Kaushalya Logistics Limited - transport and logistics in Ludhiana, Punjab, India. FY 2026 financials & compliance.
CIN L45400PB2007PLC063260 Incorporated 24 August 2007 ROC Chandigarh HQ Ludhiana, Punjab, India
Active Listed - NSE: KLL Public Limited Company transport and logistics
Data last updated
Market Cap
₹75.70 Cr
KLL-ST · NSE
Share Price
₹41.40
+1.35% today
Revenue
₹2,499 Cr
FY 2025-26 · +91.5% YoY
EBITDA
₹2.76 Cr
Margin 0.1%
Net Profit
₹12.20 Cr
FY 2025-26 · +4.8% YoY
P/E (TTM)
6.3x
P/B 1.0x
Authorised capital
₹25 Cr
Registered with MCA
Paid-up capital
₹18.53 Cr
Issued & subscribed

About Kaushalya Logistics Limited

Data last updated:

Kaushalya Logistics Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the integrated logistics and supply chain solutions segment of the transport and logistics sector. It was incorporated on 24 August 2007 and has been in existence for over 19 years.

The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN L45400PB2007PLC063260. Its GSTIN is 03AADCK2052L1ZS (Punjab). The company holds 32 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on NSE: KLL.

The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹18.53 Cr. It was formerly known as Kaushalya Bulidcon Private Limited and Kaushalya Buildcon Private Limited. It is led by directors including Uddhav Poddar (Managing Director) and Atul Garg.

Its last annual general meeting (AGM) was held on 27 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Ludhiana, Punjab.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹2,498.67 Cr, a growth of 91.5% compared to the previous year. For the same year it recorded a net profit of ₹12.2 Cr (net margin 0.5%) and EBITDA of ₹2.76 Cr (EBITDA margin 0.1%). The net worth stands at ₹72.65 Cr (up 20.2% YoY). Total assets are valued at ₹149.47 Cr (up 5.2% YoY).

The company has about 143 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: Kaushalya Logistics. As per MCA filings, the company has open charges of ₹115.85 Cr and satisfied charges of ₹50.43 Cr on record. Court records list 1 case involving the company, including 1 filed by the company. The company has 10 deals on record (8 secondary share transfers, 1 ipo, 1 funding round), with disclosed funding of ₹10.7 Lakh; the latest was in January 2024.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website kaushalya.co.in.

Company details

CIN L45400PB2007PLC063260
Registration Number 063260
Incorporation Date 24 August 2007
ROC Chandigarh
Listing Status Listed (NSE: KLL)
Company Status Active
Date of Last AGM 27 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

Name history

Kaushalya Logistics has undergone 2 name changes throughout its history. The company was previously known as Kaushalya Bulidcon Private Limited, and Kaushalya Buildcon Private Limited. The current legal name is Kaushalya Logistics Limited.

Company NameStatus
Kaushalya Logistics LimitedCurrent
Kaushalya Bulidcon Private LimitedPrevious
Kaushalya Buildcon Private LimitedPrevious

CIN history

Kaushalya Logistics has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L45400PB2007PLC063260, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L45400PB2007PLC063260Current
U45400DL2007PLC167397Previous
U45400PB2007PLC063260Previous
U45400DL2007PTC167397Previous

Contact details

Kaushalya Logistics Limited's registered office is in Ludhiana, Punjab.

  • Social Media
  • Registered Address
    11 2nd Floor Guru Har Rai Complex, Opp Shiv Mandir Near Manju Cinema, Ludhiana, Punjab, India – 141003
  • Industry
    Transport and Logistics, Integrated & Diversified Logistics Services
Comprehensive company report
Kaushalya Logistics Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Kaushalya Logistics operates one associated brand: Kaushalya Logistics. Each brand links to its own profile.

BrandDescriptionWebsite
Integrated logistics services are provided for the cement industry.kaushalya.co.in

Business activity

The main business activities of Kaushalya Logistics are wholesale and retail trade; repair of motor vehicles and motorcycles and trade. In detail, this covers retail trade, except of motor vehicles and motorcycles and retail trading. 2 activity segments are registered with the MCA.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
GWholesale and retail trade; repair of motor vehicles and motorcycles47Retail trade, except of motor vehicles and motorcycles
GTradeG2Retail Trading

To see the full business activity and turnover split of Kaushalya Logistics Limited, buy the company report.

