Your SlideShare is downloading. ×
0
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Analyst meet-presentation-29-08-2012
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Analyst meet-presentation-29-08-2012

489

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
489
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
24
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. GATI LTDInvestor Presentation l August 29th, 2012 1
  • 2. Presentation Outline • Overview • Business Verticals & Growth Drivers • Operational Capabilities • Business Environment • Financial Highlights • Outlook 2012-15 2
  • 3. Forward Looking & Precautionary Statement The presentation contains certain forward looking statements concerning future business prospects and business profitability of Gati and its affiliates, which are subject to number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties regarding fluctuation in earnings, our ability to manage growth, competition(both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost overruns on contracts, our ability to manage our international operations, government policies in action with respect to investments, fiscal deficits, regulations, etc., interests and other fiscal costs generally prevailing in the economy. The company does not undertake to make any announcements in case of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company. August 2012 3
  • 4. GATI OVERVIEW 4
  • 5. Gati - At Glance • Established in 1989, Gati is India’s Pioneer & Leader in Express Distribution and Supply Chain Solutions • Service Offerings include : – Express Distribution – Road , Rail & Air – Supply Chain Solutions – International Freight Forwarding & Custom Clearance – Warehousing – Cold Chain Solutions – E-Commerce – Coastal shipping – Import/ Export and Trading • FY – 12 Group Revenue of Rs. 12094 Million • Operations across India, Singapore , China, Thailand, Nepal and Hong Kong 5
  • 6. Corporate Structure Gati Ltd Divisions Subsidiaries International Gati-Kintetsu Gati Ship Pvt Other Indian International (Freight Forwarding) Express Pvt Ltd Limited Subsidiaries Refrigerated Fuel Station Gati Asia Pacific E-Commerce Surface Express Transport Business Others Subsidiaries Pte.Ltd Kausar India Newatia Zen Cargo Movers Air Express Commercial & Gati Hong Kong Ltd Pvt Ltd(CHA) Ltd Trading Pvt Ltd Gati Import Export SCM Trymbak Gati Thailand Ltd Trading Ltd Commercial & Trading Pvt Ltd Gati Logistics Park Gati China Holdings GTS Ltd Ocimum Pvt Ltd Commercial & Trading Pvt Ltd Gati Cargo Express(Shanghai) Co. Ltd(China) Sumeru Commercial & Trading Pvt Ltd 6
  • 7. Our Journey to Excellence – Inception & Expansion Inception (1989 – 1999) Expansion (2001-2006) •1989 - 95: Introduced Door to Door service - Money Back •2001: Gati Millennium Parcel Express - First exclusive Cargo Guarantee for delay in shipments delivery Train between Mumbai and Kolkata in association with Indian Railways •Cash-On-Delivery introduced •Launched India-centric distribution solutions and forayed into •Call Free Number - First in the Indian logistics industry to Singapore launch the concept •2003:Migrated the operations to the first of its kind web- •1996: Tied-up with Indian Airlines to facilitate speedier based solution - GEMS delivery of shipments •2004: Introduced mechanized racking systems in the •1997: Introduced the concept of 3rd party logistics (3PL) automated warehouse at Panvel, Maharashtra •1998 – Received the ISO 9001 certification •Launched courier service – Suvidha •2005: Mechatronic warehouses with APL racking and modern handling equipment across major Indian cities •1999: Expansion to SAARC countries by tie-up with postal departments of Bhutan and Maldives •2006: Customer Convenient Centers introduced to enhance accessibility •P.D. Agarwal Development Centre set up in Pune exclusively for employee training and development •Gati Student Express launched 7
