Jeff Van Rhee: Okay. And then I guess just to complete the picture, on the March ’23 quarter, I think you gave us a pretty good glimpse on revenues and you commented on a few of the expense items. But I guess ultimately what matters here, I would think EBITDA is going to be the key number one-off, how should we think about EBITDA for the March quarter?
Dhruv Shringi: Jeff, I’m giving the guidance for the EBITDA, but overall, we expect the macro environment and our business environment to continue to improve. And as you’re seeing improvement happening in the revenue, it should have a flow through effect to the bottom line as well.
Jeff Van Rhee: Okay. And then just two other quick ones, if I could, my standard question, I know I’ve been asking you for a while, I think you had laid out roughly 17% to 19% EBITDA margin than targeted at roughly $90 million in revenues. Is that still valid?
Dhruv Shringi: Yes, we think at $90 million, we should be back to those kinds of levels.
Jeff Van Rhee: Okay, all right, great. And then just lastly for me, recognizing we’ve been through kind of a lot of turmoil and economic headwinds, et cetera, but just touch on the logistics in terms of any expectations for ’23?
Dhruv Shringi: The logistics business, it’s been in the last quarter relatively slow. I’m sure you guys are all following the global logistic rates, and you would have seen that global shipping rates have completely collapsed. They are now trading anywhere between 60% to 75% lower than where they were as recently as about six to nine months back. So, there is a bit of softening on that side. Plus, obviously, exports out of India are a bit tough given the recession that we are looking at in the U.S. and other parts of the world. So, the logistics part is slightly slower at this point in time, slower than what you would have expected, but largely on account of these global macro factors.
Jeff Van Rhee: Okay. Okay. And then one last one, you gave the cash balance and a nice increase there, but I missed the commentary about debt issuance, and it sounded like you had issued some debt. Just refresh me on those numbers.
Dhruv Shringi: Yes, so we’ve issued debt and we’ve taken on working capital facilities. The working capital facilities are more perpetual in nature i.e. they are like a revolver facility which is there, and the debt which is we’ve taken that was a debt of INR 300 million, and this was taken in the month of, I think December of 2022, so, about INR 300 million in terms of debt and about INR 900 million in terms of the seasonal financing facilities.
Jeff Van Rhee: Okay, very helpful. Thank you so much.
Dhruv Shringi: The seasonal facilities, just to be clear again, that the seasonal facilities have happened post the December year-end, so they are current quarter year-end.
Jeff Van Rhee: Okay, thank you.
Operator: Thank you. We currently have no further questions, so I’ll hand back to Manish for any further remarks.
Manish Hemrajani: Thank you, Alex. Thanks everyone for joining the call today. And as always, we are available for follow-ups. Thank you.
Operator: Thank you all for joining today’s call. You may now disconnect your lines.