Financials of Kaushalya Logistics Limited

FY 2025-26 filings available

Kaushalya Logistics Limited reported revenue of ₹2,498.67 Cr (up 91.5% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹2,499 Cr
+91.5% YoY
EBITDA
₹2.76 Cr
-50.3% YoY
Profit After Tax
₹12.20 Cr
+4.8% YoY
Net Worth
₹72.65 Cr
+20.2% YoY
Total Assets
₹149 Cr
+5.2% YoY
Total Debt
₹74.42 Cr
-6.4% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,4991,3051,54565561.2431.4025.69
Revenue growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
EBITDA2.765.557.146.365.043.533.33
EBITDA margin+0.1%+0.4%+0.5%+1.0%+8.2%+11.2%+13.0%
Profit before tax16.4916.0612.269.395.243.972.47
Net profit12.2011.648.865.082.973.081.86
Net profit margin+0.5%+0.9%+0.6%+0.8%+4.9%+9.8%+7.2%
EPS (₹)6.596.394.91471.35251.35200.64124.43
Balance sheet
Total assets14914211768.4049.7227.3817.42
Net worth72.6560.4448.5919.3412.278.505.49
Total debt74.4279.5267.2047.5637.1118.8811.93
Cash & bank0.860.7510.630.3510.6117.699.65
Net working capital11610784.8837.4321.9125.0713.80
Cash flow
Cash from operations4.05(17.49)(26.83)3.514.98(0.13)5.15
Cash from investing8.573.613.89(10.01)(20.01)(5.99)0.60
Cash from financing(12.93)3.9533.256.1815.455.73(6.12)
ParticularsSep 2023Jun 2023
Revenue310568
Other income3.102.16
EBITDA0.862.09
EBITDA margin+0.3%+0.4%
Depreciation0.290.06
Interest1.621.33
Profit before tax2.052.86
Tax(0.10)0.72
Net profit2.152.14
EPS (₹)0.00142.91
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,4991,3051,54565561.2431.4025.69
Revenue growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
EBITDA2.775.557.146.365.033.533.34
EBITDA margin+0.1%+0.4%+0.5%+1.0%+8.2%+11.2%+13.0%
Profit before tax16.5016.0612.269.395.233.972.48
Net profit12.2111.648.855.072.953.071.85
Net profit margin+0.5%+0.9%+0.6%+0.8%+4.8%+9.8%+7.2%
EPS (₹)6.606.394.91470.58250.87199.79123.19
Balance sheet
Total assets14914211768.3449.6727.3417.39
Net worth72.5960.3748.5219.2812.228.455.46
Total debt74.4279.5267.2147.5637.1118.8811.93
Cash & bank0.860.7410.630.3510.6117.699.65
Net working capital11610784.8837.4321.9125.0713.80
Cash flow
Cash from operations4.06(17.49)(26.83)3.514.98(0.14)5.15
Cash from investing8.573.603.89(10.01)(20.01)(5.99)0.60
Cash from financing(12.93)3.9533.256.1815.455.74(6.12)

