Ladies and gentlemen, good day and welcome to the Ahluwalia Contracts (India) Limited Q3 FY 2021 post-results analyst conference call hosted by Ambit Capital Pvt Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Varun Ginodia from Ambit Capital Pvt Ltd. Thank you and over to you, sir. Thank you, Malika, and good afternoon, everyone. I welcome you all on behalf of Ambit to Ahluwalia Contracts Q3 FY 2021 earnings conference call. Today we have from the management, Mr. Shobhit Uppal, Deputy Managing Director, Mr. Satbeer Singh, CFO, Mr. Rohit Patni, Senior Manager, Investor Relations, and Mr. Vikas Ahluwalia. In terms of the flow of the call, Mr. Shobhit will give his opening remarks and post that we will open the floor to Q&A. Sir, over to you. Thanks. Thanks, Varun. Good afternoon, everybody. Thank you for joining in. So Ahluwalia Contracts (India) Limited has announced its financial results for Q3 FY 2021. During this quarter, the company has achieved a turnover of INR 536.13 crore and a PAT of INR 14.73 crore in comparison to a turnover of INR 498 crore and a PAT of INR 21.14 crore in Q3 of FY 2020. EPS of the company for Q3 FY 2021 is INR 2.2 as compared to INR 3.16 in the corresponding quarter of the last financial year. During Q3 FY 2021, the company's net margin is 5.91% as compared to 8.75% and a PAT margin of 2.72% as compared to 4.22% in the corresponding period of the last financial year. During the nine months of FY 2021, the company has achieved a turnover of INR 1,220.49 crores and a PAT of INR 40.17 crores in comparison to a turnover of INR 1,335.71 crores and a PAT of INR 58.33 crores in the nine months of the last financial year. EPS of the company for nine months of FY 2021 is INR 6 as compared to INR 8.71 in nine months of the last financial year. During nine months of FY 2021, the company's net margin is 6.91% as compared to 9.74% and PAT margin of 3.24% as compared to 4.34% in the corresponding period of the last financial year. Net order book of the company as on 31st December 2021 stands at INR 8,172 crores. Thank you. Over to you for questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants to ask a question, you may press star and one now. We would like to remind participants that you may press star one to ask a question. Hello, Malika? Hello? Yes, sir? Yeah. I'll go ahead and ask a question. In the meanwhile, the question queue assembles. Sir, if you can throw some light on the margin deterioration that we saw in Q3, what are the drivers behind that, and when can we see margins going back to our stated guidance or where we want to reach, that is 11%-12%? So how do you see that trajectory evolving, and what are the drivers behind the mess in this particular quarter? Yeah, that's an expected question, but I'm sure the decrease in margin must be. I haven't had a chance to look at a peer comparison, but I'm sure it's the same with other companies. Also, part of the reason, one major reason in this quarter is that we are now back to paying full salaries to our staff, right? Not only that, gearing up for the execution or the healthy audit book that we have and gearing up for execution, which is now basically we are back to pre-COVID levels now in terms of our resources, mainly labor. So gearing up for the challenges ahead, we've ramped up our staff deployment. We've even gone ahead and recruited further. So that has added to our staff costs. Another reason is that December, we've been hit by an increase in commodity prices, primarily steel and related metal products. Prices have really skyrocketed in December. That has also contributed to a hit on the margins. To answer the next part of this question, which you asked, I feel that in the next financial year, we should get back to the projected levels of double-digit margins as far as the details concern. Okay. So this quarter, again, the margins will be hit by higher commodity prices. In terms of your order book, sir, how much is fixed-price contracts and how much are variable prices? What part of your order book is completely passed through for these prices? I think most of 85% of our order book, it's passed through. I won't say completely passed through. There is a built-in escalation clause now, but the increase in commodity prices are not directly, especially in government contracts. The reimbursement of escalation is based on indices. So we are yet to work out. The fresh indices have yet not been released, especially for the last quarter. So we have to work out whether it will be a complete pass-through or only some portion of the increase will be reimbursed to us. Okay. Okay. All right, sir. Yeah. Malika, over to you. Thank you. The next question is from the line of Nikhil Arora from Axis Mutual Fund. Please go ahead. Hi, sir. Thanks for taking my question. I just joined the call a little late. Sir, so I was just hearing your comment on the margin pass-through. But sir, generally, what we understood from you earlier is that 70%-80% anyway, the order book is a pass-through. And so then why I just want to understand why the client pays. It's more of a timing delay which has happened because of a steep cost increase