Ladies and gentlemen, good day and welcome to the Ahluwalia Contracts (India) Limited Q4 FY25 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 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 stars and zero on your touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Sameer Thakur. Thank you, and over to you, sir. Good evening. On behalf of Ambit Capital, I thank the management of Ahluwalia Contracts (India) Limited for the opportunity to host your Q4 FY25 earnings call. We have the following members of management with us today: Mr. Shobhit Uppal, Deputy Managing Director, Mr. Vikas Ahluwalia, Director, and Mr. Satbeer Singh, Chief Financial Officer. I'll now hand over the call to the management, Mr. Shobhit Uppal, Deputy Managing Director, to walk us through the quarter. Thank you all, and over to you, sir. Thank you so much. Good evening, everybody. Ahluwalia Contracts (India) Limited has announced its financial results for Q4 FY25. During Q4 FY25, the company has achieved a turnover of INR 1,215.84 crores and a PAT of INR 83.16 crores in comparison to a turnover of INR 1,163.66 crores and PAT excluding exceptional items of INR 54.91 crores during Q4 FY24. The company has registered a growth of 4.48% in turnover and 51.44% in PAT excluding exceptional items during Q4 FY25 in comparison to Q4 FY24. EPS of the company for Q4 FY25 is INR 12.41 as compared to the EPS of INR 8.20 excluding exceptional items in Q4 FY24. During Q4 FY25, the company's EBITDA margin is 10.17% as compared to 8.96% in Q4 FY24, and a PAT margin of 6.74% as compared to PAT margin excluding exceptional items of 4.67% in Q4 FY24. During FY25, the company has achieved a turnover of ₹4,098.62 crores and a PAT of ₹201.51 crores in comparison to a turnover of ₹3,855.29 crores and a PAT excluding exceptional items of ₹230.61 crores during FY24. During FY25, EPS of the company is ₹30.08 as compared to an EPS of ₹34.42 excluding exceptional items in FY24. During FY25, the company's EBITDA margin is 8.34% as compared to 10.08%, and the PAT margin is 4.85% as compared to 5.93% in FY24. The net order book of the company as of 31 March 2025 is ₹15,775.08 crores to be executed over the next two to two and a half years. Total order inflow during FY25 stood at ₹8,436.69 crores, and the order inflow during FY26 thus far is ₹396.50 crores. Sorry, this order inflow is till 31 March. At present, we are L1 and 2 projects aggregating ₹1,796 crores. Thank you. We are ready to take questions now. 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 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. The first question is from the line of Shravan Shah from Dolat Capital. Please proceed. Thank you, sir. And a couple of questions. So, sir, first, on the execution front, so now how one can look at the execution growth for this year FY26? And also, if you can specify this INR 1,796 crore L1 orders, which are these, and how much order inflow are we looking at for the entire year of FY26? Hi, Shravan. Your second question first. INR 1,796, these are two orders. One is a university in Bhubaneswar, Odisha, with the state government. This is about INR 1,000 crores. And the other is the MIDC project in Mumbai, which is about INR 700 crores. As regards to your third question, the targeted order inflow should be on the similar lines, about INR 7,000-INR 8,000 crores in this financial year. As regards the revenue guidance, about 15%. Shravan, I've answered your question. Anything else? Yeah. Sir, in terms of the EBITDA margin, so this quarter, definitely, we have done 10% plus. How one can now look at for an FY? As I said in my last phone call, slow-moving orders are behind us. Almost all projects have taken off, and we have a healthy order book. So there will be a double-digit margin in this financial year. Okay. Got it. And also, a couple of data points. First, mobilization advance, retention money, and unbilled revenue. Yes. Mobilization advance is INR 639 crore, and retention is INR 387 crore. And debtors are INR 812 crore. Unbilled revenue? INR 390 crore. INR 390 crore unbilled revenue. Yes, yes, yes. Okay. And the CapEx for FY26 is? About INR 200 crore. Okay, okay. So any specific projects where we are likely to see a higher CAPEX, and that's why we are seeing a INR 200 crore? We've signed recently a lot of orders for high-rise buildings. There is this aluminum or specialized system shuttering. That will involve a CapEx, and plus there's going to be a large CapEx on the projects. These such high-rises like the one we've signed for DLF, there's specialized machinery like cranes are going to be deployed. That is why a higher CapEx. In this year also, we've done a CapEx of about INR 190 crore. It will be on similar lines. Lastly, the India Jewellery Park and the CSMT railway station. So last time we said we are looking close to INR 5,500 in FY26. So particularly, the India Jewellery Park, where have we started work, and how one can look at the revenue in FY26? In CSMT, we are looking at a target of about INR 400-500 crores in this year. As far as Gem & Jewellry Park is concerned, we are still awaiting clearances from the department to break ground. So when it will start? We are still not clear. Probably it will be in Q3 FY26. Then the revenue should be on the lower side. And despite