Ladies and gentlemen, good day and welcome to the Ahluwalia Contracts (India) Q2 FY26 earnings conference call hosted by Ambit Capital Private Limited. As a reminder, all participants will be in 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhir V ohra from Ambit Capital Private Limited. Thank you, and over to you, sir. Good day to all. On behalf of Ambit Capital, I thank the management of Ahluwalia Contracts (India) Limited for the opportunity to host your Q2 FY26 earnings call. We have the following members of the management with us today: Mr. Shobhit Uppal, Deputy Managing Director. Mr. Vikas Ahluwalia, Director. Mr. Sandeep Singh, Chief Financial Officer. I will now hand over the call to Mr. Shobhit to walk us through the quarter. Thank you all, and over to you, sir. Thank you so much. Good afternoon, everybody. Ahluwalia Contracts (India) Limited has announced financial results for Q2 FY26. During Q2 FY26, the company has achieved a turnover of INR 1,177.30 crores and a PAT of INR 79.05 crores in comparison to a turnover of INR 1,011.48 crores and a PAT of INR 38.36 crores in Q2 FY25. The company has registered a growth of 16.39% and 106.07% in turnover and PAT, respectively, during Q2 FY26 in comparison to Q2 FY25. EPS of the company for Q2 FY26 is INR 11.80 as compared to INR 5.73 in Q2 FY25. During Q2 FY26, the company's EBITDA margin is 10.92% as compared to 7.25%, and the PAT margin is 6.63% as compared to 3.75% in the corresponding period. During the H1 FY26, the company has achieved a turnover of INR 2,182.18 crores and a PAT of INR. 130.16 crores in comparison to a turnover of INR 1,930.83 crores and a PAT of INR 68.96 crores in H1 of FY25. EPS of the company for H1 FY26 is INR 19.43 as compared to INR 10.29 in H1 FY25. During H1 FY26, the company's EBITDA margin is 9.85% as compared to 6.93%, and a PAT margin of 5.88% as compared to 3.53% in the corresponding period of the last financial year. Net order book of the company as of 30 September 2025 is INR 1,805.60 crores to be executed in the next two and a half years. Total order inflow during FY26 is INR 4,521.06 crores. At present, we are L1 and 2 projects aggregating INR 1,620 crores. Thank you. Over to you for questions. 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 the dashboard on telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll 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. Yeah, thank you. Congratulations on the good margins, specifically. A couple of questions, sir. First, this L1 1620, is the same as Bhubaneswar University and MIDC of Mumbai because it was 1,800 crores last time? No, MIDC tender has since been canceled. OUTR Bhubaneswar University about 1,000 crores and about 570 crores or thereabouts is RML Hospital in Delhi. Okay. Ram Manohar Lohia Hospital in Delhi. Okay, got it. So now, given that 1H upon the execution we have done for full, so now we can let be given for INR 6,000 if I include the L1, INR 6,000 crores kind of inflow is there. So remaining four and a half months, more order inflow are we looking at? Our target was, as I explained last time, similar to last year, about INR 8,000 crores. We are confident that that is where we'll end up at around that figure. Okay. And in terms of the revenue for fully, how much we can look at now? I've given you a projection of 15%-20%. Yeah, maintaining that. That range in the second half actually leads to a decent 17%-26% kind of a growth. So that's what we wanted maybe a narrow range. Narrow range. Look, H2 traditionally is more remunerative both in terms of revenue as well as consequently in terms of our earnings. So I think we are going to maintain that. It's not possible, as you know, GRAP lag gaya hai Delhi mein. To abhi kitne din last karega, kya karega, that is there is a degree of uncertainty there. And today, since approximately 40% of our order book comes from NCR, that is a factor which will hit, but we are confident of our earlier projections being met. There are two projections that I've given during the last call, which is 15%-20% top line growth and double-digit EBITDA margins. We are well on our way to get there. Yeah, so that's what I wanted to ask about this NCR ban in terms of last time also it got impacted. So how severe it is and how much it obviously it is difficult to predict how long it will continue and how it will impact still? So you see, we feel that there are some measures which have been taken both by clients and us to mitigate the impact because both, the entire ecosystem is impacted when the work is shut down totally. So this time, the labor is not being allowed to go back to their native place. In fact, labor, post-elections in Bihar and UP reserves. The labor has started coming back. Even when there is no work, the clients have agreed to pay them even when they are on site. So as and when the work restarts, the time will not be wasted for getting the labor back from their native