Ladies and gentlemen, good day and welcome to NBCC (India) Limited Q3 FY25 Earnings Conference Call, hosted by ICICI Securities 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. Nidhi Shah from ICICI Securities Limited. Thank you, and over to you, ma'am. Good morning. On behalf of ICICI Securities, I welcome you all to the Q3 FY25 Earnings Call of NBCC (India) Limited. Today, we have with us from the management, Sri K.P. Mahadevaswamy, Managing Director, Sri Salim Ahmad, Director of Projects, Dr. Suman Kumar, Director of Commercial, Sri Ankit Kumar Jain, Director of Finance, Sri M. B. Singhal, Executive Director of Finance, Sri Balkishan Singla, Investor Relations. We'll begin with opening remarks from the management, followed by Q&A. Thank you, and over to you, sir. Good morning, everyone. On behalf of NBCC team, I extend a warm welcome to you and appreciate your presence in today's earnings call for third quarter ended 31st December 2024. We are happy to share with you all that NBCC has secured excellent MOU rating for the financial year 2023-24 after five years, based on the Department of Public Enterprises (DPE) appraisal with 98.5 marks, highest in the NBCC history. For quarter three, our standalone operation and execution, we have achieved a total operating income of ₹2,048, reflecting a 7% year-on-year increase. Additionally, our PAT stands at ₹129, making a 37% year-on-year growth. For nine months, we have achieved a total operating income of ₹5,540, with a 10% year-on-year increase, and PAT stands at ₹339, making a 40% year-on-year growth. For nine months' consolidated performance, NBCC has achieved a total operating income of INR 7,430, reflecting a 16% year-on-year increase, with a INR 375 crore PAT marking a 37% year-on-year growth. We are very happy to share that NBCC, being a pioneer in delivering home and stress-related projects and giving relief to thousands of stressed homebuyers in the country, in the month of January, NBCC has awarded around INR 9,137 crores in Amrapali Phase II of different packages, which makes it one of its highest-ever work awarded in NBCC history in a very short period. We will also appreciate NBCC's efforts in marketing sales and real estate, as we have successfully sold 1,233 units in the Amrapali Golf Homes of Amrapali through an open e-auction, generating a total sale value of INR 3,216 crores, which is a very significant sale and will help in executing the projects. Work on these Amrapali Phase II projects is going on fast track. As we are all aware, NBCC has secured lots of new business in the last few quarters, and however, in the last three to four months, we have focused more on execution and shown our commitment towards completion of these projects. In this regard, as of 10th February, we have awarded ₹13,500 crores of new tenders on a standalone basis and ₹15,000 crores on a consolidated level, which increases our running project selling business. As As of 10th February 2025, NBCC has secured a historical amount of business in the current financial year, that is ₹39,600 crores on a standalone basis and ₹47,150 crores on a consolidated basis. This is one of the highest-ever businesses secured in the any financial year, and still, we have two more months to go. The name of a few important large projects secured in quarter three, with pride and greater responsibility after delivering successful Amrapali projects in the last quarter, NBCC has secured INR 9,445 crores of stressed real estate projects or Supertech fixing projects. Redevelopment of work at Goa INR 1,726 crores, development of 10-acre institutional plot in the Noida sector 62 as a warehouse for HUDCO INR 600 crores, BIS headquarters in New Delhi, Central Laboratory, Sahibabad, National Institute and Training Noida INR 500 crores, U.P. Sahkari Awas Nirman Evam Vitt Nigam Ltd, UP INR 3,500 crores secured in the month of January. Business secured by HSCC. During this year, HSCC has secured super-specialty cardiology hospital in Suva, Fiji INR 650 crores, construction of ESIC hospital at Manesar, Gurugram at Faridabad, INR 1,300 crores. Amrapali projects. In nine months, Amrapali projects have contributed INR 908 crores in the top line. Out of 38,000 housing units, 25,000 units are already completed. Redevelopment projects. In nine months, GPRA projects have contributed INR 1,600 crores in the top line, up by 39%. Nauroji Nagar project has been inaugurated by the Honorable Prime Minister in the month of January 2025. It was a very proud moment for the NBCC family. Netaji Nagar, the first phase of project valued INR 1,450 crores, is currently underway and is 85% completed. Additionally, two more works. Am I audible? Yes, sir, you are connected. We can hear you. Please go ahead. Okay. Additionally, two more tenders worth of INR 2,000 crores are in the pipeline for contractor appointment. Sarojini Nagar, this is a large project and work in more than nine phases, with a worth of INR 6,900 crores going on, which are on different stages of execution, and the tender slotted for the project value is INR 2,400 crores. Real estate. So far, during this year, we have sold more than INR 389 crores, and INR 100-150 crores we can add more in the current year. In quarter three itself, we have sold INR 220 crores. It is a very significant number for the real estate sale. Thank you. Now, the forum is open for questions and answers. 