and how we should look at it because we've never seen such low margins by a company like Ahluwalia. So if you could just clear up how we should build in such escalations. So yeah, as you yourself said, many of these bholana ki अभी this is based on the जैसे steel price increase है या वो that is based on the index which the client or the state government or the central government or CPWD releases. That has yet not been released. It is generally there is a lag of about a month and a half or two months. So we are yet not clear as to what percentage of this increase will be compensated to us. As things stand today, in the last quarter, there is no compensation or no reimbursement for this increase, as things stand. Secondly, I mentioned about the staff cost increase, which you must have heard. I don't know whether you had joined the call by then or not. So that is an impact. There have been some write-offs also to the tune of about INR 8 odd crores, which has also impacted our margin. Sir, generally, when we look at this escalation part and I understand they have not passed through, but the hit would be in the tune of INR 10-15 crore in that case because of this raw material pressure and that eventually someone should build in 50% recovery and then 80%, then 100% directionally? Or you think in one quarter, this should come back and margin should normalize? Just on a direction side, sir, that would be helpful. No, as I said, next quarter also, we will continue to see an impact because in November and December, just to give you guys an idea, we must have procured about 10,000 tons of steel. And in October, the procurement price was, say, INR 36. By December end, this had gone up to nearly INR 60. So even if you take an average of about INR 15 increase, on 10,000 tons of steel, this taken amounts to nearly INR 15 crore. Okay. Because, sir, generally, when we look at your last 10, 11 years, commodity cycle would have gone up and down, but the fluctuations was not that. But not so much. The kind of increase that we've seen in the last couple of months, at least in my 33 years, I've not seen anything like this. So though the prices now seem to be coming down, especially for long products, reinforcement steel, that is, they have dropped by about INR 4-INR five. I think the government has also taken steps to prevent cartelization. Let's see. We are hoping that this will continue going downwards. Sir, with respect to execution now, things quarter-on-quarter are improving on the execution side. But how one should look at it? I mean, in the current backlog, you think now everything is in the full swing, and we should see much better improvement going ahead, or you think there are still a start-stop situation in the backlog? So as I mentioned, we are back to the pre-COVID levels. It is reflected in our top line also. We have touched where we were last year. We were at INR 1,300 crores. We've done about INR 1,220 crores in the nine months this year. So we are hopeful that we will match the top line of last year. And going forward, in the next year, we should grow at about 15% at least. All right. And sir, just lastly, on a long-term guidance side because we've always been a leader in margins, especially in the segment which you operate. But generally, on a longer-term basis, if I exclude these Q4 and all, for FY 2022 and 2023, do you see a quite risk to the double-digit EBITDA margin which we are doing, or you think 11%-12%, what we used to do on an average, is something still doable, nothing to get worried about on that part? That's my last question. I think double-digit margins in the next financial year, as I mentioned, is doable. Thanks a lot, sir. I'll come back in the Q4 with questions. Thank you. Thank you. The next question is from the line of Rita Tahilramani from Invesco Mutual Fund. Please go ahead. Hello, sir. Good evening. Again, Harpreet already did a deeper on the margin side itself. Sir, just clarification I needed. This INR 8.5 crore, is it provisions, or is it write-offs? This is a provision. It's provisions. Okay. But if you see the last three quarters, if I could see, from Q4 2020 till date, there has been an element of provisions for write-offs. So how long is this going to continue, or where do you think on the provisions side, I'm not talking about the commodity pressure which you're facing, that is across the industry, especially on this element, could you provide some clarity? Just, sir, we have basically made provision of INR 13.67 crore during this year and write-off INR 5.75 crore. Due to basically dragging court cases also, there are provisions as per the accounting standard of expected credit losses. That has been made. That's why we are expecting basically this quarter also, approximately INR 5 crore-INR 6 crore provision would be there. Also, again, continuing in Q4 2021? Yes, INR 5 crore-INR 6 crore this last quarter also would be there. If I hear it right, it is INR 13.7 crores already provided, another INR 6 crores to come out in Q4? Exactly. Incrementally in FY22 also, you see this element coming into picture? Why am I asking you this question? Because this element of