place or other locations. So we feel the impact this time around should be lesser. Okay. And the margin now, can we see a 10.5% kind of a margin going forward or maybe 11% going forward as a scale? Shravan, I am sticking my neck out and saying that we will maintain what I had projected last time. And we've done that. We are almost for this quarter, we've crossed 10%. We are nearly at 11%, and we are nearly at 10% for H1. So I think overall, it will be more than double-digit. Let me just say that for the entire year. And now, so private sector-wise, we go to a 69% in order book. So we wanted a 60-odd%. So how do we see? So now, going forward, we will be more on government orders, and do we see competition there? Yeah, at the moment, there is a lot of competition, so our focus by design only has been on private sector, but in the long run, 60-40. We see now with NDA coming with more majority, even stronger in Bihar, we see development picking up there. We now see development again picking up in states like Assam. We see some private sector development. We built for a couple of IT campuses in Bengal, so we see all-round, well-rounded development happening both across public and private sector in states in which we are already present, so going forward, that's why I said that your target and new order inflow goal, I do n't see a challenge in meeting that. And next year, they will drive our earnings going forward. Continue to drive. Yeah. True, true. So next year almost also, can we see the similar 800 or 1,000 crore kind of order inflow and 15% plus kind of revenue growth? I think so. I think so. There is no. I don't think there is going to be any slowdown. There is no slowdown on the horizon. At the moment, actually, to sort of give you the correct picture on the private sector side, we are actually refusing work every month because we don't want the ratio to be skewed too much. So I don't see a challenge in maintaining the growth of 15%-20% even next year. Got it. Sir, this quarter, the employee cost has jumped up significantly, INR 121 crore versus Q1, it was INR 91 crore. So any specific in third quarter, how one can look at the staff cost on quarterly basis? This will in H2 taper off slightly. This quarter, it has gone up because we have declared increments and paid earlier. Because our increment, we put the start from the calendar year, which is for January. This time, we were delayed in implementing. We were studying, doing our due diligence of what's happening in the industry. So we paid the arrears in this quarter, Q2. That is why this figure is higher. As our high-volume projects, value projects, sorry, start like The Dahlias and Downtown, they pick up steam, this figure will come down slightly. Okay, okay. I have more questions. I'll come back in queue and thank you and all the best. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask questions. The next question is from the line of Nilesh Patil from ICICI Securities. Please go ahead. Yeah, thank you. Sir, first of all, congrats on a very good set of results. Thank you. First question is on the pipelines. What is the big pipeline currently? If you can quantify where the bids are open and where you expect it to open for next five, six months? So the bids which have opened in which we are L1, that I mentioned in response to Shravan's question, to OUTR in Bhubaneswar and Ram Manohar Lohia Hospital in Delhi. As far as the order pipeline is concerned, at the moment, it is about 6,500 crores. I would not like to give out the names of the projects that are under bidding at the moment, but it is a, let me say, it's a healthy mix of private and government sector projects. Okay, sir. And sir, just one clarification. The figure that is mentioned in the PPT in terms of order inflow around 4,374 CR, this is still YT or this is for H1? This is still data. This is data. And sir, what will the figure for H1? H1, I think. If this is H1, in the last month or so, we have not got any new orders. This is basically H1 and YTD is same. Okay, sir. Got it. Okay, sir. Thank you. Thank you so much. Thank you. Thank you. The next question is from the line of Lakshmin arayan from Tunga Capital Investments. Please go ahead. Thank you. I have one question. As we are becoming larger, and I believe in the next couple of years, we'll be 2X or even more, want to understand how are you building up for scale in terms of either leadership, I mean, not leadership alone, but in terms of systems, and how do you ensure that we are able to deliver at scale as we become much, much larger? So primarily, if I understand your question correctly, you're talking about us scaling up in terms of stopping, in terms of. Yeah, I mean, we are looking at for a much larger order book, right? And as we become bigger, we will have a different set of challenges. It could be exponentially higher. For example, getting the engineering talent or, ensuring that the cash flows