in the volumes especially in terms of exports of handicrafts and textiles.
Rusmik Oza
Okay. Okay sir, second question is linked is assuming in the second half of this next fiscal year both EU and US trade goes through then do we have enough capacity to meet that kind of export demand that can come up?
Prem Kishan Dass Gupta
Yeah. So our capacity at our terminals on the rail side is that we can go 4x of our volume with the current land bank. Even on the CFS side we can still increase our utilization by say 20, 30%. CFS is more import heavy. So any export boost there also will help the trailers turn around and reduce our cost and we can easily handle that. So capacity won’t be a constraint. And if you see that earlier also in the call I mentioned, we’re purchasing three more rakes and swapping out three low capacity for high capacity rigs. So we’re gearing up for increase in volumes.
Rusmik Oza
Okay. Okay. And my last question is related to this dedicated freight corridor. When do you expect this DXU to get commissioned? You know and in terms of connectivity to JNPT and how does it improve our business? That’s one. And another question is double stacking now is 41% to what extent we can go in case of double stacking and how does the business and margins look better if these things go to.
Unidentified Participant
Yeah. So the last connection to JNPT DFC corridor is expected by end of March and once this gets completed, so we are expecting some volume to get moving. So basically what we are expecting that there will be some shift of mundra volumes towards JNPT and we are also expecting that some road volumes might also shift to jnpt. But that is too early to comment on because ultimately it will also depend on the shipping line vessel schedules, how they are going to do it. And in terms of double stack percentage. Yeah, we are expecting that it will definitely increase by at least 2 to 3%.
Rusmik Oza
Okay. Okay. And any, any revenue margin guidance would like to give for next fiscal year FY27.
Prem Kishan Dass Gupta
No, see a similar trend basically but there will be a change in volume mix with domestic and unkleshwar and depending on what locations are growing. So it’s hard to give it on a per tu basis right now. But if you look at our percentage margin we’d like to keep the same trend going.
Rusmik Oza
Okay, thank you very much and best of luck sir.
Prem Kishan Dass Gupta
Thank you.
operator
Thank you. I now invite Prashant Kare from Star Capital to please accept the prompt. Prashant, kindly unmute yourself and go ahead with your question please.
Prashant Khale
Hello sir, my question is about is there did they restore the import of scrap paper in North India and value volume of the scrap and scrap paper container has gone up or it is still struggling.
Prem Kishan Dass Gupta
It’s been on a similar trend for the last year. Two years ago there was a dip and it recovered slightly. But if you compare it with at its peak then it’s gone down still.
Prashant Khale
Yeah. Because of the Red Sea crisis the import of the scrap has gone up in port. That’s why that’s the effect. But probably by end of this year that would be restored slightly because of the going. If the Suez Canal volume goes up and the Houthis don’t attack. And other question is we did not have much operations on eastern dedicated corridor. Have we started any operation on that side?
Prem Kishan Dass Gupta
No, we don’t have any presence there.
Prashant Khale
Are we planning to start anything on that side?
Prem Kishan Dass Gupta
Nothing. Right. Now it is single stack and the trade flows for exim, where we have operator ICDs are all on the western port so we don’t see us using the EDFC anytime soon.
Prashant Khale
Okay, thank you sir. That was my question. Thank you very much.
Prem Kishan Dass Gupta
Thank you.
operator
Thank you. Thank you very much, ladies and gentlemen. That was the last question for today. Participants that have missed out due to time constraints can reach out to the management and SGA for Gateway District Parks and Snowman Logistics for any further information. With that, we conclude this conference. Thank you for joining us and you may now exit the meeting. Thank you. Goodbye.