that, so if I remove this, then we have to do a significant uptake in terms of execution for other projects to reach a 15% kind of a growth. As it is in our projection of revenue, we have taken just about INR 150 crores from Gem and Jewelry Park, which even if it begins in Q3, in H2, we should be able to meet that. Okay, okay. Thank you, and all the best, sir. Thank you. Thank you so much. Thank you. The next question is from the line of Jainam Jain, from ICICI Securities. Please proceed. Thank you for the opportunity. Sir, my first question is on the update. Is there any update on Delhi NGT issues? No, there is no specific update, but we are hoping that with the same ruling party, both at the state and the center, this time the pain should be considerably lesser, more so because the state government has already started taking steps to curb pollution. So we are hoping that unlike last year when we lost approximately two to three months, two months in Q3 and nearly a month in Q4 of FY25, this year the pain will be considerably lesser. So the impact on our production should be much lesser. Okay, sir. And sir, my second question is, what is sort of bid pipeline which we are seeing in FY26? Are there any major opportunity in terms of projects which is sort of going to help us in increasing the backlog? The bid profile and pipeline is similar to what it was in the second half of last year. We are seeing substantial growth in projects, residential projects, high-rise residential projects in various parts of the country, especially metros, even in tier two cities like, say, Bhubaneswar, Patna, etc. That is one area. Secondly, airports is another area for us. And then housing also on the government side and educational projects, both on the government side and the private sector side. Okay, sir. And sir, my last question is, despite having a strong book-to-bill ratio of 3.8x, we are still looking at a revenue growth of 15%. Sir, what is actually stopping us from achieving a higher number on that end? Two things. One, we are being cautious as we always are, primarily because labor is an issue, and it's just becoming more and more of an issue, especially in and around the festive seasons, which traditionally is the best construction period. But our experience over the last couple of years is that labor goes back home. It depletes. Then a lot of this labor, especially skilled workforce, comes from Bihar, which is going to go for election in the month of October. So that will impact project performance across the country because most of the skilled workforce comes from Bihar. Okay, sir. That answers your question. Thank you so much. Thank you. Thank you. The next question is from the line of Lakshmi Narayanan KG, from Tunga Investments. Please proceed. Yeah. I have a few questions. First is under the current. Hi, sir, Mr. Lakshmi Narayanan. Yes. It's better now? Please proceed to your device while asking a question. Hello? Yeah, you're much better now. Yes. Two questions. See, one is if I just look at the current assets, the trade receivables have increased from INR 604 crores in FY23 to almost INR 784 crores in FY25. So can you classify these trade receivables as current assets? Two questions. Why there has been a quantum jump in that? And then over what period these receivables can be got? What is the policy the company has on under current assets trade receivables? I think debtors are INR 785 crore in current assets. In comparison to 31 March 2024, this was INR 746 crore. I don't think so there is a quantum jump. No, no. I'm just comparing from FY23, it was INR 604 crores to almost INR 784 crores in the last two years. So is it in line with your expectation? Yeah, yeah. It is what Satbeer is saying, that if you see FY24 and FY25, it is almost similar, INR 740-INR 785. Right? And there has been a corresponding jump in turnover also. So it is in line with our expectation. The second question is that what percentage of our order book, excluding the CSMT's item weight, and how much is EPC? We will, before the end of this call, we'll get back to you. We don't have that as a ready number, right? If we exclude CSMT, what is the EPC? So to give you an accurate answer, give us some time. Before the end of this call, we'll get back to you. Got it. And the third question is that what percentage of when I see that around INR 180 crores of CSMT work has been done, and in your own, I think you had mentioned that there has been a delay due to various agencies' issues. Now, when do you think this project will get over? Because we are already having a delay. So I just want to hear your thoughts on that. So as I mentioned in my answer to, I think, Shravan's question, we are looking at doing an output of about INR 400-500 crores this year, this financial year. So the total value is around INR 2,000 crores. So it would, I think, totally it will take anywhere between two to two and a half years to complete this. So maybe FY28 or FY29, it would end? I think FY, yeah, if you take two years from now, it's FY28. FY28. Got it. And question pertaining to the same project, since it's an EPC project, and what kind of cost escalations you have actually built in? Because it's an L2 project and, sorry, L1 project. So I just want to understand how we have ring-fenced risk in