provisions is while commodity is across the board, but the element of provisions is specifically to our company and has not been observed much across other players in the space. So I really wanted to understand what particularly is this element? As I mentioned in my last investor interaction, that we are cleaning up our balance sheet. More importantly, with developers where these outstandings have been pending for a long time, as per the revised accounting standards, our auditors have advised us that these provisions have to be made. We are going ahead and doing it. What would be the particular quantum which is further expected? By the end of this financial year, we'll be mostly cleaned up. Okay. Thank you, sir. Good luck with you, sir. Thank you. Thank you. The next question is from the line of Rajat Setia from Riddhi Capital. Please go ahead. Hi. Thanks for the opportunity, sir. Regarding the raw material price increases, so if raw materials prices remain at elevated levels for the next few more quarters, so can we come back to double-digit margins even in that scenario in the next financial year? Yes. As I mentioned, we are quite sure that double-digit margins should be there because a majority of our contracts, the escalation clause, about 85% of the contracts, the escalation clause is there. In all private contracts, the actual increase is compensated. In government contracts, the compensation is based on indices which are published by various government departments. So in the past, we've seen that quite a bit of this increase is generally compensated to us. And then as I also did mention, the pricing has already started coming down. Sure. So we will be hurt in a rising price scenario quarter after quarter because the indices will only reflect the past. And if prices again go to higher levels in the next quarter, then again, we'll be hurt, right? Yeah, but then no, it's not that the impact or the hurt is permanent because the billing, also the escalation, is generally paid quarter after quarter, right? It's not paid with every monthly bill. And there is a lag. When the index comes out, the escalation is paid for that particular quarter only. It's not that we have to absorb the but it's just paid with a time delay or a time lag. Sure. So that's what I'm saying. That inflow is recognized when it is paid. Right. So if prices go up the next quarter once again, so indices will have to reflect the same next quarter. But till that time, we will be I mean, because it happens with the lag, we might have to take some bit of hit just like we did in the last quarter, right? As they say in cricket, it generally balances out in a year. Sure. Sure. And I think when prices start falling, like you are saying right now maybe or maybe in the coming quarter, so when prices fall, so we will still be operating on the last agreed-on indices. And in that way, we will be getting more than, let's say, what we—I mean, prices have fallen, and we will be getting the higher price, right? Yes. Sure. The other question was related to the cost overruns, maybe because of COVID. I mean, is anything like that something that we are witnessing in our business? Because of COVID, we have to take extra precautions or anything like that? Yeah, that I mentioned in my last interaction. That is there. The productivity has taken a hit because of all the precautions that we have to build into our processes. So that is there, yes. Next, the incident of COVID seems to be on the way. Hopefully, in a month or two, we should be back down to normal productivity. Sure. And sir, the other question was related to the collection issues that we may be witnessing in some of our projects. So if you can talk about them, I think West Bengal in one of the projects you had mentioned in quarter one. So how is that project doing in terms of collections, and what is the status on the other projects? Are we regular in terms of collections there, or is there any slowdown? By and large, it is regular. West Bengal, what we had talked, I think, if memory serves me right, two quarters ago, this auditorium project had slowed down. In the last interaction, I had mentioned that it's picked up speed. In fact, we are looking to complete that project in October this year, this calendar year. But yeah, there is a bit of an impact in Bengal on the couple of government projects that we are doing on account of the elections which are around the corner. The pace of the project is all right. The inflows have been hit, but not totally. They've slowed down. Outside West Bengal also, there is no issue? No. I mean, if you look at because we have almost 85% orders from government, and government budgets would be under stress because of, I mean, corona and every other thing. So are we seeing any issues, or do we expect any issues in terms of payments in the coming future? So see, almost half our order book comprises of hospitals. So on those healthcare projects, we are seeing no payment issues. We are doing this one project which is a precursor to the Central Vista. No payment issues. The payments are coming in time. Bihar also, post-election, the payment cycle seems to be