  • 8. Our Journey to Excellence – Consolidation & Emergence Consolidation (2006-2008) Emergence (2008 till date) •Online Employee Information System and Performance MIS •Launched Millennium Parcel Express Train between Mumbai and Guwahati •2007: Strategic alliance with China Railway Express International Logistics Co. Ltd. •Strategic Alliance with GLS (General Logistics Systems) •Joint Courier and Air Cargo Service with Air India •Gati Europe Express launched •Opened Mega Mechatronic Express Distribution Centre in •Introduced e-POD (Electronic Proof of Delivery) Bangalore •2009: Launched Mechatronic Warehouse in Hyderabad •Introduced VTS (Vehicle Tracking System) •Introduced SQS (Service Quality Standardization) •Gati Cafe Deliver – an outlet concept offering a menu of services •2010 - Launched RedSun, Supply Chain Division •DOD Direct (Draft on line) to reduce cycle time of customer •2010 - Ventured into E commerce – Makemygiftz.com payments •2011 – Launch of Go To Market Strategy – Product & Service •2008: Launched Centralized Call Centre at Nagpur differentiation launched •2012 – Joint Venture with KWE Japan 8
  • 9. Awards & Recognitions First Logistics Company in India to be awarded ISO 9001 Certification Bagged the Voice of customer Award for “The Best Logistics Company ‘03” in a survey conducted by Frost & Sullivan Awarded Consumer Super Brand status in the Logistics category for 2006-07 & 2009-10 Gati was given the Champion CIO award for less than ` 1000 crores category of the Enterprise Connect Awards – 2005, 2009 Nominated for NDTV ‘Business Leadership Awards’ 2006 in logistics category Awarded the ‘Best Logistics Partner’ by HCL Info Systems in 2006 Gati was awarded the Amity HR – excellence award in 2005, 2007, 2008 & 2009 IT User Awards - NASSCOM - CNBC-TV18- Logistic vertical Life time Achievement Award 2010 – Mr. Mahendra Agarwal, CEO & MD Gati Ltd. Gati was awarded The Best Logistics Provider of the Year – Road – 2011 Edge Award 2011 for use of IT for maximising Business Impact – Video Conferencing Mr. Mahendra Agarwal - Executive of the Year Award (Logistics) by ICC - 2012 9
  • 10. Corporate Social Responsibility Earthquake Green Belt Weavers work Flood Relief Relief, Gujarat Plantation, Delhi shed, AP Floods Support, Assam Blood Donation Tsunami Relief 1 Million Tree Gati School Camp, Kolkatta Tamil Nadu Plantation, AP Hyderabad 10
  • 11. Distinguished Board of Directors K L Chugh Mahendra Agarwal Sunil K Alagh N Srinivasan Dr. P S Reddy A P V N Sarma Yoshinobu Mitsuhashi Dr. Ram S Taneja T S Rao Sanjeev Jain 11
  • 12. GATI – Shareholding Pattern(As on 30th June, 2012) 6% 16% 2% 44% Promoters Public FIIs 32% Bodies Corporates Others • Listed on BSE and NSE • Consistent Dividend Track Record 12
  • 13. GATI – Corporate Governance – Five Tier Governance Structure Board of Directors Committee of Directors • Professional Board Operating Board Members • Committee Constitutes of Independent Directors Corporate Performance Review Committee Business Chain GroupOur Governance focuses on the attainment of the high standards oftransparency, accountability, ethics and equity with Management Flexibility, Empowerment andResponsiveness in the interest of the Shareholders, Customers, Employees, Business Associatesand the Society at large. 13
  • 14. BUSINESS VERTICALS & GROWTH DRIVERS 14
  • 15. Joint Venture – GATI & KWE On February 13th 2012, Gati joined hands with Kintetsu World Express - Japan’s leading logistics service provider to form GATI-KWE, an unmatched leader in Express Distribution and Supply Chain Solutions. Express Distribution and Supply Chain (EDSC) business of Gati has moved into the joint venture company through a Business Transfer Agreement. KWE has invested Rs. 2,677 Mn for its 30 per cent stake in the Joint Venture. The Joint Venture, GATI-KWE will combine Gati’s expertise in 3PL and express distribution in India with KWE’s freight forwarding expertise and global customer base. As a result, GATI-KWE is geared to now give the Indian enterprises the Global Advantage. 15
  • 16. GATI-KWE – Express Distribution & Supply Chain Solutions Gati Kintetsu Express Private Limited (GATI-KWE) is a joint venture company between Gati and Kintetsu World Express, Japan’s leading logistics provider. . Industry Outlook •Express cargo market in India is growing at 15-18% per annum(Source: CRISIL Research Estimate) •3PL in India is expected to grow to an INR 300 billion market by 2015(Source: CRISIL Research Estimate) •Introduction of GST will facilitate a country wide network of strategically located warehouses which will generate additional business volume for express distribution and supply chain services Growth Drivers New Opportunities •Leveraging the KWE global customers •Strengthening vertical presence - Auto Components, Pharma and Consumer Goods and mid size companies across industries •Dedicated New Business Development teams. • To enhance our Business Partner network in Tier II and III cities thereby growing our Cash and Carry Business 16
