Good morning, ladies and gentlemen. I am Akash, moderator for the conference call. Welcome to NBCC (India) Ltd. Q1 FY 2027 earnings conference call. We have with us today Sri K.P. Mahadevaswamy, Chairman and Managing Director, Sri Anjeev Kumar Jain, Director, Finance, Mr. M.B. Singhal, Executive Director, Finance, Sri Pradeep Sharma, Executive Director, Business Development, and Sri Balkishan Singla, Investor Relations. As a reminder, all the 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 a touch-tone telephone. Please note, this conference is being recorded. I would now like to hand over the floor to Sri K.P. Mahadevaswamy, sir. Thank you, and over to you, sir. Thank you, Akash. Good morning, everyone. A warm welcome to all of you. For quarter one operation and execution, we have achieved a revenue from operation INR 1,823 crore standalone, and INR 2,260 crore on consolidated, reflecting 10% year-on-year increase on standalone basis. On standalone basis, EBITDA increased to INR 160 crore from INR 99 crore in the corresponding quarter of last year, registering a robust 62% growth with the EBITDA margin jump to 8.77%. Further, our standalone profit after tax stood INR 151 crore, representing a strong 32% year-on-year increase. Order book position. NBCC standalone order book stands INR 112,000 crore and consolidated order book INR 127,000 crore. Business secured. NBCC secured INR 1,600 crore on consolidated basis in quarter one. Following are the major projects secured in quarter one by NBCC. Schools in different districts of Odisha, INR 253 crore. JNV campus in various district, INR 171 crore. New Andhra Pradesh Bhavan at Delhi, INR 106 crore. Apart from the above, NBCC has secured a few major works in July and August. Housing project at Seychelles, that is Africa, around INR 620 crore. Residential and office complex, Reserve Bank of India, Amaravati, AP, INR 780 crore. Science laboratory in various government schools of Rajasthan, INR 431 crore. Business awarded to the contractor. In quarter one we have awarded INR 1,700 crore new tenders on consolidated level. In the next two, three quarters, we are expecting INR 18,000 crore -INR 20,000 crore new works will be awarded. Redevelopment projects. All major packages in redevelopment projects are in running stage now. Currently, we have INR 10,002 crore of balance work, which is going to be contributed significantly to the top line as well as bottom line in the upcoming year. For sale, resource mobilization under Sarojini Nagar project, NBCC has sold the entire Bharat Business Park successfully and generated INR 10,000 crore in just three action within three months. Amrapali project. Phase II of the Amrapali project has started in different packages, and the project will have significant contribution in top line and bottom line in the coming quarters. Various packages of Goa redevelopment project have kicked off. First of its kind, outside Delhi redevelopment project. During the quarter, board approved the merger of HSCC into NBCC, considering HSCC is wholly owned subsidiary of NBCC. The proposed merger is expected to create operational and financial synergies by combining NBCC execution strength with HSCC expertise, thereby enhancing scale, diversifying business opportunities, improving resource utilization, and supporting stronger long-term value creation for stakeholders. The board has accorded in principle approval for incorporation of wholly owned subsidiary as an SPV for the proposed CPSE REIT, subjected to approval of administrative ministry and DIPAM. Pursuant to honorable Finance Minister budget 2026 announcement on CPSE, REIT and DIPAM, NBCC has been interested to developing the structure of the proposed REIT. This is a significant strategic initiative that will support efficient asset monetization and position NBCC to play a pioneering role in creating country first CPSE REIT. Thank you. Now the forum is open for the question and answer. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The first question comes from the line of Mr. Venkatesh Subramanian from LogicTree Consultants. Please go ahead, sir. Good morning. Congratulations on improving performance. My question is with respect to two things. One is the order inflow. In the last seven to eight months, you have indicated that there are prospective orders which are supposed to flow to NBCC to the tune of INR 80,000 crores. Especially, you were talking about a couple of large orders. One was about INR 25,000 crore, another one also similar size, which were very imminent, but somehow it seems to be getting delayed month after month, quarter on quarter. Can you give us some idea? Because it will help us to get a sense of how FY 2027 would look like and FY 2028 would look like. Is there any inordinate delay happening or it's just normal course of business? That will help us, sir. Order inflow. One order we are expecting, that is five GPRA. Group of minister already cleared, PAB also cleared. Now it has gone to cabinet for their approval, so it will come at any time. It is a redevelopment project. It is redevelopment project also, it is self-sustainable project. It is a unique project, not like just budgeted projects. Budgeted project, budget they will allot the fund and we'll get the PMC. This is- Right. -redevelopment project. Lot many issues has to be solved and rather lot many statutory approvals, clearance, are all required. Because of that, redevelopment project, it takes some time. That's all, nothing else. It is a matter of time. Okay. What We are going to get it. We are going to get it earlier. What is the value of these two projects, sir? Around INR 50,000 crore last time I told you. Roughly INR 50,000 crore. Apart from that, discussion is going on in final level with some state government. I do not want to name the state government right now. From state governments also we are expecting. This year, we are going to get INR 50,000-INR 60,000 crore, another business in our kitty. Okay. Is it fair to expect at least by the end of this quarter, we can at least get one or two contracts? Possible? At least one or two contracts, definitely we are going to get. This quarter? Okay. But next quarter, definitely third quarter we're going to get, I think all. All the projects. Okay, super, great. Second question is, you had indicated top-line growth, FY 2027, FY 2028, and FY 2028 or 2029 you said could be interesting year because of real estate money coming in. FY 2027, are we holding on to our revenue targets? Sir, I think you indicated about INR 16,000 -INR 18,000 crores, I think, roughly. Yeah. INR 16,000 -INR 17,000 I already committed. Same thing still we are adhering. We'll try to- Okay. We are adhering to that. Okay. Good, sir. Thank you, sir. Thank you for those two. I will come back on the queue. Thank you. Thank