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ATL - Allcargo Termi

📊 NSE: ATL 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 18:10

📢 Recent Corporate Announcements

Allcargo Terminals March 2026 Volumes Up 4% YoY to 58.6 '000 TEUs

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 15 Apr 2026, 07:15 PM

Allcargo Terminals Limited (ATL) reported total volumes of 58.6 '000 TEUs for the month of March 2026. This performance represents a 2% growth on a Month-on-Month (MoM) basis compared to February 2026. On a Year-on-Year (YoY) basis, the company saw a 4% increase in volumes compared to March 2025. These figures indicate a steady, albeit modest, growth trajectory in the company's terminal operations.

Total volumes for March 2026 reached 58.6 '000 TEUs
Month-on-Month (MoM) volume growth of 2% vs February 2026
Year-on-Year (YoY) volume growth of 4% vs March 2025
Company maintains a strategic Joint Venture with CONCOR for ICD operations

💡 Investors should track these monthly volume trends to gauge the company's ability to maintain market share in the competitive logistics sector. The steady single-digit growth suggests stable operations, making it a stock to watch for consistent performance.

Allcargo Terminals Clarifies on Recent Stock Price and Volume Spurt

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Apr 2026, 10:41 AM

Allcargo Terminals Limited (ATL) has responded to inquiries from BSE and NSE regarding the recent significant movement in its share price and trading volume. The company clarified that it has consistently disclosed all price-sensitive information as required under SEBI Listing Regulations. ATL stated that there is no undisclosed material information or upcoming events that would impact the stock's behavior. Management attributed the recent volatility entirely to market conditions and stated it is purely market-driven.

Exchanges issued a surveillance inquiry on April 9, 2026, regarding unusual price and volume movement.
ATL confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The company officially denied withholding any material information that could influence the scrip's behavior.
Management stated the price spurt is purely market-driven with no internal corporate triggers.

💡 As the company has denied any undisclosed developments, the recent price movement appears speculative. Investors should exercise caution and avoid chasing momentum without fundamental changes.

Allcargo Terminals Submits SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 12:56 PM

Allcargo Terminals Limited has filed its quarterly compliance certificate under SEBI Regulation 74(5) for the period ending March 31, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that all dematerialization requests were processed within prescribed timelines. The filing covers both the company's main equity shares and its partly paid shares. This is a standard administrative requirement for listed companies to ensure depository records match physical share cancellations.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime).
Covers both regular equity shares (BSE: 543954) and partly paid shares (BSE: 890228).
Confirms that securities are listed on stock exchanges and member registers are updated.

💡 This is a routine regulatory filing with no impact on the company's financial health or stock valuation. No action is required from investors.

Allcargo Terminals to Meet Seven Islands PMS on March 31, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 12:47 PM

Allcargo Terminals Limited (ATL) has scheduled a physical meeting with Seven Islands PMS on March 31, 2026, from 02:00 PM to 03:00 PM. The discussion will be centered around the company's Q3FY26 investor presentation which was previously released in February 2026. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this interaction. This meeting is part of the company's regular engagement with institutional investors and portfolio managers.

Meeting with Seven Islands PMS scheduled for March 31, 2026, in physical mode.
Discussion to be based on the Q3FY26 investor presentation released in February 2026.
The interaction is scheduled for a one-hour duration between 02:00 PM and 03:00 PM.
Company confirms no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine investor meeting using public information. Investors may monitor for any post-meeting notes if released by the PMS, though none are mandated.

Allcargo Terminals Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 03:51 PM

Allcargo Terminals Limited (ATL) has informed the exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming audited standalone and consolidated financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are declared. The specific date for the board meeting to approve these results will be announced separately.

Trading window closure begins on Wednesday, April 1, 2026.
Applies to all Designated Persons and Insiders of the company.
Closure pertains to the audited financial results for the quarter and year ended March 31, 2026.
Window will reopen 48 hours after the official declaration of financial results.
Board meeting date for result approval is yet to be finalized and intimated.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should watch for the upcoming announcement of the board meeting date to track the company's Q4 and FY26 performance.

Allcargo Terminals Reports 8% YoY Volume Growth to 57.6 '000 TEUs in February 2026

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 16 Mar 2026, 02:49 PM

Allcargo Terminals Limited (ATL) reported a total volume of 57.6 '000 TEUs for February 2026, marking an 8% increase compared to February 2025. While absolute volumes fell 9% month-on-month, this was entirely due to February having three fewer days than January. On a daily average basis, operations remained stable with 2,058 TEUs per day in February versus 2,046 TEUs in January. The company's Inland Container Depot (ICD) operations continue through its joint venture with CONCOR.