  • 17. GATI-KWE – Express Distribution & Supply Chain Solutions Gati Kintetsu Express Private Limited (GATI-KWE) is a joint venture company between Gati and Kintetsu World Express, Japan’s leading logistics provider. . Growth Drivers Organic Growth • Introduced New Products – Using Multi modal Express Plus and Premium Plus and Standard for specific backhaul locations. • Pricing Strategy – Introduced Distance based pricing •Expanding into Intra State movement as a growth area in large states. • Mandatory clause against fuel increase linked to freight as a % currently at 50% • Existing customer Retention. (Currently 45% are > 3 years customers) •Profit Enhancement through • Freight Exchange introduced • Fleet expansion - owned • Developing Key Vendors for better rates. • Improve CTC Cycle - Reduce average collection days to < 45 days • Improve Productivity in sales and operations through using LEAN •Further improve our Service offering and Delivery through Centralized NMC •Investment in Surveillance systems 17
  • 18. GATI INTERNATIONAL Gati International, the global wing of Gati Limited is one of the leading providers of freight forwarding and logistics services Industry Outlook •Indian Freight forwarding market is expected to grow at CAGR 14% to reach USD 12 Bn in 2014.(Source KPMG Report). •In APAC the Freight forwarding market is expected to grow at 12%.(Source- KPMG Report). Growth Drivers •APAC centric operations with new trade lanes •Consolidate buying capacities for Air and Ocean forwarding • Collaborative approach with KWE • Introduction of Value Added Services and a seamless transfer for International Express Distribution 18
  • 19. Business Partners - International • Air • Freight • Ocean • Freight Global Partners 19
  • 20. KAUSAR INDIA – Cold Chain Solutions Gati Kausar, a subsidiary of Gati Limited is a cold chain transportation solutions company with over 20 years of unmatched cold chain distribution expertise. Industry Outlook •The cold chain industry in India is estimated to be ~INR 125 bn growing at 20-25% and expected to touch INR 400 billion by 2015 •Government of India setting up 30 mega foods parks by 2012 to propel demand for cold storage and transportation Growth Drivers •Leveraging on the sector friendly policies •High growth potential Industry •Focus on higher-value and growth markets - Processed foods, Pharma, Dairy, Ready-To-Eat, Marine and poultry 20
  • 21. GATI SHIP Gati Ship Pvt Ltd., a subsidiary of Gati Limited, is a one stop logistics solutions provider for all sea bound cargo shipments operating vessels across several routes. Industry Outlook •Opening up of trade lanes between India and Myanmar will open potential to increase our trade volumes in this sector •Shipping Industry out look remains weak with low freight rates Growth Drivers •Special focus on the India – Port Blair – Myanmar lane •To bring in a Strategic Business Partner 21
  • 22. GATI e-Commerce Gati E-commerce division provides an integrated end to end logistic solution to on-line retailers. Industry Outlook •E-tailing market is estimated to reach Rs. 53,000 Cr in 2015 (Source: Avendus, 2011) Growth Drivers • Top companies in Teleshopping and e-tailing segments •Define industry standards and set benchmarks •Develop and establish a world class home delivery network •Expand our capacity size to cater to 30K Home Delivery per day FY 13 • COD capability is a key market strength 22
  • 23. OPERATIONAL CAPABILITIES 23
