Strategic Marketing Assignment - Presentation on Gati Ltd

1. By:
Duttagupta Abhishek
A Presentation On :

2. ALL ABOUT GATI LTD.
Started operations in 1989 by Mr. Mahendra Agarwal as a ‘door-
to-door cargo’ company.
Initially was a division of Transport Corporation of India (TCI)
which was owned by the Agarwal family.
Became successful due to its commitment on delivery and
money - back guarantee

3. THE INITIAL YEARS OF GATI LTD. (CONTD..)
Initially started its operations between Chennai and Madurai.
Gati operated its business with a group of front-end
entrepreneurial delivery set-up.
Members of this set- up were known as Gati Associates (GAs)

4. After nearly 6 months of its initial run, Gati was relaunched in four
cities : Hyderabad, Chennai, Bangalore and Hosur.
Mr. Agarwal’s focus on ‘Time bound - Point to point’ delivery led to
its success
In 1994, Gati separated from Transport Corporation of India and
became a separate entity.
THE INITIAL YEARS OF GATI LTD. (CONTD..)

5. THE FOUNDER
 Born in the affluent and well-known Agarwal family that owned
Transport Corporation of India
 Holds an engineering degree from Bangalore University and a
Masters in Business Administration from Austin, USA
 Recognised as a pioneer in setting up Express Distribution in India
 Made Gati the most recognized brand and established a market leadership
position

6. GATI GROUP
Single-window offering, for complete Supply Chain
requirements
Pioneer in Express Distribution and Supply Chain Solutions
Rapid growth with a CAGR of 25% in the last 8 years
 Annual turnover of 150,30,00,00,000 INR (150300 Lakhs)
Strong presence in the Asia Pacific & SAARC countries
Most coveted company, with 3500 employees
Strong base of 5000+ customers

7. DISTINGUISHED BOARD MEMBERS

8. THE VISION
To be the preferred provider for India-centric Supply Chain
Services and Solutions, and a leader in the Asia Pacific region
To appease customers with quality service and set new trends
through innovation and technology
To be the most preferred organisation for all stakeholders
To be a responsible corporate citizen, with an unwavering
commitment to environmental protection and conservation

9. THE MISSION
“To be the most preferred & beneficial business in supply
chain and logistics industry to our customers, stakeholders as
well as the society at large.”

10. VALUES AT GATI

11. OBJECTIVES AT GATI
1. To meet customer requirements.
I. Quality of services at competitive value
II. Analyse customer needs and find solutions to satisfy them
III. Provide timely and correct information and avoid surprises
IV. Prompt resolution of compliances and create an environment of
mutual respect
2. Achieve operational efficiency by correct operational balances with
the help of uniform, accurate, and timely information.
3. Control revenue leakages and costs and improve profitability.
4. Centralized information, which is consistent throughout the
organization.

12. BUSINESS SECTORS

13. GATI KWE – AHEAD IN REACH
Divided into 2 parts:
1. Express Distribution
2. Supply Chain Solutions

14. Express Distribution :
The network reaches 99.3% of India
Optimized route planning system enables disciplined
delivery
24/7, 365-day service level monitoring system, ensuring
safety, security and on-time delivery
Direct connectivity operations in 28 airline sectors, and a
vehicle strength of 4000+ vehicles
GATI KWE – AHEAD IN REACH

15. Supply Chain Solutions division, offers an integrated Supply
Chain service, point-to-point & end-to-end.
The Supply Chain Division offers solutions by:
 Addressing critical operational constraints
 Improving the flow of information
 Reforming business processes
GATI KWE – AHEAD IN REACH

16. GATI E-CONECT
Multi Modal Delivery Solutions covering air, road and rail
Gati eFulfilment Centres that offer pick-up, packing, quality check
and last mile delivery
Gati eFulfilment Centres in New Delhi, Bangalore, Mumbai,
Hyderabad, Kolkata and Chennai
Delivery capacity of 18,000 shipments a day
Pre-paid and COD across 6,700 pin codes
Covers 14,000 pin codes across tier IV cities and
remote locations

17. GATI INTERNATIONAL
It comprises of Freight Forwarding & Logistics
Services
Strong market presence in the Asia Pacific &
SAARC countries
Offices in Singapore, Hong Kong, China, Nepal
and Thailand
Freight Management Solutions – services by Air,
Sea, Land and Vessel chartering
Customs clearance – inbound & outbound
International courier (Worldwide)