you. Thank you so much, sir. The next question comes from the line of Mr. Hardik Chhada from [inaudible] Consultancy. Please go ahead with the question, sir. Sir, how would you see the margin profile going ahead? Because some of the orders now, which we are executing, are high margin. So do you see the margins going up from here every quarter or will they stay where they are? How do you see the margin profile for the next two to three quarters? Definitely, it is going to increase because our redevelopment and Amrapali projects is contributing more than 60% of our total revenue. These projects are high-value projects, PMC projects. Definitely our margin is going to increase. Any rough idea, sir, by how much? Could you just give a ballpark range, by how much you expect the margins to go up? PAT, 6%-6.5% PAT, and EBITDA 6.5%-7%, minimum. Okay. Thank you so much, sir. That's it from my side. Thank you, sir. Thank you. Thank you so much, sir. The next question comes from the line of Mr. Vasudev Ganatra from Nuvama Wealth Management Ltd. Please go, sir. Yeah, thank you for the opportunity, and sir congratulations on great set of numbers. Sir, if you can just tell us about this INR 1 lakh 27,000 crore order book that we have. What is the split between PMC and redevelopment in this? PMC, around 40%, 60% on redevelopment. Okay, sir. You just mentioned in an earlier participant's question that INR 50,000 -INR 60,000 crores of new orders are we looking for this year. Is it just from the five GPRA you said, or this is the total order inflow? Total. Only GPRA, around 30,000 we may get. Apart from GPRA, we are expecting two, three big orders. That all together, INR 50,000, INR 60,000 crores we are expecting. Okay. That's great, sir. Sir, I just wanted to know the status of this Vinay Marg, Scindia Marg and the Africa Avenue. Where are we on this? Africa Avenue, already we have called an application for selling of 262 units. For 262 units, we have got overwhelming response. Around 2,900 individually participated. That action has been postponed due to some technical issue. It will be going to open our award in this month only, August. Vinay Marg, we are targeting in the month of September. The other one, Palanji area, I think September, October. Bharat Business Park 100% sold out, wherein we could generate around INR 10,000 crore rupees. For redevelopment projects, there is no money crisis. We have sufficient money. Once this Leela Africa Avenue sales means we are going to get another INR 5,000, INR 6,000 crore rupees. Our redevelopment projects, whatever we are expecting INR 30,000, INR 35, 000 crore rupees fund generation, that will going to happen during this year only, sales part. It will be of course construction linked plan. So you are going to get the money in two years. Okay. That is great, sir. And what about the Netaji Nagar project? Netaji Nagar, already construction is going on. GPOA completed and handed over. Now the ministry from North Block and South Block, two, three ministry already shifted. Ministry of Coal shifted, Ministry of Steel already shifted. Some other ministries, they are going to shift in GPOA. And apart from that, Netaji Nagar, all the tenders we have awarded, that is type six, type seven, type eight. So construction is going on. Okay, sure sir. And sir, in Amrapali, when do we expect to complete the phase I? And in phase I and phase II, how much have we monetized till date? Phase I, almost we have completed. Out of 24 projects, 23 projects we have completed. 24 projects also ready, that is [inaudible] Aadhaar Shila, which is the last project. We are going to hand it over already, but in phase manner, the handing over started. So in phase I, we have completed all the 24 projects. Handing over is going on. And phase II, already we awarded, so it is in full swing. One project already we have reached up to 20th floor. We have captured up to 20th floor. Wherein we are using new technology, not new technology, monolithic construction technology, that is- Okay, that's great, sir. And sir, what about our Supertech projects? Where are we there? Supertech project, already for all the projects, we have awarded the consultant. So they are preparing their balance work quantity. So hopefully, during this quarter, we are going to call a tender, and we are going to finalize the tender also. So next quarter onwards, I think we are going to get the turnover also from Supertech. Okay, that's great, sir. And- That is 16 projects. Supertech, we have 16 projects. Noida and Greater Noida. Yes, sir. Sir, you mentioned the state-specific. Can you give about our Navin Nagpur, MAHAPREIT, J&K, and Mumbai Port Authority? J&K, one tender already we called. Technical evaluation is going on. Technical bid already opened. It is yet to be awarded. That is infrastructure for the development of the plots. Another five tenders we are going to publish during this month, valuing of nearly INR 3,500 crore. Now J&K through, we are going to get the revenue from top end as well as bottom end from this project. Navin Nagpur, good news is already they have acquired 400, 450 acre land out of 1,000 acre land. Consultant already appointed. DPR, preparation of DPR in final stage. We are going to get the approval of the cabinet of the DPR. Once the DPR is approved, then we will call the infrastructure tender at the earliest. Hopefully, during this quarter. If not, next quarter definitely. Hello? Sure, sir. Am I audible? Yes, sir. Yes, sir. About MAHAPREIT? MAHAPREIT is still not matured. Hopefully, next quarter it is going to start. MAHAPREIT, of course, it got delayed. Goa, we already started. Goa, we already Pardon me? Am I audible? Yes, sir. Yes, sir. Goa, already we awarded four packages. Two packages, tender yet to be done. Goa also we are through. Goa already is in the site, mobilized, and work also started. Okay, that's great, sir. When are we looking to launch our Ghitorni and Gurgaon Sector 37D projects? 