I now hand the conference over to Mr. Ashish Shah from Centrum Broking Limited. Thank you, and over to you, sir. Yeah, very good afternoon to everyone. On behalf of Centrum Broking, I welcome everyone for the Q3 FY21 results conference call of Ashoka Buildcon. We have from the management, Mr. Satish Parakh, Managing Director, Mr. Paresh Mehta, the Chief Financial Officer of the company, and we also have the, Stellar IR Agency, from on the call. So over to you, sir, to begin with the opening remarks. Thank you. Thank you, Ashish. Good afternoon, everyone. We welcome you all to our earnings conference call for quarter ending December 31st, 2020. I have with me Mr. Paresh Mehta, our CFO. To start with, I initially brief you on the industry updates, followed by the company's performance in the quarter gone by. India's overall business environment is on the path of recovery, aided by government expenditure and resumption of private investment and faster pickup in consumption. The rollout of COVID, COVID-19 vaccine, followed by growth-oriented Union Budget, will further accelerate the economic growth. Infrastructure being the foremost pillar for economic growth, received a massive push in Union Budget 2021. Road sector is leading the way in Union Budget 2021. The government has announced an enhanced outlay of INR 118,000 crore for MoRTH, of which INR 108,000 crore will be capital expenditure. This is the highest ever allocation by MoRTH, signaling strong award activity in years to come. NHAI has stepped up its project award target for the current fiscal year to 5,200 kilometers. Authorities have awarded around 2,000 kilometers. This indicates a strong activity in the current quarter. The order pipeline of FY22 remains buoyant, with NHAI targeting for awarding 8,500 kilometers in next fiscal, providing visibility for higher order outflow. To support the funding for the robust infrastructure pipeline in the budget, government announced to set a Development Financial Institution with a seed sum of INR 30,000 crore, and this institution will extend funding support of INR 500,000 crore to the infrastructure sector. Additionally, government has emphasized on asset monetization to raise financing for new projects. Presently, NHAI is working on an InvIT for five projects valued around INR 5,000 crore. With government stepping up towards project financing, we may see continuously a positive trend towards project awarding. On construction front, despite disruption caused due to COVID-19 and extreme monsoon, the highway construction stood at 8,169 km in the period of April 23, 2020 to January 15, 2021, translating into 28.16 km per day as against 26.11 km per day in the corresponding period last year. Uptaking road construction is indicative of government's focus on infrastructure creation. The pace of construction is expected to increase further in remaining months of current financial year. Now coming to the company's performance. With progressive unlocking and migratory labor coming back, we have witnessed month-on-month improvement in business operations. We continue to focus on ramping up our execution and deliver better performance going forward. Looking at our order book, during the quarter, we have won an order from NTPC Renewable Energy of INR 503 crores for EPC package in Rajasthan. The project entails operation and maintenance of solar PV plant for a period of three years, and, with this, our total order book stands at INR 9,152 crores. The breakup of the order book is as follows: Road projects comprise around INR 6,912 crores, which is 76% of our total order book. Among the road projects, HAM projects are around INR 3,923 crores, and EPC projects are around INR 2,988 crores. Third party and other comprises around INR 1,466 crores, which is 13.16% of our total order book. Railways contributed INR 692 crores, which is approximately 8% of our order book. CGD, this is comprised of balance INR 62 crores. Now coming to collection front, with a gradual return in economic activities, train collections have picked up significantly over the last three months, thereby surpassing the pre-COVID levels. During the quarter, we have recorded a strong toll collection across the state. If, with further improvement in the economy, we believe the collections will be further improved. That is all from my side. I would now request Paresh Mehta to present the financial performance for Q3 FY21. Thank you, sir. Good afternoon, everyone. The result presentation and press release for the quarter have been uploaded on the stock exchanges and on the company's website. I believe you all may have gone through the same. Now I will present the financial results for the quarter ended 31 December 2020. Starting with the consolidated results, the total income of Q3 FY21 stood at INR 1,331 crores as compared to INR 1,303 crores in Q3 FY20. EBITDA stood at INR 442 crores in Q3 FY21, with a margin of 33%, a growth of 10% year-on-year. Profit after tax is at INR 87 crores in Q3 FY21, as against INR 25 crores in the corresponding period last year. Tax margins is at 6.6%. Coming to the standalone numbers, the total income for Q3 FY21 stands at INR 1,028 crores as compared to INR 1,021 crores in the corresponding quarter last fiscal. EBITDA for the quarter was at INR 152 crores as compared to INR 161 crores in the corresponding quarter last year. EBITDA margins were approximately 14.9% for Q3 FY21. The company reported profit after tax of INR 86 crores for Q3 FY21, with a margin of 8.3%. In Q3 FY21, the OP division recorded a total collection of INR 260 crores, recorded a growth of 16% Q-on-Q, over INR 224 crores in Q2 FY21, and 12% year-on-year as against INR 231 crores in Q3 FY20. Total consolidated as of 31st December 2020, is at INR 5,976 crores, of which project debt is INR 5,627 crores, which includes INR 150 crores of NCDs at ACL level. The standalone debt is at INR 350 crores, which comprises of INR 173 crores of equipment loans and INR 177 crores of working capital loans. 