Total volume for February 2026 reached 57.6 '000 TEUs, up 8% year-on-year.
Daily average volume improved slightly to 2,058 TEUs compared to 2,046 TEUs in January 2026.
Absolute monthly volumes decreased by 9% month-on-month due to the shorter calendar month.
Operational performance remains consistent with the previous month on a normalized basis.

💡 Investors should take confidence in the steady 8% year-on-year growth and stable daily run rate. Monitor upcoming quarterly results to ensure this volume growth is translating into improved profitability.

Allcargo Terminals to Re-appoint 3 Independent Directors and Approve MD Remuneration

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 11 Mar 2026, 03:01 PM

Allcargo Terminals Limited (ATL) has initiated a postal ballot to seek shareholder approval for the re-appointment of three Independent Directors for a second three-year term starting April 15, 2026. The directors include Mr. Mahendrakumar Chouhan, Mrs. Radha Ahluwalia, and Mr. Prafulla Chhajed. Additionally, the company is seeking approval for the remuneration of Managing Director Suresh Kumar Ramiah for a two-year period from April 2026 to March 2028. The e-voting process for these special resolutions is scheduled to run from March 12, 2026, to April 10, 2026.

Re-appointment of three Independent Directors for a second 3-year term from April 15, 2026, to April 14, 2029.
Approval sought for MD Suresh Kumar Ramiah's remuneration for the period April 1, 2026, to March 31, 2028.
Remote e-voting period set from March 12, 2026, to April 10, 2026.
Postal ballot results to be announced on or before April 14, 2026.

💡 Investors should review the proposed remuneration for the Managing Director to ensure it is commensurate with performance. Shareholders are encouraged to participate in the e-voting process to maintain corporate governance standards.

Allcargo Terminals Re-appoints Prafulla Chhajed as Independent Director for 3-Year Term

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 09 Mar 2026, 03:51 PM

Allcargo Terminals Limited (ATL) has approved the re-appointment of Mr. Prafulla Chhajed as a Non-Executive Independent Director for a second term of three years. The new term is set to run from April 15, 2026, to April 14, 2029, subject to shareholder approval. Mr. Chhajed is a highly distinguished professional, having served as the President of the Institute of Chartered Accountants of India (ICAI) and on the boards of State Bank of India and IRDA. This re-appointment ensures the company retains high-level expertise in financial regulation and corporate governance.

Re-appointment of Mr. Prafulla Chhajed for a 3-year term effective from April 15, 2026, to April 14, 2029.
Mr. Chhajed served as the President of the Institute of Chartered Accountants of India (ICAI) during 2019-20.
He currently holds the position of President of the Confederation of Asia & Pacific Accountants (CAPA) for 2023-2025.
Previous experience includes Independent Director roles at State Bank of India, IRDA, and GIC Housing Finance.
The appointment was approved via circular resolution on March 09, 2026, and is pending shareholder confirmation.

💡 Investors should view this as a positive governance move, as the company is retaining a director with significant regulatory and financial expertise. No immediate portfolio action is required.

Allcargo Terminals Signs MoU for New Gurugram Rail Connected ICD; Pays ₹5 Crore Deposit

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Feb 2026, 07:54 PM

Allcargo Terminals Limited (ATL) has signed a Memorandum of Understanding (MoU) with promoter group entities AIPPL and TREL to establish a Private Freight Terminal (PFT) or Rail Connected ICD in Gurugram, Haryana. The company has paid an initial deposit of ₹5 crore to secure the arrangement for land and allied infrastructure. This strategic move aims to leverage rail connectivity to increase container handling capacity and boost long-term profitability. While definitive agreements are pending, this marks a significant step in ATL's domestic expansion strategy.

MoU signed with promoter group entities AIPPL and TREL for land in Gurugram, Haryana
Company has paid an initial deposit of ₹5 crore as part of the MoU terms
Project focuses on operating a Private Freight Terminal (PFT) or Rail Connected Inland Container Depot (ICD)
ATL reported a standalone turnover of ₹513.71 crore for the fiscal year ending March 31, 2025
Expansion is designed to leverage strategic rail connectivity to enhance operational capacity

💡 Investors should monitor the transition from MoU to definitive agreements and the subsequent construction timeline for the Gurugram facility. This expansion into the NCR logistics hub is a positive indicator of the company's growth trajectory.