37D, we already awarded the contract. Contractor is mobilized. Test file also already done. One approval we are seeking, regarding revised plan as well as revised EC, environmental clearance. That will, I think, hopefully it will come during this month. Once we received means, already site has mobilized. We have to register in the RERA. Hopefully, next quarter onward, sale will take place in 37D. Regarding Ghitorni, the final shareholder agreement is in process. Once it is over, means parallelly we call the consultant tender also. We are hoping to finalize during this quarter the consultant. Then I think last quarter, I think we're going to start the project, but both the projects revenue will come after possession. So it will come after two years only, revenue point. But cash inflow will start. Yeah. That's great, sir. So sir, total, what is the pre-sales that we are targeting for this year then? Target, top line? Pre-sales. Like from the total real estate that we have our own real estate. What is the total sales we are estimating from this? Real estate sale we are expecting during this year. Real estate sale. Can I answer this question, sir? Yeah. Continue. Real estate, in fact, we have three type of sale: sale of land, sale of complete inventory, and sale of construction. We are expecting a revenue of approximately INR 500 crore from real estate. As long as launching is concerned, definitely we are going to launch the Sector 37D in the, I think, second or third quarter. Okay, that is great. And sir, lastly, just what is our cash in our books? Sir, this is the last question. Cash is INR 666 crore as on June 30. Sir, it was INR 6,5 00 crores last quarter, so no comparable figure. No, INR 666 crore I am saying. Okay. Got it, sir. Thank you. That is it from my side. Thank you so much, sir. The next question comes from the line of Girish [inaudible] from Nirmal Bang Securities Private Ltd. Please go ahead. Hi. Good morning, sir. Thanks for taking my question. I think I have missed a few things. This redevelopment project you mentioned, the kind of order book we are expecting. What is that? Any idea what's the amount we are expecting, redevelopment project? Two- tier project. Sorry? Two- tier projects. Redevelopment project. In your opening remarks, I think the second participant, she was asking. Yeah. Around 50% are in redevelopment. Total order book around 60% redevelopment, 40% PMC only, not EPC. You mentioned this redevelopment project is expected to come in the second quarter or third quarter. That order- That is five GPRA colony, new development in New Delhi, five colonies. Lodhi colony, Andrews Ganj, and DIZ Connaught Place area. That will come around INR 30,000 crore order we are going to get shortly. Okay, INR 30,000 crore. Okay. Many congratulations for very good EBITDA margin, I can say. A small doubt I am having, this EBITDA margin I can see because of our cost structure, right? I can see this work and consultancy expenses has came down to INR 1,536 in one QFY 2027 from INR 3,412 in four QFY 2026. I am talking about the standalone basis. Is there any major changes or anything we have adopted that is the reason this has come down, or we can see a spike in this EBITDA margin? Why the EBITDA got gone up? The reason is we are doing redevelopment projects. In redevelopment projects, we are getting two type of fees. One is PMC fees, that is construction, monitoring everything. Sorry, construction and execution supervision. The other one is marketing fee. During this quarter, we got marketing fees through selling of the Bharat Business Park. Wherein the expenses will be less and we are getting good profit margin. That is the reason. In this quarter also we are going to get the sale of residential plots in Africa Avenue that will come to our kitty, and the Vinay Marg we are going to sell. Some more property we are selling in seven GPRA area at Sarojini Nagar, from which we are going to get marketing fee. In Amrapali also, we are getting 8% PMC and 1% marketing fee. There also we are going to sell around INR 4,000, INR 5,000 crore rupees inventory. By selling INR 4,000, INR 5,000 crore rupees inventory, we are going to get 1% of the marketing fee. That is where our EBITDA has gone up. Great, sir. Our FY 2027-2028 revenue target is INR 15,000 -INR 17,000 you are saying, right? Yes. INR 15,000 -INR 17,000 crore. 16 - 17. Precisely 16 - 17. Okay, 16 - 17. Is there any guideline for FY 2028 or something like that? 2028, around INR 21,000 crore and 2029, INR 25,000 crore. We are expecting INR 24,000 -INR 25,000 crore. Okay. Thank you, sir. Thank you very much, and all the best. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, if you have any questions, please press star and one on your telephone keypad. The next question comes from the line of Mr. Pankaj Kumar from Kotak Securities. Please go ahead, sir. Yes, thanks for taking my question. Sir, if you look at the revenue booking in this current quarter, we have seen 10% overall growth and even in the PMC we have seen 12% growth. Is there any specific reason related to this quarter that's why there is a lower growth? Because if you look at the full year targets, you mentioned INR 60,000 crore -INR 70,000 crore of sales in FY 2026. On standalone basis, we have a growth of 10%, but unfortunately due to one of our subsidiary, that is HSCC, their turnover revenue gone down, dipped down due to merger and one project they bagged on a very low PMC fee, Maharashtra government, that rather we are foreclosed. Due to that turnover got down. But anyhow, the profit is increased and on standalone basis, our performance is very good in the first quarter compared to previous year also. First quarter usually it will be on slower pace. Second quarter onwards it will pick up. That is the reason. HSCC, we foreclosed one contract from Maharashtra State Government Health where we got the order only 2% margin. 2% margin means that even our consolidated level, EBITDA also got affected due to that. That is the reason. Yes, sir. For the full year guidance, standalone, what kind of numbers we are looking at for FY 2027, 2028? Around INR 13,000 crore-INR 14,000 crore on standalone. Okay. And FY 2028? 2028, we are expecting around INR 21,000 crore. 2029, INR 24,000 -INR 25,000 crore. The PAT will be around INR 1,100 -INR 1,200 during this year. Next year, INR 1,300 -INR 1,400, INR 1,300 -INR 1,400. Of course, 2029, around INR 2,000 crore. We are expecting a PAT. Consolidate. Our real estate project, 3070, will contribute more profit margin. This is on the standalone basis? No, consol. Consol basis. Oh, consol. Okay. And sir, regarding this MAHAPREIT order, what exactly is the status? Where it is stuck, and can we expect this to come in the order book in this current financial year? Because earlier you had guided for INR 2 lakh crore of order book, and you are targeting another INR 50,000 crore, so that doesn't match this INR 2 lakh crore number by the end of the financial year. Yes, of course. Out of all the redevelopment project, MAHAPREIT is still stuck up with the approvals. Actually, still we could not get the approval from MAHAPREIT and the company. Anyhow, I think on the third quarter, it is going to be resolved. We are discussing with them. Hopefully, third quarter onwards it will start. J&K also, one and a half year back order, but now it has come on track. Because with the state government, in central government, of course, in central also, the redevelopment projects, it is a self-sustainable project, wherein money is the main issue. We have to get the loan also or some seed money is required to start the project till sale takes place. Because of that, MAHAPREIT