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 the touchtone telephones. 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. Participants, to ask a question, you may press star and one now. The first question is from the line of Mohit Kumar from DAM Capital. Please go ahead. Yes. Good morning, sir, and congratulations on good set of numbers. My first question is, sir, so we have been guiding for a while on the asset monetization. So is there something which you can update now? Is something which you believe that, which we can, we can expect in the, this quarter? And secondly, on the guidance for FY21, we had maintained that we'll be able to do the, you know, similar numbers as FY20. Given that our revenue is slightly on the weaker side in Q3, can we expect to maintain the guidance for FY21? And thirdly, sir, on the solar side, on the solar EPC contract Tier-One, can we expect a similar margin, like we do in our other, you know, other contracts, or should we expect, you know, slightly weaker margin? Those are my three questions, sir. All right. Maybe I'll take that. Your first question relating to the monetization of assets. As we have already indicated in the last quarter call, that we are in a process of diligence for the monetization of the assets of ACL. And a few investors are already- were already looking at it. The present status is that substantial diligence is already over. We have already received binding offers from our potential investors, and we are, we are in the process- Hello, sir, your voice is not audible. The line for Mr. Mehta is disconnected. Kindly stay on line till I reconnect him. Ladies and gentlemen, we have Mr. Mehta reconnected to the call. Thank you, and over to you, sir. Hello? Hello. Yes, sir, you're coming- Yes. So continuing on the update on the monetization of assets, we are in the process of evaluating the offers received from the potential investors... and we expect to soon close out on them and start documentation. So we are quite hopeful of getting outcome in the near future. On the execution side, we continue to maintain that we would try to achieve 1x revenue for this year in spite of the pandemic. And this will typically be contributed by our last three projects, which will start giving contribution to our additional contribution to our execution. That is the Kandi project and the two Bihar projects, which are yet to start. So, Kandi project has already started, but the two Bihar projects are yet to start. Appointed date, we will expect any time. So from that perspective, we still maintain that the execution levels will be achieved and we'll achieve over next of FY 20. Paresh? Sir, margin for the solar, the solar EPC contract, which you won in this quarter? Right. So solar project is, like on a larger scale, we have taken up for the first time. We have done a few smaller projects of approximately 4 MW in the past, and we believe that we should be able to take up at least 10% margins, EBITDA margins in this, 10%-11% EBITDA margins in the solar project, and quite hopeful to grow this EPC arm also. The pure EPC contracts. Understood, sir. Thank you, sir. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, sir, some questions on recent set of numbers. So now you said that for the ACL monetization, you have received the binding offer, but have you entered into exclusivity with any investor or still you are not research stage? Yes, as I said, we have received. So during the diligence stage, we were under a non-exclusive process, where a few of the investors were looking at the portfolio. So the binding offer is also at a non-exclusive stage, and we are negotiating on that. Once we do that, then it could get into an exclusive phase for documentation and final conclusion. Any timelines you're looking at concluding this negotiation and reaching a binding offer and exclusivity? So we are targeting documentation to get over by March. That means negotiation in the coming couple of weeks, and probably then get into documentation. Okay. The second question was on the last funding for the portfolio. So how much should you see in FY21 and 2022, 2023? So how much will be the funding requirements for the portfolio? Generally for these HAM projects, where investment is still pending, we have a total outlay of, at present, outstanding of INR 164 crore for 2021, and INR 160 crore for 2021-2022. This is the total outlay for the HAM projects outstanding. Sir, for BOT last funding, sir, not the HAM projects. I'm not asking about equity requirement. I'm asking about how much will be the shortfall servicing interest and debt repayment for the ACL BOT portfolio? So we have a shortfall of funding for basically only Sambalpur-Bargarh project, where after seeing the kind of revival at the toll revenue, we should be in the range of around INR 30 crore-INR 40 crore for Sambalpur-Bargarh project funding. And a few assets for marginal funding for around INR 645 crore-INR 50 crore for major maintenance couple of projects. For FY21, you are saying? FY 22. Okay. FY 21, nothing major. I mean, FY 21 balance would be in the range of around, say, INR 15 crores. Total about INR 90 crores you are saying for FY 2022 possibility, including the MMR and the Sambalpur-Bargarh shortfall? Right. Right. Right. Sir, my last question would be on the building segment and the diversification part. So in last call, you touched upon that you all started building a team for the building segment and also for the water you're looking to build out. Have you submitted any bids for this segment? And