Q3 saw 14% YoY de-growth in overall volumes. However, the base quarter had higher volumes of transhipment (low margin business), which got reversed this quarter. Exim volumes, on the other hand, have nearly normalised and coastal volumes grew YoY. Continued congestion at Colombo hubs, led to higher container volumes at India's bigger ports such as Mundra. GPPL, on the other hand, reported lower volume growth mainly due to management focus on picking up profitable volumes (transhipment volumes negatively impact margins). The management expects the global...