Ladies and gentlemen, good day and welcome to NBCC India Limited Q2 FY25 earnings conference call hosted by Elara Securities 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 star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ankita Shah from Elara Securities Private Limited. Thank you, and over to you, ma'am. Ankita ma'am. Hello. Yeah, hi. Am I audible? Yes, yes. Yes. Hi, welcome everyone to the NBCC India Limited Q2 FY25 earnings conference call. We are grateful for the opportunity, and we have with us the management team represented by Shri K.P. Mahadevaswamy, Chairman and Managing Director, Shri Saleem Ahmad, Director of Projects, Dr. Suman Kumar, Director of Commercial, Shri Anjeev Kumar Jain, Director of Finance, and Mr. Balkishan Singla, Investor Relations Officer. We'll start with opening remarks and then follow it up with a Q&A. Thank you, and over to the management team. Good afternoon, everyone. On behalf of NBCC team, I extend a warm welcome to you and appreciate your presence in today's earnings call for second quarter ended this September 2024. I voluntarily welcome our new Director of Finance, Shri Anjeev Kumar Jain. Now, all functional directors of NBCC are on board to take the company to new heights. For quarter two, our standalone operations and execution, we have achieved a total operating income of INR 1,865, reflecting a 15% year-on-year increase. Additionally, our tax stands on INR 24 crores, making 45% year-on-year growth. For last year, we have achieved a total operating income of INR 3,492 crore, with a 13% year-on-year increase, and tax stands at INR 210 crores, marking a 42% year-on-year growth. For last year's consolidated performance, NBCC has achieved a total operating income of INR 4,603 crore, reflecting a 16% increase year-on-year, with INR 232 crore tax marking a 46% year-on-year growth. Major business updates: New projects secured during this quarter. NBCC has secured a substantial amount of business in the first half of the year, valued at INR 22,300 crore on a standalone basis and INR 28,000 crore on a consolidated basis. This is one of the highest-ever businesses secured in six months. To name a few important and large-scale projects: Development of satellite townships spread over 406 acres at Srinagar J&K, valued at INR 15,000 crore. First phase work at Goa, INR 1,726 crore, will encompass six projects in Goa, and we have partnered with the Goa government for various other additional infrastructure works in the future. Redevelopment of land parcels of 18,000 INR 1,600 crore, redevelopment of two land parcels in Jhansi INR 700 crore. For the above few projects, appointment of consultants is in the final stage, which will be followed by the appointment of contractors for execution of the projects. HSCC AIIMS Darbhanga project valued at INR 1,260 crore. Foundation stone laid by the Honorable Prime Minister on 13/11/2024, that is yesterday. Step two: The Arogya Yojana for Maharashtra Construction Workers Welfare Board INR 700 crore. Procurement of biomedical equipment for Pandit Deen Dayal Upadhyay University at Karnal, Haryana INR 528 crore. In HSCC, new government medical college, 420-bedded hospital at Parbhani, Maharashtra, INR 404 crore. Update in Amrapali projects: In half-yearly one, Amrapali project has contributed INR 708 crore in the top line, and remaining revenue will be contributed in the next two quarters. Out of 38,000 housing units, 24,000 units are completed. Work on Amrapali phase two projects is going on, fast track. Contract valuing of INR 8,400 crore for six projects is uploaded and will be awarded in the upcoming months, and this will start contributing turnover in the fourth quarter. Update of redevelopment projects: In half-yearly, GPRA project has contributed INR 1,012 crore in top line, up by 45%. Netaji Nagar project is in the finishing stage, and we have already started the handover of the project, and 100% sale is completed to generate the funds. Netaji Nagar: The first phase of project valued at INR 1,450 crore is currently underway and 80% completed. Additionally, two more tenders worth of INR 2,000 crore are in the pipeline for contractor appointments. Sarojini Nagar: This is a large project and works in more than nine phases, worth of INR 6,900 crore are going on, which are in different stages of execution. Received occupancy certificate that is type two quarters of 1,738 quarters. It will be allotted to government officers at the