Ladies and gentlemen, good day and welcome to Ahluwalia Contracts (India) Limited Q4 and FY 2024 earnings conference call hosted by Ambit Capital. As a reminder, all participants' 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 and I've handed the conference over to Mr. Viraj Sanghvi from Ambit Capital. Thank you. And over to you, sir. Thank you. Good afternoon everyone. Welcome to the Q4 and FY 2024 earnings conference call of Ahluwalia Contracts (India) Limited. From the management today, we have with us Mr. Shobhit Uppal, Deputy Managing Director and Mr. Satbeer Singh, CFO of the company. I will now hand over the conference to the management team for their opening remarks after which we shall open the floor for Q& A. Thank you. Over to you, sir. Thank you. Ahluwalia Contracts (India) Limited, an EPC company, has announced financial results for Q4 FY 2024. During Q4 FY 2024, the company has achieved a turnover of INR 1,163.66 crores and a PAT of INR 199.85 crores in comparison to a turnover of INR 863.05 crores and a PAT of INR 72.21 crores during Q4 FY 2023. The company has registered a growth of 34.83% and 176.5% in turnover and PAT respectively. Q4 FY 2024, as in comparison to Q4 FY 2023, EPS of the company Q4 FY 2024 is INR 29.83 as compared to INR 10.78 in Q4 FY 2023. during Q4 FY 2024, the company's EBITDA margin is 8.96% as compared to 12.77% and a PAT margin of 17.17% as compared to 8.37% in the corresponding period. During FY 2024, the company has achieved a turnover of INR 3,855.29 crores and a PAT of INR 375.55 crores in comparison to a turnover of INR 2,838.39 crores and a PAT of INR 194.16 crores. EPS of the company for nine months FY 2024 is INR 56.06 as compared to INR 28.98 during FY23. During FY 2024, the company's EBITDA margin is 10.48% as compared to 10.72% and a cash margin of 9.74% as compared to 6.84% in the corresponding period. The net order book of the company is INR 11,179.93 crores, to be executed in the next two to two and a half years. Total order input during FY 2024 to date stands at INR 6536.81 crores. At present we are L1 in four projects amounting to INR 3914.28 crore. Sorry, there was an error in one of my earlier statements. EPS of the company for FY 2024 is 56.06 as compared to 28.98 during the last year. That's all. So we are ready to take questions now. Thank you. 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 your 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 the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Thank you, sir. First is on the margin front. So this quarter we have seen 9% EBITDA margin. In the last phone call we were confident that we can do more than what we reported in the third quarter. That is 10.9%. So any specific reason? And now how do we see the margin for FY 2025 and possible for FY 2026? Look last quarter there has been, you know, there was this in the last month of the year the slowdown has started on account of the impending elections. So that has impacted. Plus, you know, in March there was a huge scarcity of labor. So that has impacted our productivity. So that has led to reduced margins while, you know, our turnover has grown. But it could have, it could have been more if the labor scarcity was not there in power. You know, what we had projected, what I had said in the last call, the margins will grow up because the order book is healthy, and you know, with the new government also coming in now, I think the pace of projects, even execution will pick up, and traditionally, you know, come May, the labor also starts coming back. At the moment we are operating at about 60%-70% on our project sites over the last three months or so. So all these things, when we take into account, these have impacted our margins. So going forward, whatever guidance I've given for FY 2025 last time, we are confident it will be double digit more than 10%. Hello? Not. Not. Yeah. Sir, can you hear me? Now I can hear you. Yes. Did you hear my whatever I said? Yeah, yeah. Yes sir. Yes sir. Yeah, definitely sir. Sir, I was saying last time we have spoke about more than 11% EBITDA margin for 2025, 2026. But now we are saying more than 10%, we are confident. You know, as I said, it all depends on how quickly we are hearing various things, you know, about what's going to happen. So your guess is as good as mine as far as the new government is concerned. So from the 4th of June, I think things will be clear how quickly the new government takes charge, you know, and you know how quickly the pace of work gets back to what it was three to four months ago. That is why I'm being a little conservative. But we are, I think we are better placed because a lot of our contracts are government contracts. I don't think 80% or 75% of the contracts are free from escalation worries. They are not fixed type contracts. So you know, while I'm also qualifying that we will stick to the guidance that I had given and I'm just being a little conservative. Okay. And on the order inflow and revenue growth for 2025, 2026, now we are looking at 15%-20% and these orders we are L1 in approximately 4,000 crores worth of projects. These are four projects. So I think this will also happen in June or July. These were only held up because of the next month. So this should also happen. And, you know, going forward we feel the order pipeline is also healthy. So additionally, apart from this 3,949 crore L1 4 projects, how much more are we looking at to bag in FR25? You know that 2,500-3,000 crore. So considering the bid pipeline now stands at what it said about 4,000 crore. Okay, it is just a 4,000-odd crore pipeline. But, and also when we are saying 15%-20% revenue growth, does that mean that in FY 2026 then we can have even more than 20 kind of a growth? I did say 15%-20%. So FY 2026, let's see. Okay. A couple of just balance sheet data points: mobilization advance, retention money, unbilled revenue. 