The company used the proceeds to redeem debentures of INR500m along with interest in Jan20, and now plans to focus on the core business. Commissioning of DFCC will be a key trigger for the company GDPLs YoY numbers are not comparable due to the consolidation of Gateway Rail from Mar19. CFS volumes declined 15% YoY to 94,337 TEUs, while Rail volumes were up 8% YoY to 61,634 TEUs. that the adoption of Ind-AS 116 led to an increase in EBITDA by INR123m. an exceptional gain of INR80m related to the sale of the CFS terminal. Also, the sale of the Chandra CFS in Chennai impacted volumes for the quarter, resulting in a loss of market share in Chennai. For GDPL, discounts have increased by ~14% over last one year to INR4,000/TEU. The company plans to incur capex of INR1.5b over the next two years, majorly toward setting up of satellite terminals in north.