18. GATI KAUSAR LTD. (COLD CHAIN SOLUTIONS)
Unmatched Cold Chain Distribution & Solutions
One of the largest fleets of Cold Chain vehicles
An FSSAI certified organisation
HACCP procedures for preventing contamination
Modern refrigerated units from France, USA and
Korea
Containers with insulation to counter different
climates
Cooling plants to switch to normal grid power
Equipped service centers for consistent service

19. GATI TRADING SOLUTIONS
Gati Trading Solutions offers business partnership in :
 Imports/Exports as importer/exporter (IOR)
 Billing & distribution to end customers
 High sea-sales management
 Supply chain solutions
Gati Trading Solutions benefit customers with :
 Order management
 Demand collaboration
 Vendor management outsource
 Lean logistics department
 Reduced office and administrative expenses

20. GATI’S JOURNEY OF EXCELLENCE:
INCEPTION TO EXPANSION
2006 - 08
 Alliance with China Railway Express
 Introduced Vehicle Tracking System
 Centralised Call Centre at Nagpur
1989 - 01
 Introduced door-to-door service with money-back
guarantee
 Expansion to the SAARC countries
2001 - 06
 Launched Gati Millennium Parcel Express
 Mechatronic warehouses with APL tracking
2008 - present
 Alliance with General Logistics Systems
 Introduced e-POD
 Joint Venture with KWE Japan
 Launched specialized verticals for e-Com deliveries

21. RECENT AWARDS AND ACCOLADES
5s Excellence Award by CII – Recognised their
strict adherence to 5s methodology
Certified Class B by TAPA for maintaining high
operational standards
Awarded Best Road Transportation by Indian
Chamber of Commerce Excellence
Award for ‘Achievement in Continuous
Improvement by Asia Manufacturing Supply
Chain Summit

22. GATI’S C.S.R. INITIATIVES
Gati is a socially-responsible corporate, going beyond business by
contributing towards the development of the community.
Gati has set-up innumerous schools, has established ‘Gati Nagar’ in
Bhuj District in the year 2001for Gujarat Earthquake victims
Gati has also donated huge amounts of money for the
rehabilitation of victims of calamities and natural disasters like
Tsunami, Earthquake etc.
Gati is also into ‘Adult Literacy Programmes’, ‘Green Initiatives’ and
other vistas of C.S.R

23. GATI’S PREMIUM CLIENTS

24. GATI’S COMPETITORS
 Blue Dart
 DTDC Couriers & Cargo Ltd.
 CONCOR
 EMS Speed Post

25. INDUSTRY ANALYSIS

26. Logistics has huge impact on the domestic and global
economy of any country
Logistics is about moving materials, information and funds
from one business to another business or from a business to
the consumer.
Logistics is an important part of the economic system and is a
major global economic activity.
It encompasses activities like freight transportation,
warehousing, material handling, protective packaging,
inventory control, order processing, marketing, forecasting
and customer service.

27. Historically, the logistics sector was clearly separated and
restricted mainly to transportation and warehousing.
The logistics management in today’s world however, covers all
the aspects of value chain including an efficient integration of
transportation, distribution, warehousing, reverse logistics,
value added services such as payment collection, packaging,
documentation, customer brokerage facilities, kitting, repair
management, reconfiguration etc.
The developments of IT in recent years have further had
remarkable implications for the logistics industry.

28. The Indian logistics industry has come a long way from being
a labour intensive during 60’s to the present technology
oriented system that provides wide range of logistics services.
Traditionally, manufacturing companies in India managed
their own logistics requirements in-house.
The country then gradually evolved from the stage where
basic services were outsourced to different service providers
known as the (Second-Party Logistics) 2PL service providers.
With the increasing demand, the service providers started
providing integrated services together with other value added
services, while the organizations focus on the core
competencies and streamline their supply chain known as 3PL.

29. India has become the prime destination for logistics service
providers all over the world.
The demand for logistics services in India has been largely
driven by the remarkable growth of the economy.
The growth is being projected at 9-10 per cent in next few
years, with the CAGR (compounded annual growth rate)
expected to grow at a rate of 7-8 per cent.
This growth is expected to gain greater momentum due to the
exponential growth of the Indian economy.