stabilizing now. Sorry to interrupt, Mr. Setia. Sir, I would request you to rejoin the queue for follow-up questions. Sure. I'll have other participants waiting for their turns. Thank you. What am I asked about? I could say. Or do you have specific questions? Next question is from the line of. Wait, sorry. Improvement in the cost. Yeah. From DSP Mutual Fund. Please go ahead. Mr. Charanjit Singh, hello? Hello. Can you hear me? Hello? Yes, we can. We can. Yes, sir. So hi, Shivaji. Hi, Charanjit. Yeah, sir. One, you have talked about, if I heard it correct, 15% growth in the top line next year? Yes. So see, we have a strong order backlog of more than INR 8,000 crore. We are coming out of a low base year. So what is making us be very conservative still on the top line growth with this kind of a strong order backlog with the higher proportion of hospitals as a segment? Can you elaborate on that? Charanjit, it's conservative. You yourself have answered. Yeah, but are there any projects where you are seeing that the things are not moving fast or? No slowdown. But generally, why we've always been conservative in our guidelines is guidance is that there are factors like pollution, NGTs, this, that, which come up. Surprises keep coming up. But otherwise, no slow-moving projects now. Okay. This entire order backlog is properly moving in terms of the approvals and everything? Yes. In fact, the couple of private projects that we have, they have also picked up speed. Okay. And sir, on these provisions, if you can just give us color in terms of the nature of the projects where we had these provisions and the quantum and going forward, how confident we are that there'll not be further cleanup of the balance sheet even in FY22? Basically, that provision has been made according to the accounting standards because of whatever we are basically having various private outstandings with the real estate projects also and Commonwealth also. There are various balances lying in the court also. So that's why it's prudent to make a provision quarter to quarter. And we are expecting next quarter also approximately INR 6 crore-INR 7 crore. I think that would make our provisions up to date. So fourth quarter provision will be the end of this overall provision which we are expected to do to clean up regarding these all legacy projects. Is that correct understanding? Yes, yes. We are expecting this quarter also. Sorry to interrupt, Mr. Singh. Sir, there is a slight disturbance coming from your line from the background too. Hello? Yes. Can I hear me better? Hello? Yes, we can hear you. Yeah. So we are saying that there'll be no further provisioning post this Q4 provision. That's correct? As I mentioned in an answer to an earlier question, most of our cleanup would be complete in this financial year. Okay, sir. Great. That's all from my side. Thank you. Thank you. The next question is from the line of Seetharaman R from Spark Capital. Please go ahead. Hello. Sir, can you tell about the bidding pipeline and the opportunities that is present across segments, please? Yeah. There continues to be a robust bidding pipeline. As on date, the tenders that we have on which we have bid or are bidding are about INR 2,100 crore. How much, sir? Yeah, INR 2,100 crores. Okay. Bid that. Okay. Yeah, the hospitals, there is a HSCC just signed with State Government of Rajasthan to upgrade their medical colleges and hospitals. I think that's INR 1,800 crore across various locations. So one sees a lot of activity as far as hospitals are concerned. Then one is seeing an uptick in commercial real estate also. So we are seeing inquiries from Pune, from Bombay, even from Gurgaon. Okay. Hello? Yeah, yeah. Anything else specifically that you want to know? Yeah. Can you give the order book split, please, across segments that you have? And across segments as well as the public-private. Yeah. That is government 81% and private 19%. Regarding segment-wise, this is hospital 52%, infrastructure 11%, institutional 17%. Can you summarize? Can you be clearer? Hello? Hospital? Yes, yes. Hospital 52%. Okay. Commercial is 5%. Okay. Hospital 52, commercial 5, and then? Infrastructure 11%. Okay. Institutional 17%. Institutional 17. Okay. Residential is 14%. What is 14? 14%. Which one I'm not able to get? Sir? Hello? That is complete. I think so segment-wise. What is the last one you told? 14%? Residential? Residential. Okay. Residential. Okay. Okay. Okay. And the total order book size is? It is INR 8,172 crore. Okay. Thank you. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. Sir, you already mentioned in terms of the fourth quarter also, again, we see the impact on the margin. Sorry to interrupt, Mr. Shah. Sir, I would request you to come a little closer to the phone and speak. Is it fine now? Yes. Yes, yes. It's okay. Yeah. Yeah. Sir, I was saying that you mentioned that we can see the impact on the EBITDA margin in the fourth quarter by INR 6-7 crore in terms of the provision and also the higher input prices, particularly steel that you have talked about. So the fourth quarter also, can we see the 6% kind of a margin, or it can be even a 4% margin also? No, it will be. It will not be lesser than what it is. Last quarter, generally, the performance is the best. Okay. And secondly, in terms of last time, I think we talked about 15%-20% revenue growth for FY22 and 13% margin. And now we are saying though we are saying on the conservative side that 15%. And then also at the same time, in the fourth quarter, we are expecting an uptick. So the way you said that the flattest top line for this year means kind of a 21% growth in the fourth quarter. That is a INR 660 crore kind of a revenue in the fourth quarter. If I just multiply that, then the FY22 should be a significant 25% plus growth. Am I missing anything, or we will be still doing a 15% revenue growth in the next year? Yeah. Next year, 15% revenue growth, yes, we will be doing. No, no. So I am trying to understand that the way we talk about that this. Trying to put a number, right? What I'm saying, what I said earlier, we will almost get to a top line figure where we were last year. Okay? We were at about INR 1,800 crores. We should get there. Beyond that, we should grow at about 15% in the next financial year. To give you a specific figure, we were at about INR 1,880 crores last year. So as things stand today, we are at INR 1,220 crores. So we are confident of hitting about INR 1,800 crores by the end of this financial year. Okay. On the margin front, though these commodity prices will continue maybe though it has started slightly slowing down, but may continue in the first quarter also. Maybe the full year margin that last time we talked about around 13%, it can be around 11% or. Yeah, yeah. Double-digit margins, I'm confident that we will. Okay. Sir, I need some couple of data points on the balance sheet front in terms of the unbilled revenue data, inventory credits, mobilization advance, retention money. Yeah, Satbeer will. Yes, sir. Yeah. This is the advance against bills. This is INR 508 crores, including current and non-current. Retention is INR 178 crores. Advance total is INR 686 crores, including retention. Mobilization was INR 295 crores. Payable figures is INR 536 crores. Unbilled revenue was INR 243 crores. Including unbilled revenue, if you ask, inventory is INR 451 crores. And cash and debt? This is the cash and bank balances are there. Hold on. One moment, please. This is the INR 201 crore. 298 crores. 201 crore, cash and bank balances. 201 crore. Okay. And date? What? Debt. Debt is borrowing is INR 32 crore. Okay. So last time, it was INR 45-odd crore. That has come to INR 32 crore. 32 crore now. Okay. And lastly, on the breakup on the order book in terms of the north, east, west. Yeah, yeah. Interrupt me, please. This is north. This is 46%. East 32%. West 20%. And south is where it is nominal 0.61%. CAPEX, how much done and how much left? Which pardon? CAPEX. CAPEX in nine months, how much we have done in the one that we have done here, INR 87 million. So now how much we have done and how much is left? This is CapEx we have done, actually, INR 19 crore. 19 crore. 19. Yes. Okay. And how much is left now for this quarter? There will be INR 7 crore-INR 8 crore. About, yeah, about INR 7-8 crore. And next year also same INR 20-30 crore, or can be higher? No, it won't be higher. Okay. And the staff cost that which has increased will continue INR 44 crore-INR 45 crore. That is a normal run rate that will continue? Yes. Okay. Thank you. All the best. Thank you. Thank you. The next question is from the line of Parikshit from HDFC Securities. Please go ahead. Hi, Shobhit. Hi, sir. Congratulations on a very good execution pickup during the quarter. So my question was more on the ECL provision. So Satbeer, can you tell me how much is the ECL provision being carried in the balance sheet as of now? This is in other expenses? No, overall, I'm saying gross number would be how much of the ECL provision numbers which we are carrying in the balance sheet as of this quarter. Around INR 25 crore. 25, you said? Yes, yes. And so all these sticky debtors which are there, I mean, either in court or commonwealth, if we can quantify how much of these litigation or delayed debtors will be sitting on our assets currently? That's including commonwealth, we have taken provision. Approximately percentage-wise, you can say 40%. Various other projects are percentage-wise as we have taken provision. Well, I'm saying how much is the outstanding debtors from all these litigation-related issues like commonwealth and other real estate projects which are not overdue for a long time? So if you can quantify that number. This is non-current assets we have classified INR 103 crores. 