  • 24. TECHNOLOGY @ GATI IT Infrastructure Our Applications • State of Art Data Centre with full • Gati Enterprise Management System (GEMS) redundancy • Oracle Financials • Enterprise class Servers and Storage • e-BizNet (Warehouse Management System) • Disaster Recovery Site for key applications • Human Resource Information System (HRIS) • Robust Network connecting all offices to • Mobile Applications support operations 24 X 7 • Business Intelligence (BI) • Vehicle Tracking System (VTS) Customer’s facilities Awards and Recognitions • IVR enabled toll free number – Multi • Champion CIO Award in 2005 & 2009 language support • CIO - Ingenious 100 in 2009 • Shipment Tracking information – IVR , SMS • IT User Award (NASCOM -CNBC -TV18) in E-mail , website , Customer login and web- 2009 services • CIO Agile – 100 in 2010 • Customer’s and partner’s system integration • CTO of the Year (2nd Runner Up) in 2010 for seamless data transfer • EDGE 2010 & 2011 Award 24
  • 25. PEOPLE @ GATI HR Vision : We endeavour to support the organization by attracting the best talent and consistently enhance the skill of our Gati’ites to ensure the achievement of Company’s Goals. We aspire to be a preferred employer of choice. Employees 3273 Business Partners (GA s/Franchisee) 2078 Total Manpower ( Aug 2012) 5351 Average Employee Age 30 years Diversity Mix (Male:Female) 86:14 8 Top Management 8 > 10 yrs <1 yr 19% 20% Senior Management 28 1 to 4 yrs 5 to 10 yrs 22% Middle 39% Management 401 Span of Control Mgr: Non Mgr - 1 : 13 New talent account for about 20% of total S` manpower. 58% of Gati’ites have a service tenure of more than 5 years 25
  • 26. INFRASTRUCTURE @ GATI17 Express Distribution 2.5 million sft. Modernized Material Fleet of 4000+ vehicles Centers Mechantronics Handling Equipments Warehousing space Fleet of 3 vessels 162 Reefer Vehicles 24x7x365 Centralized Gati Café Deliver Customer Care Center 26
  • 27. BUSINESS ENVIRONMENT 27
  • 28. ECONOMY – GDP Growth • While growth in India has moderated, the domestic demand has remained relatively resilient compared to the major economies • Indian GDP growth rate in Q4 FY2011-12, eased to 5.3% as against 6.1% in Q4 2011 and is the lowest since 2004Source: MOSPI India GDP Annual Growth (at factor • Industrial production in April was broadly flat 10.0% cost: 2004-05) over the previous month and last year and contributed to the weaker than expected GDP 9.0% growth 8.0% 7.0% 6.0% 5.0% 4.0% FY 2008 FY 2009 FY 2010 FY 2011 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 28
  • 29. Indian Express Cargo Industry • The Indian express industry size is estimated at Rs. 10,870 crores (about USD 2.2 billion) in 2011- 12 and is expected to grow at 17% per annum to Rs. 17,450 crores (about USD 3.5 billion) in the next three years. • Future Growth Drivers – High level of consumption demand(10% over next 10 years) and need for specialized services(Temp controlled services/Import cargo movement) will fuel the future growth of industry. • The growth of the industry will be driven by the current major customer segments, namely auto components, banking & finance, garments, pharmaceuticals, IT hardware and mobile phones, where GATI is already active • Implementation of GST, Postal Bill, High operating costs, Low level of infrastructure will be some critical areas for the industry. (Source: CRISIL, EICI Survey) 29
  • 30. GATI - Our Growth Sectors YOY Volume growth by Vertical Charged Weight by Vertical FY2012 vs Industry Vertical FY2012 FY2011 General Manufacturing -11.5% Consumer Goods 1.7% Others General 21% Auto Components 16.3% Manufacturing Pharma 26.4% 20% Apparel 8.7% Apparel Others -1.5% 5% TOTAL 2.6% Consumer Pharma Goods • Broadly, GATI –KWE handles packages of all the major 14% 26% sectors in the economy Auto • GATI-KWE’s strength has been that our revenues are not Components overly dependant on any specific sector, which limits our 14% exposure to any sector specific trends Note: FY 2012F revenues based on annualized YTD FY 2012 revenue 30
  • 31. FINANCIAL HIGHLIGHTS 31
  • 32. Key Highlights • Renewal of FCCB at favorable terms - $22 Million • Formation of Joint venture with Kintetsu World Express (KWE)for infusion of equity Rs 2,677 Million for 30% stake with Rs. 3,305 Million debts • Business Restructuring of Shipping Division into wholly owned subsidiary Gati Ship Private Limited for better business focus and proposed strategic partners • Core business grew 9% in the current economy • Significant deleveraging of balance sheet 32