528 cr. Yes sir. Retention money 322 crore. 395 crores. And working capital debtors has increased. Particularly debtors has increased and payables has decreased. So closer to 38 days. Working capital days from the last quarter it was around 25 days. So how do we see will it come back or will it sustain at these levels? From the margin that is a major money of around INR 125 crores. That's why the funding has increased. Otherwise you will see inventory has been reduced. Okay. And then the CapEx guidance will remain the same INR 120-odd crore for FY 2025. This year we have basically under INR 10 crores. For FY 2024, 10k. Approximately. Okay. And sir, just in general, a nything in terms of the scope reduction? Have it got finalized? As I said, this will get finalized in June or July. It was held up on account of. You know, since the land is allotted by the government there were certain formalities which were not completed on account of the election time. So it should happen now. Okay? Okay. Got it sir. All the way. Thank you. The next question is from the line of Samrat Sarkar, an individual investor. Please go ahead, sir. Am I audible? Yes, you are, Samrat. I just want to know the reason behind the high subcontracting charges. I guess it's about 2% higher than the last. Basically this is subcontracting. This includes manpower supply subcontracting and labor work subcontracting. It's not specific b ack to back subcontracting. That's why it's basically. That is very high. Okay. And going forward this will come down in line with our earlier guidance. So if you see. Yeah, yeah. You know one, this along with the next listing, employee benefit cost. These have to be read in conjunction, right? Yeah. It would be about a percentage point higher. That's what it was. Okay. Okay. Okay. And sir, hello. Am I audible now? Hello. And this also did get impacted due to an extended NGT period in January, February this year. Okay, okay, okay. Okay. And I want to know also about the breakup of the government and the private orders. In your entire order book. What is the ratio of government orders as well as private? This is the private 34.85%. Okay. So. Okay, that's it f rom my side. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities Limited. Please go ahead. Mr. Mohit, your line has. Yeah, thanks for the opportunity. Sir, my first question is: Can you please help us with the status of the Chhatrapati Shivaji Maharaj Terminus redevelopment project in Mumbai? And what is the kind of execution you can expect in FY 2025 and FY 2026 from this particular project? So this project now it's starting off now. There were certain issues with drawing approval because there have been some changes from the initial tender drawings provided to us necessitated by the client's requirements and local authorities. So all that is behind us now. So we have broken ground and construction has begun. Going forward, in the rest of the year we are looking at doing a turnover about INR 800 crores in this financial year which is FY 2025. And in FY 2026 it will be to the tune of about INR 1,200 crores. Are there any other slow moving orders in the order book right now? There are a couple of slow moving orders in Bihar which we expect are nearing completion. Actually the last 50% in two medical colleges is left which we feel that post-election the pace will pick up. They are held up on account of funding issues. Is it possible to share the L1 position? Talking about the details of the L1 order position. Yeah, we are L1 3,914.28 crores. Four projects. Is it from the government side or private side? These are all three government sides. And Gems and Jewellery Parks. That's that can be classified as a private component. Understood, s ir. The last question, sir. As the order pipeline FY 2025, w here do you see the new government, about the new government formation? You think that there'll be more opportunity? I f you can throw some color on that. I think it is as it's all a matter of conjecture, but general consensus seems to be there that the NDA will come back to power, and the infrastructure growth will continue. Having said that, we are relatively secure because we have a healthy order book, and with these INR 4,000 crore worth of projects coming in, which we expect to come between June and July, we would have achieved 70% of inflow what we achieved in FY 