Ladies and gentlemen, good day and welcome to Ahluwalia Contracts (India) Limited Q3 FY24 earnings conference call hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be no opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. And now, I hand the conference over to Mr. Viraj Shanghvi from Ambit Capital. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. Welcome to the Q3 FY24 earnings conference call of Ahluwalia Contracts (India) Limited. From the management, today we have with us Mr. Shobhit Uppal, Deputy Managing Director, Mr. Vikas Ahluwalia, Full-Time Director, Mr. Satheer Singh, CFO. I will now hand over the conference to Mr. Shobhit Uppal for their opening remarks, after which we shall open the floor for Q&A. Thank you, and over to you, sir. Hi, thanks. Good afternoon, everybody. We at Ahluwalia Contracts (India) Limited, a construction EPC company, have announced our financial results for Q3 FY24. During Q3 FY24, the company has achieved a turnover of INR 1026.47 crores and a PAT of INR 70.66 crores in comparison to a turnover of INR 743.25 crores and a PAT of INR 45 crores during Q3 FY23. The company has registered growth of 38.11% and 57.02% in turnover and PAT respectively during Q3 FY24 as compared to Q3 FY23. EPS of the company for Q3 FY24 is INR 10.55 as compared to INR 6.72 in Q3 FY23. During Q3 FY24, the company's EBITDA margin is 10.90% as compared to 9.61%, and the PAT margin 6.88% as compared to 6.05% in the corresponding period. During the nine months of FY24, the company has achieved a turnover of ₹2691.64 crores and a PAT of ₹175.69 crores in comparison to a turnover of ₹1975.35 crores and a PAT of ₹121.95 crores during nine months of FY23. EPS of the company for nine months of FY24 is ₹26.33 as compared to ₹18.20 during the nine months of FY23. During nine months of FY24, the company's EBITDA margin is 10.56% as compared to 9.82%, and the PAT margin is 6.53% as compared to 6.17% in the corresponding period. Net order book of the company is ₹11,246.83 crores to be executed in the next two to two and a half years. Total order inflow during FY24 till date stands at ₹5833.86 crores. At present, we are L1 in two projects aggregating ₹3229.87 crores. We are ready to take your questions now. Thank you. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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, you may press star and one to ask a question. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Thank you. First of all, congratulations on another robust quarter, sir. Thank you, Shravan. Thank you. Yeah. So, sir, just rechecking the guidance definitely in terms of the guidance. So in nine months, definitely we have done a super 36% revenue growth, and we were looking at last time we guided 20% plus. So now for the fourth quarter, how one can look at is it fair to assume that we should at least be able to grow at least 8%-10% on QOQ? So that means closer to INR 1,100 crore kind of a revenue in the fourth quarter? Yes. We are targeting that. We should achieve about INR 1,100 crores in the fourth quarter. That's great. And then considering so first, just a clarification, this L1 of 3,229. So one is the Gems & Jewelry of 2,840 crore. And what was the other order? The other is the sports complex in Assam. It's a stadium and a sports complex in Assam, Guwahati. Okay. And so for Gems & Jewellery, we were expecting LOA by this January, February. So when we are likely to get the LOA? We should. We are hopeful of getting it within the next in this financial year, within a month. Okay. So then considering this, our order book, order inflow is INR 9,663 crore. So how much more are we looking to still expect to get in this year? And how one can think of for the next year in terms of the order inflow? As far as this year is concerned, we should get in addition to these L1, we should get at least INR 200-300 crores more. This is by virtue of extension of certain existing contracts with existing clients and maybe one other project in which we are negotiating with a private client. Then for the next year. As far as the next financial year is concerned, this year has been good. Going forward, we are actually, there's going to be a bit of a slowdown as elections are around the corner. So maybe going forward in the coming year, the order inflow may not be as much, and we are also not aggressive. We are also awaiting what will happen post-elections in terms of effect on prices and other things. So maybe the order inflow, our target is around INR 5,000 crores. Okay. So the similar in terms of the 25% plus kind of execution or the revenue growth, one can now expect at least for FY25, 26 months, couple of years. That should be given the kind of inflow that we have already received and the order book? I would say more likely 20% because, as I said, the year a couple of months are bound to be affected by elections. Okay. And then in terms of the margin, which now we were looking at 11.5%-12% in FY25. So can we start seeing that 11% plus from the fourth quarter onwards? Yes. We're already seeing that, Shravan. It's improved significantly, almost a percentage point. And for the nine months, we've come to about 10.56%. This will further go up in the fourth quarter. So yes, in the next financial year, we will definitely be above 11%. Okay. And just a couple of balancing data points, sir. So inventory, trade receivable, trade payable, mobilization advance, retention money, and unbilled revenue. Yes, sir. Retention money INR 291 crore. Mobilization INR 414 crore. Unbilled revenue INR 450 crores. Inventory INR 342 crores. Credit INR 650 crores. And trade payable is INR 746 crore. 