terms of delays and in terms of cost overruns. What kind of mitigation we have done there? So our investments on the project in terms of machinery and other significant resources have already been done. Secondly, we have, say, significant raw materials like stone, chips, and sand. We've bought a quarry, which we are using to feed this and other projects in Mumbai. Thirdly, we've set up our own fabrication units near the execution site, which are helping us control the expenses, not only the timely delivery, but also expenses. So we've put in place a slew of measures which will help us mitigate most of the escalations. Got it. The rest, we've factored in our projections. Got it. Thank you for the clarity. I'll get back in queue, and I'll wait for your number. Yeah. Thank you, Lakshmi. Thank you. Thank you. The next question is from the line of Vaibhav Shah, JM Financial. Please proceed. So firstly, on the CSMT project, so over the last time, we had guided for INR 750 crores of revenue for FY26. So what is stopping us from achieving that number for this year? And are the design issues back now, and design is clear now? Or still there are some lingering issues? Most of the design issues have been resolved. But on a project as complex as this, as I had mentioned last time, it's very difficult to get all issues resolved, more so when the nodal agency, RLDA, is also a comparatively new agency, unlike the CPWDs and the NBCCs of this world. That is why, while the construction has begun, in right earnest, on the ground, but there continue to be issues. This is a large project which not only involves structure, but it also involves finishing items. While structural issues have been to a large extent concluded, but a lot of finishing items or design issues still remain. So we are working on that. Secondly, work or productivity on the ground, production on the ground, is dependent on as and when closures or block closures are given to us. This year, substantially, we are looking to work on the greenfield aspect of the project where new buildings are coming up, whereas the stations and concourses, that will be taken up in the latter half of this year, and majority of that will be done in the next financial year. Hence, a bit of a downward trend on the revenue guidance that we are giving on this project for this financial year. So as far as this number is concerned, INR 400-500 crores, that should be largely secured now, or still there is some risk to that number as well for FY26? So that's largely secured. Okay. So secondly, on the margins trend, so we saw a good margin in Q4 at around 10.2%. So what drove that margin? Any one-offs or what drove that? No, no. If you recollect, during my last phone call, I had mentioned that most of the slow-moving projects were behind us. NGT was behind us, and we had signed the fresh orders at decent margins. And I had projected that we would be, henceforth, looking at double-digit margins, and this should continue through this year. Okay. Okay. Secondly, on the medical college at Chhapra, so has there been any staging scope? Because it was earlier, I think, order book was zero, and now it's around INR 160 crores. Sorry, repeat your question. You're saying. In the medical college Chhapra in Bihar, earlier, the order book was zero, and now there is a INR 160 crore order book as per the presentation. So has there been any changing scope? And also, the value of the order has increased. Earlier, it was around INR 450-INR 470 crores. Now it is INR 600 plus crores. So there were certain government approvals awaited. There were extra works which were being added. So that came during the last quarter. That's why the size of this order has gone up. That should be completed in this year, FY26? Yeah. It will be completed in the next six months. Okay. So lastly, on the working capital side, so any issues in particular state or any authority where payments are being stuck or have been delayed? Not to my knowledge. No. Okay. And sir. As I mentioned last time around, two states were worrying us, which was West Bengal and Bihar. Bihar, the issues were cleared last time around. I had mentioned that. And West Bengal also, at the moment, they're executing no government projects, sir, or projects have been completed. And most of our payments have been received. So working capital should be a similar number in FY26 as well? Yes, sir, 88 days. 88 days. Ahead also, it should be similar? The trade? That has to be similar. Okay. And sir, lastly, of the mobilization advance you mentioned, what would be the interest-bearing portion? It's 40%. Okay. Okay. Thank you, sir. I'll call back in the queue. Thank you. Thank you. The next question is from the line of Aarohi Gourisaria (India) from Kredent Family Office. Please proceed. Hello. Am I audible? Yes, you are. All right, sir. So I'm new to this sector, and I had a couple of questions. So firstly, I was seeing that unlike your peers, you do not diversify into long-duration projects like building tunnels or dams, irrigation facilities, underground metro works, etc. Basically, you have primarily focused on buildings. So could you please explain why you have never thought of diversifying? Our skill set has been developed around buildings and factories. And people who followed our company know