at what stage our teams are? I mean, how the manpower for this segment is still tuning up on a non-road segment ramp-up? We are still looking at the project. We are looking at- Yeah. Yeah, go ahead, please. Yeah. We are looking at various segments like building, water, and solar PV and all EPC, basically. So focus will of course remain on highways, but currently we are also developing other EPC sectors. So we have been participating in this. Like solar is the first sector where we have got. Building also we are participating. Maybe quarter or two, we will start this segment. Okay, sir. Thank you and all the best. Thank you. The next question is from the line of Vibhor Singhal from Phillip Capital. Please go ahead. Yeah, hi. Thank you, sir. Thanks for taking my question. So my question was, broadly on the performance in this quarter. Our revenue performance in this quarter was slightly on the weaker side. I mean, especially also as compared to Y-on- Sir, this is the operator. There is a disturbance coming from your line, sir. Yeah, just a minute. Yeah, am I audible now? Yes, sir, you may go ahead. Thank you. Yeah. Sorry for that. So my question was on the performance in this quarter. So the execution seems to be on the weakest side in this quarter, given that we are only flat Y on Y. So, was it due to some of, let's say, labor or supply side issues that we faced in our portfolio? Or, do you think there were some other reasons behind it? And, basically, how do you think you can- Yeah, yeah. Okay. Project started late, and the other projects which were awarded also started little late. We did not actually start in last quarter. They have now started in this quarter. So this quarter, we'll be able to make up, yeah. Okay. So but there are no labor or supply chain issues that we are facing, right? Currently, almost all these labor issues have been sorted out now. It's completely normal working environment now is there. Right. So, sir, so my related question is on the order book. So if you look at the order book right now, it's almost around 2.5 times approximately this two phase. I mean, giving us, I mean, slightly, I mean, I'm sure, I mean, this, this does give us a visibility of around two years. But I'm sure I think we would have loved to have it on a slightly the higher side giving us more comfort. So that, let's say, because of one project getting delayed, like only we were not able to execute this quarter, a higher order book would have probably meant that we would other projects might have compensated for that. So what is our outlook on this? What is the kind of ordering so that we are looking at? This year hasn't been that great for us in terms of order inflow. So is it like that the competitive intensity seems to be higher on the EPC or HAM projects in NHAI, or we haven't bid out some of the projects that we wanted to? So what is your take on that, and how do you look at the order inflow for the remaining two months of this year and in FY22? Yes, looking at the bidding pipeline, that is going to be much better than what we had this year. If you ask about competitive, yes, competition is there at NHAI projects, particularly NHAI and MoRTH projects, because they're having relaxation in the qualification norms, and we are seeing a lot of new players coming in. We are being very safe, and we definitely are confident of building up our order book going ahead. Because now we have become a complete, a full range EPC player. That is one. Also, we have participation has increased in it as well as national highways. The national highway- Right. Pipeline is now almost getting doubled. So going ahead, I don't see any challenge in building up a good order book. Any numerical guidance that you would be able to provide for the inflow that we are targeting for the remaining part of this year and in FY 2022? The remaining part of this year, we should be able to bag around INR 2,000-INR 3,000 crore of orders, and next year, definitely around INR 5,000-INR 6,000 crore. Next year, we're looking at around INR 5,000-INR 6,000 crores of order inflow for this full year? Yeah. Yeah. Sure. Great, sir. Thanks for taking my question. I'll get back in the queue if I can. Thank you. The next question is from the line of Anubhav Agarwal from AUM Advisors. Please go ahead. Hi. Good afternoon, sir. Good afternoon. Sir, congratulations for the excellent results. Sorry to interrupt, Mr. Agarwal. So your voice is not audible. I would request you to come closer to the phone and speak, sir. I'm audible now? Yes, sir. So congratulations, sir, again, I mean, for the excellent results. And if you compare on year-to-year basis and on, also on quarter-to-quarter basis, there has been a substantial increase in the, in the profit. So, sir, again, my, for the sake of repetition, my question again the same. For the, the coming, two months, which is left for the current financial year, what's the new order we expecting from the government, number one? And number two, again for the next year also. Third, and if, post-budget, if you see the, the, I mean, the sentiment in the market, so, I mean, there has been a, substantial, increase in the, I mean, infra sentiment in the market. So what's your feeling about that? I want, we want to know. Sir, as Mr. Paresh has already commented, that for this year, for the balance two months, which we are yet to see go through, we expect around INR 2,000-INR 2,500 crore of order book intake for the. And for 2021, 2022, we expect around INR 5,000-INR 6,000 crore of order book intake in the coming year. And as you said, like you said, with the sentiment being very high on the infrastructure, we will continue to concentrate on EPC book build-up, and see that we get orders at the right price, and we are in the play. Okay. Fine, sir. Thank you. Thank you so much. Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead. Yeah, good afternoon, sir. Thanks for taking my question. Sir, the first question would be on the revenue breakup for Q3 for roads, power, railways, and CEV. For Q3, the revenue on the roads EPC was INR 715 crore. Okay. Power, it was around INR 55 crore. On the railway, around INR 89 crore. In fact, sorry, for the power it is around INR 127 crore, power and others, and that's the picture of CGD. The railways is 89, right, sir? Railways, railways 89, yeah. And CGD, yeah? CGD, CGD is approximately INR 12 crore. Sir, if you can give us for the last same period last time, sir, if it is possible? Same, that is Q3 FY- Q3 FY 2020, okay. Yeah. So that was, for the road it was INR 742 crore. Okay. For the power and others, it was approximately INR 120 crores. Okay. Railway, it was INR 24 crore. CGD, sir? INR 4 crore. How much, sir? I didn't get it. INR 4 crore, okay. Sir, on the HAM projects of Tumkur-Shimoga, sir, the two projects, sir, when is the opportunity expected on the land status as on date, sir? And have we completed the financial closure, sir? So, for the two projects, Tumkur three and four, and Shimoga three, that is package thre, we have the FC is almost at the final stage of completion. We have already received sanction from the bank, and we'll start documentation with NHAI for approval. So that should be done anytime this month, we should get the FC as well as the appointment. Tumkur-Shimoga four is under financial closure. There is a challenge of land. Approximately, land available is around 60%, so we are trying to see how fast both things, the land availability and the FC can be done. So in the third package, almost we have about 80% plus land available? Yeah, it's available land. Yeah. Sir, on the financial numbers, if you can provide what is the CapEx done so far, and likely CapEx for the balance figure of this year and next year, the outstanding mobilization advance, retention money, and unbilled revenues, and better specify if possible. On the CapEx for the year, it's approximately on the EPC front, particularly on the EPC front, it's approximately INR 14-INR 15 crores only. It's a small number, because during the pandemic there was no major capitalization took place. Mm-hmm. As far as the trade receivables are concerned, the trade receivables remain almost similar in the range of INR 1,447 crores for all verticals put together. The unbilled revenue is to the extent of INR 88 crores. Mm-hmm. And mobilization advance and retention credits? Mobilization advance is outstanding as of date is INR 291 crore. Mm-hmm. All projects put together. Okay. And sir, any retention money and credits numbers possible? Retention on trade receivables, I think retention on receivables is included in the INR 1,447 crore. Can we, do you have the number handy? I don't think so. Typically, if you ask me, the non-current debtors are typically that, approximately INR 188 crores. Sorry to interrupt, Mr. Rushi. Sir, I would request you to rejoin the queue for your question. Yeah, I will just finish the question, the answer of the question, and then I will. Thank you. And credits, sir, last question, credits, what is the outstanding? Hello. Yeah, I hear you. Sir, credits, number, if it is possible to give, sir. Yeah, I just come back. The CapEx, you said INR 14-INR 15 crore for 2021 and 2022? INR 781 crores, approximately. INR 781 crores. So CapEx, you said INR 14-INR 15 crores in 2021 so far, and next year, how much it will be, sir? Next year, based on order book and others, I think we will, we generally have a target of around INR 70 crore-INR 85 crore of CapEx. It will all depend on how order books also, build up for us. Okay. Thanks a lot, sir. I have few questions, I will come back and ask you. Thank you, sir. Thank you. Thank you. The next question is from the line of Parvez Akhtar Qazi from Edelweiss Securities. Please go ahead. Good afternoon, sir. Couple of questions from my side. First, just wanted to get our sense on what is the kind of margin trajectory that we see going ahead, considering the recent hike in commodity prices that we have seen. Also, and what is the kind of tax rate that we envisage in FY 2021 and 2022? And lastly, in Q3, did we include any equity in our projects, and if yes, then what was the quantum for that? Yeah. So, on the margins estimate, we expect approximately 10 blended better margins of around 11%-11.5% going forward, considering the whatever inflation, which is already factored in this margin. So this is our expected EPC margins. On the equity funded projects, in quarter three, was approximately INR 10 crore. In between the end of quarter three and till date, approximately INR 22 crore. So total till the date post Q2, we have funded INR 42 crore. Sure. And the tax rate? On the tax rate, we will continue to be in the range of 24.5%. We have opted for the revised tax regime, so in the new tax regime, so we will be in the range of 24.5%. Sure, sir. Thanks. That's it from my side, and all the best for the future. Thank you. The next question is from the line of Prem Khurana from Anand Rathi. Please go ahead. Yeah. Good afternoon, sir. Thanks for taking my question. So two questions from my side. So first one was on the asset monetization efforts that are underway as of now. Was wondering if you could help us understand this a little better. I mean, I understand you spoke about some offers have already come to you, but internally, I mean, how are we approaching this? Essentially, you want to exit the entire portfolio, including HAM, or we've received bids only for the operational assets, and you would wait for the hybrid entities to kind of attain CODs and then approach the market. And if it is a