  • 33. Business Restructuring 70% KWE GATI Limited 30% 100% 100% Surface GTS (Rail) International COAST TO Coast Coast to COAST Express E-Com e-Com Air Express SCM GATI KINTETSU EXPRESS GATI SHIP PRIVATE GATI LIMITED PRIVATE LIMITED LIMITED 33
  • 34. BUSINESS PERFORMANCE 34
  • 35. Express Distribution & Supply Chain (EDSC) INR Mn 2013E YOY 2012 YOY 2011 YOY 2010 Revenues 10020 12% 8,925 9% 8,165 23% 6622 EBDITA 1154 12% 1,030 21% 851 12% 759 EBDITA Margin (%) 12 12 10 11 Outlook • Projected CAGR (2012-2015) : Over 15% • Business synergy with KWE , improved economic environment & increased demand of ECOM vertical. • Significant growth in GTS (Rail Transportation) • Profit Improvement due to reduced interest burden 35
  • 36. KAUSAR – Cold Chain INR Mn 2013E YOY 2012 YOY 2011 YOY 2010Revenues 543 35% 402 33% 303 30% 233EBITDA 102 70% 60 13% 53 88% 28EBITDA Margin (%) 19 15 17 12 Outlook: •Projected CAGR (2012-2015) : Over 35% •Focus on setting up pan India cold chain warehouses to provide integrated solutions on Hub and Spoke model •Reefer fleet size from 162 to 350 by 2015 •Growth fuelled by fiscal incentives and sector friendly government policies 36
  • 37. Gati Ship INR Mn 2013E YOY 2012 YOY 2011 YOY 2010Revenues 803 252% 227 (75%) 923 (2%) 939EBITDA 129 (144) (220%) 120 (19%) 149EBITDA Margin % 5 (63) 13 16 • Significant revenue de-growth since ships were under dry docks • Shipping division hived- off to a separate subsidiary Gati Ship Private Limited with effects from 31st March 2012 • At the end of Q4 -GATI Majestic & GATI Pride completed their Repairs and Dry - dock and are now operational for commercial voyages Outlook: • Projected CAGR (2012 - 2015) : Over 50% • Leader in Chennai - Port Blair - Yangon route, greater focus on this route post opening of Myanmar economy. • Inviting strategic investor to tap full potentiality of Coastal shipping 37
  • 38. Other Subsidiaries Includes Fuel Stations, APAC (Foreign Subsidiarias),GIETL (Trading) & Zen Cargo (CHA) INR Mn 2013E YOY 2012 YOY 2011 YOY 2010 Revenues 2752 5% 2,623 (9%) 2,895 130% 1,715 EBITDA 45 (27) 18 1% (13) EBITDA Margin % 2 (1) 1 (1) Outlook: • Projected CAGR (2012 - 2015) : Over 10% • Enhanced focus on trade lanes between china-India, Hong Kong - India, Singapore -India & Germany-India. Ocean Freight product development from Africa 38
  • 39. Consolidated – Income Statement INR Mn Year end 30th June 2012* 2011 2010 Revenues 12,891 12,112 9,376 EBITDA 1,801 1,007 914 EBITDA Margin 14% 8% 10% PBT 667 237 160 PAT 415 140 95 *Includes Net Extra Ordinary Income of Rs. 750Milllion 39
  • 40. Consolidated – Income Statement Year end 30th June INR Mn 2012 2011 2010 INCOME Revenue from Operations 9956 9809 8,004 Sales 1846 2220 1,257 Other Income 1089 83 115 TOTAL 12,891 12,112 9,376 Revenue Growth 6% 30% Operating Expenses 8899 8967 6,587 Other Cost 2190 2138 1,875 Total Expenses 11,090 11,105 8,462 EBIDTA 1,801 1,007 914 Finance Cost 619 516 482 Depreciation 370 254 272 Exceptional Item (145) Profit before Tax 667 237 160 Tax Expenses 252 97 65 Profit for the period 415 140 95 *Includes Net Extra Ordinary Income of Rs. 750Milllion 40
  • 41. Divisional Performance – 2011-2012 Other Revenue Contribution subsidiaries 22% Shipping 2% Kausar Cold EDSC Chain 73% 3% EBITDA Contribution Shipping Other subsidiaries -11% -2% Kausar Cold Chain 5% EDSC 82% 41
  • 42. OUTLOOK 42
  • 43. Trend Analysis Revenue INR Mn CAGR @ 17% 25,000 20,000 15,000 10,000 5,000 - 2008 2009 2010 2011 2012 2013E 2014E 2015E 16% 14% EBITDA 14% 12% 13% 12% 10% 10% 10% 8% 10% 8% EBITDA Margin 6% 8% 4% 2% 0% 2008 2009 2010 2011 2012 2013E 2014E 2015E 43
  • 44. Divisional Performance – 2014-2015 Other subsidiaries Revenue Contribution (22%) 17% Shipping (2%) 7% Kausar Cold Chain (3%) EDSC (73%) 5% 71% Other EBITDA Contribution Shipping (-11%) subsidiaries(-2%) 10% 3% Kausar Cold Chain(5%) 7% EDSC (82%) 80% () FY 2011- 2012 44
  • 45. CAPEX Plan IT Vehicles Infrastructure INR Mn 467 390 250 220 200 150 50 60 63 2013 2014 2015 Total Planned Expenditure : Rs. 1850 Mn over next Three Years Funding primarily through internal accruals/ disposal of surplus land 45
  • 46. Debt Outlook 2500 2,181 1,931 BANK 2000 1,681 1249 FCCB 1500 1,131 969 1000 689 Public Deposits 409 500 199 224 149 236 247 255 99 49 0 Gati GKE Gati GKE Gati GKE Gati GKE 2012 2013 2014 2015 46
  • 47. THANK YOU 47

×