is getting delayed. Hopefully, third quarter onwards, MAHAPREIT also going to mature. Sir, lastly, on the REIT, as you stated in the opening remarks that you would be eligible for floating CPSE REIT. If you can highlight more on that, which all projects will come into that and how much investment will be required in it? I'll ask my Director, Finance. Yes. Please. In fact, as you know, in the budget, Finance Minister announced government will come out with a national REIT. NBCC being the only CPSE having a real estate experience and SEBI regulation provide that only for launching a REIT, sponsor should have a real estate experience. So we are the logical life of the Government of India to be a sponsor of a national REIT. So we are now in discussion with the DIPAM and last day itself, we have approved a formation of SPV, wherein we will transfer our three rentable asset, 75,000 sq ft. Of asset we'll transfer to SPV and then we'll work with MTNL, ITI, BSNL or lot many CPSEs. DIPAM is having a meeting with lot many CPSE and we are identifying the rentable asset first. Once the rentable asset are identified, then we'll identify how much fit out is required to make them rentable. So each and every CPSE will create SPV and will be the natural partner for fitting out, refurbishment as well as redevelopment of those assets and to make those assets rentable. Once a considerable portfolio is available in those SPV, then we'll launch a national REIT and we'll go for public. As you are aware, the REIT is always a public listing. We have started the work. Basically, creation of SPV is just a starting point. I mean, any timeline we can expect, say, by the end of this year? You know, five or six REITs are there and portfolio under those REITs are in the tune of INR 40,000-INR 50,000 crore. We are in talk with CPSE because CPSE assets are, some assets are required refurbishment, some assets are required redevelopment. Right now it is difficult to put any timeline. As soon as we are able to generate or gather a considerable portfolio, then only we can launch a national REIT. Okay, sir. Thank you. That is all, sir. Thank you. Thank you so much, sir. The next question comes from the line of Prem Luniya from Astute Investment Management. Please go ahead, sir. Hello. Hello. Yes, sir, can you hear me? Yes, please. Yes. Congratulations on the number and the margin, sir. I just had a few questions. When we had the investor day recently, we talked of we would be willing to award almost 30,000, 32,000 crores of projects this year, awarding from NBCC. But we are seeing that in the first quarter it is a very smaller number as of now. Do you believe that this 30,000 crores can be achieved this year? I am very much confident. Actually, you cannot compare quarter to quarter for award of work, because some quarters we are going to get good order book, sorry, award, some quarter less. Still we are confident to award around 20,000, 25,000 crores a year because we have to award Supertech around 10,000 crores order. J&K 3,500 in phase I. Rajasthan Mandapam also some 3,500. It will be done during this year. That figure, I am still confident we are going to award. Is there a possibility we can do more, maybe INR 35,000, INR 40,000, because we have order book pending. Yes. Of course, Supertech also got delayed. Now we have got the clearance from Supertech also, Supreme Court. This year we are going to award around INR 20,000, INR 25,000 a year, easily. Right. Sure, sir. I wanted to understand the use of the profits which we are generating. We have bought this one tower in the business park. When will the cash go out from the company? What would be the timeline for that? Because we will be paying that amount, right? It is construction linked plan, so only first installment, 10% we have paid. The rest of the payment will be as soon as the structure is completed. Suppose if the foundation completed, we have to pay some percentage. If it is gone to third level, then some percentage, sixth level, ninth floor. Similarly, finishing. It is a construction link plan. Cash flow will go in two years. Okay. We can assume that out of the maybe INR 1,100 crore PAT we are seeing that we might achieve this year, maybe INR 1,300, INR 1,400 crore PAT which we do next year, a good chunk of it would be going in this project. Cash flow will go. It is a CapEx. Okay. Cash will go. Sure. One good news for you. Last time we purchased that on base rate, that is INR 39,100, we purchased that tower. Recently last auction, the price has gone up to INR 66,000. That much appreciation we already got. In the ground floor it has fetched around INR 66,000 and the upper floor, INR 50,000 to INR 55,000 floor-wise it has gone. Whereas we purchased at base price of INR 39,100. Sure, sir. I also wanted to understand very specifically on the new colonies in Delhi. What is the status on those projects? The 150 colonies approximately which we were talking of. Out of 150 colony, the current proposal is only for five GPRA colony. That is almost INR 50,000 crores value it will be generated and INR 45,000 - INR 50,000 expenditure. Presently we choose five colonies. One is Lodhi, other one is Andrews Ganj, DIZ Area, Lakshmi Bai Nagar. These colonies will be redeveloped. Once it is redeveloped, the waiting list of GPRA will be sorted out, and we are going to get some marketing also, by selling commercial area, we are going to construct the GPRA colonies. Sure, sir. The last question- We are not taking 105 colony. Only five colony we are going to take presently. Okay. Sure, sir. The last question, which are the assets which we are thinking of putting into the REIT, which sir explained in the last question? Anjeev Jain, only our- At present, we are planning to put 75,000 sq ft. Worth of asset in our SPV, which will ultimately go to the REIT once the REIT is formed at later stage. Sure, sir. But which would be these assets? This would be the business park tower? This will be the WTC. Business park right now you cannot put REIT. If you want to put in REIT, it has to be completed. Not under construction, you cannot put in the REIT. Sure. Once it is completed, then we are thinking. We are thought of putting on REIT. Sure. Thank you so much. Thank you. Thank you so much, sir. The next question comes from the line of Ankita Shah from Elara Capital. Please go ahead, ma'am. Hi. Sir, what has been the key reason for the delay in project awarding? The projects that you've already bought, but are yet to be awarded to the contractors, almost INR 25,000 crore is pending. What stops that? What is the reason for this? Ma'am, these projects are large projects, self-sustainable projects. Not redevelopment exactly. I'll not put the word "redevelopment." Of course it is a redevelopment. Suppose J&K project, it is INR 15,000 crore project. It