are managed, the systems are done. I just want to understand how are you thinking about that aspect, if at all, that is a thing that you are actually spending a lot of time? No, no, it's a valid question, but I think we have started preparing for this a few years ago, two, three years ago, one. And we mentioned this in both me and Vikas have mentioned this in our interactions with all of you, either one-to-one or during investor calls. The company, a couple of years ago, embarked on a digitization drive, and it's an ambitious drive, which is handled by Vikas himself. And as a step one, we have implemented SAP. PwC has done that for us. We've gone live. The process, this is being refined continuously as we speak. And this is the first step. The use of IT tools, be it tools developed by Autodesk, virtual modeling, digital twins, financial software, this is something that the company is doing very, very aggressively. And as I said, this is an ongoing process. Secondly, all of you know, we have heavily our CapEx has increased. We are heavily investing into machinery, getting in new machinery from outside, getting in new shuttering systems so that our efficiency. May I ask you, what kind of machinery you are actually spending on? So this is a lot of projects that we are doing now are going up vertically. They are high-rise buildings, right? So we are investing in heavy-duty machinery. Traditional cranes have given way to heavier cranes where these cranes can be used not only to do RCC building, but also to do structural steel building. A lot of buildings that we are doing now are designed using pre-engineered techniques or using structural steel. So we are importing heavy-duty cranes. We are using larger and larger batching plants so that we can make higher, and these are all electronic batching plants so that we can make higher grades of concrete captively. Because all these buildings, high-rise buildings, are using traditionally the highest grade of concrete, which was used five years ago, M30, to give you to put things in context. Now we're manufacturing our own grade going up to M80, right? So that is why we're using more and more sophisticated machinery. Then the CapEx is also towards using more refined shuttering systems or system shuttering, so to say, so that we can mitigate the skill shortage in terms of carpenters. We're using machinery, CNC machines to do bar cutting or fabrication of reinforcement steel. So these are some of the measures. And then as far as the other aspect of skill shortage, which is staff, Ahluwalia, for the last few years, even prior to COVID, has been investing in fresh talent. We go to campuses every year, barring the two or three years where COVID had impacted the industry, we recruit 50 to 60 fresh engineers and we train them. So our investment in training is going up now. So these are a slew of measures that we've taken to sort of prepare for the growth, which is on the anvil. Got it. For example, since we have so many parallel running projects, do you have a visibility of whether your procurement is actually optimized? For example, you may be buying a lot of scaffolding. There may be, in some places, there may be inventory shortage. Some places, you may be using more. Is that something which you actually are able to track now, given the digitization, exactly on a daily basis? What is the planned target? What is an achieved target? Is your procurement getting centralized? I mean, all those things I'm just trying to understand. And on a journey of 1 to 10, I mean, on a journey of 1 to 10, in your own assessment, where are we, and when do you think we would be in a much comfortable position? Again, as per your own aspiration. So let me answer the easier bit first. On a journey of 1 to 10, I think we would be at 4, if I was honest. Having said that, we've always, say, over the last 10 years or so, we've used some homegrown software that has sort of helped us keep in touch with what has been happening at the ground as we multiplied our geographical locations. Now, that is why we're using more and more tried and tested software now. SAP, I gave you an example. We're using tools like Power BI now, now that SAP is operational or we've gone live to provide various kinds of dashboards to people at different levels of hierarchy in the company. So while it would be, I don't think it's a myth if anybody says, or it's a fallacy if anybody says that decisions are based anywhere in the world on a daily basis based on a set of figures, that's not happening anywhere. But yes, from doing a due diligence every quarter, I think the top management of the company is now looking at dashboards on a monthly basis. And our intuition is coupled with more accurate or hygienic data, which is coming to us or flowing to the top management, which is helping us take decisions, even for projects where we are unable to sort of hit the ground ourselves. Thank you so much. I'll come back and. Thank you. Thank you, Lakshmi. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Firstly, on, I mean, a bit on Gems and Jewellery project. Vikas, would you like to answer that? Yes. So we have received the environmental clearance on the project, and some ground clearance and excavation work has been done, but that is in the scope of the client. So while that is happening, we have now started with the engineering side of it, design and other things. So I think in another two months' time, some work should start on the ground. Okay. Any guidance on how much revenue are we targeting for FY27? I believe FY26 should not be much of a revenue on account of the initial works going on. I think order value the first year is usually where you're in straight shape. So maybe about 30%-35% of the order value. In FY27? Yeah. Okay. So secondly, on the working capital side, are we facing any challenge in any of the states, or is it smooth across? No, I don't think there is anything untoward to sort of report as far as the working capital challenge is concerned in any of the projects. When do you believe they are improved in this quarter? Already, working capital has been improved in this quarter. This is INR 87 billion, approximately, from INR 95 billion as of September. There is only one challenge which is on a broader thing. I don't think it's something which is very challenging, but some money is stuck up in Maharashtra and Assam on account of GST revisions. But that's a statutory increase. It's just a matter of time when it will come. But not sizable? It's around INR 70 crores approx. Okay. Okay. Secondly, on the CSMT system redevelopment, we have seen improved execution in the second quarter. So going forward, we should maintain this run rate in the second half. And how do you see 2027 shaping up? We see as now finally things have started to move. The design is finally getting closed, and we started the first round of work above the track also. Up till now, we were not doing work above the track. And the greenfield buildings, they are now the biggest one is now out of the ground, and it's now the progress is now better. We are expanding our structural steel fabrication capacity also. We are doubling it now in the next two, three months. Because now the clearances have come, so now it makes sense to expand. Is there any revenue guidance for 2027 from the project? Pardon me? Any revenue guidance for the project in 2027? About 40% of the order book or the order value. In 2027? Yes. Okay. And then lastly, any challenge we are facing on the labor side? Yeah, yeah. Labor is a continuous challenge. It is the biggest challenge that we are facing. It's still extreme. In addition to the labor, there being a skill shortage, there is also an impact on account of events such as festivals such as Diwali, Chhat, and then elections now. We just got over in Bihar. En masse, a lot of skilled workforce had gone to Bihar, especially this year because of implementation of FR. So yeah, that challenge is there. That's why I mentioned in response to Shravan's question, the first question that was asked, that we are trying to reduce our dependency on labor or mitigate this problem by investing in higher mechanization. Okay. And so lastly, what would be your mobilization advances and the interest-bearing portion? Mobilization advances are out now. It's 784. This is 784 as in 30 September. And the interest-bearing portion? What? Pardon? Yeah. Interest-bearing out of this? Interest-bearing is around 33%. Okay. Thank you, sir. Those are my questions. Thank you. A reminder to all the participants, you may press star and one to ask questions. The next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead. Hi, sir. Thank you for the opportunity. I wanted to understand on the other two major projects that we have apart from the Gems and J ewellery that you are doing. On the CSMT part, so I think you have mentioned to the previous individual, the execution has started over there. Correct me if I'm wrong, and since we were in designing phase till now, and the revenue that we are expecting is 40% in 2027 of the order value. How much are we expecting in 2026? 2026, we don't have much of expectation. We have about another INR 400 crores in units over. 400? Okay. Actually, yeah, what Vikas is saying is totally, we've given a projection of about INR 400 crores for the entire year, for the entire FY26, and so the balance in Q2, it will be about INR 250 crores. Okay. Okay. Understood, sir. And same for the Gems and Jewellery, 30%-35% of the order value is what we considered as revenue potential for 2026 also. No, no, no. 2027. He said 2027. 