earliest. Major focus area of NBCC in the upcoming months: stalled real estate projects. In case Amrapali project experience and expertise. NBCC is examining feasibility of a few more real estate projects in Delhi and NCR and Mumbai regions, where home buyers are facing such big problems. Primarily, Supertech is expected to join in the stalled project list by this year. NBCC real estate sale. We are also focusing on increasing the contribution of our real estate in both top line as well as bottom line. Land monetization: Government agencies, including PSUs, have a lot of land parcels across India which are not generating any revenue. Moreover, encroachment on such land parcels has caused great distress to the exchequer. NBCC has been assessing these opportunities and started the feasibility of a few land parcels across Pan-India. Opportunities in hospital and education institutions: NBCC, along with our subsidiaries, are building in India's prime institutions like AIIMS, IITs, NITs, IIMs, state and central government universities, and we are eyeing more opportunities in this segment. After a successful journey of redevelopment business model, NBCC is also eyeing some large-sized projects in the segment in the upcoming months, specifically in government colonies. Redevelopment, as lots of colonies are in not good shape as these are very old-built colonies. Diversification: Acquisition of underperforming public sector units with significant land assets. Thank you. Now, the forum is open for the question and answer. 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 only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to register yourselves for the question, you may press star and one. We have a first question from the line of Ankita Shah from Elara Securities. Please go ahead. Ms. Ankita, are you there? Yes. Yes. Yes. Can you hear me? Yes. Hello? Am I audible? Yes. Yes. You are audible. Please go ahead. Yes. Sir, what is the current order book status? And given the order book status and the breakup between redevelopment and EPC and PMC projects? Total order book in consolidated level: INR 84,400 crores, out of which NBCC around INR 70,403 crore, HSCC INR 8,093 crore, HSCL INR 5,915 crore, and NSL INR 200 crore. So this is our consolidated order book: INR 84,400 crores. So out of which PMC around 55% and 45% in redevelopment, some 2%, 3% real estate and EPC. Got it. Sir, our target for the full year that we had guided was around INR 10,500 crores of revenue and a bottom line of INR 400 crores. Do we think we are on track for the sale? Yes. Definitely. Definitely. We will going to achieve the top line around INR 13,000 crores. Bottom line, it will be already we have achieved INR 265 crores back. So it will be more than that. Whatever your target you are achieving, we are going to achieve more. Got it. Got it. Sir, how the first half has seen good inflows? How is the pipeline for the second half and for the full year? What is the order book that we are targeting? So far, during this year, we have secured more than INR 28,000 crores at consolidated level. So we are expecting a few more projects. During this year, we are going to achieve one lakh crore order book. That is our target. So that will be easily, I think, it is achievable. Another INR 14,000 crores we have to achieve, INR 16,000 crores that we are going to get during this year itself. Got it. And sir, what are the key projects that will contribute to revenues in FY26 next year? Next year? Next year, Amrapali, of course, phase two, Amrapali redevelopment projects, redevelopment of Srinagar also, that will also going to contribute. And Goa government, state government, Kerala state government tender will be uploaded very shortly. So that is also going to mature. And some university works are there. So in Oil India, Northeast, we started Oil India work and water pumping work of Northeast region. So many other projects are there. These are the major projects. And Maldives also, we are getting some revenue regarding outside abroad. We can get some revenue from Maldives. So we can assume that 15%-20% growth rate in execution can continue even in 2026 and 2027? Yes. Definitely. Definitely. At least 20% we can because of the work. Amrapali work phase two will be awarded by next month. So from next year, next last quarter, we are going to get the revenue from Amrapali. And GPRA also we are going to start our commercial activity. So definitely. Got it. Sir, one last from my end. In terms of margins, how do you think the margins should pan out over the next two to three years? Currently, our EBITDA standalone margin is around 6%, 6.6%. Whatever we have committed, 6%-7%, definitely we are going to reach that margin, and EBITDA 5.5%-6%. Got it. Thank you. Thank you. Before we move on to the next participant, a reminder to all participants, you may press star and one to ask questions. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the opportunity, sir, and congratulations on a great set of numbers. So sir, out of this INR 84,400 crores of consolidated order book, how much is currently under execution? Currently, only INR 18,000 crores in execution at the NBCC level. Consolidated level, around INR 22,000 crores. Okay. And sir, how much worth of projects have we awarded in Q2, and what is our target for the full year? Already awarded around INR 3,600 crores, but target for this year-end, around INR 14,000 crores we will going to award. INR 8,600 crores of Amrapali is on sale, and another INR 2,000 crore to INR 3,000 crores work also in pipeline only. So during this year, around INR 15,000 crores work we will going to award. Okay, sir. And for Nauroji Nagar, you said that we've sold it completely. So what is the total sales that we've done in this project? Total sale value we got around INR 14,000 crores in 25-acre land. By selling the commercial space, we generated INR 14,000 crores. INR 14,000 crores. Okay, sir. And in this quarter, how much of real estate have we sold, and what is our target for the full year? Real estate during the half-yearly, we've sold INR 84 crore. So another INR 100-INR 200 crores we are targeting for this year. Okay. So INR 100-INR 200 crore in H2 or for the entire year? In H2, I'm saying. Okay. Okay. Sure, sir. And just last one from my side, how much is our seed money currently and pending interest on that? So, seed money we received from Noida. We have increased the seed money in Amrapali. Around INR 400 crores we have invested in Amrapali. And interest INR 190 crores we have to receive from ministry. Okay. Sure, sir. That's it from my side. I will come back in the queue. Thank you. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. I repeat, you may press star and one to ask questions. We have our next question from the line of Pankaj Kumar from Kotak Securities. Please go ahead. Thank you, sir. Just wanted to understand what value of contract that we are targeting to award next financial year, both at consolidated and standalone level? Contract awarding? Yeah. What value of contract awarding that we are seeing? Around INR 15,000 crores. INR 15,000 crores that we are going to award. This is FY26, you are saying? Next year. You are saying next year? Yeah, next year. This year you are targeting? Next year, around INR 10,000-INR 15,000 crores. The Srinagar work we are going to award and Goa, Srinagar, that Kerala State Housing Board. So MTNL. Around INR 15,000 crores. INR 10,000-INR 15,000 crores. We are going to see the flattish in finance stage. So next year, we will definitely award these works. We are going to award. So we are going to see a slowdown in awarding vis-à-vis this year. Maybe a flattish kind of awarding in next year. Suddenly? Awarding will be similar to what we have in the current financial year. Yes. This has been very sharp pickup. Yes. Yes. So this INR 84,000 crore of order backlog that we are having as of now, what is the timeline for execution? Four to five years because redevelopment project we have to generate ourselves money. So there we need four to five years. Whereas PMC, only one and a half year to two year we can do. And, sir, second thing is the medical college projects will be booked under subsidiary or under NBCC? Which all projects is booked in NBCC? AIIMS Darbhanga under subsidiary. That is HSCC secured the AIIMS. And some few medical colleges that Maharashtra state government got by our one of the other subsidiary, that is HSCL. And AIIMS Bilaspur, we have phase one successfully completed. Phase II work we got. NBCC got around INR 200 crores in AIIMS Bilaspur. Sir, you said you will be looking at more redevelopment projects, old government colonies. So which all those projects that we are looking and based on the geography? Is it from NCR or from other parts? Sir, next year, I think we will be focusing on Bihar, Chhattisgarh because all the state government have huge land parcel in the city area. Presently, we are