is self-sustainable mode project, wherein government clearance also required. Government has to give the clearance, and DPR has to be prepared. DPR we have prepared. Now we got the approval. After one and a half years, this project is take off rather. Similarly, MAHAPREIT is a big value, INR 25,000 crore, but it is getting delayed due to various reasons. Other project, Supertech. Supertech went to, the agency, the builder, went to Supreme Court unfortunate. But fortunately, we could get the order once again as per the Supreme Court. Now we're going to call the tender of Supertech also. These are all the reason major projects, around INR 50,000 crores work order got delayed due to various reasons and various approvals. That is all. Nothing else. Otherwise, we will go into. Pardon me. You wanted to say something? No, go ahead. That is all. Of course, Goa government, we recently got the approval, and they are proactive. We have awarded four packages. With state government, their approvals and all, and of course, generation of funds. Naveen Nagpur, of course, recently we had an MoU, so that has almost 400 acre land they acquired through farmers. Another 400, 500 acre going to acquire. Once it is acquired, means parallelly, phase I we have started the infrastructure development. The DPR is in process. Once it is over, means then we are going to call the tender of Naveen Nagpur also. Out of this INR 90,000 crores, how much do you think will be awarded this year? INR 20,000, INR 25,000 I has already committed. Minimum INR 20,000, INR 25,000 we are going to award during this year. Okay. The balance INR 70,000, INR 80,000 crores will be for- It will come next. Next year or year after. Next. Is funding a constraint for these projects? Of course, seed money is the main constraint, apart from other approvals, statutory approvals. Any project you wanted to start means you have to get the environmental clearance. It will take at least six months. It has to be registered online. Similarly, other approvals, airport clearance, Delhi means traffic. There will be around 18 to 20 approvals you have to get, then only you can start the projects. These ones are arranged by us or the client? Some projects we are incurring, but some projects we are telling to incur by the clients. Recently, we had an MoU to resolve this issue because client also don't have money. To resolve this issue, recently we had an MoU with HUDCO for giving seed money to wherever required. Provided the government is willing to give or is capable to give the sovereign guarantee, then HUDCO will ready to finance. In this model, already Navin Nagpur we have arranged a fund around INR 3,500 crores to acquire the land. That process is already through. Got it. For projects where we have to arrange the seed money, are we raising those funds or we are waiting for better clarity before we start raising funds from the financing companies? In seven GPRA, we infused our seed money, and currently we put some money in Amrapali. That is all. These two project and, of course, some money to DTC. We have put some seed money in DTC in small amount, in Delhi Transport Corporation. Rest of the thing, the client is arranging. Kerala State Housing Board, I think now the state government is going to take the loan. My point is, even for the new projects which are yet to start, you are not arranging the seed money probably because you are not clear on the approvals and clarity on the timelines of approvals. Is that okay? No, Jayanti. Ankita, we are facilitating them to get that money either through a loan by mortgaging their asset, or because our role is marketing of those assets or pre-launching of the asset or launching of the asset to generate the fund under redevelopment stream. We are also facilitating them. CMD has told we have an MoU with HUDCO also. Wherever any seed money will be required for those projects, maybe of the state government, then HUDCO will pitch in and provide money to state government, and if state government is able to give the mortgage of the land and all this. So we are facilitating them. My only concern is, given the order book looks very strong, however, approvals are significantly delayed, and the timeline is getting extended, which is impacting execution. We need better clarity on execution ramping up over the next nine months, and which will come only if we have clarity on new project contract awarding to the contractors coming through. So that was the whole thought process of understanding. Also, if you can highlight if there is any- 5I already explained you. Due to various approvals, the project got delayed two reasons. One is fund, other one is various approvals. Of course, first time we are extending this business to state government. State government way of working is not as quick as central government, and they don't know the procedure. They are in the process of learning the procedures and all. Anyhow, now it has through, and only MAHAPREIT is getting delayed, that's all. Rest of the redevelopment projects already we are in the fast track, I can say. Okay. Apart from this, any other clarity or pipeline of projects? You already mentioned the GPRA projects of INR 50,000 crores. Apart from that, anything else in the pipeline for this year in terms of inflows as you can mention? We are talking with various state governments and some PSUs also. We are talking with PSU. I don't want to name them presently. Once we will get the orders, then definitely you'll came to know that. I think within this month or next month, you're going to get some more news. Don't worry. As state government projects are kind of getting slow, should we continue to focus on state government projects or- Yes, definitely because- -something that we need to be cautious about? No. Wherever we are going in the state government, we are doing on PMC basis. We are not infusing any of our money or anything. It is a PMC project. As long as it is a PMC project, we are safe, but the matter is only time. The state government is having very good land parcel in the prime location. Unfortunately, they could not monetize properly. We are the only agency after Moti Bagh, Kidwai Nagar, and now seven GPRA. Since it is a 15-years-old company in redevelopment, and one of the unique profitable margin project that is redevelopment. We can better utilize of FAR, because earlier projects it is only ground floor, first floor. If you don't monetize this land in prime location, what is going to happen? Either it will be encroached by someone else, or it will be maximum a forest. Better monetization is the best part, so we have expertise. And state government don't have money, and they need not to invest money. That is also beauty of this project. That's why we have a good win-win situation for state government, for us, and lot of