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 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 Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah, thanks for the opportunity. My first question is regarding the order books. As of today, what would be our order book? And out of that order book, how much value of the work has already been awarded by us to our contractors? The order book in the sense has a standalone only INR 81,958 crores, and consolidated it is more than INR 1,000,000 crores. And already running projects standalone around INR 28,617, consolidated level INR 32,620 CR. Okay. And let's see how much more order book we are targeting in the near future. Let's say even in Q4 or next year, what kind of, because this year was phenomenal in terms of order intake. So what kind of order intake we are expecting for next year? Next year, at least minimum INR 25,000 crores. Okay. On a consolidated basis. Huh. Okay. Now, looking at the kind of order book we already have and the kind of orders we are targeting, where do you see the growth for the next two, three years? I mean, obviously, we are currently growing at 10%, 15% kind of rate, but can this go up to 25%, 30%? Because order book is not a constraint now anymore for NBCC. Definitely. At least minimum 25%-35% increase will be there because we have to complete all these projects in three to four years. So definitely, it will increase our top line as well as bottom line. You expect from next year onwards a 25% plus growth? Yes, yes. Definitely. Yes, definitely. Definitely. Minimum. And margins will broadly remain in the current range, or you expect that to go up or down anything? Margin also increased by 0.5%-1% at least. Okay. Because our work rates are dipped, and as soon as we are crossing our turnover, so it will increase the profit. And we are doing redevelopment projects and Amrapali projects, wherein we are getting 8% to 9% PMC charge. Okay. In terms of real estate, so how much, let's say, ready unsold inventory we have, and post that, what kind of real estate will we be left with? Around only ₹290 crores is balance. So we have some land parcel also that we are going to construct, and we will improve our margin also. Okay. So ₹290 crores. And after that, how much would be the total land bank we will be having? Around ₹600, ₹600, ₹700 Cr. ₹700 CR. So ₹700 CR in terms of when we will construct and sell, that can generate ₹700 crores? No. Current land value is ₹700. Construct and selling means we will be reaching ₹8,000 crores. 8,000 crores. Okay. So land value is INR 700 crores. Yes, yes. Okay. Okay. That's it from my side. I'll join back into queue. Thank you. Thank you. Thank you. The next question is from the line of Sumit Arora from Smart Sync Services. Please go ahead. Hi, sir. Very good morning to you and your entire team at NBCC. I have to tell you, sir, your performance has been very good, very encouraging in an environment which is as subdued as today. So very well done to you and your team. Now, sir, just a few things I wanted to touch with you on. So sir, firstly, now that you mentioned that now our order book is now well above ₹1,000,000 crores, so sir, what is the execution timeline? And And if my understanding is correct, then it's about four to five years. Is that correct, sir? Yes, yes, yes, yes, yes. Some projects three years only. Amrapali projects. Amrapali projects three years. Supertech projects also we are committed within three years. Some projects because redevelopment, we have to generate the funds. So therein we require some more time. Otherwise, for PMC projects, nowadays we are awarding all the contracts less than two years or maximum two years only. So basically, sir, I mean, so is my understanding correct that you will see a very sharp growth in revenues basically, I mean, maybe next financial year and the following years? I mean, we could actually now be seeing very sharp growth in revenue and profits? Yes, definitely. As I earlier told, at least 20%-25% minimum growth we are expecting in coming years. Okay. Okay. That's very encouraging. And sir, secondly, you've seen, as you highlighted in your open, you have seen a very high amount of order inflow versus the last few years. So can we now assume that INR 50,000 crores could be the new norm for order inflows every year, sir? Is that correct? That I cannot commit to, but at least ₹25,000 crores definitely we will going to get. Okay. And sir, I mean, one project of ours has been struggling in the past, which is the Ghitorni land which we have. So is there, sir, I mean, any development on that front? I mean, you plan to develop that. Is there any movement on that front, sir? Yes, yes. We have our Ghitorni land parcel. So there is some issue with the state government. I think hopefully this year it will be going to resolve. Next year onwards, we will going to start the construction on this Ghitorni plot. That is 32-acre land parcel we have adjoining to Ghitorni Metro Station. So that can be generated around my top line. So land is basically owned by us, correct? So land is owned by us. Owned by NBCC. And currently we have only INR one crore. 