complete exit, or we would still be willing to kind of retain a stake in the portfolio? Based on the offers we received and whatever discussions are going on, of course, our target is to monetize all the completed projects. On the under construction projects, generally, there would be an understanding of takeover by, as the construction is over. So that's how our thought process is, that, we would intend to hive off all the completed projects, and, the uncompleted projects, we will retain till the COD date or whatever, conditions are there under the construction agreement. Sure. So Kharar-Ludhiana, wherein we already received COD, which again would be a part of the transaction, I mean, if you were to decide to kind of monetize that, because COD has already come for Kharar as well, right? Kharar-Ludhiana, Ranastalam-Anandapuram, these are two projects- Yeah. -which over, so there we would like to invite an investor for a 100% takeover. Sure. So last quarter, we spoke about some delays in recoveries from some power T&D projects in Bihar and UP. And how is the status now? Whether we have started receiving these payments or it still is a little slow? In the UP, a slight improvement is there in this month. So, in January and February, we have received some money, larger chunk of money. Bihar, we continue to say there are certain challenges on recovery, but I think so by February end, we should get substantial amount. That's the target. I think the states are also now in a better position to, they're also there, revenue are also improving, so they will probably we'll get the collection. Sure. And were there any incremental orders in power T&D segment this quarter in UP especially? Because when I look at the moment in our UP exposure in power T&D, there appears to be some increase there. Yes, we have received smaller contracts in UP at approximately INR 150 odd crores, INR 180 odd crores. Okay. I mean, we are approximately INR 140 crores. Sure. Just the last from my side, if I may. So margins were under pressure during the quarter. So any specific reason? Because last two quarters, the margins were extraordinary because of the write-backs, and suddenly the number has come down substantially. So any reason in particular, or it is only seasonality and some activity that we would have done during the quarter would be kind of low margin, which is why the margins were under this quarter, I mean, below our guidance that you spoke about 11%, on the lower side? See, the last quarter, we have seen a couple of projects which have not achieved the threshold recognition of profitability from the point of construction activity. Generally, below 5%, we don't consider any margin. So there are a couple of assets which have not a couple of contracts where threshold has not, so profit has not been recognized. And also project mix is comparatively slightly different from what... So in certain contracts, the margins are lower, in certain higher. So based on an average, we will continue to be in the range of 11.5% going forward. Sure, sir. Thank you. I have few more, I will come back in again. Thank you. Thank you. The next question is from the line of Ashish Shah from Centrum Broking. Please go ahead. Yeah, thank you. So first question is on the TOT EPC that we have. That doesn't seem to be progressing at that rate at which we probably expected, you know, earlier. So any views on that, and when do we expect that to happen? Yeah, TOT, we see a lot of challenges in terms of still, you know, having lands from the travel and some structures. Okay, this is getting delayed beyond the timelines. We expect it to get sorted out in another two quarters. Okay, so we expect the project to be completed in a couple of quarters, or the issues will take a couple of quarters to solve, and maybe by end of 2022, we'll be able to close the... Yeah, maybe by the end of 2022, we will close or we may foreclose it, if the land is not made available in time. So generally, one of the two quarters can make it available. If it's not made available, then we descope it and it will be full entirely. What could be the descope value, sir, if it is possible to give an indication? It'll be around INR 150 crore-INR 200 crore. Okay. So that will be in a couple of quarters, right? Secondly, on the CGD business, sir, if you can briefly just talk about how we are progressing in our commercially operating area of Ratnagiri, as well as the newer areas. What is the capital expenditure incurred so far? Any debt drawdown, and how is it generally progressing? How is that business progressing? We have already invested approximately INR 100 crores. We expect to close this year by doing a revenue of around INR 26 crores, which is typically a lower side revenue collection because capitalization is an ongoing process. We expect by 2024-2025 to achieve almost a substantial portion of CapEx, by which we should be in the range of around INR 350+ crores turnover. So this is how we reach next year's value will be in the range of around INR 90 crores of revenues. Okay. So what is the total CapEx that we are talking about here? You said we have invested INR 130 crore so far. Yeah. Total expected is approximately for the full project is around INR 800 crore. Okay. To be spent over the next three years, three to four, four years time now. Right. This would be funded roughly, let's say, INR 300 crores by equity and INR 500 or so by debt, right? INR 550 crore of debt has already been approved. We're in the process of documentation, where we should get release of the debt from this month onwards. Right. Right. Sure, sir. Thank you. Thank you. We would like to remind participants that you may press star one to ask a question. The next question is from the line of Anupam Gupta from IIFL Capital. Please