employment will be generated to do this. Not only the employment, we are paying almost 18% GST to exchequer, meaning government of India and state government. They will going to get the revenue through GST, income tax, labor cess. Apart from that, they will going to get a good number of employment generations. Better model, why we should not go to state government? We wanted to expand our business throughout India. It is a national building construction company. Why it's restricted to only Delhi? This is our concept. Okay. One last thing. What will be the ownership structure of the REIT that is planned? Ankita, right now, we are in the process of formation of the SPV, where we will transfer our asset to that SPV, and ultimately, the holding of this SPV will transfer to the REIT whenever REIT is formed. REIT will be formed when a considerable number of portfolio is gathered, because we are still in discussion with various PSUs. Once that portfolio of asset is available across a number of SPV, only then we will have a national-level REIT. So ownership- Okay. -ultimately, sponsor will be NBCC only, that is clear. Ownership will depend on the assets put under that portfolio. If a particular SPV want to put their asset, that first ownership of all SPV will be with that asset's CPSE. Once it is transferred to REIT, that again, unit will be issued to that CPSE only. We may put some money in the form of development expenditure, fitting out, refurbishment out. For that refurbishment or development, we may take some ownership. REIT key ownership will be decided once it is formed after a good chunk of portfolio is available for rentable assets. Got it. Okay. Thank you. Okay. Thank you. The next question comes from the line of Sumit Arora from Smartsun Capital Private Ltd. Please go ahead. Yeah. Hi, sir. Good morning to you. Sir, the thing is that your standalone numbers are clearly very encouraging. But sir, the way the market is actually looking at it is that, the thing is that you have an order book today of INR 1,27,000 crore. You have said repeatedly that you are going to get those INR 50,000, INR 60,000 crore. So sir, market was of the view that you will end the year with about INR 2 lakh crore kind of order book. Now sir, the thing is that that order book, I mean, of INR 1 lakh 20,000 crore which you have today needs to be executed over the next four to five years. Now sir, somehow, the revenue growth, okay, is basically not kind of reflecting what is actually supposed to happen, right? Because, I mean, if you are supposed to execute INR 1 lakh 20,000 over a four, five-year period, your run rate has to get to INR 20,000, INR 25,000 crore, and at some point of time, when your order book is INR 2 lakh crore, it has to get to INR 35,000 crore. Sir, what do you think is basically kind of coming in between us? Because the potential for this company is enormous. There is absolutely no question on that point that this company can actually be one of the best PSUs in the country. But sir, it is not translating into a revenue growth because even if you see your consolidated number, you very clearly highlighted that is because of your merger or whatever that is. But the thing is that, sir, do you think that this revenue growth is now at that point of time where you will see a sharp uptake over the next couple of years? So if I understand correctly, you said INR 16,000, INR 17,000 crore revenue will basically be for current financial year, and next financial year, you said will be about INR 21,000. Sir, do you think that there is scope to outpace those numbers? Because your order book is clearly there, and the fact is that you have the business which is to be executed. Plus you have the Sector 37D project, plus you have Mehrauli, plus you have Mumbai Port Authority, the work. Hello? I am really sorry, sir. I believe Mr. Sumit has slipped the line. Okay. Next question then. Otherwise, I can reply both questions at a time. Sure, sir. We will take the next question from Mr. Daksh Malhotra from Aadriv Global. Please go ahead, sir. Yeah, good afternoon, sir, and thank you for the opportunity. Actually, my question is also on similar lines. We have discussed that we have a substantial order book, plus we have these five GPRA and other state orders coming in amounting to INR 50,000 crores-INR 60,000 crores. On different platforms, we have mentioned order book for this year to be INR 2 lakh crore plus. Secondly, in the first quarter, it would be really nice if you can help us understand how will the HSCC merger help us. While that Maharashtra project, the margins were very low. Now, if we merge it with the parent NBCC and it becomes easier for consolidated for the standalone to be understood better. Other than that, how is that going to help us? In Q3, we expect graph to again slow things down for us in Delhi, given the ruling from the government from November to January, the construction has to be. I do not see us, sir, even achieving the INR 16,000 crores-INR 17,000 crores revenue on consolidated basis. Given that our run rate for PAT is INR 150 crores will be 150 in the first quarter, even if we pull it up, sir, how can we from INR 600 crores -INR 750 crores, sir, just your some light of confidence needed on the PAT number of INR 1,100 crores-INR 1,200 crores that we are anticipating for this year. How is that going to be a reality? In which quarter will we see the real jump? Gurgaon and [inaudible], the real profit drivers are also coming from the next couple of years. Is it going to happen or will we sort of falter on our commitment once again? Thank you, sir. It will going to definitely happen. We have figures. I am not committing like that. Otherwise, I could have told I am going to complete, execute 20,000. I am saying 16,000 means I have a backup also. And similarly, I have 1,046 means that also 1,100 means I have a backup. Definitely, it will be achieved considering all the factors, whatever you have mentioned, graph, everything we have taken into care, account, then only we are committing. Otherwise, simply I can say INR 20,000 crore, INR 1,27,000 is there, I am going to complete 20,000. I am saying 16,000 means it will be definitely achieved. You can see last three years, whatever we have committed, that we are going to achieve. After a gap of four, five years, the company is getting excellent rating. The excellent rating measured by all the parameters, whatever you have mentioned. Beyond also, some parameters, even negative marking is there. That also we are trying to achieve. Not only in the taking care of investor, we have to do profitability, we have to do social responsibility, we have to do R&D. There are 10 number of parameters that as measured by DPE. And one thing I wanted to share with you, last year we got, I think second PSU, got a score