103 crores? Yes, yes. Okay. So overall outstanding of these sticky debtors about INR 103 crore. Again, this. Basically, we are in, you can say, legal matters or we are there is delayed payments. That's approximately INR 103 crore. We are regularly making provisions from since last from first quarter. Approximately now, we have taken INR 26 crore provision. We are expecting INR 6 crore more in next quarter also. Typically, these legal cases take a long time to happen. Next year, again, your auditor will review these debtors. Do you think a similar kind of INR 20-25 crore of provision will be required on these litigation-related debtors in next year, FY22 as well? No, nothing we are not looking for. I think so. I think that would be enough. Okay. Fine. That answers my question. My second question is on the margins. So Shobhit, you had said that we're going to touch double-digit margins. So it will be more like closer to 10-11 range, or it will be 11-12 range? So where will it lie? 10 to 11 range at the moment, I'd like to say that. So, is it like any so since we are not taking any major provisions expectation; it's not there for next year. So, is it that the quality of the order book, though we have ramped up significantly on our order backlog, is it that our order backlog has lower margins compared to historically which we used to have? So, if you can quantify why is this margin coming down? Traditionally, we have done 13%-14%. So, it's a big drop over the historical margins which we have been doing. Whether in FY23, we can come back to our normalized 12%-13% kind of range. We are coming out from very uncertain times, right? It would be, in my opinion, foolhardy to say that we will jump back to the glory days that we have witnessed. We have also seen that even during a normal year, even once we come out of the lingering effects of the pandemic, will continue to be felt in the coming year. That's what I feel. I think if we achieve double-digit margins, it would be great. This is a conservative guidance 10-11, or is it like worst case you are building in? Guidance, you've known us, is always conservative because we tend to give guidance. And then by and large, we achieve that. Okay. Okay. So FY23, we should be better than FY22 in terms of margins. Then most of the effects of this COVID will be behind us, right? So we should be targeting 12%-13% in FY23? Yes. Okay. Okay, Shobhit, that was my question. Thank you and all the best. Thank you. The next question is from the line of Ashish Shah from Centrum Broking. Please go ahead. Yeah. Thank you. Sir, just coming back to provisions, what I want to ask is that is there any single contract or dispute which remains? So we said that totally about INR 103 crore is what is there. And maybe we'll provide INR 5 crore-INR 6 crore in the Q4. So out of this INR 100-odd crore, what will remain? Is there any significant contract or dispute that you want to highlight which will still continue in the balance sheet? Let me. Confident I will be through it, but. Yeah. So there is this we've already got an award for the SPM Stadium. But that is included in the provisioning. But we are hopeful. We've got the award, which CPWD has challenged in the court. But we feel that in the coming financial year, that should get settled. The other is the Commonwealth Games dispute with Emaar MGF. That we've already started making provisioning not for any other reason. Our auditor has told us to start. We continue to remain hopeful. The arbitration proceedings, I think, will now the effects of COVID waning. Now, those proceedings will restart. That arbitration has been in the limbo the last one year because the tribunal consists of three retired judges who are all over 70. But what I'm saying is we've started making provisioning there also. In fact, 50% provisioning is done. But in the next coming year, that award should also come through. So other than this, there are no major. Just to clarify, INR 103 crore you said, is the total provisions made, or that is the outstanding debtors carried on the balance sheet which could be under some sort of a dispute or delay? These are outstanding debtors, basically. This is outstanding of the debtors which are in litigation or which are delayed. After the provisions have been made? Yes, exactly. Okay. Sir, the second question is on the status of execution of the key projects, some of the larger projects, especially the AIIMS ones and the Mohammadpur and the auditorium. So if you can just run through the major project status, it will be helpful, sir. So the AIIMS Jammu, I think the first project you mentioned, AIIMS Jammu, that project revenue has already started coming in. Last month, we did a billing of INR 25 crore there. And starting from, say, April, we aim to ramp it up to about INR 40 crore a month. Auditorium, as I mentioned earlier, has picked up pace. And the completion target there is October, around Pooja time this year. Mohammadpur also has picked up pace from a project which had virtually come to a stop. We are doing a billing of INR 4 crore-INR 5 crore a month. The two other new hospital projects that we've got last quarter for the government of Himachal Pradesh, they also work as these are design-build projects. So designing is well underway. And we've broken ground on both the projects now. Correct. And Mohammadpur. Thank you, Professor Shah. Sir, I would request you to rejoin the queue for follow-up questions. Okay. Thank you. The next question is from the line of Rita Tahilramani from Invesco Mutual Fund. Please go ahead. Yeah. Sir, in extension to Ashish's question, while most of the projects in terms of the order book are on ramping up or are in the phase of ramping