We expect Q1FY24 to have been a muted quarter with limited traction in volume growth across sectors. Cargo volumes handled by major ports grew only 1.8% YoY in Q1FY24 (vs 8.9% YoY growth in Q1FY23) and containerised rail volumes were up by a mere 0.6% YoY (vs 8.4% YoY growth in Q1FY23).