Yes. इसका क्या नाम से डालना है शौबिंग मित्रा नहीं चाहिए रिनेम करना कैसे करेगा to the, uh, quarterly analyst presentation for Q2 FY27. We'll quickly begin with sharing the highlights for this quarter. Just a minute, please. Yeah, uh, a brief about HCC. As you all know, we are, we are a nearly 100-year-old organization involved in most of the sectors of infrastructure. And these are some of our numbers, what you can see on the screen in terms of our credentials. Here are the key highlights for our performance for Q2 FY27. Standalone turnover of ₹895.8 crores and net profit of ₹36.8 crore in Q2 FY27. Consolidated revenue of ₹896.8 crore and profit of ₹22.6 crore. Our standalone EBITDA margins are at 12.2% versus 16.1% in Q2 FY26. We have been able to secure orders for ₹524 crores in this half part of the year and also have been declared lowest bidders on bids worth ₹2,010 crore, where our share stands at ₹1,557 crores. Good evening, welcome to HCC's Quarter 2 FY27 Investor Call. From the HCC management, we have our Vice Chairman and Managing Director, Mr. Arjun Dhawan. Our new CEO, uh, Mr. Vivek Singh. Our Chief Financial Officer, uh, Mr. Rahul Shukla, and our Chief Operating Officer, Mr. Santosh Rai. With, uh, I may ask Mr. Santosh Rai to take you through the presentation. Over to you, Santosh. Yeah, thank you, Shobik. Uh, good evening everyone, and I welcome you all. Uh, it is to be noted that we have submitted more than 16 bids, around ₹34,805 crores, which are under evaluation. And we are at the same time working on a strong pipeline close to ₹86,000 crores, uh, in different sectors. Uh, we have also prepaid ₹100 crores of debt in Q2 FY27 with a target to further prepare another ₹108 crore by December 2026. Supreme Court has given an award in favor of HCC in a very important matter, and this— we have been successful about this. The money should be released in Q3 FY27. I'm also happy to report that the Mumbai Coastal Road Package 2, which was constructed by HCC, has won the award in the best project category for bridges and tunnels. By none other than ENR, uh, Global Best Project Awards. Our order book currently stands at ₹12,901 crore. The order backlog is largely split across the 4 sectors where we operate. Continue to be led by transportation sector, which has bridges of surface— I mean, which has surface transport projects like bridges, underground metros, uh, followed by hydropower projects, nuclear and water sector. These all orders are well spread across various parts of the country, with Maharashtra still leading the pack. Followed by Bihar. Some of the operational update— what you see on the screen is our Indore Metro project where already both the machines have started working. Uh, we are driving the tunnels through the city of Indore. This is one of the largest underground packages in the country with 7 underground stations and 6 into 2 kilometers, that is 12 kilometers of TBM tunneling. Patna Metro, uh, we have been progressing well on the project. Various design, design stages are in, in advanced stages. Mobilization of diaphragm wall equipments and everything is in progress. The, the machines procurement is also in progress, and soon we'll see a lot of activity happening on this site. Agaranda Creek Bridge continues to progress well. We have been able to complete a lot of piling on both the— I mean, on the main approach side, a lot of piling on the marine and substructure work has been progressing very well. We are going to commence the superstructure erection, uh, in, in a month's time from now on this project. This is Bhiupuri PSP, 1,000 megawatt, which we are doing for Tata Power. You can see on the screen that the powerhouse is almost done. It's, it's completed. And so is the main access tunnel to the powerhouse. The other works on different sections of the project are also progressing well. This is Vishnugad People Koti. Uh, almost 80% of the job is completed. Tunneling works are nearing completion, only 830 meters of TBM tunneling balance in the HRT. Dam is nearly 80% complete, and so are the other structures at the project. At Tapovan, Vishnugad, again, uh, Despite the geological challenges, the works are— we are progressing in extreme, I can say, difficult geological conditions, but we are progressing well as per the time schedules agreed with the client. This is our FRFCF facility. A lot of works here again are completing in the completion stage. Almost 87% of the job is done. And we are looking forward to completing this job at the earliest. This is a Hindalco port shell and port superstructure project. Um, Again, here, uh, all the production is, is ongoing in line with the commitment to the clients. For Van Dam, the, the dam is completed. All the safety checks have been completed, and in fact, the reservoir filling test and everything has been completed on this project. So only some Our pertinent ancillary works are balanced, which will be completed over next 3 to 4 months. Salal Dam. This was— this basically is a project for, you know, rectifying the hydromechanical works in the Salal Dam, which was built by HCC in the 1970s. The operations have started on this project and, uh, they'll be going on in full swing. I'll hand it over to, uh, Mr. Rahul Shukla, our CFO, to take you through the financial statements. Good evening, everyone. Uh, so in this quarter we have done ₹923 crores of turnover, uh, vis-à-vis ₹975 crore, uh, in the same quarter last year. For this quarter, we have done EBITDA of ₹109 crore. EBITDA of ₹48 crores and profit after tax of almost ₹37 crore, which is more or less same as the quarter last year. On a consolidated basis, our turnover is ₹925 crore, EBITDA is ₹102 crores, profit after tax is almost ₹23 crores. So not much of difference between standalone and consolidated as such because HCC is the main driver of the numbers here. So with this, we are closing the presentation, and now we are