2024, which was as it is very healthy, so as far as the order book is concerned, we are relatively secure. Understood, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Varun Shah from JM Financial. Please go ahead. Yeah. Hi, sir. In any other states we are facing some payment issues. No. Bengal, a ll our projects are over except for one which also will be completed in the next two months. So other than that we don't have any major issues. So we have slowed down the execution for Bihar and Bengal projects given the payment issues. As I mentioned earlier, two projects in Bihar, you know actually it's a problem with one particular department. We are majorly executing projects for two departments there. One is the building construction division where this veterinary hospital is going on. That's going on fine. And there's a residential housing project for senior hospital which is also nearing completion. It's the hospital that we're doing for Bihar Medical Services Corporation. You know the projects are stalled virtually on account of funds. And these are two projects where 70%, 75% work is already done. So we are hoping that once you know the political combine comes to power. You know, NDA comes to power. I think funds will start flowing again. But at the moment the project has stalled. Okay. Okay. And sir, what about the Mumbai Civil Disposal Project and how do you see the execution? Because in Q4 FY 2024 we have seen a strong execution. So we expect the momentum to continue. Yes, it will. Crore per quarter. It will. The first quarter again of FY 2025 because of elections as I mentioned earlier, you know the result may be a little sluggish but. And then you know this is the monsoon season also. But FY 2025 overall should be good. Okay. What about Bihar Animal Sciences University project? So what is our targeted revenue for 2025, 2026 ballpark? So, out of the total value of that job is about INR 890 crores. And we have executed till date about 100. Unexecuted is around INR 680 crores. So, as I had mentioned in my last call that certain buildings, those old buildings are being demolished there to make way for the next big one for the new one. So, all those are handed over to us barring one. So, the case now is moving on at high speed. So, earlier we are guided. We are targeting to complete it in 2025. So, will it over the next 15 months. Okay. Okay. Lastly, for the Gems and Jewellery Park, what is the amount that we have considered in the INR 4,000 crore L1 position? INR 2,350 crores. Okay. Okay. That's it on my side. Thank you, sir. Thank you. The next question is from the line of Hitanshu Jain from Avendus Capital. Please go ahead. Hi. Hi sir. Thank you. Good afternoon. So my first question is on if you can share us the adjusted PAT number for FY 2024 and quarter. Adjusted PAT without the exceptional item. Exceptional item that is basically the settlement with the Mr. and the. This is INR 197 crore total. INR 218 crore including GST. And out of this we have received INR 90 crore. Adjusted PAT without these exceptional items basically just 25.17%. Okay. 25.1%. Okay. Thanks. My next question is sir, as per your strategy where you want to increase the composition of private orders, w hat type of developers. Which developers are you looking to work with or do we have any agreements with developers? There are no agreements per se. But as you can see from the order book, we're working with DLF n ow. We are working with. On the private side, we are working with Puri. We have bid for Godrej. We have bid for Birla Century Real Estate. Bharti. We are already working with certain clients of certain pedigree with deep pockets. We want to work with them. And then there are a few clients who are long standing clients or we are not yet long standing contractors. Like Amity, Bennett Coleman. You know who we've been working with for a number of years. Then some hotel chains. We're doing a JW Marriott. So we're not working with. And Brookfield is a client. So such private sector clients we want to work with. And our order book as mentioned earlier is at 6,535 approximately. So in the long run we want to make it 50/50. Understood. And also, sir, how are these contracts? Are these privately negotiated or working with [crosstalk] Foxconn? Right. On their plan. And we're working with an army. So you know, pedigree, the client, private sector. Understand. These are privately negotiated contracts. Right? These are privately. Okay. This one last question on depreciation. So why is depreciation increase? High depreciation in the quarter. Basically this quarter we had impaired with the 14.14 crores, 91 lakhs. That's why around 15 crores. Okay. 15 crores. Right? Am I right? Yes. Yes. 15 crores. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. The next question is from the line of Uttam Srimal from Axis Securities. Please go ahead. Thanks for the opportunity, sir. How do you see the opportunity in data center segment? I think I did. I was asked this question during the last call also. It is not something that excites us. Okay. Okay. Okay. One question with regard to our cash and cash position including FDR c urrently. Cash and cash equivalent. This is INR 334 crores. And basically bank balance is INR 445 crores. 