30. In terms of infrastructure, road is the dominant mode of
transport which accounts for 68% of freight movement in
India.
Railways are considered a relatively cheaper mode of
transport and are used mainly for transporting bulk materials
over long distances.
About 89% of its freight traffic is contributed by major
commodities such as coal, fertilizers, cement, petroleum
products, food grain, finished steel, iron ore and raw material
to steel plants.
The balance 11% is other commodities moving in bulk and
containers.

31. TOP 3 COMPANIES IN LOGISTICS (SECTOR WISE)
Transporter : 1. GATI
2. DTDC
3. DYNAMIC LOGISTICS
Express Cargo & Couriers : 1. DHL
2. BLUE DART
3. GATI
Freight Forwarders : 1. Gati
2. Container Carriers International Pvt
Ltd
3. Express Freight Forwarders
Container companies : 1. CONCOR
2. MAERSK
3. Indian Container Leasing Ltd
Shipping Agents : 1. MAERSK
2. P&O Nedlloyd
3. GATI
Warehouse Providers : 1. Central Warehousing Corporation
2. Associated container terminals Ltd (ACTL)
3. Dynamic Logistics

32. PORTER’S FIVE FORCE MODEL

33. THREAT OF SUBSTITUTES :
MEDIUM
Highly customer oriented company with multiple vendor options.

34. BARGAINING POWER OF BUYERS :
MEDIUM
Only a few large sectors and companies like the automobile
sector are able to get significant discounts.

35. BARGAINING POWER OF SUPPLIERS:
MEDIUM
Government control of fuel prices makes it difficult to control,
predict and pass on the fuel costs to customers

36. THREAT OF NEW ENTRANTS :
MEDIUM-HIGH
On one hand barriers to entry is low in terms of ease of getting a
license; industry is vulnerable to intense competition and easy scale-
up;
Can be provided without assets.
However the cost of capital is high with complex taxation laws,
congestion of key rail, road and port networks.

37. RIVALRY AMONG COMPETITORS :
HIGH
Highly fragmented - large number of local, regional and national
players.
Commoditization of products due to lack of differentiation leading
to further price erosion.
Gati's competitors have business models which allow them to offer
services at pricings to cost sensitive customers which Gati cannot.

38. ENVIRONMENTAL THREATS & OPPORTUNITIES PROFILE

39. MARKET ENVIRONMENT
 India currently spends 13% of its GDP on logistics, which is
expected to come down to 8.10% due to logistics systems
and acceptance of service providers.
 Indian logistics industry characterized by dominance of the
unorganized market.
 Players can be broadly categorized as local transporters,
transporters providing some kind of value added services
such as warehousing services, and completely integrated
players providing 3PL services.
 The transportation service provider segment is completely
dominated by small local trucking companies and individual
truckers.

40. TECHNOLOGICAL ENVIRONMENT
Currently, the logistics industry has low rates of technology
adoption.
The industry has now started investing and developing its IT
infrastructure (RIFD, Vehicle tracking, warehouse management)
and Gati Ltd has comparatively one of the best IT infrastructures
in the industry.
With the steady adaptation of high degree sophisticated
technology by Gati, it sure will leave its competitors behind.

41. ECONOMIC ENVIRONMENT
 India has witnessed a sharp increase in trade over the past five
years, led by strong economic growth and liberalization.
 With increasing exports and India's recognition as a
manufacturing hub, international trade has also gone up
considerably over the past five years.
 Consequently, the need for logistics has gone up sharply over
the past few years across industries.
 Express delivery industry witnessed 15% CAGR over the last 3
years.

42. REGULATORY ENVIRONMENT
 The core issues for the firm include whether the highly
competitive EDS/courier industry, with no entry or exit barriers
and multiple operators (more than 2500 companies) actually
need a regulator.
 Express' courier operators are still seeking an independent
regulatory authority to regulate the written communications
sector.
 The only law they are subjected to is the jurisdiction of the
Consumer Protection Act, 1986.

43. POLITICAL ENVIRONMENT
 Declining foreign investment has stalled growth and
transformation due to delays in passing / approving key
policies like the implementation of GST.

44. SOCIO-CULTURAL ENVIRONMENT
 With the increase in spending power of an average citizen, the
future looks bright.
 Gati has always been proud of its rich heritage of customer
delight, its commitment to the society and being the best in what
it does.