open for question and answer, please. Soubhik. Yeah, we can start the question-answer sessions. Please raise your hands, and I will request each participant to limit their questions to a maximum of 2 in one turn. We can come back to you once everyone has gotten a chance. Hello. Hello. Mr. Harish, please go ahead with your question. Uh, good evening, uh, team. Uh, our EBITDA margins have come down to 12.1% last corresponding period. Can you eliminate the point related to why this EBITDA is lower in this, this, this numbers? So Mr. Harish, uh, see, this construction business is, uh, is kind of seasonal business, and sometimes you will see that there are some elements of the project with high margins will be executed, sometimes some lower margin projects are executed. So on a quarter-on-quarter basis, matching EBITDA is not very realistic. We have been maintaining that our average long-term EBITDA on year-on-year basis is in the range of, say, 13 to 14%. And by the year end, uh, you will be able to see that. That's what we hope to achieve, but every quarter it's difficult to match that kind of— I understand, I understand. The second question is our standalone and the consolidated. There is not much of growth in the top line and there is a degrowth in the net profit. So can you explain any particular reason for that? So standalone, as I said, is the one who is driving our numbers because consolidated is not— I mean, not much of the business on subsidiary level. With regard to growth, we are currently focused on building very strong order book. As Santosh mentioned that we have submitted tenders of north of ₹35,000 crores and we are very soon expecting these results to be announced. This will give very big boost to our order book. We are certainly targeting that by end of the year we should be somewhere doubling our order book. And from there, these numbers will start percolating and you will start seeing growth. Naturally, in the past, because our order book had stagnated, that's why you are seeing— not seeing much of a growth. But certainly, uh, with, with the progress in order booking and all, you will start seeing. I understand, but, uh, net profit at the consolidated level has come down, so that means we are making losses in subsidiaries. See, there are certain insignificant subsidiaries wherein some— these are accounting entries kind of, wherein we have given some loans and their interest accrual keeps on happening. So it's not really any material business loss kind of situation there. But yes, at the face of it, on books, it does look like a loss. Okay, okay, thank you. And lastly, can you share some update on the, this BKC, uh, bullet train station? I'll request Santosh to— yeah, I mean, the work is progressing, uh, I can say slightly behind the target, uh, but, but it's, it's progressing. And so there are interface with other packages, and we believe we'll be able to complete it in line with the other packages. I would appreciate if you include into the presentation for the people to know what happening over there. Thank you very much. Well noted. Thank you. Thank you, Mr. Harish. Thank you. Mr. Amit Singh Chhabra, you may go ahead, please, your question. Uh, hi sir, Amit here. Basically, I'm an investor. I have HCC in my kitty. So, uh, one of the priority for me, like, you know, when I can see the increment in the uh, stake from the promoter side because 82% of the shares were pledged. And the promoter holding, like, you know, if I check from last 4 quarters, it's not in a, in a good trend. So what's your take on it? So Amit, uh, we have mentioned this earlier also. Promoter— promoters have been infusing money in the company and they certainly look forward to infuse further money. Uh, and, uh, at an appropriate time, certainly we look forward to increasing stake also, but certainly depending on priorities of the company and other situations, it will happen when right opportunity is there. So be assured that we are on track, that is there in our mind. One last question from mine also. I have noticed, like, you know, from last year onwards, like, we have seen a decrement in the interest portion, like around 26%. Is it a part of the profit? So sorry, you are talking about reduction in interest? Yes, that portion I'm talking about. Yes, certainly. I mean, reduction in interest is a part of profit because it flows there, right? Am I missing something? Um, not at all. Okay, so this was my question. And like, you know, when we can see some sort of, you know, good momentum, like in terms of, you know, um, you said like, you know, 35,000 CR already, like, you know, it was in bidding. So what kind of expectation from those bidding, like, you know, how much, uh, project we can acquire as per your expectation? Any tentative number in mind? Amit, I think you might have heard our CFO saying that by the end of the year we are looking to nearly double this order backlog which is currently standing at ₹13,000 crore. So this should give you a feel that what we are talking about, and that's, that's, that's our That's our prediction, I can say. Thank you so much for all the questions, uh, for all the answers. Sorry. Yeah, take care. Bye. Thank you, Amit. Mr. Kunal Tokas, you can go in next, please. Yes. Hello, I'm audible. Yes, please go ahead. Okay. continue because of various non-material subsidiaries that you talk about? How much of expense? Yeah, how long will the impact that various non-material subsidiaries are having on consolidated P&L statement continue for? Mostly couple of quarters, all these things will be taken care of, and interest accrual and all that is happening, that will stop accruing. Couple of quarters. So then the standalone and console should match pretty well on both revenue and profitability, right? Yes, yes, yes. Okay. And second question is on your Order book and the lack of growth there. Um, Now we have been seeing both, uh, L1 