330. That is cash. [inaudible]. Okay. Okay. Okay. That's all for now. Thank you. Thank you. The next question is from the line of Parikshit from HDFC Securities. Please go ahead. My first question is on the margins again. So you said that March there was a problem of labor and it still continues. You think that will continue even in May and June. So we are also samely. Are we looking at Q1 being again a soft quarter in terms of margins? I did mention that. Yes. So I mean could it be worse than Q4? Only labor is one and then elections. Of course. But can we go below 9%? Because in this quarter there was only one month impact. And on Q1 we have more impact on two months or maybe three months. So can it go below 9% as well? I don't think so. So the bottom 9% would be the bottom margin which you recorded in Q4. Hello. Hello. Yes. Yes, I said yes. Second question is on this settlement with Emaar MGF. So how much is the total cash inflow expected from this transaction from the settlement and how much you have realized in Q4? [crosstalk] That amount has been settled. 218 crores including the FT and out of which we have shown this is 194 crore. Basically basic component. And this will attract 25.17% taxes within two tranches. Basically August and January. August and January. Okay. And total 140 crores overall. Right. The rest is basically 128 crores. No, I'm saying out of 194 excluding the taxation you will have the realization of about 140 crores total cash inflow for the company. Right? Yes. Yes. Yes. Okay. Got it. And this last thing that you said, the L1 is 4. Can you please again tell me what is the total L1 amount? 3914.28. 31. Sorry. 3914. 3914. Okay. Thank you, sir. Those are my questions. Thank you. The next question is from the line of Nidhi Shah from ICICI Securities Ltd. Please go ahead. Hello. Thank you for taking my question. The only question I had was on the exceptional item that was listed in this quarter. The arbitration between a customer and you. So could you give more details about the arbitration and whether the settlement amount has been received? If not then when can we expect that? So this was a long-standing dispute on the Commonwealth Games with its project with Emaar MGF. The settlement amount is INR 218 crores. The award which has come to us of which INR 90 crores has been received. The balance will be received over two tranches. One in August this year and the other one in January. All right, thank you. Thank you. Thank you. The next question is from the line of Ruchi Jain from Asit C. Mehta Investment Limited. Please go ahead. Yeah. Hi, good afternoon. My first question is how much you have a outstanding order book as on 31st March 2024 unexecuted order book. INR 11,179 crores. INR 11,179 crore. Okay. And we may expect that these be executed in around you know, next 18- 24 months. 24- 30 months. 24- 20 months. And my second question that as you have mentioned as far as expected order inflow is concerned in a FY 2025 though there is an election around the corner. But can you give some numbers that can be a possibility or your target for FY 2025 as a new order inflow? Because the way the infra push is still there and the way we are seeing that in a new budget government may further increase their CapEx target maybe around, you know, possibility of further more some chances are there. So can you give some bit of an idea? These are the numbers that can possibly be as expected order inflow in FY 2025. So as I said, INR 4,000 crores is something which in which we are lowest four projects aggregating INR 4,000 crores. That should happen in the next 30- 60 days. The award was held up on account of elections. So that should happen in the next one to two months. Other than that there is an order pipeline in the short term of about INR 5,000 crores. But for the entire year, in addition to this INR 4,000 crores I have given a guidance of about another INR 2.5-3,000 crores. So we may expect somewhere close to you know, INR 7,000 crore. That can be a possibility order guidance and inflow for the FY 2025 in a nutshell. Yes. Right? My understanding is correct. Your understanding is correct. Yes. Okay. Thank you, sir. Okay. Thank you. Ladies and gentlemen. You may press star and one to ask a question. The next question is from the line of Lakshmi Ramanan from Tunga Investments. Please go ahead. Thank you. I want to understand. Do you look at it the entire year? What has been our win-loss ratio and is that something which you track that so many projects you have bid and think to yourself with who and why you lost some kind of a number? I just want to understand what, how that has spanned the last one or two years. So, it's. We are at about 17% in our analysis as to the bids submitted and the projects won last year. So this is a low number. Other than that, you know what we have seen is that there is increased competition on the government sector side. 17%. Yes, 17%. Going forward, you know we are reducing our bids if I may say so. In the public sector