doing redevelopment in Delhi only. So we extended our arm to Jammu and Kashmir, similarly Goa, Kerala Housing Board. So same thing, UP also we are focusing. So next year, I think with these two, three states, we will definitely going to get. And we are focusing on Tamil Nadu also. Where discussion is going on with Tamil Nadu, Bihar government, and Chhattisgarh government. These would be of what size? Will it be very huge size that we have as of now, or it will be smaller? Almost because they have huge land parcel. So INR 10,000-INR 15,000 crores at least each government we can get from each state government. Okay. And sir, on this GPRA project, what is the value of outstanding projects that we have to award out of the INR 25,000 crores? The total value, I believe. Yes. To award? Around INR 8,000 crores. It's largely on the Nauroji? Sarojini Nagar. Yeah. Sarojini Nagar. Sarojini Nagar is completed. Nauroji Nagar, there is no balance. So only Sarojini Nagar and Netaji Nagar. Nagar. Okay. Okay, sir. Thank you. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. You may press star and one to ask questions. We have our next question from the line of [Kayan Ashayaruda]. Please go ahead. Hello. Am I audible? Yes. Yes. Please. Yeah. So I needed to know the progress and projected timeline on the construction of border fencing along the Indo-Bangladesh border, and also, there was one INR 3,100 crore fencing in Indo-Myanmar border. How much of the opportunity can we benefit from this, sir? Recently, we got around INR 440 crores work from Indo-Bangladesh border fencing. So future also, there will be a scope for this work initially eight, 10 years back awarded to NPCC. So they are withdrawing from the NPCC, and we got this work order. So we will going to get a few more work orders from them. Okay. And on the Indo-Myanmar Border, we are going to get some, sir? We are discussing with the Ministry for Indo-Myanmar and Indo-Pak border also. So discussions are going on, and we are hopeful to get a good chunk of work from them. Both Indo-Pak and Indo-Myanmar. Okay. Thank you so much. Thank you. Yeah. Thank you. A reminder to all participants, you may press star and one to ask question. You may press star and one to ask questions. A reminder to participants, you may press star and one to ask questions. We have our next question from the line of Pankaj Kumar from Kotak Securities. Please go ahead. Yes. So thanks for the follow-up. Sir, what is the total cash balance that NBCC is having on the standalone, its own cash as well as under control? Sir, I'm Dr. Pankaj. Standalone cash flow is INR 723 crores as far as NBCC is concerned, and in consolidated level, it is INR 600 crores. As of 30th May 2004. Okay. And on the real estate, what is the pipeline that we have? What is the total land bank and business development that we have for the next year? Can you come again? Yeah. Yeah. I am Suman Kumar. Hello. I am Suman Kumar, Director Commercial. As of now, we have 65 acres of land located in different parts of the country. The major land chunk is Ghaziabad, Gurgaon, and Rajasthan, Jaipur. So in the coming this financial year, we are going to award around INR 800 crores. That is Jaipur and Coimbatore? Jaipur and Coimbatore? Coimbatore already tender is finalized. So we are going to award that shortly. Altogether, minimum INR 800 crores will be awarded in the real estate. These are all real estate? Yeah. All real estate. Yeah. Okay. So in terms of pre-sales, how this will look like for the current year and the next year? In the next year, the figure will be even larger. It will be around INR 2,000 crores. This will be through joint development we will be looking at, or? No. No. No. NBCC alone will prepare the whole drawing design and close the tender. It will be totally supervised by NBCC. The sale will also be done by the NBCC marketing group. So this land is all owned by NBCC? Yeah. Yeah. All owned by NBCC. Right. Our own land parcels? We have got the own land parcel of 65 acres located in different states of India. Sir, in terms of guidance, how we are looking at FY26 in terms of order intros and revenue targets? Yeah. Yeah. In the real estate sector, our revenue margin net profit is around 20%-25%. And we are also interested to start a land chunk in Ghitorni, which is in Delhi itself. It is around 32-acre land. And it is very precious land. Most probably, drawing will be approved within three, four months. So in next financial year, the contribution from real estate will be enhanced substantially. Sir, overall, in terms of NBCC consolidated level, what kind of revenue as well as NBCC standalone that we are looking for next year and order inflows for the next year? Any guidance on? Today, I think proceeds will be around INR 300- INR 400 crores by March 2025. But in the next financial year, this figure of valuation of profit will be more than INR 1,000 crores. For the consolidated order inflows guidance for next year, FY26? 