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 11 Nov 2026
ParticularsSep 2023Jun 2023
Revenue310568
Other income3.102.16
EBITDA0.862.09
EBITDA margin+0.3%+0.4%
Depreciation0.290.06
Interest1.621.33
Profit before tax2.052.86
Tax(0.10)0.72
Net profit2.152.14
EPS (₹)0.00142.91
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,4991,3051,54565561.2431.4025.69
Revenue growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
Other income22.7019.7212.387.543.301.881.35
Total expenses2,4961,2991,53864856.2027.8722.36
Employee cost0.008.115.655.454.233.904.14
EBITDA2.765.557.146.365.043.533.33
EBITDA margin+0.1%+0.4%+0.5%+1.0%+8.2%+11.2%+13.0%
Depreciation1.140.850.720.250.320.320.44
Interest7.838.366.544.262.781.121.77
Profit before tax16.4916.0612.269.395.243.972.47
Tax4.294.203.152.311.460.990.63
Net profit12.2011.648.865.082.973.081.86
Net profit margin+0.5%+0.9%+0.6%+0.8%+4.9%+9.8%+7.2%
EPS (₹)6.596.394.91471.35251.35200.64124.43
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital18.5318.5318.530.150.150.150.15
Reserves & surplus54.1241.9130.0619.1912.128.355.34
Shareholders' funds (net worth)72.6560.4448.5919.3412.278.505.49
Minority interest0.000.000.000.000.000.000.00
Secured loans70.9966.8156.4745.8435.2118.3511.43
Unsecured loans3.4312.7110.731.721.900.530.50
Total debt74.4279.5267.2047.5637.1118.8811.93
Total liabilities14914211768.4049.7227.3817.42
Assets
Gross block34.5734.1731.0130.7327.581.864.54
Net block31.0831.4829.1729.2126.250.832.34
Capital work in progress0.000.000.210.000.000.000.00
Investments1.281.281.281.281.261.261.24
Inventories36.0621.9212.9024.643.800.000.00
Sundry debtors60.2860.3022.9830.9710.253.684.82
Cash & bank balances0.860.7510.630.3510.6117.699.65
Loans & advances12812891.7453.7612.479.057.13
Total current assets22521113811037.1330.4221.60
Total current liabilities10910453.3772.2915.225.357.80
Net working capital11610784.8837.4321.9125.0713.80
Total assets14914211768.4049.7227.3817.42
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.5910.530.220.530.120.510.88
Net cash from operating activities4.05(17.49)(26.83)3.514.98(0.13)5.15
Net cash from investing activities8.573.613.89(10.01)(20.01)(5.99)0.60
Net cash from financing activities(12.93)3.9533.256.1815.455.73(6.12)
Net change in cash(0.31)(9.94)10.31(0.32)0.41(0.39)(0.37)
Closing cash0.860.7510.630.3510.6117.699.65
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
EBITDA growth-50.3%-22.3%+12.3%+26.2%+42.8%+6.0%-
PBT growth+2.7%+31.0%+30.6%+79.2%+32.0%+60.7%+9997.0%
Net income growth+4.8%+31.4%+74.4%+71.0%-3.6%+65.6%-
Revenue CAGR (3Y)+56.3%+177.2%+266.5%+194.3%---
EBITDA CAGR (3Y)-24.3%+3.3%+26.5%+24.1%---
Profitability & leverage
Net income margin+0.5%+0.9%+0.6%+1.1%+6.2%+9.5%+7.2%
Return on capital employed-+18.8%+20.2%+18.5%+17.8%+22.8%+24.3%
Return on net worth-+21.7%+26.8%+32.0%+28.3%+42.9%+33.7%
Debt / equity-1.351.692.682.702.202.17
Long-term debt / equity-0.791.111.801.711.381.65
Interest cover483.33177.87101.8769.7258.9034.8961.25
Efficiency & per share
Fixed asset turnover-40.0450.0622.454.169.815.66
Inventory turnover-74.9582.3346.0332.230.000.00
Debtors turnover-29.0057.2931.768.797.395.33
EPS (₹)6.596.394.91471.35251.35200.64124.43
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0032.6226.221,289.09817.75566.40365.76
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,4991,3051,54565561.2431.4025.69
Revenue growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
Other income22.7019.7212.387.543.301.881.35
Total expenses2,4961,2991,53864856.2127.8722.35
Employee cost0.008.115.655.454.233.904.14
EBITDA2.775.557.146.365.033.533.34
EBITDA margin+0.1%+0.4%+0.5%+1.0%+8.2%+11.2%+13.0%
Depreciation1.140.850.720.250.320.320.44
Interest7.838.366.544.262.781.121.77
Profit before tax16.5016.0612.269.395.233.972.48
Tax4.294.203.152.311.460.990.63
Net profit12.2111.648.855.072.953.071.85
Net profit margin+0.5%+0.9%+0.6%+0.8%+4.8%+9.8%+7.2%
EPS (₹)6.606.394.91470.58250.87199.79123.19
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital18.5318.5318.530.150.150.150.15
Reserves & surplus54.0641.8429.9919.1312.078.305.31
Shareholders' funds (net worth)72.5960.3748.5219.2812.228.455.46
Secured loans70.9966.8156.4845.8435.2118.3510.43
Unsecured loans3.4312.7110.731.721.900.531.50
Total debt74.4279.5267.2147.5637.1118.8811.93
Total liabilities14914211768.3449.6727.3417.39
Assets
Gross block34.5734.1731.0130.7327.581.864.54
Net block31.0831.4829.1729.2126.250.832.34
Capital work in progress0.000.000.210.000.000.000.00
Investments1.231.231.221.221.221.221.22
Inventories36.0621.9212.9024.643.800.000.00
Sundry debtors60.2860.3022.9830.9710.253.684.82
Cash & bank balances0.860.7410.630.3510.6117.699.65
Loans & advances12812891.7453.7612.479.057.13
Total current assets22521113811037.1330.4221.60
Total current liabilities10910453.3772.2915.225.357.80
Net working capital11610784.8837.4321.9125.0713.80
Total assets14914211768.3449.6727.3417.39
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.5810.530.220.530.120.510.88
Net cash from operating activities4.06(17.49)(26.83)3.514.98(0.14)5.15
Net cash from investing activities8.573.603.89(10.01)(20.01)(5.99)0.60
Net cash from financing activities(12.93)3.9533.256.1815.455.74(6.12)
Net change in cash(0.30)(9.95)10.31(0.32)0.41(0.39)(0.37)
Closing cash0.860.7410.630.3510.6117.699.65
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+91.5%-15.6%+136.1%+968.9%+95.0%+22.2%-
EBITDA growth-50.1%-22.3%+12.3%+26.4%+42.5%+5.7%-
PBT growth+2.7%+31.0%+30.6%+79.5%+31.7%+60.1%+9997.0%
Net income growth+4.9%+31.5%+74.6%+71.9%-3.9%+66.0%-
Revenue CAGR (3Y)+56.3%+177.2%+266.5%+194.3%---
EBITDA CAGR (3Y)-24.2%+3.3%+26.5%+24.0%---
Profitability & leverage
Net income margin+0.5%+0.9%+0.6%+1.1%+6.2%+9.5%+7.2%
Return on capital employed-+18.8%+20.3%+18.5%+17.8%+22.9%+24.4%
Return on net worth-+21.8%+26.8%+32.1%+28.5%+43.1%+33.9%
Debt / equity-1.351.692.692.712.212.18
Long-term debt / equity-0.791.111.811.721.421.66
Interest cover480.37177.87101.8769.7259.0234.8961.03
Efficiency & per share
Fixed asset turnover-40.0450.0622.454.169.815.66
Inventory turnover-74.9582.3346.0332.230.000.00
Debtors turnover-29.0057.2931.768.797.395.33
EPS (₹)6.606.394.91470.58250.87199.79123.19
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0032.5826.191,285.07814.49563.61363.82