746 crore. And cash balance is how much, sir? Cash balance, cash is INR 236 crore. And bank INR 350 crore. 350 crore. And the gross debt INR 32 crore, which was there in September. So that's the same number? That's the mobilization advance? Gross debt. Gross debt is INR 42 crore. 42 crore. Okay. Okay. Okay. And in terms of the capex, how much we have done and how one can look at in the fourth quarter and FY25? This quarter, we have incurred around INR 31 crore. And total in nine months is INR 86 crore. And we are expecting INR 124 crore already. For next year, also similar amount, or will it increase? No, it won't increase. Okay. That's it, sir. And all the best. Thanks. Thanks, Shravan. Thank you. Next question is from the line of Mohan Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir. And thanks for the opportunity. So my first question is that I just want a clarification on the current order book. What is the current order book? And are there any slow-moving orders in this current order book? Are there any delay in getting the appointed date? And what is the status of the Mumbai CHD project? So most of the projects are now well underway. I don't think there are any slow-moving orders. As regards CSTM, now we have clearances on certain portions of the design of some buildings. And we will be seeing while we have broken ground, but excavation of building will start in right earnest from next financial year. Okay, so are you booking any revenue from CHD project right now, or is it most likely in FY25? In this particular quarter or in the month of March, we will book a billing of about INR 50 crores. Okay. Understood. And what is the current order book? The net order book is about INR 11,246 crores. And plus your L1. L1 is INR 18,647. And plus your L1 in INR 3,200 crore. Is that right? Understanding? Yes. Sir, can you please, for clarification, can you just restate the order inflow for nine months? I know that the order inflow is fabulous for this fiscal, last fiscal, so great. Yeah. No. The order inflow till date is INR 5,500 crores. 5,800. 5,800 crores. Understood, sir. Till date. Yeah. Understood, sir. My last question is, given the fact that, of course, the next nine to 12 months, the government sector orders there will be a slight slowdown in terms of finalization of tenders. But how do you think about the private sector? We haven't seen any private sector order materially in the last nine to 12 months. Do you expect this contribution to increase in terms of order inflow, especially in the next fiscal? Yeah. As I had mentioned in my last call during the last investor call, we are slowly raising up our exposure to the private sector because, as all of you are aware, the private sector Capex is increasing. And a lot of blue-chip clients who we consider as safe bets are also coming up with large projects. And they are looking at, on the short term, we are seeing competitive intensity lesser in the private sector and more in the public sector. That is why you have seen that our private sector share of the total pie has also increased. For the long term, we would like to maintain an equitable mix between the two. What is the share right now, private sector, in the current order book? It's about 30%. Understood. If we see how it has moved up in the last one year, in Q1 2023, it was 19%, and today, it stands at 30%. Oh, that's a good number. Thank you. We aim to make it 50/50. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. Next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Thank you for the opportunity. Sir, can you tell us the chance that Gems & Jewellery Park project, there will be some lower the value will be a bit lower than 2840? Yes, it will be. As we had mentioned during our last call, as regards an answer to a specific question which you guys had raised, that the budget, our bid was more than their budget. So that's why this has got delayed because they've been looking how to prune down the cost by reducing certain areas. So yeah, that is what the exercise is happening, but it will be lesser, yes. So it will be maybe 10%-20% lesser, small talk? It's still being worked out. That's why I said it'll take another month or so for the letter to come in. It totally depends on the client, but yes, it will be substantially lesser. So it will come to us only. That is for sure. Yeah, yeah. Everything is almost finalized. Okay. And sir, secondly, how would you see the execution to pick up in the CHD project in FY25 and '26? Yeah. As I said, we will take off in real earnest in the next financial year. And so yeah, it'll take about two years for us to complete it. So yeah, 2025, 2026 is right. So we will be complete to around 40% execution in the building for the CHD project in 2025? Yes. Okay. And sir, lastly, what is the status for the Bihar Animal Sciences University project? So over there, how do you see the execution being ramped up in Q4 and next year? So the total value of the order is 890 crores. We have billed about 140 crores. And now the major reason for lesser billing was that a lot of area was not handed over to us because existing old buildings, functional buildings were there. Now 70% of the area has been handed over to us. And again, the project is moving at full speed. Okay. Thank you, sir. We are looking to complete it by the end of this year. In FY25, we'll complete the Bihar project? Yes. Okay. Okay. Thank you, sir. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Amit Khetan from Laburnum Capital. Please go ahead. Hi. Thank you for taking my question. So I had a couple of slightly longer-term questions. So if we compare ourselves to some of our larger peers, like say L&T and Shapoorji, where are we organizationally in terms of, say, systems, processes, management bandwidth, and the kind of people we hire? What are the gaps that you have closed, say, over the last five years? What are the gaps that exist today? And how are we planning to close those gaps? Also, in this context, it will be very helpful if you can highlight how involved is the promoter family in managing various aspects of the business today versus what it was, say, five years ago? I didn't catch your name. Sorry. What's your name? Sorry. Amit. Amit. Hi. First of all, I would like to sort of take an objection to the first part of your question. It sounded as if we are in some ways inferior to our larger peers. I didn't mean that. We are smaller. We are smaller. No, let me complete. We are smaller, but in no way inferior. In fact, that is why we have our own homegrown systems. We have our own homegrown talent. That is why, in spite of being so much smaller in size to them, we continue to punch above our weight, and we continue to compete with them on some of the largest projects in the country. That's the first part. Second part, as regards the management bandwidth, I mentioned we have homegrown talent. We continue to groom youngsters. We have a succession plan in place for every critical post. That is why today we are working in 17 states and have become a pan-India company in spite of doing just buildings and factories. Secondly, to answer your question, what was the second or third part of your question? Could you repeat that? No, sorry. Promoter involvement. Yes. There are three promoters who are fully involved and hands-on. One is a founder and Chairman and Managing Director, Mr. Vikramjit Ahluwalia. One is his son, Mr. Vikas Ahluwalia. Third is me, Shobhit Uppal, as promoters. We continue to be totally hands-on and involved in the day-to-day functioning of the company. Anything I missed out? No, no. My second question would be you've talked about a bit of a slowdown around the elections. But if you were to take a slightly longer-term view, what are the risks and challenges you see both for yourself and for the sector in terms of both winning new orders as well as executing them? And how are we addressing those challenges? Sir, sorry to interrupt you. Before you go ahead with the question, Amit, please mute your line from your side when you're not talking. Sure. Thank you. So Amit, yes, the infrastructure industry is booming, and it is expected to continue to boom because, in all probability, there is going to be continuity in the government post the general elections. There will be a bit of a slowdown as a part of the election process and how it impacts orders. But we are insulated because we've had a very robust order inflow as far as this financial year is concerned. So we are insulated from that risk. And as I mentioned earlier in response to one of the questions, most of our projects are now well underway. There is no slow-moving portion of the order book. So I think the only sort of hitch that I see is that at the time of the election, just a month prior and month after, when the new government is to take shape or take over, there would be a bit of a slowdown in terms of payments. But we would hope to counter that through internal accruals and our internal funding. Thank you. So the line for the participant dropped. Participants, you may press star and one to ask a question. The next question is from the line of Sriraj Asavu, individual investor. Please go ahead. Hello. Yeah, we can hear you. Go ahead, please. Good afternoon, sir. My questions have already been answered with the previous participants, but I would like to congratulate you on a great set of numbers. Thank you. Thank you. Thank you so much. Much appreciated. Thanks a lot, sir. Bye. Thank you very much. Next question is from the line of Vishal Periwal from IDBI Capital. Please go ahead. Yes, sir. Thanks, sir, for the opportunity, and congratulations on a great set of results. Thanks. Yeah. Sir, on the standalone and consolidated, so there is one line item which only differs is the loss from associates. So can you get some clarity? Though it's a small number, but what exactly this line item is about? It's working up to borrowing. Loss, standalone and associates. There is an item which is loss making. This is basically Kota. Only present loss of it is 73. This is the. Okay. Bus. Bus Station. Hold on. Hold on. One moment. This is basically. Nepal project. Hello? Yes, sir. Yes, sir. Hello? Hello? Yeah. Are you audible? Are we audible? Yes, sir. You're audible. Okay. Yeah. This is Nepal project. That's at initial stage. Sir, sorry, you're sounding a little distant, actually. Are you hearing me? Yes, yes, yes. That is Nepal project. That's a disclosure of loss of INR 4,000,000 during this quarter. Okay. And this is what EPC work? I mean. It's an EPC work where we have a joint venture with