that we are risk-averse. We want to grow conservatively, and that's what we've been doing all these years. We want to continue to remain a zero-debt company. And that is primarily what is preventing us from going into higher-risk areas. All right. Thank you. And secondly, in the past phone calls, we have emphasized on reducing our dependence on mobilization advance and instead utilize our internal accruals better. However, your mobilization advances down by 21% YOY from INR 528 crore in FY24 to INR 639 crore in FY25. So could you please explain the rationale behind this growth? No. So if you look into the fine print, what I have been saying in my last few calls is that the mobilization advance from the public sector side or on government projects is interest-bearing, which we are continuously reducing our dependence on. The increase in mobilization advance which you see is from the private sector side, which is interest-free. Have I answered your question? Yes, sir. Yes, sir. I understand. Satbeer said only 40% of our total mobilization advance is interest-bearing. Right? If our public sector order book is close to 60%, how much is it? 41%. 41%. 41%. Yes, yes. Yes, 41%. Public sector. Right? So it is only on all those, most of those projects or newer projects, we are not availing the mobilization facility which the client is offering us because it is interest-bearing. Those projects, like say, Varanasi Airport, we are funding from internal accruals. And if you see our interest finance cost has also come down. Interest-bearing debt was 58% last year. Now this is 40%. What Satbeer is saying, last year, interest-bearing advance was 58%. Now it is 40%. So it's come down. And it will come down further. Okay, sir. Thank you. And sir, just one last question. There's a trade receivables side of approximately INR 14 crore. So could you please let me know which party this is in regard with? Repeat me your question, please. Yes, sir. So sir, there's a trade receivables side of approximately INR 14 crore. So could you please explain which party this is in relation with? Yeah. I think the receivable write-off is from Logix and JP, two of our clients, where the companies have been taken to NCLT. It should be a larger number. It's not ₹14 crore. It's INR 12 crore. No, how much is it? 15 crore. It's about ₹15 crore. These two parties, Logix and. And JP. All right, sir. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of Agastya Dave from CAO Capital. Please proceed. Hello. Am I audible? Yes, you are. Thank you very much for the opportunity, sir. Sir, I used to follow this company 20 years back. Even as recently as five, six years, just before corona, you guys used to be 12%-13% better margins. Now it's very heartening to see that you are aiming for double-digit margins. But when will we go back to those historical numbers of 12%-13%? Is it, sir, do the business circumstances prevent us from reaching those levels, or is it just a matter of time? The world has moved on. It's changed a lot. Pre-COVID, post-COVID, I don't see 12%-13% margins happening in the near future. It's taken an enormous amount of effort to even get back to double-digit margins, right? Interesting. Yeah. The industry is sort of booming, if I may say so, because now we are seeing both private sector and public sector CAPEX happening. But there are myriad problems which afflict this industry. Primarily, our over-dependence on labor, right? That continues to be the case, and labor is in extremely short supply. So I don't think we are going to reach 12%-13% margins till such time that there is greater standardization and greater dependence on or greater use of industrial techniques in what we do on our project sides. That I don't think is going to happen in the short term. But I'm confident that now with Ahluwalia being a pre-eminent name, and especially in the private sector, there being limited players, we should be able to sustain a double-digit margin right through. Understood, sir. Sir, the second question is also a related one. So if I look at the last three years, so 2023, 2024, and 2025, if I look at the employee expenses, they've gone from INR 200 crores to INR 351 crores, and other expenses from INR 47 crores to INR 85 crores. So can you point out what are the biggest reasons for that? So FY24, I understand you had extremely high growth that year. And last year, there was obviously the problems that we know. But still, the cost jumped quite a bit. So were there any particular reasons behind this, or was it just that because you lost so much time because of the NGT issues and other issues that the costs are looking big because of the absence of revenue growth? How should I understand this, sir? So primarily, the costs were looking big. As you see, our staff cost in this quarter has come down because revenue has gone up, right? Secondly, we had, because we were well stocked up, the order inflow was large. So we had correspondingly also increased the staff to execute the order backlog of about INR 15,500 crores. So now going forward, as we pick up speed, this cost is, in terms of percentage of revenue, is further going to come down, pushing up our profits. And sir, what are our capabilities in terms of handling execution for a year? So peak execution that we can handle, assuming