30%, 30%-35%, FY27. Understood, sir. Understood. On the Dahlias project for Gurugram, I just wanted to check on the execution phase. Since we were expecting that the execution to begin by September 25, so has that like, have you on track on that part? We are slightly delayed, but DLF has handed over two towers to us where work has begun. It just began prior to the rains. Because of the heavy rains in September, they got delayed in handing over the towers to us. Out of eight towers, they've handed over two towers, and the third tower also will be handed over now that the work is stopped for GRAP. That's why that's got delayed. But two towers, we started work on the ground, and we are expecting to pour concrete as soon as the GRAP is lifted. Understood, sir. Same question on this particular project. Revenue potential for 2026 and 2027 on this project? So for 2026, we are looking at a revenue of about 100 crores and 100-125 crores. And for 2027, the revenue will be between 300-350 crores. Understood. Thank you for the thank you. Thank you. The next follow-up question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Thanks for the follow-up. Sir, the inflows that we received last year, second half, especially on the private side. So how do you see the momentum picking up in those projects? Which we picked up last year? Yeah. Second half. So yeah, Downtown, DLF Downtown, it's picking up now. We were on the verge of taking off. In fact, we've been logging a billing of about anywhere between INR 15-INR 20 crores. This will be ramped up in the second. This will be ramped up by about 20%-30%. And the other project that we picked up last year, I think Signature Global was another sizable project, which has also picked up now. We are out of the foundation stage there. And Varanasi Airport, Darbhanga Airport, they are running full stream. In fact, we are logging a billing of close to INR 25-INR 30 crores on each of these two projects. So Whiteland was a project which was always slated to begin in December, and that's what it will begin in December now. And particularly for the two airport projects, so they are a 24-month and 36-month deadline projects. So for 2026, are we on track to maybe at least to 30-odd%? Yes, yes. We are on track. In fact, no, you're saying FY26? Yes. Yeah. So we are looking at 30%. Yeah, yeah. We are on track to do that. One project is about INR 650 crores. 30% would be close to INR 200 crores. We will touch that. We will cross that figure of 30% in both the projects. Should we be hiring 2027? Yeah. Both projects will be completed. In fact, Varanasi, our stipulated date of completion is June or July 2027. The client is trying to, because of elections somewhere in March, client is in UP March 2027. The client is pressing us to squeeze the timeline. We are on track, and Darbhanga will get completed in October 2026. Sir, so the Moonsoons are not a challenge in either of the projects since it is a. No, not at all. Not by the client. No challenge. In fact, on both the projects, I don't think we've taken mobilization advance also. Okay. Sir, typically, on an average, what would be the interest cost on the mobilization advances? It's very major. It's out of this interest-bearing. This is the CHT project. It's around INR 250 crores. That's bearing the 7%. Are you asking the percentage that the client charges us? No, no. The interest rate that we pay on mobilization advance. Yeah, so the interest rate is about 8%-9%. 7%-8%. 7%-8%. Yeah. Exactly. Sir, lastly, what would be our CapEx target for 2026 and 2027? For 2026, we've given a guidance of about INR 500 crores in the last call. It will be lesser than this only. For 2027, it will be lesser because the equipment that we've invested in the last cycle, that will become free. A lot of projects will get completed. So FY27, it should be about 20% lesser. But it should be around INR 400-450 crores for 2026? Yes. About INR 400 crores. About INR 400 crores. For 2027, it will be around INR 300 crores? Yes. Okay. So sir, we are seeing that on the depreciation side, on a quarterly basis, we've been seeing in the similar range of around 20-odd crores for the last couple of quarters. So when do we see it moving up? In the second half or in the next year? We are planning to increase our CapEx this year, around maybe 300-400 crores. And the depreciation will be moved according to that also. What was the CapEx in the first half of this year? 137 crores. Okay. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. The next follow-up question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir, retention money and unbilled revenue as of September? The retention money including non-current is INR 418 crores, and unbilled revenue. Sir, retention you said INR 118 crores? 