a local player, and this project is in initial stages. Sure, sir. Sure. And then I think you did mention on the CST project. So just correct me if I'm wrong. So next year, we're targeting a monthly run rate of billing in the range of like 100-150. And when you see this. About INR 100 plus crores every month. Okay. Okay and when do you see this project get concluded? I mean, in terms of the timeline which is there in the contract? About two and a half years. Okay. Sure. I mean, one industry-specific question. So in general, the retention money which gets blocked with the client, so is there any concept of interest that we get on them or? No. There is no interest on the retention money. Okay. Yes. Sure, sir. That's all from my side. Thank you. Thank you. Thank you. Next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi, sir. Thanks for the opportunity once again, so my question is on the pipeline of station redevelopment projects. Are we looking to bid for the new project? And are we? So I understand there was a Delhi station which was up for bidding, and so that's the question, sir. At the moment, we are not focused on further station redevelopment projects. But is it fair to say that there will be also smaller projects which are available where we can? There are a number of projects which have been coming out and will come out for bidding. But at the moment, that is not a focus area for us. Understood, sir. My second question is, of course, you spoke about the election and the delay in tender finalization. But sir, for the state government side, I think there should be enough activity, right? There should be enough state government tenders. Look, whatever we may say, this is the general election where the state machinery also gets involved. And there are a number of other permutations and combinations which come into play. So effect is there everywhere. Understood, sir. Thank you. And all the best. Thank you. Yeah. Thank you. Next question is from the line of Lakshmi Narayanan from Tunga Investments. Please go ahead. Thank you. A couple of questions. So if you look at relatively the last five years' projects you have actually executed, how many projects where there was a delay in execution? Just to get a sense of proportion in terms of how many gets delayed, which was in your control, and how much was delayed because of some external factors? I think if you were to strictly go by the timeline which are there in the tender, almost all projects, there is a spillover as far as timelines are concerned, if I was to be truthful, right? But what has happened is that once this EPC regime or EPC mode of tendering has come into play, the delays which earlier on used to be mostly on account of, say, drawings and details not being provided in time, those delays have been mitigated to some extent, not all. Because there are other factors also, like you say, for instance, if you look at NCR projects, you would have the NGT ban coming into play, which with every progressive year, the impact is only increasing, right? Then there could be other political factors which come into play. There could be factors relating to funding. Say, for instance, in some states, I'd not like to name them, projects get delayed because the state is facing a cash crunch. So there are a number of factors. Having said that, in all the projects that we've executed in the history of this company, the timelines, whatever extensions there have been, they've been granted to us by the client, thereby certifying that there have been no delays from our side. But yes, project time overruns are there in almost all the projects. Okay. Because the reason I'm asking this question is that I was just going through the pre-qualification for one of the AIIMS projects, which has already been awarded. And one of the pre-requisites that they actually say that the person to whom we are contracting it should be PAT positive for the last three years, should not have had any delays, etc. So what was puzzling for me is almost every contractor will have these delays. So then how do you even get qualified for these things? Is it like a go, no go? How do you? No, no, no. It's not that. When they say that there should not have any delay, what they mean is actually specified delay which is attributable to the contractor. That's what I mentioned in my answer to your earlier question, is that the time overruns are there, strictly speaking. But in every contract, there is an extension of time which is granted, and the delay is apportioned. If there is no delay to the contractor, the contractor is not penalized. Get my point? There is no liquidated damage which is put on the contractor. That's what I mentioned as far as we are concerned. It's never been put on us. And generally, when the qualification comes out, they check it for the last five to seven years. That's what the clause says. So whosoever has been awarded, say, we would have been awarded this contract that you're talking about. We could have been awarded because we've not had any penalty. Got it. Got it. So it's not subjective. It is very clear that there is a process where the delay is attributed not to the contractor, clearly. Yeah, yeah. There is a CPWD template which is used to submit. The contractor tells the client periodically that these are the delays which have occurred in a contract which is not attributable to us, right? And then the