go ahead. Just two questions. First, on the debt, we have seen a sharp spike in debt in the last quarter from around INR 120 crore, net debt standalone level to INR 200 crore. What's driven that increase in debt in the previous quarter? This is basically, I think, as execution picks up, debt will probably increase. As we have already indicated in our previous calls, the working capital debt will be in the range of INR 200 crore. In last three quarter or last three to four quarters, generally, we have been showing very low debt. So, and, and another reason for the high debt as of 31st December is certain receivables, which were to be received in December, got received, somewhere in the second week of January. Otherwise, it would have continued to show a similar trend in the last three quarters. But what we estimate is that going on with pick up in execution, certain working capital funding will continue to remain in the range of INR 200-INR 250 crores. Current level of debt should sustain this year is what you're saying, 50 broadly? Pardon? So, current level of debt will sustain for a few quarters is what you're- Yeah, yeah. Okay. The working capital cycle, so, so that is, fully covered by the working capital margins. Okay. Okay, and secondly, sir, just looking at your margin guidance, which has come down from earlier 12%-13% to 11%-11.5%. What has changed in a quarter to lower the guidance? Is it because your diversification into newer areas and increasing competition in the road space, or what is basically driving the margin guidance cut? Basically, the mix, the older, older projects had slightly higher margins. Also another is that certain projects' margins get released later on. That impacts the overall margin. But on a based on a conservative contingency policy, we can we expect the the remaining contracts and the new contracts in the range of 11%-11.5%. In terms of bidding, are you seeing at the bidding stage itself, you are able to bid at a lower margin because of increased competition? Is that the case? I think marginally. This is not a significant drop in the expected margins, maybe from 12 to 0.5% or more, but more. Okay. Okay. Understand, sir. Thank you. Thank you. The next question is from the line of Mahendrap al Rathore an Retail Investor. Please go ahead. Good afternoon. Good afternoon. So I have two questions. First, in this December quarter, we had very, I mean, almost nil order inflows. Only we got one, I think, from NTPC, and that was, how, what is our future growth expectations of the new orders? And the second question is regarding that SBI Macquarie's exit. So where we stand on that? These are my two questions. I already explained in the last quarter, we had certain small order intake in the power sector, and also one order intake of the solar power EPC contract of INR 501 crores. The expectation is in the coming two months, we expect certain road projects to take in, and roads plus railways put together would be in the range of INR 2,000-INR 2,500 crores of order intake in the coming two months. Bidding activity, we expect to go up, so from that perspective, we have that expectation. As explained also on the SBI Macquarie exit status, we are already under negotiations with the potential investors who have given their offers. Probably we expect by March, we should complete documentation and get to procedural part to complete the deal. Okay. So is there any projects for which we have bid, and we are waiting for the bids to open or? Nothing very significant. Okay. Thank you. Thank you. The next question is from the line of Parikshit Kanpal from HDFC Securities. Please go ahead. Okay, sir. So my question was, on this, you said that the completed projects are getting monetized. So as of December, how much would be the equity invested in all these completed projects which are going to get monetized? As of December, all the HAM projects, I would say we have invested approximately, you know, INR 78 odd crores, including the INR 150 crores put in the HAM project. So, if you ask me, approximately INR 600 crores in the HAM projects. And, other completed projects is in the range of INR 800-INR 1,000 crores. So overall, INR 2,000 odd crores and overall equity invested in all projects put together, under construction and completed, would be in the range of INR 2,700 crores. Good. So that is quite a cash, which may come to us, so given this March timeline. And I, so from March, how much time do you think it could be, if everything goes on track, by when can we target the cash to come in post the NHAI and lenders' NOC? So do you think by next year, if I continue to by December, we can get the money, or it will go towards March 2022? Yeah, we are targeting Q2 as the receipt of that. For the receipt of the funds inflows? Yeah. Yes, sir. So any plan as of now to how, what will be the inflation? Because this, this may run into, I mean, a lot of hundred INR crores against my, I don't know the valuation, and I don't think I'll ask you right now because it's still under negotiation. But, quite a large sum of money coming in. So any plans as of now, how are you going to deploy it in the business? So any sense, have you decided anything on that? We take, we have a thought that we take right when exactly we see good visibility of the amount as well as the time. But is it, are you going to build any alternate equity portfolio, or is it, I mean, will you deploy it somewhere else into non-roads equity, kind of investment, some other segment, so, or any TOT? So, so anything related to any other assets that this money comes in, and then we deploy it somewhere into, again, some other asset or non-related road assets. So at least any thought on that? Presently, we don't expect much to be put in any developmental