418 crores. Okay. INR 418 crores. Okay. Unbilled revenue is INR 552 crores. Okay. Got it. Sir, a couple of things I just wanted to understand first. Sir, if I actually look at the annual report FY25, so there was close to INR 25 crores land that we have purchased. Just wanted to understand where and why we purchased the land and how we will be going to sell it immediately or? No, no, no. This is the land which we've procured to build our own office in Okhla. Our present office is in Okhla. We have spread across two buildings. One building is our own. One is on rent. This land, we will consolidate our offices, and this is the land which we procured for that purpose. Okay. So for office, so broadly, how much we will be spending for our office in terms of the CapEx? At the moment, we are doing our planning. We will be building up. This is a 1,300 sq yd plot. We will be building up close to about 30-odd thousand sq ft. So let's see. Our planning is happening at the moment. I will be better able to answer this during the next quarter call. Okay. And this year, the INR 350-400 crores of CapEx that we are planning to do, so this is primarily on the plant and machinery and shuttering material? Yes. Okay. So broadly, because as per the calculation, if I look at the number, accordingly, roughly 16-17% normally, that's the way we depreciate our shuttering materials over a six-year odd. So how one can look at the depreciation, at least in the next year, FY27? I will get with you about that. Okay. Okay. And another thing, sir, just wanted to understand. So let's say. A lot of this. Let me further clarify. Let me clarify. While Sudhir will answer this question in detail later, but a lot of investment in shuttering is on aluminum shuttering, right? So the life of which at times is more than the standard depreciation formula that is used. I just wanted to clarify that. Yeah. Go on. Okay. Okay. You were asking. That's what I wanted to understand. So how is whatever the INR 300 crores, if we are spending, multiplying to, let's say, 15%-16%? So that's the way one can look at or how one can look at the depreciation for next year? 300 crores is not totally on shuttering. A large chunk of this is machinery. And machinery is also a different kind. While a crane has a life which is much more than six years, but a batching plant would have a life which is maybe less than six years. So you cannot give a standard answer. Then shuttering, different kinds of shuttering have different lifespans. Okay. Got it. And another thing is, sir, INR 18,000 crores is order book as of September. And our top 10 projects that we have done in the PPT is close to INR 11,400-odd crores. So balance INR 6,600-6,700 crores. That is kind of spread over 33-odd projects. And I believe that also would be at INR 200-300-odd crores. So balance close to maybe INR 4,500-odd crores would be spread over maybe 28-odd projects. So do we see the remaining value most likely will be completed by FY27? You can't say that because in this smaller value projects, there would be some projects which would be, say, MEP projects, standalone projects, where we are our company is doing MEP works also, right? So yeah. But if not FY27, by middle of FY28, these smaller value projects should get over. Okay. Okay. And just wanted to check, is there any update on the West Bengal-Kolkata land? So previously, we were thinking either to sell it or to do a joint venture, real estate development. So anything, any progress there? Progress, as I said last time, we are working actively to get necessary approvals to make the land free. I wouldn't say free from encumbrances. It is already encumbrance-free, but we make it ready to build, so to speak. Whether we do that ourselves or venture or we sell it outright, that is something to be decided at a later date. Okay. Okay. And the flats that we are having, I don't remember, maybe INR 40, 50, 60-odd crores, the old one. So is there any thought that when we will be able to sell it off and clear it out? This is now INR 35 crores, and we are basically looking for that. This value is also reducing as and when we have no intention of retaining it on our balance sheet. As and when we feel that we get a good price, we liquidate the inventory one by one. Yeah. Yeah. Because the time, which has passed since long, so that's what I was asking. Has it kind of in next six months, one year, can we sell it off? Depending because a lot of this inventory is in, say, Noida, lots of changes happening in the laws there, and some of this inventory is in projects where the client has gone into NCLT. Some, while our inventory, which is there on our balance sheet, is secure, but we feel on some of these locations, we'll get a better price once the project per se is sort of secured and electrical connections and so on issues such as these are resolved, so we are waiting. We are in no hurry to sell. Whenever we feel we get a good price, we liquidate. Okay. Got it. And last, just this Whiteland. So last quarter, it was INR 821 crores outstanding order book. And now it was 1,065. So whatever 244-odd crores. So that's the increase in scope that we have. So that's the value of the project now we will be executing. Yes. Okay. And this would be the execution most likely would be starting from the FY27 there. Whiteland, we are with FY27, you can say. Okay, sir. Thank you and all the best. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Ashish Shah from HDFC Mutual Fund. Please go ahead. Yeah. Sure. Sir, can you speak a little louder, please? Yes. Hello. Am I audible? No, no. You're not. Your voice is very faint. Hello. Yeah. Much better now. Okay, sir. So just one question. What do we think about the cash which is on the books? I think the sizable amount, now INR 1,000-odd crores. So any strategic moves we want to make in terms of either acquisitions or maybe augmenting our sort of size of the company by maybe getting into some adjacencies, etc.? So when is this data going out? So part of this is being used to fund our CapEx, especially because we've made a policy that on government projects where the advances are interest-bearing, we are trying to avoid taking the advances, right, to reduce our finance costs. Second, we are using this to reduce our procurement costs, right, to get better bargains from our suppliers and better maintain or control our supply chain. Thirdly, as we move along and as our base becomes larger, we are obviously studying sectors around our core competence to sort of diversify and maintain the growth rate going forward. So what we are building now, this will come in use two-to-three years down the line when we may look at getting in new technologies, tying up with foreign partners, or even looking at acquisitions. But let me clarify, acquisition is not something which is only annual in the near future. Understood. Understood. And sorry, just on that point again, how much is the retention out of this INR 1,000 crores? Sorry, not retention, my bad. Restricted cash? About INR 419 crores. Okay. So about Rs. 600-odd crores should be free in this Rs. 1,000 crores? Yeah, INR 616 crores. That's it. That's it. Understood. All right, sir. Thank you. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask question. Participants, you may press star and one to ask question. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. I thought time is there, so let me try one more. Sir, yeah. So on the residential part, so now obviously the 44-odd% order book that we have in residential, if you can also specify how much is the private, I mean to say private real estate developer per se. But there we don't see any kind of a risk. So a simple point is, do we see any kind of a write-back, sorry, write-off in terms of the extra provision on debtors going forward? No. If you go through the pedigree of the clients, the private sector clients that we have, you'll see INR 3.5 thousand crores is INR 3,300 crores is DLF, which is the largest and the financially most stable and strong of all the developers. Then we have Signature Global, again, a party which is financially stable. So we have Smart World. We have MR, right? And then we have Brigade down south. So we've done our due diligence post the last downturn, and we've always maintained that we have to do very strong. We have to be very strong on our due diligence when we take on a private sector client. Secondly, residential real estate, I don't think there is any sort of downturn which is on the anvil. I feel that over the next three to four years, the runway seems clear. Thirdly, we've been able to safeguard with some of the newer clients like Whiteland and others where we're not giving any bank guarantees. What I'm trying to say is that we have negotiated the contracts in such a fashion that our financial liabilities are considerably. We've de-risked ourselves, so to say. Have I answered your question or anything I've missed out? Yeah. No, no, no. Perfectly. So that's the only thing because the exposure is increasing. So structurally, even if the one project goes on maybe half on a wrong track, then also it will have a decent issue for us. So that's the only thing. Just wanted clarity there. Just to add, I mentioned Whiteland. The project will begin in December, as I said, but we've already got some mobilization advances from the client, right, which is interest-free. Similarly, with a few of our other private sector clients, and like DLF, say, for instance, while they are also very, very strong on their due diligence, they only work with three or four contractors across India, but they are funding our CapEx, right? So our exposure there is also considerably lesser if there is a slowdown in the project, and when they fund our CapEx, that's also interest-free. That funding is interest-free. Okay. Great, sir. Great. Thank you and all the best. Thank you. Thanks, Shravan. Thank you. Thank you. Is there any further questions from the participants? I would now hand the conference over to the management for the closing comments. Over to you, sir. Thank you. Thank you, everybody, for joining in. Look forward to seeing you again or talking to you again after three months. Have a good evening. Thank you so much. Thank you. On behalf of Amrit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.