Allcargo Terminals Releases Q3 & 9M FY26 Earnings Call Transcript

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 12:37 PM

Allcargo Terminals Limited has filed the official transcript of its earnings conference call for the third quarter and nine months ended December 31, 2025. The call, which took place on February 11, 2026, allows investors to review management's detailed commentary on the company's financial performance. This filing is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency. While the financial results were previously disclosed, the transcript provides deeper insights into operational strategies and market outlook.

Official transcript released for the Q3 and 9M FY26 earnings call held on February 11, 2026.
The document covers performance insights for the period ending December 31, 2025.
Filing is in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.
Transcript provides qualitative context to the previously reported financial numbers.

💡 Investors should review the transcript to understand management's guidance on volume growth and margin pressures in the logistics sector. No immediate action is required as this is a routine disclosure of a past event.

Allcargo Terminals Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 11 Feb 2026, 06:06 PM

Allcargo Terminals Limited (ATL) has officially released the audio recording of its earnings conference call for the third quarter and nine months ended December 31, 2025. The call was conducted on February 11, 2026, to discuss the company's financial results and operational performance. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to hear management's detailed commentary.

Earnings conference call for Q3 and 9M FY26 held on February 11, 2026.
Audio recording made available on the company's website as per SEBI regulations.
Covers financial performance for the nine-month period ending December 31, 2025.
Compliance maintained under Regulations 30(6) and 46 of SEBI LODR.

💡 Investors should listen to the recording to understand management's perspective on volume trends and future growth drivers. It is a useful resource for analyzing the qualitative aspects of the Q3 FY26 financial results.

Allcargo Terminals Q3 FY26: PAT Jumps 28% YoY to ₹15 Cr; Volumes Up 18%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 08:00 PM

Allcargo Terminals (ATL) reported a strong Q3 FY26 with consolidated revenue growing 17% YoY to ₹218 crore and PAT increasing 28% to ₹15 crore. Volume growth was robust at 18% YoY, reaching 1,76,560 TEUs, driven by capacity additions at JNPA and contract renewals at Mundra. The company has outlined an ambitious FY30 roadmap targeting 1 million TEUs in volume and ₹1,400 crore in revenue, supported by a ₹400+ crore cumulative capex plan. Operating leverage is becoming evident as EBITDA growth (31%) significantly outpaced revenue growth (17%).

Q3 FY26 Revenue rose 17% YoY to ₹218 Cr, while EBITDA grew 31% YoY to ₹43 Cr.
Container volumes increased 18% YoY to 1,76,560 TEUs, reflecting early benefits of capacity expansion at JNPA.
Awarded a 10-year extension for the Speedy JNPT facility with potential capacity enhancement of 60,000 TEUs.
Management targets doubling revenue to ₹1,400 Cr and reaching 1 million TEUs by FY30.
Strategic investment in HORCL for the Farukhnagar ICD to leverage the Western Dedicated Freight Corridor (WDFC).

💡 ATL is demonstrating strong execution of its 'Asset Right' strategy and capacity expansion plans. Investors should maintain a positive outlook given the clear FY30 growth roadmap and the company's ability to capture rising EXIM trade volumes.

Allcargo Terminals Q3 FY26: Net Profit Jumps 28% YoY to ₹15 Cr on Record Volumes

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 07:55 PM

Allcargo Terminals Limited (ATL) reported a strong performance for Q3 FY26, with consolidated net profit rising 28% YoY to ₹15.0 crore. Revenue grew 17% YoY to ₹218.3 crore, driven by the company's highest-ever quarterly volumes of 1.76 lakh TEUs. EBITDA saw a significant jump of 31% YoY to ₹42.6 crore, reflecting improved operational efficiency and capacity utilization at JNPA. The company is currently executing a three-year strategic plan focused on capacity expansion and digital automation to leverage India's growing EXIM trade.

Consolidated Net Profit increased 28% YoY to ₹15.0 crore and 33% sequentially from Q2 FY26.
Revenue from operations grew 17% YoY to ₹218.3 crore, supported by an 18% YoY volume growth.
Achieved highest ever quarterly volumes of 1.76 lakh TEUs during the October-December 2025 period.
EBITDA rose 31% YoY to ₹42.6 crore, driven by capacity additions at JNPA and contract renewals at Mundra.
Management highlighted that recent trade agreements with the EU and US are expected to boost future manufacturing and EXIM activity.

💡 Investors should note the strong operating leverage and record volume growth, which suggest the company's expansion strategy is yielding results. The stock remains a positive watch as the company continues to execute its 3-year capacity expansion plan.