of 98.65 point score. We are doing, but unfortunately, you are right. The big orders, one is MAHAPREIT, Supertech, and J&K. All these three projects adding together around INR 50,000 crore work order. It is got delayed. J&K now after one and a half, two years, it has through. With the way of working of state government, you also know. It is taking time, but definitely it is achievable. There is no gimmick or something like that. We are going to achieve the profit. I have a backup. Currently, I don't want to share it with you. INR 1,200 profit, definitely it will come. And around INR 16,000 crore. As you rightly asked, the Ditorni and 37D, that profit will come after two years, not now. Right. But we have other real estate properties. One Jaipur property already we have started construction. Other property we wanted to sell it. We are going to sell the property. From that also, we are going to get some money and profit also. So we have a backup. Don't worry. I am committing. Still, I am committing that figure. Whatever I am saying- Sure, sir. -that figure I will deliver. Good to know, sir. And on the HSCC, if you can shed some light, how will that merger- Actually- Apart from the synergies, how will it help us and can we bring HSCC out of the existing situation of- Yes, definitely. What happened -giving a negative impact on revenue and profit. Yes, definitely. What happened, when you purchased HSCL, HSCC used to do steel plant projects. One steel plant project was under construction. Once all the steel plant commissioned, then they did not have a work order, and it was literally in the phase of closure or windup stage. That time, NBCC, 2018, we procured the company, we acquired the company, and today that company is a Miniratna company. I was the CEO of that company for two years, and we got Miniratna in less than three years. After 29 years, we got the profit. Almost three decades, that company was running loss. Now we got the work order. During the COVID period, we got around INR 3,500 crores work order, and that company survived, and presently it is a profit-making company, and headquarter at Kolkata. Do you know how to work in Kolkata? Still, that company is making profit. Similarly, HSCC we acquired in the year 2019. Unfortunately, these two company, they are quoting very low fee, whereas their overheads are more than whatever they are quoting. The overheads is around 3%-4%, but they quoted 2%. That we have stopped. Why we should work on loss? If you are not getting top line, okay, but on loss, we should not work. That is why Maharashtra work we stopped, wherein we lost around INR 300 crore top line, but profit-wise, not much more impact. But this I am going to cover with my standalone project that is NBCC. NBCC projects, seven GPRA, all the tenders, it was awarded almost eight, 10 years back. That could not be materialized, but now we have awarded all the packages. Around INR 10,000 crore work order is with us. That has to be completed within two years. I think in less than 18 months. 5,000, 6,000 crore work order I am going to get top line from this project. Similarly, Amrapali has to be completed in two years. There also, I am going to get INR 5,000 - INR 6,000 crore top line. Only these two project I am going to get INR 10,000 crore. Similarly, Supertech I am going to award, J&K I will going to award. This whatever figure I am saying, I have a backup calculation, nothing to worry. I am still adhering these figures. Sure, sir. Good to know. Thank you. You know on the long-term trajectory of the company, we are very convinced, but sometimes in the quarterly run rate when we don't meet the numbers. Yes, I fully agree. Conversion took too much time, but nothing to worry, we are going to execute. You just read HSCL story, then I think you can imagine how it was the company. Even Tata Nano, they have stopped their working and they put a plant in Anand. Whereas NBCC did the HSCL turnaround story. So now it is profit making. One more thing I wanted to highlight to you, Amrapali projects, when we took over Amrapali projects that time, even our all the contractors, big contractor, came to me. I was the in-charge that time. I was the executive director of Amrapali projects. They came to me and they told, "Sir, why can't you foreclose this project?" So today you know what is going on. Almost 8,000 work top line we have completed. Our bottom line also, almost 9% we are getting on that project, 8,000. We have paid INR 2,000 crore GST to state and central government. A lot of employment has generated. The home buyers, they have suffered last eight to 12 years. They got their home. Their genuine home, they got it, and we have completed that project. Due to which Supreme Court once again entrusted the work of Supertech. So that is the confidence they have on NBCC. One thing I wanted to tell you, whenever any PSUs fails, private will take over. Example, Air India fails, Tata took over. Whereas in this case, reverse. A private builder failed, and PSU is completing that project. So that is the turnaround story for NBCC. For investor like you, confidence on us, so we are doing that job. Thank you, sir. Wish you the best. Thank you. Thank you so much, sir. We have Mr. Sumit Arora from Smartsun Capital Private Ltd. Back to the call. Please go ahead with the question, sir. Yeah. Hi, sir. My sincere apologies. My call was dropped. I leave you. Sir, I am calling- Sir, I leave you. In between- Yeah. Sir, coming back to the point, sir, under your and Anish Shah's leadership, there is absolutely no question of the fact that you both will take this company to a different height. But sir, just that, as you explained to the last participant as well, there are a little bit of confidence-building measures which need to be-- and you explained so much in detail. I won't be repetitive to ask the same thing again, but I will just tell you that the potential is enormous. Your plate is full of orders. The only thing, sir, which basically keeps us away from glory and from being ranked as one of the best public sector companies in this country is basically on the execution. Sir, if you can just get that ball moving at a faster clip, then I am sure that this company is headed for a totally different trajectory. On this note, sir, I will wish you all the best. Good luck, and hope to see you on the next conference call, sir. And thank you so much. Thank you, Sumit. I simply want to say that whatever our projects were delayed, there are reasons for that. Reasons beyond our control. Otherwise, why we should make the delayed projects? We are pursuing. Unfortunately, the clients, the state government way of working, because of that, it got delayed. Three projects, for your question, I am telling you the main three projects. One is Supertech, other one is J&K, and third one is MAHAPREIT. This is a work order of INR 50,000 crores. This got a little late in conversion. J&K has also been through. Supertech, J&K's tender, we threw. Almost 15 parties have participated. Technical evaluation is going on. Once that is done, it was a small work of INR 100 crores, just for infrastructure. Now we have a tender of INR 3,500 crores ready. We are going to float this month itself. When that is awarded, J&K will be through, phase I will start, and phase II will also begin. Similarly, MAHAPREIT is getting a little delayed. Hopefully, that too should be done this quarter. If not this quarter, then next quarter. Currently, whatever figures I am projecting, I have not included MAHAPREIT in this. If MAHAPREIT is included, it will be added. Definitely, it will be added to our kitty. I have not included MAHAPREIT, only Supertech, I have taken only one party. This is the current project that is already ongoing. Amrapali is our project, I am talking about that only. If these two projects are included, the figure will naturally change a lot. It will be surprise news to you. Rather, it will be a bonus. I am taking conservative figure. Definitely, it will be achieved. Sure, sir. Wish you all the best, sir, and good luck, sir. Thank you. I sincerely hope that, sir, we can get those big orders, because Definitely. For those two It will come. Cabinet is ongoing. At the earliest, we are going to get PAB already approved. Why we are not informing to stock means we are waiting for cabinet approval. As soon as we get the cabinet approval, immediately we are going to announce you. Sure, sir. Thank you so much, and wish you all the best, sir. Thank you. SPVThank you. Thank you, sir. We have one follow-up question from Mr. Vasudev Ganatra from Nuvama Wealth Management. Please go ahead, sir. For the follow-up opportunity, sir, just one update on the Dubai operations. Where are we over there? Dubai, Pradeep. He will answer. Dubai operations is well on track. We have already got the developer license, and as you already know, and the domain is there, that we have already had a land parcel purchased, and we are constructing housing units there, around 66 housing units. All the design local authority approvals have been obtained. Recently we have floated an RFO for selection of brokers. They will be helping us in doing the marketing and sales and promotion, and all those activities. We are very much well in track. As soon as the marketing consultant is on board, he will do the branding and the sale proposition, and all those activities will start taking place. The construction tender is also most likely to be floated in the month of October. That is our planning. Okay. Sure, sir. That's it from my side. Thank you. Thank you so much, sir. There are no further questions. Now I hand over the floor to Mr. K.P. Mahadevaswamy for his closing comments. GPRA Redevelopment, all major packages are under execution with approximately INR 10,000 crore of balance work will be going to execute within two years. Successfully sold entire Bharat Business Park, only three to four months, in three auction, just three auction, under seven GPRA Redevelopment project. A few more projects are in the pipeline for sale auction that is including Vinay Marg, Scindia Marg, and Africa Avenue Apartment. Amrapali projects, phase II execution has come across multiple packages and expected to contribute significantly to revenue and bottom line, that is profitability, in coming quarters. J&K Satellite City, INR 3,500 crore -INR 4,000 crore tender will be uploaded very soon. Supertech project is going to award upcoming months. Navin Nagpur infrastructure work also will going to upload shortly. So one thing, apart from this, I wanted to share with you [Foreign language] HSCL [Foreign language] company [Foreign language] 16 [Foreign language] last almost 29 years [Foreign language] last, there was no recruitment. [Foreign language] system [Foreign language]. Headquarter [Foreign language] Kolkata [Foreign language]. [Foreign language] company Miniratna [Foreign language] NBCC [Foreign language] [Foreign language] order book [Foreign language], [Foreign language] investors [Foreign language] [Foreign language]. It is a listed company. [Foreign language] company [Foreign language] future [Foreign language] [Foreign language] bright [Foreign language] and whatever we are committing definitely [Foreign language] loss making company [Foreign language] profit [Foreign language] Miniratna [Foreign language] just three years [Foreign language] [Foreign language] [Foreign language] company [Foreign language] [Foreign language] order [Foreign language]. We have a good working staff also. [Non-English content] only just 22 regular employee [Non-English content], almost [Non-English content] contractual employee [Non-English content] Company turnover [Non-English content] good news [Non-English content] HSCL turnaround story [Non-English content] it will go to, [Non-English content] Award [Non-English content] Similarly, Amrapali [Non-English content] case study [Non-English content] It is a unique peculiar case [Non-English content] builder [Non-English content] in between [Non-English content] home buyers [Non-English content] cheat [Non-English content] appreciation [Non-English content] home buyer [Non-English content] invest [Non-English content] suppose they invested at X price today they are getting four times X or 400 times X to 500 times X [Non-English content] home buyer Supertech [Non-English content] Supertech [Non-English content] Not only Supertech. Besides this, 2.5 lakh, 3 lakh home buyers are still sufferers in Delhi NCR. Across India, 4.5 lakh home buyers are sufferers. Many private agencies are now approaching NBCC. You have completed Amrapali. Why can't you do our projects? We are going to get some private projects in this process. The stalled projects, we can get those too. Recently, after multiple successful stories in Seychelles, after completing 2,000 houses, the Seychelles government has now given us 1,000 houses. We will build them there will be a hospital there. In Australia, we are expecting some business. In Saudi, we are going to get some business. In Fiji, we are going to get some business. All of that has not been taken into consideration yet. We will going to get that earliest. Trust me, whatever we are committing, we will try to honor it and we will going to adhere it and achieve it. With this once again, thank you all. Thank you. Thank you so much, sir. Dear investors, if you have any further questions or require additional information, please reach out to Mr. Balkishan Singla, Investor Relations, NBCC. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using [inaudible] conference call service. You may disconnect your lines now. Thank you and have a pleasant day.