side we're becoming more selective. Only bidding on large jobs where competition is relatively better and increasing our exposure to private sector because that is picking up speed, continues to pick up speed, and on the larger projects with marquee developers, they are only looking at pedigreed contractors, so we feel margins there would be higher, far higher, and there it's very difficult to calculate, put a number because it's not L1. You can calculate the number or cumulative success percentage in an L1 bid. Right, got it. So the 83% where we did not get to, is it all because of cost-related issues? Yeah, yeah, it's all cost. Because on jobs where we don't qualify, we don't even bid. Second, you know in terms of the total number of proposals you are working on the private side, how that has actually increased in the last, when you ended last year, let's say you're working on X volume of projects worth in private sector. What is that volume now like right now as we speak, how many? What's the total book size? You are actually working on the private side in terms of crores as Satbeer mentioned earlier. In response to an earlier question, you know our order book, just to give you an idea, out of a total order book of say about INR 11,000 crores, 35% is the private sector size. So that would amount to about INR 4,000 crores. If we were to go back. I don't have those numbers with me, but if memory serves me right, last year the private sector was about 17%, and our order book, also net order book, was also comparatively lesser in amount. I think it was about INR 8,000 crores. Right. So say from about INR 1,000 crore this number has gone up to about INR 4,000 crores in absolute numbers. The question is slightly different. It's not the order book about the total. Let's say you're actually working actively on X crores for the proposal in the private sector. I just want to put up how large is the opportunity we are currently working on and submitting proposals. It's not the one which has converted into order book. Okay, so out of say the order pipeline that I mentioned, about INR 5,000 crores, the pipeline on the private sector side should be about 50% of that, about INR 2,500 crores. And this number would have been much lesser last year. Much, much lesser. So just to give you an idea, even the scale, the project that we're doing for DLF, that project is about INR 744 crores. Right? So the project that we bid for Godrej, two projects. We bid, they were about INR 500 crores each. The project that we have recently built for Birla, that's also about INR 500 crores. The project that we bagged with Emaar, I forgot to mention that earlier, that's in excess of INR 400 crores. Welspun, we're doing a project with Welspun that's in excess of INR 500 crores. And mind you, these are all core and shell packages. So at the moment on all these projects that I named, these are not including the other verticals, MEP or Satar. Okay it's helpful. That's very helpful, sir. Thank you. Thank you. Thank you ladies and gentlemen. You may press star and one to ask a question. The next question is from the line of Abhishek, an individual investor. Please go ahead. Thank you sir, for the opportunity I wanted. Yeah, hi sir. I wanted to know about the cost of material consumed that has gone in quarter four by about 1.59% year- on- year. So can you throw some light on that? Is it a year end phenomenon? Actually year- on- year it seems to us the figures that I have in front of me it's reduced 0.2%. Yeah, for the whole year it has reduced. But for specifically for the quarter four it has gone up by 1.5%. So especially in quarter four. So I just wanted to know the reason for the same. Look, if we see this quarter it is the same. If we see Q4 48.75%. If we see Q3 it is 48.15%. I'm not saying quarter- on- quarter but year- on- year that is correspondingly of the previous year. Of the previous financial year. For comparing financial year 2022, 2023, comparing it. So you are comparing quarters of successive year, is that what you're saying? Yes. Yes. But you can't, you can't really. You know these are things which tend to average out. If you see year on year, it's almost same. If you see quarter to the last quarter it's almost same. But yeah, there is a difference in the quarters of the two years, same quarters of two years there is a difference of about 1.5%. Yes, we need to take a look at that. But as I said overall these things tend to average out, okay. So I wanted to know about the margin in private sector and the government sector where we are having the EBITDA margin as the highest in the private sector or the government sector. One other thing, you know. I was just thinking about a question. One other reason why I said it can average out or it does average out is it depends. There are, you know, in the life cycle of a project, the structural package. Say the labor cost is lesser and material costs are higher in the finishing packages. It's the other way around. Finishing items the other way around. It totally depends on, in the last quarter of the last three financial year, what were the items, what were