client, depending on which client it is, either periodically they grant extension of time or they keep the record and they keep granting provisional extension. And before closure of the contract, they grant a full-fledged extension. Got it. And if I look at AIIMS alone, there are a lot of AIIMS that are actually either constructed or yet to be constructed. But if you look at it, I see that only one we have actually won. And recently, L&T has actually won the Rewari one. I just want to understand, why didn't we bid or did we bid and we lost? I just want to understand why we got only one AIIMS among the several AIIMS that got bid out. No, no, no. So let me first give you more accurate information. We have completed in the last two years, we have completed two AIIMS projects. One is AIIMS Kalyani. One is AIIMS Nagpur. The third AIIMS, which is AIIMS Jammu, which probably you're referring to as the one which we won, which is one of the largest AIIMS or the largest AIIMS that is nearing completion. The Prime Minister is slated to inaugurate it by the end of this, in the third week of this month, February. So that's the third AIIMS that we'll be completing in a period of two years. Prior to two years, we've done two large blocks for Delhi AIIMS, the mother and child block and the OPD block. Those also aggregated about INR 600 crores. Prior to that, say six years ago, we did an emergency block for about, I think it was about INR 400 crores for the Safdarjung Hospital in Delhi. So there are a slew of AIIMS projects that we've done as far as Rewari is concerned and one more, Madurai. We were pre-qualified. We were qualified for both these jobs, but as a part of our due diligence, we were not very comfortable with certain parameters in the contract. That's why we decided not to bid. It's something which you did not. Yeah. Fair enough, so I have one more question. In fact, for the Madurai project, in that one project, they followed the PQ pre-qualification route where three contractors were only qualified. One was us, one was Larsen & Toubro, and one was Nagarjuna. Interesting. Got it. Got it. One last question, may I ask you? Yes, please. So if you just look at last five years, what has been our write-offs or penalty which we have actually paid cumulatively? And where have we? No penalties. Ahluwalia has not incurred any penalty. Okay. All the retention money we get, we have not lost any? No. Nothing. Got it. Got it. The retention, just for your information, if you don't already know, is that the general condition is that retention, half of the retention, generally, retention is 5%, half of which is released to us on completion, and rest is released to us after the completion of the defect liability period, which generally is 12 months post-completion of the project. Got it. Got it. Got it. That is helpful. I'll come back to you. Yeah. Thank you. Next question is from the line of Priyesh Babariya from Max Life Insurance. Please go ahead. Sir, thank you so much for the opportunity, and congratulations for the good Q4 numbers. Thanks. Sir, so first question is that I just wanted to understand in terms of ordering environment, especially from a private sector, from a long-term perspective, which all sectors are actually contributing in the same, which gives us that kind of confidence that our private share will go up from 30%-50%, such? Obviously, the main driver in the private sector is the residential market. You look at DLF launched, I think, four months ago, five months ago, they launched Arbor, wherein they had collected INR 9,000 crores in three days. Subsequent to that, I think about a month, month and a half ago, they've launched another project which they're calling the Mini Camellias, where they've again garnered about INR 7,000 crore rupees sales in about three days, sorry. So you see this activity down south also. You see it in Mumbai also. So private residential sector growth is there for all to see. We are also seeing that now, after COVID, after a prolonged period, now the commercial office space is also seeing a bit of an upswing. One is seeing a major investment in hospitals. We have won three projects from Max. Two were won in the last quarter, one in this quarter, we have won. So hospitals or healthcare is also seeing investment, increased investment. Retail is seeing increased investment. We are also seeing pockets of investment in hotels, four- and five-star hotels. Does that answer your question? Yes, sir. Thank you. Also, one other sector, education, that continues to sort of grow. We have started a couple of new campuses for our existing clients. Amity, Bennett is our client, so they continue to grow their university in Greater Noida. On the education side also, we see investment happening. Sure. Thank you. Sir, are we thinking to foray into other than buildings or especially in non-government side? And what new verticals are we looking to diversify into here? So at the moment, we would continue to focus on sectors around our core competence of buildings and factories. But we bid in this quarter, in the last month and a half, we bid for three airport projects, right? So that could be counted as urban infra, but it's focused around the building only. We are bidding for some metro projects. We have picked up a project which is an STP, the Civil Works for an STP, which we are doing for Welspun which is for Dharavi. So these are the areas where