projects. So, we see how to use that money more better in the EPC contracts, how we can improve that or some other alternatives. Mostly for EPC growth, so that large part will be EPC growth? Sorry to interrupt, sir. There is a disturbance coming from your line. Okay. I would request you to mute until the management answers your question. I think the large part of the impressive growth was the EPC business growth, right? Right. If I'm understanding correct? Yeah. Okay. No more question I have. Yeah, thank you for that. Thank you. Thank you. The next question is from the line of Rachit Kamat from Anand Rathi. Please go ahead. Good morning, sir, and thank you for taking my question. My question pertain to the fact that, you know, you used to guide last quarter that we would be looking at inflows of almost 4,000 odd crore INR by in H2, and we also had a healthy bid pipeline at that time. The healthy bid pipeline is still there in the market, but we are kind of, you know, still guiding right now around 2,000-3,000 odd crore INR. But at the same time, we have, you know, lowered the margin threshold. I think we should say EPC margins are from 12%-13% before, and now we are saying 11%-11.5%. So basically, my question is basically whether, you know, is there higher competition in the market because of which we are having such a bad phase? Like, and as in we are having to lower our margins and as such, actually, what is the scenario on the ground? Yeah. Competition is one of the factors determining pricing, but our range, we have put the range of. So we have a mix of projects under power as under road. Roads are generally slightly higher, and power and other sectors are generally lower because there is not much CapEx in those projects. So if you see the EBITDA margin would be, because the project mix would be slightly lower for roads, the component of roads will be slightly lower. So, this range would be in the range of 11.5%. Maybe marginal decrease in the margins due to competition, but not major back. Okay. So if you could, like, so basically, you're saying there's higher competition because of which we're losing our project. Like, I was thinking in terms of, you know, you're targeting INR 4,000 crore of inflows, but inflows are still being kind of soft, in H2 till date at least. So there's a higher, there's a higher level of competition that you're seeing in the market. Is that understanding correct, sir? So what we are typically doing is we are trying to ensure that even the EBITDA is slightly lower, but we ensure that our PBT and PAT margins remain intact, so they don't go below. So try to more improve on the working capital planning and maintain the profitability. Sure, sir, sure. So my second question pertains to the fact if you have a breakup of the total receivables that we have, around INR 1,440 odd crore in terms of, you know, segmental breakup. Yeah. So if you major receivables would be around INR 796 crores in roads, and INR 486 crores in power. Okay. And balances in other sectors, like railway, INR 43 crore, and miscellaneous others. Okay. But just saying, but you said during the call that, you know, post quarter we received some heavy money from the power sector, especially in the state of UP. So what would that amount be, sir, if you, if I have any correct? So that would be approximately almost all put together, we must have received related to 31st December, almost INR 135-INR 140 crores. That's for all segments put together? Right. Okay, sure. Sir, this amount that you said was net of mobilization advances? No, this is gross. So, I mean, I'm sorry, what did you say? Which amount? These are, you know, this, trade receivable amount, was it net of mobilization advances or it is just gross receivables? This is gross. Gross. Gross. Sure, sure. And sir, I think my last question pertains that you said the debt would, for this term, you would likely close it around INR 400 odd crores, right? You said that, working capital limits you might utilize more, we might take it up to INR 50 odd crores. So- We may close, maybe at the same level or slightly more by INR 50 odd crores, but the same level as it is in December. Mm-hmm. Sure, sir. I think, as you said, of that 134% total, that is totally our own money or it's like, it's including the partners' money over there, sir? It is 49,50, 1, that was also. So gross, that is the gross number. That's the gross number. Sure. So we will be only done numbers around INR 65, INR 64-odd crores, sort of them. Right. Right? Yeah. Sure. I don't think I have any further questions, so, thanks a lot, and best of luck for the, you know, coming quarters. Thank you. Thank you. Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead. Yeah, thank you for taking our question. Sir, on the solar project, so this is a pure EPC project, but sir, we, we shall be importing the panels. So, with the increase in customs duty, sir, how do we, you know, see this project carrying out because this project would include almost 70% commodity and the rest will be the same work. So can you just throw some light on the project and the O&M part, whether the O&M is included in the EPC? There is a disturbance coming from your line, sir. Please back it up. Yeah, yeah. So now can you hear me well? Yeah. Hello? Yeah, yeah. So, Yes, sir. How the O&M part would be included or excluded in this order backlog of panel net plus? So I think this order is including O&M part, but the O&M money will be paid separately. First, secondly, on the cost, there is a building for contingencies in this cost, and we also expect that there will be claims of 15% in duties and otherwise. So our contingencies, both put together, should not put any difficulty to execute the project at expected margins of 20% level. So what will be the O&M