45. INTERNATIONAL ENVIRONMENT
The competition in the package delivery service is very global
due to the presence of FedEx Corporation, UPS, DHL, USPS as
well as a host of other smaller companies at home and abroad.
As well as competing against bigger players, GATI Ltd must also
compete with regional delivery companies and international
delivery companies that serve only their country.

46. ENVIRONMENTAL
SECTOR
NATURE OF IMPACT IMPACT
Market Is dominated by the unorganized sector and Gati Ltd
in the unorganized sector.
Technological Advent and adaptation sophisticated technology.
Economic The Industry’s growth rate is favorable.
Regulatory Lack of proper regulatory body results in inefficient
of industry.
Political Inefficiency and hurdles in policy making hurts.
Socio-cultural Service is customized to delight the customer.
International Intense rivalry and competition prevails in the International
Competition.

47. KEY SUCCESS FACTORS
Gati is always focussed on the following Key Success
Factors:
1. Customer / Partner / Gati’ite satisfaction.
2. Organization effectiveness and flexibility
3. Quality and value-added services.
4. Dependability and trust.
5. The Gati’ites’ culture of services.

48. OPPORTUNITIES
Introduction of GST
Expected growth in GDP
Increasing industry preference towards time sensitive delivery
and Just-In-Time delivery
Phenomenal growth of e-Retail segment
Increasing disposable income levels and favorable
demographic profile Increased internet penetration and usage
of smart phones
Very few specialized players to cater to e-Logistics
Lack of cold storage infrastructure in India

49. THREATS
Increased competition from other players
Shift towards In- House delivery model by E-Commerce
players
Fast changing industry dynamics and ever-changing
requirements of customers
Squeezing margins of e-tailers
Erratic power supply & Shortage of electricity
Capital intensive business
Highly competitive Industry

50. STRATEGIC ADVANTAGE PROFILE (SAP)

51. MARKETING CAPABILITY FACTORS
 Gati prides itself for its high level of customer service.
 Gati provides highly customized services for its
customers.
 Gati has an effective promotional program
 Gati Ltd has build its own brand image that stands for
Time bound – Point to Point delivery model that aims for
customer delight

52. FINANCIAL CAPABILITY FACTORS
 Raising Funds
Gati plans its processes effectively to raise funds & make available for
business needs
Follow domino discipline in fund management & ensure that fund
availability doesn’t affect customer value delivery
 Controlling Expenditure
 Has built a disciplinary system that ensure that the methods of
monitoring expenditure are reliable.
Guidelines to the team members to how they can control
expenditure.

53. OPERATIONAL CAPABILITY FACTORS
 Gati established modern state-of-art warehouses at numerous
places.
 Gati has entered into special tie-ups with India airlines, Indian
Railways etc.
 It offers value-added services such as flexible delivery options,
online tracking etc.
 Besides this, it is more cost-effective in comparison to other
services.

54. PERSONNEL CAPABILITY FACTORS
 The Company has launched a series of innovative HR -
development initiatives including e-HR, which gives complete
emoluments and related information of every personnel.
 The company has a strength of more than 2300 trained
manpower that is committed to the growth of the organization.
Training is in consultation with consultants of AIMA, XLRI, NIIT,
FCCI etc.
 They are provided opportunity for lateral shift - geographical or
functional and have their talent potentially rewarded.

55. INFORMATIONAL CAPABILITY FACTORS
 Gati website was inaugurated in 2002. It is aimed at rendering
better services to customers.
 GATI implemented web based ERP called gati@web comprising :
1. GEMS (Gati Enterprise Management System), a custom-
developed application,
2. Oracle CRM and
3. Oracle Financial.
 Set up an alternative disaster recovery site, to supplement the
company’s central server at its Head Office, GATI.