no interruptions, no elections, nothing, how much can we execute in a year? Assuming, again, sir, a theoretical scenario where all permissions are on board, everything is there, how much can we execute, sir, based on the current cost base that we have? It's a totally new question. You have me kind of at a loss for words because such a situation will never occur. But as I said, I have projected 15% growth. This can go up to, in an ideal circumstance where there is no inertia, be it at the state level or at the central level, and we are totally well stocked up as far as labor is concerned, we can do nearly 30% growth. Okay. And sir, in terms of these cost items, sir, how much should we? So 15% revenue growth, I understand. Variable cost, obviously, will scale up with the execution. But the fixed cost, sir, how should we? What kind of inflation are you seeing in those? So when you say fixed cost, you're talking about? I would say employee expenses and other expenses, sir. Employee expense, we are last year also, even though we were hit by slow-moving projects, where the average increments or increase for staff cost was about 15%. Going forward, if this industry continues to boom and seeing the skill shortage or shortage in even engineers, for engineers and managers, I think this will go up by another couple of percentage points. Right. So I hope this starts reflecting in the pricing for you guys, right? Sooner or later, you will have to pass this on. No, but we are passing it on already. If we wouldn't have passed it on, how would we have achieved a double-digit growth in our profits? Right. This is the time to pass it on. As I said in my answer to the earlier question, that there is a paucity of good construction companies, especially on the private sector side, where the focus on quality and safety is very, very high. We are now, not only us, the entire ecosystem is demanding international standards. Even the buyers want the end product to be at par with, especially in the metros, to be at what they see when they travel abroad to the Western countries. So there are only a handful of contractors who are equipped to do that. Right. Great, sir. Thank you very much for answering all the questions, and I wish you all the best, sir. Let's hope for a non-inflationary year. Thank you, sir. Thank you. Thank you. The next question is from the line of Samyak from Marcellus Investment Managers. Please proceed. Thank you, sir, for the opportunity. A couple of bookkeeping questions. First is, I see that the other income has substantially increased in FY25. So if you could just help us understand what are the main components of other income in FY25? Other income majorly increased due to basically it consists of interest on FD, that is INR 45 crore, and besides that, INR 8 crores we have returned back to suppliers outstanding. Got it. And other substantial use. Got it, sir. And secondly, could you help us with the interest on mobilization advance, the interest amount for FY25? The interest on mobilization advance, sir, basically hold for a moment. This has been increased from INR 18 crore to INR 24 crore this year. This is 24.91. Got it, sir. Thank you so much. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please proceed. Yeah. Thank you, sir, for the opportunity again. Sir, this both L1, INR 1,796 crore, when we are likely to get the LOA? I think it will take about 30 to 45 days. Okay. So considering the Godrej project, that is INR 397 crore and plus this L1, so around INR 2,200 crore that we have already received. And just if you can specify the overall how much value of projects that we have already bid and where bid is yet to open. Sir, I don't have that handy with me. We will get back to you with that figure. Satbeer will separately give you that figure, okay? Okay. Sorry, the order pipeline is healthy. And just to kind of reiterate my point, which I made in my earlier answer, is that we expect a similar order inflow as we had last year to the tune of about INR 7,000 crores to INR 8,000 crores. So going forward, maybe another INR 5,000 crores in this year in addition to this INR 2,000 or INR 2,100 crores. Got it. Got it. So that's what I just wanted to understand. Is there a possibility that we can even do a INR 10,000 crore plus kind of order inflow? So just trying to see where we can see the further uptick in the growth in execution, maybe in FY27, 28. So just trying to understand. Let me not give you a number, but let me tell you that we are, at the moment, order booking is not an issue. We are being aggressively wooed by clients because, as I said earlier, there is a paucity. There are only a handful of large construction companies who are capable of delivering complex, large-scale projects across the spectrum of the building industry. So I think the order inflow should be healthy enough in this year. Okay. And. Ravan, your voice cut off. Hello. Sir, is it fine now? Yeah, it is fine. Yes. Yeah. Yeah. I was saying, sir, order pipeline currently would be INR 25,000 crore around? I think the order pipeline should be about ₹15,000 crores. Okay. Got it. And sir, is there a way that currently we are having a significant cash flow? Is there INR 900,000 crore we are saying that we will not use for government projects, the interest-bearing