positions and bids submitted that you're giving your presentation for quite some time now, but the orders are lacking. Uh, hello and good evening. My first question is, how long will the Agarwal impact on expenses in the consolidated P&L? Uh, It could be very helpful if you can explain the reasons for that. The consequences can be either industry-wide Uh, order awards have slowed down, or something specific to HCC? And as a supplement to that, if you can also give your bid success ratio, uh, for the last 1 year. Yeah, so Kunal, uh, I'll address this in 2 parts. Uh, look, I think, uh, I'll answer your, uh, first question— the last question first. Bid success ratio, uh, is, is a very difficult number to be put out like this because, you know, we are still, we're still working on it, and largely we don't share this, this information. Yeah. Uh, coming to, coming to the reasons why this order has been delayed, you'll appreciate some of these orders are into hydropower sector which are requiring a lot of preparation and clearances from the client side before they can award these orders. So though some of the tenders have happened, we believe that our clients are still taking some time to, you know, secure those respective clearances and then award these jobs. So that's, that's the key reason. And as we have said, you know, I think we have, we have made a lot of bids and we believe we fairly stand a good chance of securing some, some good orders from these, these bids. Uh, which, which, which must— which, which, which should, you know, show our order backlog to a different, totally different position by the end of the year. And as the CFO said, the order book you expect to double by the end of the year, is that right? That's a possibility. A distant possibility or a close possibility? No, I think, I think, I think, yeah, we All right, thank you very much. Have a good day. Thank you, thank you, thank you, Kunal. Uh, Mr. Chandra Shekhar Daga, you may go ahead please. Yeah, so this, uh, order book doubling that you're referring to, uh, say possibly you're looking at it at the end of the calendar year or financial year. Financially. Okay, okay, thanks. Any further questions? Please raise your hands if you have any further questions. So I think there are no more questions. Kunal. Kunal, you have another question? Yes, please go ahead. I'll ask another question. Um, So the strong order book growth that we expect Um, would this be, as you said, in the high-growth segment? It will be a blend of hydro and transport structure where we— that's our area of, you know, core focus. And yes, it could be largely led by hydro because we have submitted more bids in that sector. The, the, um, Would there be any super large projects in that that can really move the order book? Uh, so no, I— let me just, uh, uh, I appreciate the the reasons why some of these questions are, um, are being asked, because the, the further detail will give you more color, but, but we can't share this information. What I can basically tell you is that the bids that we have made are numerous in number, diversified across each one of our core segments. We have had, um, probably slightly more, uh, you know, bidding in the hydro segment in the recent, uh, in the recent months, and that's the reason why basically we've seen a little bit of delay in the, in the first half because hydro projects tend to actually be, uh, trying to take a little more time to come to market. Uh, as far as the the, the country's infrastructure program is concerned, uh, there continues to be a very robust, uh, market for infrastructure projects. What I will tell you, that HCC continues to be very selective with regard to the clients we pick and the contracts we choose. And so while perhaps maybe because in the recent past we've seen a volatility in in commodity prices and the fact that maybe in some segments we've seen a little more competitive intensity, um, that doesn't basically change the way we think about risk and how we will price it. Um, so I think what you will see from us is a responsible, uh, pricing of risk, and the selection of clients will continue to be, uh, of the best order. And as the team has actually said, by the end of this year, we should play a substantial catch-up with regard to a building of our order book. That's good to hear, Mr. Dhawan. I'm just to change the track to accounting. After this prepayment, what would be our debt repayment liability on the upcoming March. So we will be paying almost, uh, after this payment, around, uh, 350 crores should be the liability that we'll have to pay in March. And, and if I may add, the goal for us has been, as we have communicated very, very clearly in previous quarters, uh, a clear imperative is to ensure that we are debt-free as early as possible. Which should, um, which will certainly be— I mean, we're certainly on target to do that next couple of years. We want to be able to achieve that purpose. Okay, and I— if I remember from some of the earlier phone calls, you had talked about Um, opportunities outside of India. Any updates on that? Uh, yeah, we have. I mean, the, the, some of the prospects which we have been chasing, we have been qualified as a bidder into those projects, but these bids are still, I can say, 12 months away. It's a long process. We are actively pursuing it. All right, thank you very much and have a good day. Thank you, Kunal. Thank you. Mr. Amit Singh Chhabra. Please go ahead. So no more questions from my end. I think everything, uh, has been clarified. Good work so far. I hope to see positive results in coming time. Thank you. Thank you, Amit. Yes, sir. So just want to just take the opportunity to just wish everybody a very, very happy Diwali to, to all of you and your families, um, and, uh, look forward to speaking again in, uh, in the next quarter. Great, take care. Bye. Thank you all. Thank you. Thank you. Thank you. Bye.