1 lakh. 1 lakh crore. Consolidated level next year by the year in the. We're going to touch around 1 lakh. 1 lakh crore. Revenue guidance for next year, sir? Revenue INR 13,000 crores. Standalone, I believe. Next year. 16. Next year. Standalone. Around INR 16,000 crores. Okay. Okay, sir. Thank you. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Shivam, a shareholder. Please go ahead. Yeah. Hi, sir. Sir, what will be the value of the Ghitorni land, the 38 acres? 32 acres. It is 32- acre land. So the value will be around, we don't want to sell the land. It will be built, and after built, we're going to sell the FAR. So that is our purpose, around INR 425 crore. INR 4,000 crores. INR 4,000 crores. This will be INR 4,000 crores. And the profit will be more because it is our own land. So the gross development value will be INR 4,000 crores on Ghitorni? Book value is only INR 195 crores. Whereas we're going to get around INR 4,000 crores. So the real estate sales will be INR 4,000 crores. That's what you're saying? Yes. Yes. Okay. What are the major real estate projects that we are expecting, and what will be the sales guidance for this year and the next year? Jaipur, we have three land parcels in Jaipur. One residential and two commercial land parcels. One in Ghaziabad. The other one is also in Ghaziabad. Kochi, we have our land parcel. And this is Coimbatore. We have one land parcel in Maharashtra also. So that also we are planning to develop in Maharashtra land also. So this year, any real estate projects you will be launching? Already, we have called a tender for Coimbatore. So Coimbatore and Jaipur, I think we're going to launch this year only. What is the pre-sales number that's expected out? In Coimbatore, around INR 600 crores. Coimbatore and Jaipur. Okay. And for the next fiscal year, how much real estate pre-sales are you guiding? Next year, around INR 2,000 crores. Our Director Commercial told around INR 2,000 crores we can touch from next year. So Ghitorni won't be coming next year? Because that revenue will be coming after handover. So we're going to start the concession from next year onwards. But the revenue in our own real estate, it will be coming while handing over to them only. I'm asking about the pre-sales. Sale will be taken place next year. But revenue will come later after ended over. So you're going to fully launch Ghitorni next year? No, in phased manner. We wanted to do in phased manner some three to four phases because that is 32-acre land. So we are doing due diligence and all. So appointment of consultant also in process. So once it is appointed and due diligence, then we're going to start the sale. Okay, and sir, really. Our own real estate. Book value is only INR 195 crores. But we're going to get around INR 4,000 crores. 2 crores. Only INR 2 crores. Only INR 2 crores. Book value is only INR 2 crores. Sorry. INR 1.95 crores. That is instead of that, I INR 195 crores I told. Okay. Okay. And any update on the PSU redevelopment? Has it started? Is it picking up? We have got any orders and all? Yes. We got the MTNL. MTNL today, we got it. We're going to finalize the appointment of consultant in the MTNL land parcel of Pankha Road in Delhi. So one city is it is a role model. One city is through means then definitely we can get some more land parcel monetization for MTNL, BSNL. Not many PSUs are there. So we are at least doing one project. Okay. And, sir, what will be the, I missed, on your order book number till 14th of November? How much is the order book number right now? Right now, INR 84,000 crores including our subsidiaries. Standalone, around INR 70,000 crores. INR 84,000 crores in total? Yes. Yes. Okay. And sir, is there any update on the defense forces land bank? Are they going to utilize that or redevelop it? Not yet. We are interested. We are keen on even defense land also. The discussion is going on. Not yet presently. Sir, this fiscal year, what will be your top line and margin guidance? INR 13,000 crores in the top line. Bottom line, 6%-7%. Okay. Okay. 6%-7% margin? Yes. Yes. Okay. Okay. Thank you so much. Thank you so much. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the follow-up, sir. So sir, I wanted to know what is the scope in the Supertech projects? What kind of potential do we see in these projects in the Supertech projects? And when do we expect to get some orders from there? Supertech is a stalled project, and it is having 50,000 units. Amrapali only 38,000. Whereas Supertech, around 50,000 units. It to be handed over by the builder. It is also costing about around INR 10,000-15,000 crores construction work, so it will be completed in three phases. We already submitted our report, the expression of interest to Supreme Court as well as NCLT. Next month, sorry, this month 21st, I think there will be an NCLT hearing. Around 25,000 owners are keen to take up this project by NBCC, so we are waiting for the NCLT order. As soon as we get the order means, then I think INR 10,000 crores business will going to get immediately. This will going to give the relief to 50,000 home buyers. Since already we have completed Amrapali successfully. So, Supreme Court and as well as NCLT, home buyers also very keen, they are asking us to complete this project. Okay. Sure, sir. Thank you. And on the Amrapali front, what is the total orders which are completed and which is still ongoing? Total around INR 8,200 crores work order we got from Amrapali. Out of which we have executed INR 7,400 crore. So only INR 800 crores worth of value is pending. Recently, they have engaged two more works to us. That is one is Kochi. And the other one is Bhilai. So that also we are going to call the tender. That is a small value. And in Noida, they have one property that is Tech Park. That is also the appointment of consultant in process. So and phase two already, as I mentioned, some INR 8,400 crores tender already uploaded in the website. We're going to finalize by this quarter end. That is third quarter. And from fourth quarter onwards, I think the execution will start. Okay, sir. And sir, there was some news earlier that housing ministry are looking for commercialization of 45 acres of land at the Scindia Marg, Africa Avenue in Sarojini Nagar. So any status over there? Yes. We have five land parcels in Sarojini Nagar in different packets. One is a 15 acre, second is 9 acre, and two more land chunks of 15- acre each. And one land parcel is 6 acre. So we have already prepared drawings and design. We have presented the drawing design to the ministry. And it has been through by the ministry. Most probably within one month, all tenders will be floated. Okay, sir. And sir, lastly, in Netaji Nagar and Sarojini Nagar, have we sold anything till date? Yes. In Sarojini Nagar, we have sold downtown commercial property. We have sold in INR 1,400 crores. Okay. INR 1,400 crores. Sorry, sir, where was the size? Around 1,500 shops and office spaces. Yes. Okay. Permitting plots. Okay. Sure, sir. That's it from my side. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. As there are no further questions, I would now like to hand the call to Ms. Ankita Shah from Elara Securities Private Limited for closing remarks. Over to you, ma'am. Thank you all for joining us on this call. In case if you have any further questions, you can get in touch with us or Mr. Balkishan Singla, our investor relations officer at NBCC. Thank you all and have a great evening. Thanks. Thank you. Mala, we have a closing remark from Shivam. Thank you so much for your continuous support on NBCC. I would like to highlight a few key aspects before final closing. As we are all aware, NBCC has secured a lot of new business in the last few quarters. And now we are focusing more and show our commitment towards completion of these projects and increase our revenue and profit. Since all functional directors are onboarded, we will do work with our full dedication in the upcoming quarters. As next six months are best for working season, so for construction of companies, and we will encourage opportunity. So in upcoming quarters, we will target to get Supertech project and execution of Amrapali phase two would be the key focus. NBCC has an order book of around INR 84,000 crores. We are targeting to take INR 1 lakh crores at the end of this financial year. Once again, thank you everyone. Thank you. On behalf of Elara Securities Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.