mobilization advance? Also, is there a way that we can even start reducing the subcontract expenses, which, as a percentage of revenue, if I see, is close to 29%-30% odd? So is there a way? So just trying to understand, is there a way that we can even improve, maybe 0.5%-1% margin? I don't think it would be accurate to say that we can use our cash reserves to get down the subcontractor percentage. But what we are actively looking at is using our reserves to better control the supply chain, both in terms of pricing and timely delivery, which consequently will help the margins only. And also, currently, the private is close to 58% of order book, although our aim is to have a 50-50% government and private. So it is just the timing gap, and that's why it is. But that span remains. Is there a possibility that we may see maybe government share would be 40%? Because, Ravan, you've seen us in the past. We want to, अभी तो private sector पे focus ज्यादा है क्योंकि government sector, unless the margins are comparatively lower, even on big-ticket orders. So our focus over the next year or two years will remain on private sector. So I think 60-40 ही रहेगा, अभी तो short term में. 60 towards the private sector. Got it, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Bhavin Modi from Anand Rathi. Please proceed. Yeah. Hello, sir. Thank you for the opportunity. So my first question is, with respect to the order inflow this year, do you have a breakup of how much is the new additions and how much is the change in scope? Would it be possible to provide that number? No. It would be possible. Okay. New order, the change in scope is going to be very little. If you heard the earlier question, there is an increase in Chhapra. Right. Don't aggregate changes to be very less, but we'll still see the order inflow is new order inflow. Okay, sir. So second is, how much of the order addition has come from the private sector? Our total order book is 58% towards the private sector. As far as the percentage of the new order inflow, we will get back to you before the end of this call. Out of INR 8,400 crore, new order inflow in this financial year, how much is private sector? Is that your question? Right. Yes, sir. Yes. The second thing, I may have missed on this topic, but I just wanted to understand, out of this order book, which is there, so how much is the fixed-price contract and how much is cost-plus contract, where we can get the benefit of escalation? Fixed-price contract, sir, 11%. Sir, in the case of escalation, escalation embedded contracts, sir, so how much of what are the things that is available as escalation, like labor cost, material cost, any percentage that you can give us? Government contract, there is a formula, or there are two formulas. One is for material, one is for labor. These are standard formulas, and there is a base price or base index, which is mentioned for material as well as labor. And the escalation is paid based on the periodic indices which are released by the government. The economic government. Okay. Escalation on volatile materials. There is a base price, like cement, steel, aluminum, even black tar. There is a base price, cement. There is a base price which is provided in the tender. Any variation from that base price is a pass-through. We get compensated for that. As regards labor on some contracts, even in the private sector, the labor escalation is calculated based on the index which is published by the government. Okay. So got it. And sir, the last question, sir. Since we have the project of railway station redevelopment, so are we looking for new opportunities? First, and second is, sir, since now we are NCR based, and the government is now focusing on Yamuna cleaning opportunity. So are we looking for some EPC projects from that side? It would not be prudent for me to comment on our bidding capacity or how we are looking to increase our business going forward. Let me leave you with the thought that what we've been doing for the past few years, we'll continue to do that since we are present in the entire spectrum of the building industry. Whichever segment of this industry does well, be it industries, like we are seeing a bit of an uptick in industrial growth, we will look to focus on that. If we see we are already doing airports. If we see large value airport projects coming up, we'll bid for that, be it private sector or public sector. At the moment, there is a lot of focus on residential, so we are looking at adding residential projects to our portfolio. Okay. Got it. Got it. Thank you, sir. Thank you. The next question is from the line of Vasudev from Nuvama. Please proceed. Yes. Thank you for the opportunity. Sir, can you just give us some updates on the DLF project, Tata Memorial, and the Signature Global project? We are doing two projects for DLF. One is a housing project in Sector 63 in Gurgaon, which is well underway. We are logging a run rate of close to about INR 25-INR 230 crore every month there. We are slated to complete that project by September, October 2026. As regards the commercial project, about 6.5 million sq ft commercial project that we are doing on Delhi-Gurgaon Highway, that we have just begun construction because they had gone into redesigning mode based on new codal provisions. We've just begun