Allcargo Terminals Q3 PAT Rises 30% YoY to ₹13.07 Cr; Board Approves ₹100 Cr Guarantee

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 07:39 PM

Allcargo Terminals Limited (ATL) reported a steady performance for Q3 FY26, with revenue from operations growing 17% YoY to ₹147.16 crore. Net profit saw a significant sequential recovery to ₹13.07 crore from ₹7.10 crore in the previous quarter. The company successfully allotted 3.98 crore partly paid-up shares via a rights issue, strengthening its capital base. Additionally, the board approved a ₹100 crore corporate guarantee for its subsidiary, Speedy Multimodes, to facilitate credit facilities from HDFC Bank.

Revenue from operations increased 17% YoY to ₹147.16 crore compared to ₹125.70 crore in Q3 FY25.
Net Profit (PAT) grew 30% YoY to ₹13.07 crore, up from ₹10.04 crore in the same quarter last year.
Allotted 3,97,98,999 partly paid-up equity shares at ₹20 per share (₹5 paid up) via a rights issue.
Approved a ₹100 crore corporate guarantee for wholly-owned subsidiary Speedy Multimodes Limited.
Management noted ongoing Income Tax search assessments but expects no material financial adjustments.

💡 Investors should view the operational growth and successful capital raising positively, but remain cautious regarding the final resolution of the ongoing Income Tax search. Monitor the utilization of rights issue proceeds and the performance of the now wholly-owned subsidiary, Speedy Multimodes.

Allcargo Terminals Enhances Corporate Guarantee to ₹100 Cr and Reports Q3 FY26 Results

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 10 Feb 2026, 07:34 PM

Allcargo Terminals Limited (ATL) has increased its corporate guarantee for its wholly-owned subsidiary, Speedy Multimodes Limited, from ₹83.10 crore to ₹100 crore in favor of HDFC Bank. The company also reported its Q3 FY26 standalone financial results, with a Profit After Tax (PAT) of ₹13.07 crore compared to ₹10.04 crore in the same quarter last year. Revenue from operations grew 17% year-on-year to ₹147.16 crore. Additionally, the company provided an update on an ongoing Income Tax search, stating that no material adjustments are currently required.

Corporate guarantee for Speedy Multimodes Limited enhanced by ₹16.9 crore to a total of ₹100 crore
Standalone Q3 FY26 Profit After Tax (PAT) increased to ₹13.07 crore from ₹10.04 crore YoY
Income from operations for the quarter stood at ₹147.16 crore, up from ₹125.70 crore YoY
Paid-up equity share capital increased to ₹52.40 crore following a rights issue allotment of 3.97 crore shares
Management confirms ongoing cooperation with Income Tax authorities following search operations under Section 132

💡 Investors should monitor the company's ability to maintain operational growth while keeping a watch on the final outcome of the Income Tax search proceedings.

View All ATL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 4% YoY to INR 733 Cr in FY24 from INR 706 Cr in FY23. Q1 FY25 revenue grew 5% YoY to INR 190 Cr. The business is primarily driven by CFS operations, which saw an 8% volume growth to 613,000 TEUs in FY24, though revenue growth was dampened by a 4.5% decline in realizations per TEU.

Geographic Revenue Split

Operations are concentrated in India across major port locations including Mumbai (JNPA), Chennai, Kolkata, Mundra, and Dadri. While specific % splits per region are not disclosed, the company operates 6 CFS and 1 ICD facility with a total capacity of 839,000 TEUs, with significant exposure to the JNPA port which is noted as a high-competition zone.

Profitability Margins

Gross margins improved by 100 bps to 34% in FY24. However, Adjusted PAT margins declined from 11.0% in FY23 to 8.7% in FY24. The decline is attributed to realization pressure and higher operating costs in the SML subsidiary. Operating margins are projected to recover to 11-12% in FY25 due to INR 4-6 Cr in lease rental savings.

EBITDA Margin

EBITDA margins contracted by approximately 461-480 bps to 10.2%-10.5% in FY24 compared to the previous year. This contraction was driven by lower fixed overhead absorption at Speedy Multimodes Ltd (SML) and intense pricing competition which reduced realizations from INR 12,450 per TEU to INR 11,882 per TEU.

Capital Expenditure

Annual maintenance and growth capex is budgeted at INR 30-45 Cr. Specific project-based capex includes INR 10 Cr for the New Mundra CFS, INR 25 Cr for the Farukhnagar-ICD, and INR 5 Cr for Chennai expansion, totaling INR 40 Cr in planned deployment to reach the 1 million TEU target.

Credit Rating & Borrowing

The company maintains a comfortable financial risk profile with a 'Stable' outlook. Adjusted debt to adjusted net worth stood at 0.17x in FY24. Interest coverage remains robust at 8.38x (adjusted) despite a decline from 18.23x in FY23. Borrowing is minimal as the company utilizes an asset-light financial lease model.