we would look at some organic growth around our core competence. Okay. Sir, third question is that since the tender pipeline as of now, since on the last call, you had mentioned that our tender pipeline was around 2,500 crores, as of now, how is the tender pipeline looking like? It's robust. Tenders, I think, continue to flow in. In the last financial year, we have bid for tenders around, if you were to look at an aggregate, around INR 26,000 crores. So the order win has been in excess of about 20%. So this year, the number may be, as I said, slightly lower than this on account of elections, this being an election year. But the order pipeline is healthy. Sure. Thank you. We are being conservative in terms of bidding now, at least for the next three to four months. Understood. Thank you. Thank you. Next question is from the line of Uttam Srimal from Axis Securities. Please go ahead. Yes, sir. Good afternoon and thanks for the opportunity and congratulations on a very good set of numbers. Thank you. Sir, my question pertains to this fixed price contract, so what is the value of fixed price contract in our current order book? 23%. 23%. 23%. Okay. Now, you said that we will be bidding more for private contracts, and private contracts also increased to 30%, and you want to go to about 50%. So these private contracts are giving better margins than government contracts, or how we should look at it? The competitive intensity in the government projects has increased. So in the short term, at least over the next year, year and a half, we feel that the margin on the private side will be better. Okay. That's all from my side, and all the best to all of you. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask the question. Participants, you may press star and one to ask the question. Next question is from Shravan Shah from Dolat Capital. Please go ahead. Sir, just a clarification. In terms of so currently, is there any value of projects that we have bidded and bid is yet to open? Yes. We have bid for Varanasi Airport. We have bid for Darbhanga Airport. Yeah, off the top of my head. And we have bid for a project in Assam, so PWD Assam. Okay. And. Related to healthcare. Okay. But broader value in terms of Varanasi Airport, Darbhanga Airport, the value would be how much? INR 300 crore-INR 500 crore? No, no. These are somewhat large projects. Varanasi is large and Darbhanga is a bit smaller than Varanasi. So let's assume, the aggregate value of both will be INR 2,000 crore. Okay. And Assam one also be 300-500? Yeah. Okay. Okay. Got it. And then this Mumbai Gems and Jewellery, when we say definitely the client has to work out finally in terms of the reduction, but broadly, is it fair to say, so if I just do a 30% max, so it comes lesser than INR 2,000 crore, so will it even much lower kind of a 40%-50% kind of a lower that the client is looking? No. No. No. So the range could be 20%-30% reduction could be the maximum possible. एक-एक करके 10 क्वेश्चन पूछ लो, 10 से 20, 20 से 30, 30 से 40. सर, मैंने बता दिया, यार. I indicated earlier what it would be, around what it would be, right? Sir, the line for the participant dropped. We move on to the next question. Next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Thanks for the follow-up. Sir, are you facing any payment issues in any states? Yes. We have been facing issues. I mentioned in my last call two states, Bengal and Bihar. Bengal, we have almost concluded our government assignments. Only one project, which also is the CM's focus project, so there we are not facing any problems. Bihar, yes. For Bihar medical projects, we continue to face problems. But hopefully now, with the new government in place, the signals that we are getting is that post the general elections, there should be some alleviation in cash flow issues. Okay. Sir, secondly, the revenue for Nepal project, it comes in standalone or it comes only in consolidated? Repeat that question, please. Revenue from Nepal project, since it's a JV, so it doesn't exist in a standalone book? Revenue. Revenue is around basically INR 30 crore per month. Which head? Which head? Consolidated or? Within consolidated. Consolidated. Okay. And sir, lastly, what would be the share of residential private in the overall order book? Yes. This is residential 11.80%, commercial 7.62%, hospital 24.69%. Of the 11.80%, I think your question was residential private. Got it. So off the 11.80%, what is the private part? Not total. Not total. Total is about 12%. Out of which 12% would be what is the value of 12%? This would be around residential. Residential, the total value. This is the value. total value is INR 1,327 crores? No, INR 1,327 crores. INR 1,327 crores. 1,327 crores. Out of which the government, there are two government projects. One is Gardanibagh and one is HIDCO. I think the value remaining here is about INR 200 crores. So. 1,100. 1,100. No, no. 12,000. You're saying 1,327. Yeah, about INR 1,100 crores. Yeah. Is the private sector residential? Hello? Okay. Sir, for FY25, you're valued for INR 5,000 crores of inflows, so you expect majority of that coming in the second half next year? Yes. Okay. Thank you a lot, sir. Thank you very much. Ladies and gentlemen, as there are no further questions, on behalf of Ambit Capital Private Limited, we conclude this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you. Thank you so much. Thank you. Thank you. Thank you.