portion in this? I will not have offhand. Okay, no worries. Okay, so you mean to say that, at least the duty we have built in, so we should not find any difficulty to on 10%-11% margin? That's right. And, sir, on the revenue guidance, can you throw some light for this year and next year? Sorry to interrupt, Mr. Rushi. I would request you to mute your line while the management answers your question, sir. Okay. Sir, on the revenue guidance for this year and next year? As we saying, on this year, we are targeting to close at last year's revenues of around INR 4,000+ revenues. We expect that we should, based on this order book and the coming order book, at least grow by 20%-25% in 2021-2022 in the EPC sector. Can you update on the bank limits, non-fund and fund limit and utilization levels, and the outstanding bid pipeline, if any, you bid for any projects? So, no, nothing significant in project bid and what do you call it? On the financial limits which we have, as we have said, we have a working capital limits of around INR 350 crores and non-fund based of around INR 3,800 crores. And on the working capital, we are generally in the range of, in the last one year has been quite significantly low, but on an average, it should be around 60% utilization. And on the BG utilization, we are around 55%-60% utilization. One last question on the arbitration, any pending arbitration around this? Of course. At the SPV projects, also we have, I mean, BOT project, we have claims pending in other. Can you tell any total number which you can tell and when we expect to, you know, what is the status as in date, something like that? So I mean, within the range of INR 1,500 odd crores is the claims which are under arbitration and other stages. So it will take its own time to realize those. And these are still alive, right, sir? But generally, on account of ACL, the EPC business, majorly, if we look at that. That's it from my side, and sir, wish you all the best for the future. Thank you, sir. Thank you. Thank you. The next question is from the line of Vibhor Singhal from PhillipCapital. Please go ahead. Hello, sir. Thanks for taking my question again. So just one last question, keeping question from my side. What is the equity requirement for our HAM projects for FY 2021, 2022 and 2023? For 2021 balance requirement is, for 2021, it could be approximately INR 161-INR 164 crores, and for 2021-2022, around INR 160 crores. Okay, and this does not include the two packages which are not being closed financially, right? So this includes both. Includes, so this includes- We have deal date with. Okay. I mean- All the projects? Yeah. Right. Great, sir. Thank you so much for taking my questions, and I wish you all the best. Yeah. Thank you. The next question is from the line of Sushant Verma, an Individual Investor. Please go ahead. Hello, Mr. Parakh and Mr. Mehta. As a retail investor, I am slightly concerned with the tone of your the future guidance. Till now, I actually was assuming that the company is on the right path and probably could be among the top companies executing the infra projects. But somehow, unfortunately, I'm not getting that comfort factor. So are you being conservative or has the landscape changed for you? I think what we from a guidance purpose what we have stated for 2021, 2022, approximately a growth of around 25%- 25% odd, 25%-30% growth, is something is more based on what visibility of order book we see and execution. The moment the order book visibility is higher and the competition is not very high, I think so we and still we get projects we could show up a larger performance. But I think so 25%-30% is something which is achievable and doable in the coming 2021, 2022. No, that is definitely a very good number. What I am checking is probably, are you being more conservative than, let's say, last quarter? Because, that's how I'm actually sensing. Till now, I never had that doubt, but, unfortunately, sorry to say, but, I mean, I, as a retail investor, I'm still being uncomfortable. So I just need assurance from you that things are good and would improve in future. I think as long as you make that statement, I will definitely take your word. That, that's the only reason I'm asking. We are very confident of taking projects at the right margins, and we want to ensure that we deliver the top line as well as the bottom line, as required. And we said this last quarter, in this quarter, probably you may feel, okay, whether orders are not being picked up. Of course, bidding activity was slightly slower in the last quarter. A lot of bids got postponed. We believe that once the order book picks up, the execution also will accordingly, then projects will add on. Because as already indicated, for three of our projects, appointed date were shifted to this quarter, like the Kandi project, in December, we got the appointed date. And for the two Bihar projects, we expect any time now. So the execution, which was expected to start in Q3, has got shifted to Q4. But otherwise, the order book is there, it is not gone. So that execution will come in. And the order intake, which will again give new businesses, a new execution, will now come in this coming two months or the next quarter. So we continue to believe that we will keep on chasing good orders and continue to grow with the minimum 25%-30%. Okay, sir. Thank you very much. I will remain invested. Thank you. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Ashish Shah from Centrum Broking Limited for closing comments. A very big thank you to all the participants for attending the call, and a special thank you to the management for giving us the opportunity to host the call. Thank you, sir. Thank you. Thank you. On behalf of Centrum Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.