To see the full year-wise statements and ratios of Kaushalya Logistics Limited, buy the company report.

Board of directors of Kaushalya Logistics Limited

Kaushalya Logistics has 5 current directors and 24 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Uddhav PoddarManaging Director10 Feb 201610 Years 9 MonthsCurrent
Atul GargDirector29 Mar 20251 Years 7 MonthsCurrent
Rajendra Prasad MahipalDirector12 Jul 20242 Years 3 MonthsCurrent
Uma VermaDirector12 Jun 20233 Years 4 MonthsCurrent
Ram Singh YadavAdditional Director27 Mar 20260 Years 7 MonthsCurrent

Charges & borrowings

Open charges
₹115.85 Cr
Satisfied charges
₹50.43 Cr
Breakdown by lending institutions
Others₹84.82 Cr
Hdfc Bank Limited₹31.02 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
02 Jul 2026101340291Others₹5.6 CrOpen
27 Mar 2026101267136Others₹1.53 CrOpen
27 Oct 2025101175971Others₹10 CrOpen
24 Oct 2025101198716Hdfc Bank Limited₹22 LakhOpen
18 Jan 2025101042610Others₹5.8 CrOpen

To see the full charge records of Kaushalya Logistics Limited, buy the company report.

Total charge records: 31 View all charges

Deals & funding

Kaushalya Logistics Limited has 10 deals on record (8 secondary share transfers, 1 ipo, 1 funding round), with disclosed funding of ₹10.7 Lakh; the latest was in January 2024.