construction, and starting next month, we should be logging a run rate there of about INR 25-INR 30 crore there also every month. As regards the Signature Global project, that also, the site has been handed over to us. Since last month, we are doing a turnover of about INR 15-20 crore every month. Going forward, this will be maintained in this year. As regards Tata Memorial project, that project is also moving fine, and we are doing a billing of close to about INR 8-10 crore, which is expected to be ramped up to INR 15-20 crore starting next month. Sure, sir. And sir, how is the competitive intensity looking like in the private and the public spaces? Public sector intensity is high. Private sector, as I mentioned earlier, there are only a handful of contractors for large jobs. When I say large, I mean INR 400, 500 crores plus. Okay. Sure, sir. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Nirvana Laha from Badrinath Holdings. Please proceed. Thanks for the opportunity, sir. Given that you're looking at 15% revenue growth, and you mentioned, I think, INR 200 crores of CAPEX, just wanted your thoughts on how interest cost and depreciation could look like for the next year because last year also, I mean, this year, we did significant CAPEX, but the depreciation has sort of remained flat YOY. So, some light on that. The depreciation, that is flat, because of last year's impairment also and investment property, so that's why there is a flat because earlier, this was including impairment value, but this year, impairment value has been reduced, and that's why depreciation has flat, and one other one, what you have, finance cost. Finance cost has basically, due to this, is 48 crore to 58 crore, basically due to increase in mobilization advance, and interest has been increased from 18 crore to 24 crore. Sure. So the components of interest cost for you guys is non-final. What other sectors are there? Basically, one is interest on mobilization advance, and another factor is just if you know about the Ind AS 116, that's the unwinding of interest on license fees being paid to RSRTC and other basically right to use assets. Including all these interest is around INR 5 crore 64 lakhs, and another is basically bank guarantee charges and other working capital interest. This is around INR 22 crore. Sure. So if revenue grows by 15% and the mobilization advance component remains at 40%, the interest-bearing part, the interest cost will grow slower than 15%, you estimate, or will it track the revenue growth? Because that's why last year, we have taken the advance in the last moment in February-March, like CSMT project. That's the major advance. This is INR 200 crore. That we have taken in February-March. That's why the interest cost has been increased in this year. Okay. And sir, you mentioned that there was a write-back of INR eight crores in other income, right? Other than that, everything was interest income related? Yes. Okay. So 48 crores of other income was in the normal course of operations, right? Other income is basically cost. Interest on interest. That's what you said. Yes, yes, yes. It is. 5 crore. Sorry. Total INR 55 crore other income. It includes INR 25 crores. That's what he's saying. 48 crores is interest on FDs. Yes. Yes. Okay. Okay. All right. Thank you and all the best. Thank you. Thank you. The next question is from the line of Rajat Setiya from iThought PMS. Please proceed. Hi. Thanks for the opportunity. Sir, with regards to CSMT, what is the deadline to complete this project? As I said earlier, this would be around. It'll take about two, two and a half years to complete this job. Okay. Sir, is this the original timeline or has it already broken ground? It's an extended timeline. As we have been mentioning, there have been delays on account of design and design approvals. Okay. And, sir, if there are any additional costs because of this delay, and delay has already happened and it may happen again in the future given the complexity of the project, will we be compensated for any additional costs that happen because of these? It's too early to say. Obviously, we will be. As we are moving along, we are keeping the department informed. But as it happens in public sector contracts or government contracts, these are issues which are generally resolved toward the last stage of the project. At the moment, we are focused on getting our design approval so that we can march full steam ahead. Sure. And by when do we expect to begin regular runs of clocking any? No, I did mention. If you heard my answer to a few earlier questions, this year, we are targeting INR 400-500 crore output from this project. Yes, sir. I heard that, but I think my question is, by when do you think we are going to begin clocking some monthly run rate on this project? So it's already happening. It's already happening. It's already happening. And as I said, the greenfield aspect of the projects, the approvals are in place now, and we should be logging this month onwards. We should be doing a billing of INR 15-INR 20 crores, which will keep increasing. And the whole year, it will be anywhere between INR 400-INR 500 crores. You have to understand one thing, Sanjeev Ahluwalia here, that it's a very complicated project given the nature of it, that it's one of the largest running