⚙️ Operational Drivers

Raw Materials

As a service-based logistics provider, the primary 'raw' costs are Lease Rentals (representing INR 35-40 Cr in annual outflows) and Direct Operating Expenses related to cargo handling, stuffing, and de-stuffing.

Import Sources

Not applicable as ATL is a service provider; however, its business volume is 100% dependent on EXIM (Export-Import) trade flows through Indian ports like JNPA, Mundra, and Chennai.

Key Suppliers

Key service and infrastructure providers include TransIndia Real Estate Limited (TREL), which leases standalone CFS facilities at JNPA and Chennai to ATL, and various port authorities.

Capacity Expansion

Current installed capacity is 839,000 TEUs (increased from 530,000 TEUs following the 85% stake acquisition in SML for INR 102 Cr). The company aims to expand to 1,000,000 laden TEUs within the next 3 years through expansions in Mundra, Chennai, and JNPA.

Raw Material Costs

Direct operating costs and lease rentals are the primary drivers. Lease rental re-negotiations at JNPA are expected to save INR 4-6 Cr (approx. 0.5-0.8% of revenue) in FY25, directly impacting the bottom line.

Manufacturing Efficiency

Capacity utilization is approximately 80%. Efficiency is measured by TEU throughput, which grew 8% YoY in FY24 and 7% YoY in Q2 FY26 (reaching 168,000 TEUs for the quarter).

Logistics & Distribution

Distribution is handled via rail-linked ICDs and port-side CFS. The company is expanding its footprint with a 59.48-acre land parcel in Mundra to enhance its distribution reach.

📈 Strategic Growth

Expected Growth Rate

9-10%

Growth Strategy

The company will achieve its 1 million TEU target by expanding capacity at JNPA, Mundra, and Chennai, and operationalizing the Jhajjar ICD. It utilizes an 'asset-right' model to minimize debt while scaling. Diversification into rail-linked ICDs is intended to capture higher-margin multi-modal traffic and reduce reliance on port-side CFS competition.

Products & Services

Import and export cargo stuffing/de-stuffing, customs clearance, container storage, bonded warehousing, and ancillary value-added services at CFS and ICD facilities.

Brand Portfolio

Allcargo Terminals Limited (ATL), Speedy Multimodes Ltd (SML).

New Products/Services

Multi-modal logistics solutions and rail-linked ICD services (Jhajjar/Farukhnagar) are expected to contribute to a more stable and higher-margin revenue mix over the medium term.

Market Expansion

Expansion into the North India hinterland via the Jhajjar ICD and increasing footprint in the Western corridor through the 59.48-acre Mundra land acquisition.

Market Share & Ranking

ATL is positioned among the top performers in the Indian CFS industry with a presence at major ports, though it faces intense competition from both organized and unorganized players.

Strategic Alliances

Maintains a strong relationship with the Allcargo Group and TransIndia Real Estate Limited (TREL) for infrastructure leasing and capital flexibility.

🌍 External Factors

Industry Trends

The industry is shifting toward multi-modal logistics and DPD. While DPD poses a threat to traditional CFS volumes, the overall container traffic at major ports is expected to grow at 9-10%, providing a tailwind for well-positioned players like ATL.

Competitive Landscape

Intense competition from numerous organized and unorganized CFS operators, particularly at JNPA, leading to sustained margin pressure.

Competitive Moat

Moat is derived from 'Allcargo' brand parentage, established positions at key ports, and an asset-light model that allows for capital flexibility. However, the moat is challenged by low entry barriers and high competitive intensity in the CFS segment.

Macro Economic Sensitivity

Highly sensitive to India's GDP and global EXIM trade volumes. A downturn in global trade directly impacts container volumes handled at facilities.

Consumer Behavior

Shift toward integrated logistics providers and digital tracking solutions is driving ATL's investment in 'asset-right' technology-backed services.

Geopolitical Risks

Global supply chain disruptions or changes in trade agreements could impact the volume of containers arriving at Indian ports, affecting ATL's throughput.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Customs Act regulations, port authority tariffs, and EXIM policies. Regulatory changes favoring Direct Port Delivery (DPD) have historically pressured CFS margins.

Taxation Policy Impact

Effective tax rate is approximately 25-30% based on a PAT of INR 45 Cr on PBT of INR 63 Cr in FY24.

Legal Contingencies

ATL is facing a claim from VSSC (via TSLSA) for approximately INR 13.53 Cr plus interest related to damages sustained to cargo machinery during transit. This is a joint claim against ATL and Aspinwall.