up, then it's not about being conservative, but where do you see the revenue coming in from FY22? Is it like the 15% kind of growth which you're saying is conservative because of the challenges in terms of execution? Yeah. So there are two questions, I think. You're asking me where I see the growth coming from? Yeah. So what I understand is purely from the previous question that there is growth element coming in from execution for most of the projects as most of the projects in the order book have picked up execution or are ramping up. In that case, why a guidance of just 15% margin? Is it because you are seeing incremental challenges on the ground for execution for all the projects? Is it so? Or I just wanted to understand more practically from that perspective. So as I said, we are coming out of a situation, a black swan event. And now, the effects of COVID continue to linger, the effects of the pandemic. It's not that the supply chain has become totally it's totally back to normal. Though I said the labor force on the ground is back to pre-COVID levels, but the production productivity still continues to be lesser than what it was in pre-COVID days. There are disruptions which happen which we've seen over the past couple of years. There are curveballs which are thrown. Say, for instance, now the farmer agitation. It's disrupted the supply chain. NGT tends to rear its head during the heavy pollution days during autumn times in Delhi. So there are such issues which continue to crop up. That's why we've given a conservative guidance. Okay. Okay. Second question was, in this quarter, how much was the impact of NGT? It would be very difficult. I think we had answered that in the last interaction. In this quarter, I don't think there was any impact of NGT. Okay. Okay. Perfect. Thank you. Thank you. Thank you. The next question is from the line of Rajat Setia from Riddhi Capital. Please go ahead. Hi, can I audit it? Not fully. Not fully. Is it better now? Yes, it is. Yeah. Sir, my question is, of the I think around INR 60 crore of write-offs/provisions I think we have taken in the last two years, how much of them would be related to the projects executed before five years? Pardon? Again, please. I think we have taken INR 60 crore of write-offs/provisions in the last two years, I mean, FY 2020 and the ongoing year, FY 2021. I just wanted to understand of these write-offs/provisions that we have taken in the last two years, how much of them actually are related to the projects that we have executed long back, I mean, let's say, four, five years back? I think almost 80% of this or even would be more than 4, 5 years back. Sure. So, sir, just one question related to that is, I mean, why has it taken so long for us to write them off or we haven't provided for them earlier on? Because when we had no reason to believe before this financial year that the money was totally, if I may say, lost, it's, say, a major chunk of this is, say, coming from HDIL, say, if I take one developer. So only when HDIL went under or went into NCLT, similarly, Krrish. So only when these developers have been taken to NCLT, that is when we've started writing them off. And this write-off, if you see the detail, it is all with private contracts. Sure. That is there. And of the INR 103 crore of known current receivables that we have, you're saying this is net of provisions, right? Yeah, net of provisions. So against this, how much money do you expect to recover? I think you mentioned a couple of litigations or so that you think award will be in your favor. What is that number? What are those numbers where you expect the arbitration to come in your favor? So, 1, we think INR 50 crore, the arbitration has already come in our favor. The award, including interest, is INR 50 crores. This is for the SPM Stadium, the stadium that we did during Commonwealth Games. So it's been challenged by the opposing party, which is CPWD. It's in High Court at the moment. And the other one, there was one more, right, you mentioned? Games Village with Emaar MGF, that arbitration, as I said, will now restart. That was in limbo for the last one. That is INR 47 crore, right? Is that the number? Yeah. INR 47 crore is the number on our books. But yeah, our claim is much higher. Okay. Of this INR 103 crore, I mean, do we expect any write-offs here, or there is no expectation at the moment? We have told already that we are expecting INR 6 crores-INR 7 crores more. I think so that will cover most of the write-off. Okay. Can you explain, I mean, give more details of this 107? Which projects are these? Basically, various projects are there. Just to give you Commonwealth also, JP is there. There are various small, small outstandings are there that we have taken provision because of that outstanding since last three years. Sure. Finally, I mean, in terms of our. Thank you, sir. I would request you to rejoin the queue for follow-up questions. Sure. Thanks. Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead. Good afternoon, sir. Thanks for taking my question. Sir, on the order, you said the tender pipeline seemed strong at INR 2,000 crore up to around INR 1,800 crore comes from Rajasthan, various Rajasthan hospital projects, state government projects. Sir, any other tender pipeline which you are planning to bid which you can highlight in terms of size? Sorry. Just last bit, you said in terms of size, you want me to name a couple of projects. Is that what you're saying? Yeah. In the next two months, you have targeted bids in terms of projects and size. So we can expect some inflow guidance for next two, three months and next year. And again, the L1 project has on date, if any. Next 2-3 months, I don't see any major inflows happening. As I said, we are bidding for a few hospitals in Maharashtra, in the north also. We are also bidding for a couple of large projects in Bihar. We are bidding for a couple of NBCC projects, large projects where now they've included the escalation clause in the tender. We are going right into it. So which are these projects, these Bihar projects and the NBCC projects? What type of projects are these? And for NBCC, the location of these projects? NBCC in Delhi, Bihar in Patna. Sir, what kind of work is this, building work or hospital or what? One is a hospital. The NBCC project is a mixed-use development. Can you assign any value to this, if possible? About INR 1,000 crore each. About INR 1,000 crore each. And sir, any L1 project has on date? at the moment, no. Sir, on the execution front, if I may ask, sir, can you just throw some light on the Central Vista projects, the status as of what is the status as of date? Last time, as we updated, that due to pollution, the execution couldn't start. So now, what is the status as of date? And on the projects of AIIMS at Kalyani, Motihari and Nagpur, and again, on the hospital project at Chhapra and Nalanda, and again, a few projects which you had won in the last few months, like the Sion Hospital project and the multistorey Odisha project, what is the status on ground? Can you please throw some light on this? Thank you, sir. So Kalyani and Nagpur are in the last stretch. We are looking to complete them by June, both the projects. Some portions, about 50%, both Kalyani and Nagpur have been handed over and are in use. The main IPD block is now finishing is happening. And as I said, by May and June, we will finish these projects. Jammu, I already mentioned. We've started billing. We logged INR 25 crore last month. And similar run rate will continue April, May onwards. We hope to do about INR 40 crore a month there. The Central Vista project has completed about 50% of the project. We are now doing a billing of nearly INR 40 crore every month there. And we hope to start handing over in the next three months. So as far as Sion is concerned, we are in the process of taking over the site. Work on the ground should begin in the next month. Have I missed out any project that you asked about? The Bihar one, the Chhapra, and the. Again, September, October, both Nalanda and Chhapra will be completed. There is another project, Bodh Gaya, which is a convention center which we are doing. It's slated to get completed in July. July this year. Okay. Sir, on this Haryana project, PWD project, and the construction of steel structure, residential building in CW. That's going on at a fast pace. We are doing a billing of INR 15 crore every month there. The structure is nearing completion. This is the one you're talking about, the Haryana project, right, sir? Yes. 15 crore. And the CPWD project in Delhi, sir? Wo bataya na, wahi Central Vista wala, wo CPWD project hi hai. Agar aap Mohammadpur ke baare mein pooch rahe hain, wo bhi maine pehle bola tha. There we are doing a billing of INR 4 crore-INR 5 crore tomorrow. I missed that. I missed that. Sorry. Okay. Sir, any ordering for guidance for next year, sir, Sagarke ordering for us? Order inflow, you're asking for the full financial year, next year, is it? Broadly for the next year, yeah, for the full year. Yes, sir. So we can say maybe about INR 2,000 crore. So similar run rate what we have achieved so far this year. Thanks a lot and all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Shravan Shah from Dolat Capital Markets. Please go ahead. Yeah. So last thing is, what is the unsold inventory left? Anything sold in this quarter? This quarter, we have sold one flat. How much value, any profit loss? This is reflecting in our result. This is INR 1.48 crore left. That is the value we are saying or a profit? This is the value of the flat. Okay. So now the net own inventory would be around INR 46.5 crores or CR? Yes. Yes. Exactly. This is INR 46 crore. Okay. Okay. Thanks. Thank you. Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to Mr. Varun Ginodia from Ambit Capital Private Limited for closing comments. Thank you. Thank you so much, Malika. Thank you so much, sir, for patiently answering all the questions. I really hope all the participants found the call very helpful. I will hand over the call to you, sir, for any closing remarks. Thank you. Thank you, Varun. Thank you, everybody, for joining in. And talk to you soon. And all the best. Stay safe. Thank you so much. Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us. And you may now disconnect.