railway stations of the country, and the footfall remains here. So frankly speaking, my friend, it would be wrong to expect that it is going to get some huge monthly turnovers because it has taken us a while also to understand this that the permissions will come in phases. Although we have planned for the whole thing, the design is getting approved for the whole thing, but it's like one platform at a time, and it is wrong to also expect, you guys are from Bombay, for example. It's wrong to expect that we shut down four platforms. You understand what the chaos it will be. Sure. Yes. Yeah. But yes, whatever. I'm not going to say that the railways is holding back or anything. They are doing maximum. I'm not going to say that they are not. But the greenfield portion, as Shobhit said, that is now moving full steam ahead. Understood, sir. Thanks for this detailed explanation, and in terms of margins on this project, do we expect similar margins, double digits, as for the company, or you think it will be a different kind of a project in terms of margin? It will be different. I mean, let's not try to. While giving you guys projections, we have factored in a slightly lower margin for this job. Sir, in terms of, is it possible to share? I mean, we were L1 here. What would have been the L2 gap within it? There in the public domain, it's been talked about often. So the gap was sizable, but yeah, it's sizable. Okay. And sir, did we talk about Edition 66 project that was in the previous quarter's presentation, but not in this one, I think? Sorry, come again? There was a project, Edition 66, in previous quarter's presentation, but it wasn't mentioned in this quarter's presentation. I'm surprised it's a part of our order book. It's a sizable. It's the Smartw orld project. It's there. It should be there. It's a part of our total order book. And we have a substantial portion of that job still left. So it's there. We'll share any kind of detailed order book. No, but he's saying it's not there in the presentation. So it's not an ongoing project? Presentation he's saying is a summarized presentation. If you go through a detailed order book list, it'll be there. Sure. And what's the status on that? So that is roughly, if memory serves me right, a INR 600 crore job, and we have done, I think, INR 70-80 crore worth of billing there. So as I said, substantial portion of the job. Yeah, that's moving fine. Okay. Understood. All right. Thank you so much. Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please proceed. Yes, sir. Thanks for the opportunity. Sir, I think based on our monthly construction schedule, we have given a guidance of almost 15% for this year. So how do these numbers look like for FY27 for us? FY27? Yeah. Too far ahead. Don't make us look so far ahead, but it'll be similar. No, so the reason why I'm saying is initially you mentioned the order book that we have. It's almost like two, two and a half odd years, which means annually it could be like 6,200-300 sort of revenue. But yes, 50% of our orders are still in initial state. So some bit of pickup and then probably a peak of it in 27. So I think given that scenario, probably 25-30% sort of revenue growth and maybe like 6,000 sort of thing for FY27. Is it achievable or not? As somebody asked, one of the questions that was asked was if everything goes well, there is no slowdown from any government, state or center. There is no labor shortage. What do we expect to grow at? I said 30%. So yeah, if things remain, the industry keeps on moving forward, there is no cash shortage, there is no sort of international event which impacts our economy, there is no reason why we should not be eyeing INR 6,000 crores in the subsequent year, FY27. Okay. So for this, perquisite could be like 15% if we are achieving, then probably that could be the number for 27. I mean, then probably a pickup is happening in each of our orders. Yes. Okay. Got it. Yeah. That's all from my side. Thank you. Thank you. Thank you. The next question is from the line of Anil Chaurasia from SMIFS. Please proceed. Thank you for the opportunity, sir. Just one clarification I need. In between, I think somebody asked about that write-off of advances to the tune of 15 crore. Just want to know whether all the outstanding advances from those two clients have been provided for. Secondly, whether there is any scope to recover this amount. And third, during which quarter have you provided for this, sir, if that is possible to share? Thank you. We have written off in this quarter. This is around 12 crores we have written off, and there are 2 crores which is a provision on ECL basis, and out of this, majorly that we have told that the Logix and GP projects are there. But still, we are looking to legal remedies and might be there, might be recovery may be there. Thank you so much, sir. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day. And I would now like to hand the conference over to Mr. Sameer Thakur for closing comments. Over to you, sir. Thank you all. I'll hand over the floor to Mr. Shobhit Uppal for any closing remarks. Over to you, sir. Thank you. Thank you, everybody. Thank you for joining in, and look forward to speaking to all of you in a few months' time. Thank you so much. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.