Total deals
10
Secondary share transfers
8
IPO
1
Funding round
1
Disclosed funding
₹10.7 Lakh

Deals on record (5 of 10)

WhenDealAmountParties
Jan 2024IPO₹29.1 CrInvestors: IPO SME - Kaushalya Logistics Limited, NeoMile Capital, Saint Capital Fund
Seller: Bhumika Realty Private Limited , an individual
Jan 2022Secondary share transferUndisclosedBuyer: 2 individuals
Seller: an individual
Apr 2021Secondary share transferUndisclosedBuyer: 2 individuals
Seller: an individual
Apr 2021Secondary share transferUndisclosedBuyer: an individual
Seller: Gs Poddar Huf
Oct 2011Secondary share transferUndisclosedBuyer: Gs Poddar Huf, Uddhav Poddar HuF, 2 individuals
Seller: 3 individuals

To see the full deal history of Kaushalya Logistics Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

No delayed payments to MSME suppliers are on our record for Kaushalya Logistics Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

GST

Kaushalya Logistics has 32 GST registrations: 32 active. The first 4 active GSTINs are listed below.

Total GSTINs
32
Active
32
GSTINStateStatusRegistered on
03AADCK2052L1ZSPunjabActive17 Feb 2022
03AADCK2052L2ZRPunjabActive09 Dec 2024
07AADCK2052L1ZKDelhiActive01 Jul 2017
29AADCK2052L1ZEKarnatakaActive01 Jul 2017

To see the full GST registrations and return filing status of Kaushalya Logistics Limited, buy the company report.

Recent activity

Kaushalya Logistics Limited has 29 board changes on record since 2007: 9 appointments and 20 cessations. The latest: Ram Singh Yadav was appointed as Additional Director on 27 Mar 2026.

Charges
A charge with Others amounted to Rs. 5.60 Cr with Charge ID 101340291 was registered on 02 Jul 2026.
Filing
Kaushalya Logistics Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Chandigarh.
Charges
A charge with Others amounted to Rs. 1.53 Cr with Charge ID 101267136 was registered on 27 Mar 2026.
Appointed
Ram Singh Yadav was appointed as Additional Director.
Charges
A charge with Hdfc Bank Limited of Rs. 27.05 Cr registered on 08 Aug 2023 with Charge ID 100772039 was modified on 27 Jan 2026.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 101175971 was registered on 27 Oct 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.22 Cr with Charge ID 101198716 was registered on 24 Oct 2025.
Ceased
Deepak Kumar ceased to be CEO.
AGM
Kaushalya Logistics Limited last Annual general meeting of members was held on 27 Sep 2025 as per latest MCA records.
Ceased
Atul Garg ceased to be Additional Director.
Appointed
Micah Sangeeth William George was appointed as CFO.
Ceased
Abhishek Sapra ceased to be CFO.

64 earlier events are in the company report.

Frequently asked questions

Kaushalya Logistics is an active public limited company based in Ludhiana, Punjab, India. The company works in integrated and diversified logistics services, within the transport and logistics industry. It was incorporated on 24 August 2007 (19+ years old) and is registered under CIN L45400PB2007PLC063260. Listed on NSE: KLL.

Kaushalya Logistics reported revenue of ₹2,498.67 Cr for FY 2025-26 (up 91.5% YoY) based on consolidated financials.

Kaushalya Logistics has 5 current directors:

The latest financial statements of Kaushalya Logistics on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 27 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Kaushalya Logistics is 03AADCK2052L1ZS, registered in Punjab. The company has 32 GST registrations in all, of which 32 are active. Other active GSTINs include 03AADCK2052L2ZR (Punjab), 07AADCK2052L1ZK (Delhi), 29AADCK2052L1ZE (Karnataka).

The CIN (Corporate Identification Number) of Kaushalya Logistics is L45400PB2007PLC063260. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Kaushalya Logistics is a listed company as per MCA records. Its shares are listed on NSE (symbol: KLL).

Kaushalya Logistics has 1 court case on record: 1 filed by the company.

Kaushalya Logistics was incorporated on 24 August 2007, making it 19+ years old. It is registered with the Registrar of Companies, Chandigarh.

Kaushalya Logistics has 10 deals on record (8 secondary share transfers, 1 ipo, 1 funding round), with disclosed funding of ₹10.7 Lakh; the latest was in January 2024.