the kind of items that were being executed in the project which were under execution bank. It's not a very substantial difference. Repeat your last question again, please. Yeah. What about the margin in the private sector and the government sector? What kind of margin we are having? Operating margin. You know, as a generalized statement, I've always said private sector. If the going is all right, the margins are always better. But it is all a factor of it contained from time to time. But generally because government tenders are L1 tenders, right. There is intense competition. Private tenders are awarded more on. There is a bit, you know, they try and equate various bids, but it's relationship driven, largely. So and obviously in the private sector, what we're seeing today, because of the high demand in terms of timely delivery and delivering a quality project, all the large developers are looking at only four or five top four or five pedigreed contractors. So that's why the margins are more. There is a difference about a percentage point between the percentage and percentage, 1.5% between the public sector and private sector, if I was to generalize, but it also depends on the pedigree of the developer and the type of project that is being executed. The more complex project, obviously the competition is better. Answer my next question. What is the mix of fixed price contract and variable contract in the total order book? It is 70-30. Yeah. 29% is fixed. 30. Okay. Thank you, sir. Thank you. Thank you. The next question is from Rakshit Ranjan from Marcellus Investment Managers. Please go ahead. Hi. Thank you for this opportunity. My question was regarding if, sir, you can update us with the progress that has been made on SAP implementation. Can you repeat it? You were not clear. Hello. Am I audible now? Yes, you are. Yes. So my question was regarding the update on SAP implementation. You can update us. Yes. We have engaged PWC to be our implementing agency for SAP. We engaged with them a month ago. They have started and target is in the next nine to 12 months the entire operation of all our projects and our head office in regional offices will be on track. Okay. And will this affect our financials in any way in next few quarters? No, not really. Not really. In fact after nine months or so we are kind of why we. I mentioned in my last investor call also we are embarking on a digital transformation exercise. So maybe a year from now should increase. Got it. And next question is on this Kota bus terminal project where you have taken impairment of INR 15 crores. What is this impairment regarding and what we can expect in future? Again this is your process is what is this impairment for? Explain the impairment. This is basically we value every year as per our standard. That is and according to discounted cash flow method. So basically last year, whatever we had projected last year, that is not that likely, that's why. And whatever the cash inflow and outflow would be there according to that that has been discounted and impaired around INR 4.91 crore left. Okay. Thank you. Thank you. The next question is from the line of Samrat Sakar, an individual investor. Please go ahead. Sir, thank you for this follow-up. I just want to know in the segment results under heading investment property for this Q4 there's a lot of INR 15.5-25 crores. Can you just elaborate on that theme? Various people asked this question and we have replied that this is basically impairment and basically Kota Mall, that's INR 14.91 lakh. That's why investment properties have been depreciated with high rates. Okay, sir. Okay. Okay, and I got it. Okay, sir. Okay, and again, congratulations for a great execution. Whatever be the margins, I understand due to the labor issues and all, but congratulate you for the great execution of sales this year. Thank you so much. Thank you. Thank you, sir. All the best. Thank you. The next question from the line of Vasudev Ganatra from Nuvama Wealth. Please go ahead. Yeah. Thank you for the opportunity. So sir, my question is on the bid pipeline of INR 5,000 crore which are the segments that you are currently focusing on here? On the private sector side it is residential and commercial and retail. On the government sector side it is institutional and educational and healthcare. Okay. And sir, in the last call you said that we have bidded for two airport projects also where bids were yet to open. So are they opened and are we L1 in those or is it still pending? Yeah. Yeah. We are L1 in two projects which is about nine and one is INR 72 crores. So yeah, these. These are as I mentioned earlier, these are part of the INR 4,000 crores worth of L1 project which should be awarded in the next month or so. Okay. And lastly, sir, are there any other projects where we have bid but the bids are yet to open? University project, State University, large project in Odisha where the top four companies in the country have bid. So there the bids are yet to be opened and there are a few trial effects of bids where negotiations are happening. Okay, got it. That's it from me, sir. Thank you. Thank you.