Ladies and gentlemen, good day, and welcome to the Ashoka Buildcon Ltd. 2Q FY 2022 results conference call hosted by Nirmal Bang Equities Private Limited. As a reminder, all participant lines will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mangesh Bhadang from Nirmal Bang Equities. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of Nirmal Bang Institutional Equities, we welcome everyone to the second quarter FY 2023 results conference call of Ashoka Buildcon Ltd. From the management, we have with us today Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer of the company. We also have Suyash Samant from Stellar Investor Relations team on the call with us today. Without further ado, I now hand over the conference to Mr. Satish Parakh for his opening remarks on the results and which will be followed up with the question and answer session. Over to you, Mr. Parakh. Thank you. Yeah. Thank you, Mangesh. Good afternoon, everyone. I'd like to extend my warm welcome to everyone on this earnings call for second quarter and half year ended September 30, 2022. Along with me, I have Mr. