I now hand the conference over to Mr. Satish Parakh, Managing Director of Ashoka Buildcon. Thank you, and over to you, sir. Thank you. Good evening, everyone, and thank you for joining us on our conference call. Along with me, I have Mr. Paresh Mehta, our Chief Financial Officer. We are pleased to inform you that despite the numerous challenges posed by COVID-19-induced disruption, we have successfully completed an asset sale transaction of Ashoka Concessions Limited of five SPVs. Ashoka Concessions Limited has entered into a share subscription and share purchase agreement with Galaxy Investments Private Limited, an affiliate of funds managed and advised by KKR, for the sale of entire share capital, including repayment of shareholder's loan for the five assets, which include Ashoka Highways Bhandara Limited, Ashoka Highways Durg Limited, Ashoka Belgaum Dharwad Tollway Limited, Ashoka Sambalpur Baragarh Tollway Limited, and Ashoka Dhankuni Kharagpur Tollway Limited, for an aggregate consideration of INR 1,337 crores. We anticipate to close the transaction by September 2022, subject to the satisfaction of certain precedent conditions, including approval by respective lenders and the National Highways Authority of India. Of the total proceeds received in this transaction, INR 1,200 crore will be utilized to facilitate the exit of SBI- Macquarie from Ashoka Concessions Limited, allowing SBI- Macquarie to exit the company fully. Following this, the company will remain with one toll project, that is Jaora-Nayagaon, and four Annuity projects, which is Hungund-Talikot, Bagewadi-Saundatti, Chennai ORR, and KSHIP, as well as the portfolio of 10 HAM projects. We continue to make efforts toward the monetization of these assets in due course. We would like to inform you that we are in advanced stages of discussion with potential buyers for Jaora-Nayagaon and Chennai ORR, and expect to sign the SPA by the end of this current fiscal year. As a strategy, company to focus on building EPC portfolio going forward. The deal is consistent with company's strategy, as it may help improve the company's cash flow, contribute to a significant reduction in consolidated and CFO managerial bandwidth, allowing the management to further intensify its focus on becoming an all-around EPC player, with a primary emphasis on roads portfolio expansion through EPC and HAM projects. With this, we now open the floor for Q&A. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, Satish sir and Paresh, my congratulations on the deal. My first question is on the deal. How much of inflow comes to Ashoka Buildcon standalone from this deal? Didn't get it you. What is, how much of? How much of the inflows from this will come to the Ashoka Buildcon standalone entity? Right. So plain mathematics I would say is we are for the five assets, we see INR 1,337 crore. We give an exit to SBI- Macquarie of INR 28 crore. So from this transaction, INR 1,137 crore is what ABL should receive. So because the question was that we have been consolidating the stake in different, different assets ahead of the deal. So is there any dues pending from other shareholders, we have to give them any consideration for those acquisitions done earlier? Yeah. So most of it is 38, and only an extent of around INR 27 crore, which should be paid in due course of time. Yeah, 27... For the sale. 137, out of 137, around INR 27 crore will go toward that. Yeah. Yeah. Yeah. So now coming to the write-off part, just wanted to understand how much of write-off is expected from this, because it has happened below the book value of... So if you can just highlight how much is the total equity investment done against these five assets? How much will be the write-off likely we booked in this quarter? And also from the other income which we have been booking on loans and advances, so how much is the accrued and unpaid other income sitting on these five assets, and do we need to include that also in the write-off? Yeah. So, for the total five projects, the total equity and the total debt which has been given in the form of either initial concession granting, or as part of the equity or construction support for debt or revenue support for debt and interest accrued on that, on the same, that will be approximately INR 2,100 crores as of date, which is on the books of ACL as inter-corporate credit, which will require to be adjusted from this earnings of INR 1,307 crores. So we'll have a net impact of approximately around INR 800 crores on gross basis at ACL level. And we've already provided for some certain impairment of INR 245 crores in the past few quarters, so the net impact would be approximately INR 550 crores. What about the other income, which we book on the standalone basis, other income on these investments? Is there any bit which will come out? No, that is already included in the promoter debt, so it is the total composite amount of debt plus accrued interest on the same. Okay. Just last question, sir, on Chennai ORR and Jaora. So both are the state projects. So Jaora has seen decline in traffic because of the construction activities, going in some of the structures which has led to diversion of traffic. And Chennai ORR is already category default rated by India Ratings, because the annuities have not been coming on time. In such a scenario, do you think these two assets are monetizable, and will you be able to get a good value for these assets? And have you started receiving annuities for Chennai ORR, if you can just update on that. So as we have already stated, Satish has stated in his opening remarks, we are quite at an advanced stage for both these assets, Jaora-Nayagaon as well as Chennai ORR, with our potential investor, wherein we are at the stage of SPA, even the SPAs are getting finalized. So definitely there is a lot of interest. Talking specifically to your questions on IRR, it's a financial model which show a valuation number. And in Chennai ORR, the rating is B only because there is a delay in the annuity receipt. This can be very well addressed by the potential investors, so that we can decide how to handle the SPV post-acquisition. But the interest is substantially there. Okay, sir. Good. So I have no question on joining you. Thank you. Thank you. Thank you. Before we take the next question, a reminder to the participants, anyone who wishes to ask a question, may press star and one at this time. Next question is from the line of Ankita Shah from Elara Capital. Please go ahead. Yeah, thank you, sir. So, sir, what is the total equity invested in the balance five operational assets of ACL and the 10 HAM projects? On the five BOT, that's Jaora-Nayagaon BOT and three annuity assets, the total investment is approximately INR 530 crore. Okay. In the end, these are the total investment as of date in INR 670 crore. INR 670. And the balance amount we put in the HAM project too? The approximately INR 300 crores. INR 300 crore. And, sir, within this INR 530 crore, within this INR 530 crore, the two projects which are in advanced stages for monetization, Chennai and Jaora-Nayagaon, what would be the amount in the, for that, those two projects? Around INR 350 crore. Total for both the projects put together? For both the projects, yeah, yeah. INR 350, yeah. Okay. Sir, on the write-off amount that you've mentioned, so the entire amount of, you know, when, which... When it will be booked, INR 500 crore? Because the transition has already been executed, and we are in binding documents, so call will be taken and the write-off will be taken in the month in the quarter of December, mid-December, in Q3. In Q3 itself? Yeah, yeah. Okay, okay. And, sure. And, sir, what is the debt in all the five assets that are monetized, which will lead to reduction in the consolidated? The total debt on as of 30 September approximately was INR 3,150 crore, approximately. On the five assets? On the five assets, yeah. Okay. Sure. Okay, I'll come back in this one. Thank you. Thank you. The next question is from the line of Vibhor Singhal from Phillip Capital. Please go ahead. Yeah, good evening, sir. Thanks for taking my question, and congrats on the execution of this deal. So, so you mentioned that the total equity invested in these five projects is around INR 2,100 crore. That's including all the loans and advances and all the kind of promoter, sub-promoter loan, everything that the SBI-Macquarie group and the Ashoka Buildcon company has invested, right? Yeah, that is the investment got from ACL or APM. Okay. Two things, five SPVs. Okay. There will be some additions again up to 31st March 2022, because the additions are for March 2022. Some amounts will get added- Right. - approximately INR 100- odd crores, and that's how- Mm-hmm. - the deal will conclude. That INR 100 crore, will that be reduced from that deal value, or will the deal value also increase by that amount? No, no, it is. The deal value remain same, the cost will increase. ...So basically—instead of—okay, fair enough. So net-net, we can say that we'll get INR 1,037 crore instead of INR 3,037 crore. Yeah. I mean, actually INR 2,100 will go to INR 2,200. INR 2,200. Fair enough, fair enough. So net-net, we'll get that amount. So, and sir, at this point of time, is there any debt at ACL level, ACL holdco level? We have INR 250 crore of NCD lying, Right. -which we had raised, four months back. Okay, and that will remain. So ACL as an entity will remain after this transaction? Yes, sir, because it will keep on holding the annuity projects, Chennai ORR, and several HAM projects. We are- Okay. -and Right. So now, sir, all the other BOT, annuity have to get, they all will be housed in ACL, in which you will have 100% equity holding. Right. Got it, sir. Also, sir, in terms of our standalone numbers, we report almost INR 200, I mean, last year we reported almost INR 192 crore of other income, in which around INR 118 crore every year has been in interest from subsidiary and JV. So, with these five projects going out, can we assume that number will basically reduce to zero with these projects, or there will still be some more coming from other SPVs? It will substantially reduce. What will remain is approximately, around approximately INR 30-odd crores will remain from interest from, income from ACL. Okay, and that would be from which subsidiary? Basically, Chennai ORR. Okay, so Chennai ORR right now is paying interest to the tune of, let's say, around INR 25-30 crores per annum to ABL. Right, right. Okay. And if you are able to sell Chennai ORR also by March, then that would also go away. Right. Got it, sir. Got it. And sir, going forward, I think, in terms of our HAM portfolio and our strategy, I mean, are we still looking to get into BOT projects? I think recently we had submitted bids for the three Mumbai Expressways, in fact, all the four Mumbai Expressways packages. So, are we still looking to get into BOT projects going forward, or is it going to be largely focused on EPC and HAMs? Largely, the focus will be on EPC and HAM. Mm-hmm. But if there are really good deals around, then BOT is also not a barrier for us. Got it. Got it. In terms of other segments, will you continue to bid for projects in buildings and railway segments, which we have recently started bidding on? We are going to bid all around, like, Uh-huh. Primary focus will be roads and railways, and then buildings will be there, power will be there. Got it. Got it. Sure, sir. Thank you so much for taking my question. I'll get back in the queue if I have anything more. Thank you. The next question is from the line of Prem Khurana from Anand Rathi. Please go ahead. Yeah, thank you for taking my question, sir. Sir, first question was on the Chennai ORR. I think we are in the process of monetizing these two assets as well. But just want to understand, why is it that these are not a part of the transaction that was done with KKR? Is it that, I mean, valuation was not as per your expectation, which is why these were kept out of the transaction? Or is it as if, I mean, because these are state assets and which is where the client was not interested? If you could share your thoughts on these two, please. These two transactions, we've already been talking to another investor simultaneously. So they are, they've all been carved out to another investor who's already looking at it seriously, and as I said, they are under a very mature stage of transaction execution. So KKR more interested in BOT projects, so they, these five assets were still on board to be sold, so they took interest in the five projects. Sure. And in Chennai, just to kind of continue with what Parikshit was trying to understand, I think last time when we tried to kind of transfer the stake in Chennai over to Ashoka Concessions, the lender was not, I mean, was not willing to kind of extend the approval. So you don't see any such situation, at least this time around, I mean, if you get to find a buyer, and the lender would be comfortable kind of giving you approvals for transfer of the ownership? Because last time they refused, if I remember correctly. Yes, the lender had refused because they said, you please get the permission of, the authority, and authority will give the permission post COD, so post PCOD. So because, we are expecting COD anytime, once the COD is done, then the transfer permission from TNRDC will be available, and lenders will be more than fine to transfer the stakes from ABL to any third-party investors. And so, in case third-party investors are deep-pocketed investors, I'm sure they'll be more than happy enough to create any item. Sure, sure. And on, the inflows that will be there for Ashoka as a group, I think you said INR 137 is what will come from this transaction. Would you get to have anything over and above this INR 137? Essentially, when I look at last year annual report, I think, these, these SPVs all put together were supposed to kind of, pay us almost INR 140-odd crores towards your ONM work that you would have carried out, or major maintenance, or is it INR 137 or INR 1,337 is also adjusted for the, payments which were due towards ONM or major maintenance or the capital credits? ... Correct, Ash? That, yeah, so that is total payment as of 31st March 2022. There will be some works still left out- Mm-hmm. -which will be paid by the SPV post 31st March. So we'll exhibit also then, and we'll be paid also then by the SPV- Sure. by the new owner. Okay. Would you be able to confirm the numbers, sir? How much could that be over and above INR 137 that you are expecting? No, but then that will not, that, that will have a cost also. So I don't have a number at all. There are two contracts of HPA, sorry, MM. Mm-hmm. with in Sambalpur and Indore, which should be going on. So some part of the portion approximately INR 50 million, approximately around, I do not know the numbers, so that will be pending to be paid with it. Sure. No, no, no, I was asking about the number which was due as of thirty-first March. When I look at our annual report for all these SPVs, some of these, for instance, I mean, I think Bhandara is supposed to pay us almost around INR 26-27 odd crore for the work that we have carried out in the earlier years. So that number, the number that I have with me is around INR 140. So this INR 140 would be over and above this INR 137 crore or this- No, this is inclusive. This is inclusive. Okay, okay. How about the impairment of standalone? So I mean, the number that you gave us was at ACL, where you already provided for a part of your investment, so the extra of INR 250. But when I look at standalone entity, you have not had any impairment as yet. So fair to assume that the impairment that will be there, the standalone entity would be higher than what will be there at ACL? The standard- How... Sorry, what? Yeah, ACL, I'm talking about. So how I was looking at the number was essentially you said INR 2,100 is the investment, INR800 would have come from, HBM and Macquarie. So our investment was INR 1,300, and against the INR 1,300, we're getting only INR 130, right? So which gives me a number of more than INR 1,000- odd crore. ACL, I understand you already provided a part of the investment, so which is there, and you won't get to have that large number. But at least for standalone entity, which is how the math would work or, There are other available. There will be other assets, Jaora is available. Sure. But if their investments are separate, right? Yeah. So, all in all, approximately the impact on standalone at EBITDA level would be INR 250 crore. This would be after you monetize Chennai and Jaora, right? Net you're talking about. Before. This is before. This is even before? Okay. Any claim in any of these SPVs that you're supposed to transfer? No, all these remain with ABL. Okay. How much would the quantum be? I mean, if there's any quantum that you could share with us. I mean, how much is the number? They differ at various levels. Okay. At the right moment only we will be in a position to decide what exactly, and amount, amounts could be larger. In these five assets would be to the tune of more than INR 1,600-INR 1,700 crores. But, what we crystallize will take time. Mm. Nothing that we crystallize within six or t hree to six months' time, some will take some more time. Sure. Sure. Thank you, and that's it for my five minutes information on the transaction. Thank you. The next question is from the line of Mohit from DAM Capital. Please go ahead. Yeah, good evening, sir. Two questions. First, congrats, firstly, sir, congratulations on closing the deal. The question is, sir, what was the Jaora-Nayagaon revenues and EBITDA for H1 FY 2022, and how much you hold in Jaora-Nayagaon through ACL and through ABL? In Jaora-Nayagaon, through ACL, we hold 10.74%, and through our 100% SPV, we hold approx 26.26%. It's closer to 23%, right? The 26.26%. So 26.26% + 6.7%, 7.4%, total, 34%, 34%. I'm asking this because in the annual report, it says 61%, you know, just trying to confirm the number here. 61% is more from a control perspective, because ACL is an economic interest of, technically, 60% by ABL and 39% by Macquarie. And then Macquarie holds 29% directly in Jaora-Nayagaon. So that math, from a control perspective, 61%, more than 51% is owned by ABL, so that's the reason we consolidate. The economic interest is 74%, am I right? Pardon? The economic interest is for 74%. Yeah, yeah, economic, I narrated it, yeah, 74%. Understood, sir. Sir, can you just share the revenues, EBITDA, and date for Jaora-Nayagaon for H1 FY 2022? The what do you call it? Revenue was approximately INR 80 crore, INR 81 crore in Jaora-Nayagaon. EBITDA almost in the tune of around INR 89 crore, 89%. The equity, sorry, the debt, which was there as of 30 September 2021, was approximately INR 208 crore. Understood, sir. Secondly, sir, given that our first phase of monetization is almost getting over, are we in discussion now to monetize our HAM assets, and when can we expect the COD of Khairatunda, Barwa Adda, Vadodara-Kim, and Belgaum-Khanapur? ... So on the HAM projects, we have two projects which are already PCOD done. And we do have certain interest in the projects, but on the way the HAM projects are getting constructed and being planned out, we believe that there could be another route, which is an InvIT sponsored by NHAI itself and hold it. So, though we have already put it up for sale, that second alternative is also there to monetize it through an InvIT structure. Understood. Lastly, sir, is there any scope of O&M in these assets which you've sold to KKR? I think that will be the same as selling for only. Understood, sir. Thank you, and all the best, sir. Thank you. Thank you. A reminder to the participants, anyone who wishes to ask a question, may press star and one at this time. The next question is from the line of Vaibhav from CIL Securities. Please go ahead. Yep. Hi, thanks for taking my question. My question was, you know, what would be the debt on the consolidated level after the sale of these five SPVs? We have totally consolidated around INR 6,400 crore- Yes. Of which debt for the five projects is INR 31.15 million. So, approximately 3,000 less would be the consolidated portion. Consolidated debt. Yeah. Post the sale of this five SPVs? Yeah, yeah. Sir, thank you so much. Thank you. Yeah, yeah, yeah. Thank you. Vaibhav, do you have any other questions? No, that's it. Thank you. Thank you. A reminder to the participants, anyone who wishes to ask a question, may press star and one. The next question is from the line of Devang Modi from [RJ Co]. Please go ahead. Yes, thanks, sir, for taking my question, and congratulations on concluding this deal. So I just wanted to understand that, having now, I think this deal has been going on for very long. So how much of management bandwidth and growth appetite does this eat up for focusing on the core business? Because I understand this would have taken a lot of management time and bandwidth. So and how does this deal does it like... Is it a very - would you say that it is a game-changing deal for the balance sheet and the growth appetite of the company going ahead? Definitely, the asset monetization is going to help the balance sheet of the company to become more lighter. The debt/equity ratio also will improve substantially. Rating also will go up because the commitments on the debt would go down, as the debt has, the debt will be going down. From a management bandwidth value also, whatever time was being invested in monetizing these deals and managing these assets, these would be reduced and it will help the management to focus more on the EPC business and the new HAM road portfolio projects. What would be any upside risk at all that would be available to us on the deal in terms of any pending claims that we would arise to or anything like that, if you could quantify those things? So couple of advantages are there once the deal happens. So these projects definitely require a cash in the next few years or so, and then they start becoming independent on their own. So that, the requirement of cash will definitely become zero once this deal has happening. So that will improve the cash flow management of the company. So, so I want to ask you about the claims also. These five SPVs, we have claims against NHAI, which we are in the process of settlement. So definitely there will be an upside in that. So if you could, I mean, so we will have entire right to the claims, or there will be, there will be- Yeah, we have. APL are actually shared with us as an inquiry, and what could be the indicative numbers over there, I mean? Nothing, nothing has to be shared with anybody. Okay. So value is basically available to ABL standalone? ABL or ACL or ACL, either way, but it will become 100%. So as you rightly said, it is ABL. What would be the approximate range in which these claims could amount to? Well, this cannot be estimated at this stage. Okay, sure, sir. Thanks. That's it from my end. Thank you. The next question is from the line of Ashish Shah from Centrum Broking. Please go ahead. Yeah. Thank you. Thank you for the opportunity, and congratulations on completing the transaction. So, the first question is that, you know, with, with the significant amount of, cash that might come in the second part of the transaction, which is the round nine round, what is our thought process, in terms of what we want to do? I mean, you did say that you're focused on, HAM road, but is there anything else, you know, we have in mind which will consume that capital? So essentially, what is our capital allocation philosophy going to be once we have done with both, sets of transactions? Yeah, I think that we can decide at the time of actually signing the deal, we can disclose about the share. Yeah. Fine. Okay. In terms of the obligation of INR 1,200 crore to Macquarie, so that remains at INR 1,200 crore, right? I mean, whether because our date for consideration is September 2022. So will this INR 1,200 crore increase or it will remain at INR 1,200 crore? Hello? Yeah. Sir, was I audible, sir? I lost you. I lost you, sir. Can you just go again? Right, sir. Right. What I was saying, sir, is that this INR 1,200 crore, the obligation that we have towards Macquarie. So now that remains at INR 1,200 crore, because the transaction date for consideration we are saying is September 2022. So, will the interest for nine months get added to INR 1,200 crore or it will remain at INR 1,200 crore only? At present, it remains at INR 1,200. So as we had disclosed, it was INR 1,100 basic amount with a carry of 10%, with a capping of INR 1,200 total. So then it will be capped at INR 1,200 at present. Okay. So that's, that's fine. And sir, if I understood correctly, the, the receivables, et cetera, that we have from the SPV are, are a part of the consideration of INR 1,337, right? Right. Right. Okay, fine. Right, sir. And, so lastly, this, can we, you know, safely assume that, the settlement of the consideration of the claims will happen alongside the receipt of the NOC? Because typically, NHAI, while issuing the NOC, will insist on, kind of settling, the entire claim process which has been going on. So then, would it be safe to assume that by March or by June, this whole, you know, clarity will also come on the claims question? Especially in terms of timeline? Yeah, we believe so. No timelines can be given for settlement because NHAI comes out with various circulars. So it's very uncertain to, you know, gauge that settlement will happen and disbursement will happen in certain timeline. Sure. Okay. So, that's it from my side. Thank you, and all the best. Thank you. Thank you. The next question is from the line of Bharani Vijayakumar from Spark Capital. Please go ahead. Yeah. Good evening, sir. Am I audible? Yeah. Yes, sir. Sir, what is the equity outside the loss funding or any support by SBI and Macquarie, and Ashoka Buildcon and other equity partners in these five assets? I see the total equity, including loss funding, around INR 2,100 crore as of date. Yes, sir. I just want just the equity portion without the loss funding and the support. Approximately, around, sitting around INR 600-INR 700 crore. Okay. And, of the INR 700 crore, how much would have been Ashoka Buildcon, Buildcon's proportion? There is specific, everything all poured into, ATL, and then consideration for this, three, four SPV was already, underway. So it's not fungible. Money was put in by Ashoka Buildcon around INR 1,000 crore. INR 800 crore was put in by, Macquarie, and the total sum was utilized for funding these five assets, plus the other two assets of Jaora-Nayagoan and Chennai ORR. Sure. Just trying to understand, our book, price to book multiple. That's the only- Mm. Reason why I'm asking, because, of course, SBI and Macquarie makes INR 1,200 on the investment they made. Mm-hmm. What is the price-to-book multiple on the equity, which is higher? Just trying to understand, you know, what exactly is it? Yeah. So unless we know what exactly is the realization which is possible in the other assets, it will be difficult to come at a price to book. Sure, sir. Probably once the Jaora-Nayagaon is completed, you know, that will be, you know, more clear, and also probably we can discuss it offline. So you mentioned that the impairment at the Ashoka Buildcon standalone level would be around INR 600 crore? Right, sir. That would give an effect in the third quarter's results itself. Yeah, that's what we discussed. Maybe fine-tuning and various guidelines would decide what exactly the numbers are. This is a big... No, I understand. Got it, sir. Sure, Got it, sir. Sure, Got it, sir. Sure, sir. Okay. Thanks for answering my questions and all the best. Thank you. The next question is a follow-up from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Thank you. Just on the last part, so this is a capital loss for us. So, so how can we get a taxation? So do you think you can get any taxation relief from the business profits, or how are you going to utilize this? So this could be utilized for when we have selling gain, Jaora-Nayagoan, Chennai ORR, or the HAM projects, definitely. These assets should come. There will be a life of eight years for these losses to be enjoyed. Okay. The second question is on, sir, in the past, we have seen one of your competitors running the portfolio at about approximately 1.7, between 1.7 and 1.8x price to book. ... Do you think that for the other two assets, at least you can, from the lower side, you can abstract that kind of value on INR 350 crore of equity investment? See, I mean, it's a valuation game. We've always endeavored to have the best. So I think we've got to wait and watch. Okay. On the third-party liabilities outside the banking system, so besides the loan which is going, which is reduced, is there any other third-party liability which will sit on our balance sheet as of the closure date, which will require to be paid off? So the third-party debt beyond banks or any large sum commitments towards completion of these five projects, substantial completion. So anything else which will sit beyond this, which we need to pay off? No. No. This is all third-party liabilities, including NHAI, different loans, are all inclusive of this INR 1,337 transition. So they are better for this liability. Okay. So I think earlier you had, so I mean, Satish is not giving any, putting any number to the claim. So but I think you had earlier mentioned about INR 1,500 crores is the total claim which you have put for NHAI. So we don't know how much you get finalized. Is that the correct, right? So the final part we are not able to comment, but at least the amount which has been filed with NHAI is around INR 15 crore-INR 300 crore? It's a changing number, and it is adjudicated at various levels in various times. So you can preview that number maybe, but it is kind of dynamic. I mean, it's not static. Okay. Earlier in the call, Satish, you had mentioned that you are open to looking at projects like BOT assets if there's a value, unique value proposition offered by them. So recently, we had seen in the Ganga Expressway, many of the EPC players, people like players who have strong EPC capabilities like you, bidding for these, and they've clearly stayed away. Most of the bidders were real USA developers. So just wanted to understand your intention for a project size of INR 6,000 crore and huge equity requirement. If you set aside that 40% grant portion, the equity requirement will run into multiple hundreds of INR crore. So what was the intent? How would have you funded if you had got that project? So just wanted to understand from that point of view, the strategic intent on getting such a large project. So for the large projects which we bid, of course, which in the past we have seen, generally, we have been funding it from our cash flow generated from our EPC business. Presently, as we also observe that, more than 50% of our EPC business is cash EPC contracts, where there is cash generated and also cash generated from the development projects EPC contract. So that typically generally sufficient to fund the equity requirements of these projects. So that's the strategy, in case we take any- No, no, this is more from this specific project of INR 6,000, where the equity requirement would have run into INR 100 crore, standalone basis on single project. So I just wanted Satish, because he has... I mean, after having such a, such a great experience in selling out BOT assets, in case a huge write-off and bidding for these projects in future. So just wanted to get some clarity on the strategic intent here, because this one single project would have attained about INR 1,000 crore investment of equity if we had won it. Satish, you can comment on this briefly. Hello? Yeah, Satish, are you there? I, you dropped off. Yeah, yeah. Yeah, sorry, I'm there. Yeah, yeah. So I have a question, Satish, one that you had earlier in the call highlighted that you will keep on evaluating on BOT assets if they offer value. So just wanted your viewpoint on the INR 6,000 crore Ganga Expressway project. If you had won, you would have required about a INR 1,000 crore equity investment after 40% grant. So just not having a very great experience in these earlier BOT assets, do you think that still, I mean, we continue to bid for sizable projects wherein none of our EPC peer-to-peer EPC players bidding for this Ganga Expressway, largely it was bid by developers. Just wanted to understand your strategic intent here and committing for the large project, like if we had won a INR 1,000 crore kind of equity investment. So you can just give us some sense there, how do you look at it? See, every project will have a different character, and I think we understand BOT last 25 years. 1996, we are the first player to start with. Okay, we have taken hit because of COVID and other issues, and the industry has taken, but that doesn't mean we don't understand. I think we understand the business as much as everybody in the industry understands. In fact, new players are coming in the sector. So my question is what about understanding, sir? Understanding of BOT, because we ordered values for reasons beyond our control, is a completely non-acceptable statement. No, no, I'm not saying, I'm not contesting that you have bid for wrong purpose. I'm saying sizable one. We understand our business very well, sir. Okay, sure, sure. So I just meant that this one project of INR 1,000 crore equity investment, not that. Not an issue when we monetizing all our projects will be nothing more than that. Okay, sure. Got it. So that was basically the thing I wanted to reach. Just lastly, on the growth now, so you said a lot of management balance sheet will get free. So any upgrade on guidance on growth side, because we've got sizable order wins in this financial year to date, almost INR 6,000 crore worth of new projects. We have one order, which is at INR 12,000 crore, more than INR 12,000 crore now. So do you think that we can continue to grow on a yearly basis of 15%-20%, sufficiently different saying there on the growth guidance part and on the margins as well on EBITDA margin? ... The EBITDA and, growth-wise, we are absolutely very confident. Company will do fantastic in coming years. At least 15% kind of growth we can do for next three years in EBITDA? Absolutely. 15% is too low to estimate, but we'll do very good numbers in coming years. Your EBITDA margin, like 11%-12%, is like because now the share of EPC is much higher. Margin can vary with, you know, growth- Okay. Depending upon the competition and all other factors. But growth definitely will be there. Our net profits will always grow. Okay. I don't see any challenge going ahead. Okay. And we'll be open to take some more subcontracting work, so like, we have recently taken, so we are open to even that, that opportunity as well? Absolutely. If If they are making sense, if we are making profit out of it, we definitely will go for it. Sure, sir. That's all from my side. Thank you, and all the best, sir. Thank you. The next question is a follow-up from the line of Vibhor Singhal from Phillip Capital. Please go ahead. Yes, sir. Thanks for taking my question. So just two clarifications. One is when you mentioned that the equity invested in Jaora-Nayagaon and Chennai is INR 350 crore. This INR 350 crore is inclusive of all loans and advances, loss funding, everything? No, no. This is equity and so loan, so there is loan advance at Jaora level. Loan to EPC also is around INR 250- odd crores. INR 359 is the basic equity. INR 359? INR 350, INR 350. Yeah, INR 350 crore, sorry. INR 350 crores is the basic equity, and there is another extra INR 240 crores. INR 240 crores of debt and EPC also we have Jaora level. Okay, so put together in these two projects, they have almost INR 600 crore of investment. Right. Got it, sir. Got it. And, just to get the clarity on the stake part. So at this point of time, Ashoka Buildcon plus Ashoka Concessions, put together, how much stake do we hold in Jaora now? 74%. 74%. And the remaining 26% would be held by? HBA locally, directly. Directly. They are not, they are not exiting that through this transaction. They might exit when we sell them, sell the project, but not through this transaction. No, I think we jointly get together and sell it. Got it, sir. Sir, in Chennai ORR, what is our total stake? 50%. The remaining 50% would be held by us? GVR Infra, Chennai-based company. Okay. Yeah. Okay. There also, we are not looking to consolidate before the sale. Only when the sale happens, then we probably both exit. Yeah, we're working together there, how the process may happen- Okay. - as a consolidation, but we are in the process of selling it jointly. Got it, sir. Got it. Great, sir. Thank you so much. Thanks for taking my questions, and wish you all the best. Thank you. The next question is from the line of Jiteen Rushe from Axis Capital. Please go ahead. Yeah, good evening, sir. So most of the question has been answered. So one, one question I want to know, so now with this, the HBA Equity is, has completely exited in the other assets also, right, sir? Yeah, yeah. So all the things is paid off, so we'll have to wait for the payment to be made. But the day they are paid off, so they, we'll be acquiring all their instruments, convertible instruments. They will not be. They will not have an interest in the business. Sir, with this, this amount has been freed or it is subject to a change if there is a delay from authorities for giving NOC or any other reason or any other maintenance or everything is included? How it is, sir? Yes, so this is typically the total value. Typically, that all these permissions will come within a period of- Nine months. Yeah. So this is the final value? Exactly. Okay, sir. That's all my side, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Harshal Kothari, an individual investor. Please go ahead. Hello. Hello. Yeah, yeah, congratulations for the transaction. I would just like to know the total equity investment that was made in this five projects that we sold. Equity cum debt, total, promoter debt, this five projects was approximately is around INR 2,100 as of date. Okay. Including debt as well, right? Yeah, including promoter debt. No, I would just like to know the equity investment that was done in this company by ACL? That number I don't have offhand. If you want, I can give it out. Okay, so how should I get it? One second. Total equity investment, because all these, shareholder will not include your, software funding also. So I don't have a matrix of that right, now. Okay, okay. Okay, that was the only reason. If you require, you can always get back to us, offline. Okay, fine. Not an issue. Thanks. Thanks a lot. Thank you. The next question is a follow-up from the line of Mohit from DAM Capital. Please go ahead. ... Yeah. Good evening. Thanks for the opportunity. Sir, my first question: Is there any plan to retire the Ashoka Concessions Limited debt with the new proceeds of, you know, especially Jaora-Nayagaon and Chennai ORR? I think so, it will depend on how ACL's handover portfolio develops or otherwise, it means in relation, we will retire the same. Secondly, sir- The cost of 9.2-9.3, really, we want to retire. Depending on how the interest market is, we decide how to... This ready for almost three years, if that will arrange from the last year to three years' time. Understood. Secondly, sir, when do you expect the COD of the three HAM assets, where I believe the work will be in advanced stages? For one of the projects, Belgaum-Dharwad, they have already recommended higher recommendations. We are awaiting that. For other two projects, we should, we are, waiting, and we should get it within two to three months' time. Belgaum-Dharwad and Ankleshwar project. Belgaum-Dharwad. Lastly, sir, is there any plan to reduce the risk in case we bid for BOT or TOT? Is it possible to tie up with some financial investors and try to reduce our risk? Because I believe in greenfield BOT, especially the risk goes very high, you know, very high. No, so indeed, there are strategies around it. We understand risk, I told you, very much because we have experienced this for many years. So we are entering into structured deals. Mm-hmm, structured deals in India. Yeah. Understood, sir. Sir, is there any BOT, BOT pipeline, which is available for bid in the next three months? BOT pipeline is not available. Understood, sir. Thank you, and all the best. Thank you. Thank you. As there are no further questions, I now hand the conference over to the management for their closing comments. Over to you, sir. We thank all the participants for having joined this call. We believe that sufficient data points were made available. If there will be still to be clarified on, we are available directly or through our IR team, Investor Relations. Thank you, everybody, and have a new year to everybody. Thank you. Ladies and gentlemen, on behalf of Ashoka Buildcon, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.