1.92 crores. 32-acre land, currently we have a book value of only INR 2 crore. Oh, I see. Okay. And sir, so what's the FSI over there? So assuming that it's a 32-acre land parcel which you have, so effectively, what's the FSI over there today? As per master plan, around two. Okay. So basically, I mean, you'll have well upward of about 2 million sq ft to develop over there. Yes, yes, yes. Okay, and sir, so basically, the only money which you will incur in that is the cost of construction because the balance you will basically be straightaway will be realized to us. Is that correct? My bottom line. It will directly increase my bottom line as well as top line. Because construction, we need only ₹5,000-₹6,000 per sq ft, whereas selling price currently minimum is ₹20,000. So there will be a ₹15,000 profit per sq ft. Oh, that's very encouraging, sir. Okay. Wonderful. Okay, sir. I'll come back in the queue for more questions. Thank you so much, and wish you all the best, sir. Thank you. Thank you, Sumit. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Akshay Patil from NBCC. Please go ahead. Hello. I'm audible. Hello. Good morning. Good morning, sir. Congratulations to you and your team for the fantastic results. Thank you. Basically, I wanted to know the real estate projection for the next financial year, sir. How much it will be contributing to our total overall revenue and profitability? Revenue around ₹290 crores. Profit will be ₹290 crores revenue. Profit 25%-30%. We can take on 25%-30%. Hello? Hello? I'm asking for the next full financial year. I am asking. Next full financial year, I am talking. INR 290 crores on top line. We have only INR 290 crores inventory with us. That has to be sell out in the next year. And we have some 600, 700 acres, sorry, 700 worth of land parcel. That revenue will come after handing over. During construction, it won't come to our top line. Okay. Sir, then the last con call, we have talked about the Ghitorni contributing to at least INR 4,000-5,000 crores to profitability, so can you enlighten more on that? That's what we are. There is some issue with the state government. I think by this year-end, we will going to resolve that issue. Once the issue is clear, then we will going to start the construction on Ghitorni parcel. So it will take two-to-three years construction period. Once the construction is over, after completion only, we can book the revenue in our books. We will get the cash flow inflow, but the turnover will be hand over the projects. So it will take two years at least. Okay. Sir, are there any large-sized projects you are eyeing at right now, like Supertech or Amrapali, which are more than INR 10,000 crores? We are expecting the new business. Yeah. Hello? I could not catch your question. Yeah. I am asking, are you? Then I'll reply to your answer. After successful completion of redevelopment projects in Delhi, so now we are focusing the redevelopment projects across India in various state governments. So we are talking with Rajasthan government, Chhattisgarh government. They have used land parcel. So there also, they want redevelopment model. It is a self-sustainable model. So the talks are going on. Next year, we will going to get I think one or two states will going to mature these projects. And similarly, a lot of PSUs, public sector undertaking, having used land parcel, there also we are touching. So hopefully next year, it will be fruitful from state government as well as PSU. Okay. Okay. Sir, one more thing. What are your targets? We have talked about INR 25,000 top line and INR 2,500 crores bottom line target. So when you are going to achieve this? Next three, four years. Next three years. Okay. Okay. That's all from my side. Thank you very much. Thank you. Thank you. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the opportunity, sir. Sir, the first question is on the INR 1,000,000 crores of consolidated order book that we have. How much of that portion would be the split between PMC and redevelopment if you can give? 62% PMC, 38% on redevelopment model. Okay, sir and for this year, for FY25 now, what is the revenue and EBITDA and PAT margins that we are targeting? Yes, yes. 24-25. Yes. At consolidated level, around ₹12,000-₹30,000, and EBITDA 5%-6%. That will be 5%-5.25%. Okay. You said on the 5%-6% EBITDA margin, we can grow another 0.5%-1% improvement in next year for FY26. Is that correct? Definitely. Definitely. Yes, yes. Okay. And sir, so if we have already won INR 16,000 crores of projects in, let's say, this nine, 10 months, so for the balance February and March, do we have any target number in mind for order inflows? ₹3,000 crores in pipeline. Around ₹3,000 crores in pipeline. Okay. INR 3,000 crores. So total then we'll be ending by about INR 19,000 crores for FY25 and for FY26, 25,000 crores. Yes. Okay. And sir, for the same numbers if you can give for order awarding as well, what we are looking for the next two months and in FY26? Next two months, around ₹3,000 crores order we will going to not ₹2,000. ₹2,000-₹6,000 crores we will going to award by March. ₹6,000-₹7,000 we will going to award. Redevelopment projects, four projects are already opened the tender. One Amrapali project. So around ₹7,000 crores we will going to award within March. Okay. And sir, for the FY26? ₹26,000 order award? Yes. Around ₹20,000 crores. Okay. INR 10,000 crores and other projects will be there. That will be around INR 20,000 crores. Okay, sir. And sir, so the next question is on Supertech only. So if you can just give some more details like what is exactly yeah. Not only Supertech, Jammu and Kashmir, Goa, Goa government, state government, redevelopment, Bhopal, and with MTNL, HUDCO. So minimum INR 20,000-INR 25,000 next year we will going to award. Okay, sir and sir, I was asking on Supertech if you can give some more details like what is our scope exactly and what is the revenue potential for us for the project and some more details on that project? It is similar to Amrapali only. We are PMC agency, and around ₹50,000 houses stuck buyers are there, so we want to sell around ₹10,000 units unsold in inventory. By doing this, around ₹9,600 turnover in the top line, and the bottom line is 8% PMC we are getting. Okay, sir. And that's also then we are planning to complete in the next three years? Yes. One to three years. Some projects we are targeting only within one year. Some projects one to two years. The rest of the projects, three years. Okay. Wherein we didn't start the work. Okay. And sir, in this, Sarojini Nagar and Netaji Nagar, have we sold anything till now in these two projects? Nagar already downtown we have sell it out. The bulk sale already happened and Sarojini Nagar 100% sold out in the office spaces. In Sarojini Nagar, of course. Now we will going to sell after this award of tender, so during this year and next year onwards, there will be a sale in Sarojini Nagar commercial complex opposite to World Trade Center, and a few commercial. Restaurant. Restaurants and rooftop restaurant is there, and service apartment. We want to sell the service apartment. Okay, so what is the sales potential that we are targeting over here? Around sale will be the balance is around INR 15,000-INR 16,000 sale is balance in Sarojini Nagar as well as Netaji Nagar. Okay. And sir, this downtown that was sold in Sarojini Nagar, what is the exact value that we have realized? Around ₹1,400. ₹1,400. ₹1,400. Okay, sir. And sir, just to reconfirm, in this nine months, we've sold ₹300 crores of real estate. Is that right? And for Q4, we are targeting another ₹100-₹120 crores? Yes. Yes. Sale. Exactly. Okay. And sir, just bookkeeping questions. What is the seed money that we have an interest on that and the cash balance in our books? Seed money, so far we have increased INR 500 crore with Amrapali and interest 32 crores. 32 crore interest. Total ₹500 crores seed money is there. And apart from seed money, there is some interest that is also accrued from MOU. So approximately both together, ₹650 crores is there. And for your second question. The cash balance on the tender? Cash balance on standalone basis is ₹525 crore, and on consolidated basis, it is ₹961 crore. Okay. Sure, sir. That's it from my side. Thank you. Thank you. The next question is from the line of Viraj Mithani from Jupiter Financial. Please go ahead. Yeah. Congratulations, sir, on outstanding good numbers. Thank you. Sir, my question was, what is the guidance that you give for this year and the next year? That was not clear to me in terms of sales and guidance for this year in terms of sales and net profit margins and for the next year as well? EBITDA is 6%-6.5%. And PAT around 5.5%-6%. The revenue would be? Revenue will be next year. You are asking for next year. Current year and the next year as well. So 5.5% is that right? Current year, ₹12,000 to ₹13,000. Next year, ₹15,000 to ₹16,000 minimum. Okay. That's it, sir. Thank you, sir. And all the best. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to one per participant. If you have a follow-up question, you may rejoin the queue. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah. A couple of clarifications. First, you mentioned that out of this ₹1,000,000 crores, the redevelopment project is around 28%, right? No, no. The redevelopment 38%. PMC around 60%. Okay. 38%. So broadly, what I'm understanding is that this 60% PMC project, there the timeline for execution is around three-to-four years maximum. And this redevelopment, obviously, it is on a self-sustainable model. So it may be slightly higher, right? Yes. Exactly. Okay. And one more clarification. Earlier, some participants asked about the land bank where you have mentioned a 32-acre land. Could you just again mention which land bank is this? It is Ghitorni Land Parcel lying with NBCC. The book value is only ₹2 crores for 32 acres. It is in South Delhi, adjoining Ghitorni Metro Station. It is in Delhi only. Okay. And when you mentioned me earlier that we have a ₹700 crore land bank and the revenue potential could be ₹8,000 crores, you have included this land in that? No, no, no. This land excluded. That land is in Jaipur, Jaipur, Kerala, and Coimbatore, Ghaziabad. That land not in Govindpuram. Okay, but Ghitorni land is not included in that. Potential of INR 8,000 crores, we have included Ghitorni also. Gittorni land? As far as the entirety of land bank is concerned, it is INR 700 crores, and the Ghitorni land is our property, plant and equipment. That is of INR 2 crores, but taken together, the value we can unlock is INR 8,000 crores approximately over the period of three to four years. Okay. So this ₹8,000 crores land potential is including the. Including Ghitorni. After Ghitorni. After development, after concession. Yeah, yeah, yeah. Understood. Okay. That's it from my side. Thank you. Thank you. The next question is from the line of Pankaj Kumar from Kotak Securities. Please go ahead. Yes, sir. Thanks for taking my question. My question pertains to the standalone revenue where we have seen the PMC segment, single-digit kind of growth. So if you can highlight the key reasons behind the slower execution this quarter. In standalone, around 54% PMC. PMC we have seen only 1.2% growth in this quarter. So if you can give us the reasons what led to the slowdown in the execution. I could not catch your question. Can I just? Yeah. So am I audible? Hello? Pardon me? Yes, sir. Am I audible? Yes, you are audible. Yes, please. Yes, please. Can you? My question is on the PMC segment where we have seen 1.2% growth in the revenue in this quarter. So we have booked INR 1,800 crores standalone revenue. And that gave you 1.2%. So what impacted the execution in this quarter if you can highlight? Execution. 1.2 already we have achieved. Because actually last quarter, due to NGT ban imposing on Delhi, our major projects are Amrapali and 70 GPRA. So these two projects this year severely hit by the NGT. So that's why the growth is very less. Whereas. 8%-10%. Otherwise, 8%-10% minimum increase will be there. Because in PMC, in PMC, there is a growth of 1.2%, you rightly told. And because in this quarter, the third quarter is mostly impacted by the GRAP. You know in Delhi and GPRA area, there is a pollution. Land and construction. So that's why if you see our growth comparing to, that is a good growth. And quarterly. We are going to achieve more. If you can see our nine months now, it is 6% approximately. So taken cumulative in the construction, there is 6% growth on PMC front. So for the full year, what kind of revenue that we are looking at on the standalone basis instead of consolidated ₹12,000 crores, what is the other number that we are looking at, sir? Around ₹9,200 standalone. ₹9,200 crores. Okay. Okay. So roughly we can expect around ₹4,000 crores plus kind of numbers in the Q4. The asking rate is 6 to 1. So that's what I am basically. Because last one and a half months, there was a ban on construction in Delhi and NCR, even Noida also. So next quarter, we will be going to achieve ₹4,000 crores. Okay, and what is the standalone L1 awarding target for the current year and the next year? Current year, standalone award already awarded ₹13,000 crores, so balance ₹1,600 crores will go to. We can highlight. That's what. INR 13,000 already we have awarded on standalone. Another INR 3,000 crores we will going to award during this financial year. How about the next year? That's the last question. Next year, ₹20,000 at least. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, please just take your questions to one per participant. The next question is from the line of Parth Solanki from NBCC. Please go ahead. Mr. Parth Solanki, please go ahead with your question. Your line is unmuted. Hello. Hello. Good morning. I am audible? Yes, sir, you are. Mr. Parth, can you hear us? Hello. As there is no response from the participant, we'll move to the next question, which is from the line of Akshay Patil from NBCC. Please go ahead. Hello. My question is for Director Commercial, Suman Kumar. So sir, actually last time you mentioned about the Ghitorni and everything. So I want to know out of the ₹8,000 crores sale value, how much percentage of profit PAT we can get from that? You are talking about the top line from the Ghitorni land. Yeah. Ghitorni. Top line, you have said is ₹4,000-₹5,000 crores. Bottom line, I want to know. Yes. The bottom line will be around 30%-40%. 30%-40%. Okay. In other land parcels, what will be the contribution to the bottom line percentage in percentage terms? It will be around 20%-25%. Okay. In Ghitorni, it is 40%, whereas in others, we will get 25%-30%. Am I right? Right. Right. Right. Okay. Okay. Thank you very much. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Sumit Arora from Smart Sync Services. Please go ahead. Yes, sir. I mean, just some thought comes to mind. I mean, this is the first time after 27 years wherein you've got a different state government, which is with the center. So do you think that, and since our business is predominantly based more in Delhi, so do you think that now kind of redevelopment of colonies, etc., can actually pick up pace now? I mean, if you can share some thoughts on that. Definitely. Because redevelopment model is a self-sustainable model wherein government is not investing any money. Rather, we are giving surplus money. And all the cities, including state governments, they have a huge land parcel, are old colonies in deteriorated condition. They are unable to spend for huge amount for repair and all. So nowadays, one by one, state government is coming to give the works and redevelopment model. So NBCC is having the USP. The NBCC is the only PSU can do redevelopment. In fact, in Delhi, we are generating money and given to society. Society is not doing any marketing. They are just doing the construction work. So there will be a lot of potential for NBCC. And definitely, coming years will be very bright for NBCC, I can say. So the director of finance wanted to add one thing with the change of guard in Delhi, and you may see a fast execution order book. Basically, sir, I mean, since payments are touched upon the point of housing colonies, etc., so do you see this as a potential for large orders coming to us now? Yes. Yes. Already, discussion is going on. So many pipeline projects are there. I don't want to disclose in this current meeting. Yes, definitely. That's why I told you minimum ₹25,000-₹30,000 crores work orders are in pipeline only. So that will come in coming years. Presently, I don't want to disclose the name and all. I mean, I do appreciate that, sir. Thank you so much, sir. Thank you. Thank you. Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah. Thanks for the opportunity again. Just one last thing on this Ghitorni land. So all the approvals are in place, or is there any some litigation or something? It's 22 acres. There is no dispute. The dispute only lies with only 10 acres. So after clearance of this, we will going to start taking approval and all. Okay. Presently, 22 acres under our custody only. No. But so till the time the dispute on the 10-acre doesn't settle, we are not planning anything on 22. We are planning. We are planning. We are planning. So something can come in FY23 will start. Definitely. Definitely. The cash can come, but the top line and bottom line will come once we handover. The time of handover. But we can start some project over there this year. Yes. Yes. Definitely. Definitely. Next year, we are going to start. Okay. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star and one. Ladies and gentlemen, to ask a question, you may press star and one. As there are no further questions from the participants, I will now hand the conference over to the management for closing comments. Thank you so much for your interest in NBCC. Just I want to highlight and summarize a few things before final closing. NBCC has awarded highest ever work in NBCC history in the form of Amrapali Phase II within one month, and it will increase our running project list significantly as well as our top line bottom line. NBCC has secured historic amount of business in current financial year, highest ever in the NBCC history, and still two more months to go. Secured Supertech real estate project and will be key revenue contributor in near future with higher margin. Successfully sold 1,233 residential units at Amrapali Golf Homes through an e-auction generating sale value of ₹3,216 crores. In real estate, quarter three itself, we have sold ₹220 crore. It is a very significant number. Last MOU excellent rating 23-24 with 98.5 marks. This is the achievement. These are all the highlights of our last quarter. Once again, thank you very much. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us. For any further query or information, please reach out to Mr. Balkishan Singla in Investor Relations. Thank you very much, ladies and gentlemen. You may now disconnect your lines. Thank you. Thank you so much. Thank you so much.