57. STRENGTHS
Undisputed leader in express distribution with supreme industry
knowledge
PAN India Network with time sensitive delivery capability
Already established infrastructure and brand name of Gati ltd
Efficient Execution and IT Capabilities
Delivery capability ranging from 50 gms to 50 kgs
Capacity to deliver on same day
Customization and Value added services
Established client base

58. WEAKNESS
Enormous shortage of skilled manpower
Frequent fuel hikes
Limited air freight network
Poor courier experience
Lack of integrated infrastructure
Huge repairs and maintenance costs
Use of outdated technology in refrigerants

59. BUSINESS DEFINITION

60. Customer Functions -what
(Complete Logistic Solutions)
Customer Groups - who Alternative Technologies – how
(For Consumers as well as ( provides Express Deliver, E-commerce
Companies ) as well as Cold Storage Solutions)

61. ORGANIZATION STRUCTURE

62. MAJOR STRATEGIES

63. EXPANSION STRATEGIES
 Expansion through concentration
 Expansion through integration
 Expansion through diversification
 Expansion through cooperation
 Expansion through internationalization

64. EXPANSION STRATEGIES
 Expansion through concentration
 Expansion through integration
 Expansion through diversification
 Expansion through cooperation
 Expansion through internationalization

65. EXPANSION THROUGH CONCENTRATION
A keen focus on services it provides currently and their betterment
through various methods is a hallmark of Gati Ltd.
It also focuses on recent customers and new customer
development by providing them customized services.

66. EXPANSION THROUGH INTEGRATION
Gati Ltd integrated the existing network of Transport Corporation
of India.
It integrated a model of e-SCM into its day to day operations.

67. EXPANSION THROUGH INTERNATIONALIZATION
They provide services to over 200 countries.
The company has setup offices in China, UAE, Hong Kong,
Thailand, Malaysia and Indonesia through wholly owned
subsidiaries like :
Gati Asia Pacific Pvt Ltd (Singapore),
Gati Hong Kong Ltd, Gati Thailand Ltd,
Gati Dubai Ltd,
Gati Holdings Ltd (Mauritius) and
Gati Cargo Express Shanghai Ltd (China).

68. JOINT VENTURES
Gati Ltd entered into a Joint Venture with Kintetsu World Express
Private Limited to form “Gati KWE”.
It recorded a turnover of INR 7,823 Million in the period of nine
months registering a growth of 20%.

69. STRATEGIC ALLIANCES
Gati Ltd has entered into ‘Strategic Alliances’ with Indian Airlines as
well as Indian Railways.
They have an alliance with Jubilee Commercial, an IATA accredited
freight forwarder that started operations in 1998 as Air Cargo
Agent.
Signed a Memorandum of Understanding (MoU) with
China Railway Express International Logistics Company Ltd (CREIL),
a market leader in China for rail and road cargo and package
delivery.
Gati has also signed a MoU with International Shipping Logistics
FZE (ISL) which is a subsidiary of Tata Steel

70. DIVESTMENT STRATEGIES
Gati has divested 40% stake in its Shipping business for Rs
8 crore to a HNI group in Hyderabad.
As per reports in February 2015, Gati Ltd is looking for a
financial investor for its cold chain business Gati Kausar.

71. BUSINESS MODEL AT GATI
Gati's business model was vastly futuristic in comparison to
its competitors.
It chose to focus on the customer’s needs from the start.
It developed the business partner concept of “Gati
Associates” giving rise to a team of entrepreneurs who
were independent business partners of Gati.

72. EVOLUTION OF BUSINESS MODEL OF GATI
The Beginning Years (1989-1994)
 For the initial four years of its operation, delivery commitments took
priority over complete utilization of capacity and Gati was focused on
to its aim to provide time bound and point to point delivery.
Innovation, Value-addition and growth (1994 – 2001)
 Gati added innovative strategies to capture the market and make the
transition from a small cargo services company to cargo management.

73. CONTD..
Gati Process, Technology, Automation and Awards (2001-2006)
To sharpen marketing focus, operational efficiency and improve
service quality, Gati reorganized itself right from the zonal level and
affected a separation of its verticals and corporate functions.
Empowering the network (2007- 2009)
Gati expanded its network in India, China and Europe following
strategic tie-ups with logistic service partners.
Transformation, Recognition & Growth (2010-Present)
Gati grew by leaps and bounds.
They started their own Supply Chain Division as well as ventured
into E-Commerce business.

74. POLICIES AT GATI

75. MARKETING POLICY
Gati’s simple approach is to attract new customers & retain old
ones.
The Motto of the Marketing team – Customer is the Owner !!
Gati’s main policy is to provide personalized & innovative
services thereby building an everlasting relationship with its
customers.
It is the First Indian Company- - to introduce toll free no (1-600-
425-4284) - to implement e-CRM - to introduce e-POD system.

76. OPERATIONS POLICY
Believes in Asset Light Business Model and Just in Time.
Modern State-of-the-Art warehouses at Gurgaon, Ludhina, Jaipur,
Indore, Kolkata and Pondicherry.
In collaboration with Indian Airlines, Gati launched GATI Gold and
GATI Silver services, for speedy air-delivery.
GATI International handles international business with a new
focus, in association with local logistics agents.
Company have branches in Singapore & Nepal and liaison office
in Sri Lanka, Hong Kong, China, Thailand, Malaysia, UAE and
Taiwan.

77. FINANCIAL POLICY
Gati follows a system of Internal Control on Costs as well as
efficient Working Capital management.
On the other hand, they believe that employees are their
greatest assets.
They have increased employee benefit expenses by 13.8 %.
Their Asset Light Business Model and Just in Time policy
also helps them save costs

78. PERSONNEL POLICY
Gati has launched a series of innovative development initiatives
including e-HR, which gives complete emoluments and related
information of every Gati’ite.
Gati has a strength of more than 2364 trained manpower that is
committed to the growth of the organization.
Promotion Policy was revised – branded “Fast Track” & “Talent for
Tomorrow”.
Collaborated with consultants from IIM, NIIT, FCCI, AIMA, ICFAI,
XLRI etc., for training and development.

79. VIGILANCE AND AUDIT POLICY
The Vigilance team exercises due diligence to prevent and detect
criminal conduct and promote an organizational culture that
encourages ethical conduct and a commitment to compliance
with the law.
The reviews are undertaken on a continuous basis covering
various areas.
The Audit Committee reviews all reports and suggestions for
improvement are discussed and implemented appropriately.

80. RISK ASSESSMENT AND MITIGATION POLICIES
Gati has a Corporate Risk Management Team consisting of
professionally qualified accountants and functional specialists
who are empowered to examine/audit the adequacy,
relevance and effectiveness of the controls, compliance with
policies, strategic plans and statutory requirements.

81. PRODUCT PORTFOLIO (BCG MATRIX)

82. BCG MATRIX OF GATI
Star
International
Services
E-commerce
Question Mark
Shipping
Supply chain
solutions
Cash Cow
Express
Distribution
Cold Chain
Solutions
Dog
Courier Services
MarketGrowthRate
Relative Market Share

83. QUESTION MARK
Shipping:
Has a relatively low market share in the world with
major players like UPS, Maersk, and FedEx to
compete with.
Supply chain solutions:
It is a relatively new and a growing sector which has
not reached its maturity in growth cycle.

84. STAR
E-commerce and International Services:
Both these services are on ever high currently
because of increase in globalization and technology
advancement.

85. DOG
Courier Services :
There has been a steady decline in courier and speed
delivery services post the internet era where major
transactions are done online.
Internet usage boom has brought a downfall in this
part.

86. CASH COW
Express Distribution and Cold Chain Solutions :
These have a relatively high market share in Asian
markets and they generate major cash for Gati.

87. GATI’S FUTURE ..!

88. …. FOR GATI LTD.
The economy is expected to gain momentum in FY 2014-
15.
The Industry is expected to grow with the growth of
economy.
For the FY 2014-15, Gati is expected to post better growth
at consolidated level which could be propelled with the
expected introduction of GST nationwide.

89. …. FOR GATE KWE
GATI-KWE expects strong growth through solution selling
by integrating warehousing, distribution along with other
value added services.
Its focus would be to develop more capabilities in E-com
logistics

90. … FOR GATI E-CONNECT
Gati is uniquely placed to provide services in Metros,
Capitals, Tier 2 and 3 cities, which is current need of E-
Commerce industry due to surge in demand from smaller
towns.
The E-commerce vertical has potential to grow 100% per
year.

91. … FOR GATI KAUSAR (COLD-CHAIN SOLUTIONS)
The growth in organized cold chain industry is also
expected to be driven by growth in Quick service
restaurants, organized retail segment and food processing
industry.
Given these favorable industry dynamics, Gati Kausar's plan
to set up 10 large cold chain warehouse is the another
tipping point for expansion of Gati Group.

92. GATI’S DREAM
Gati dreams to be a ‘Completely Integrated Logistics
Service Provider’.

94. Thank You !!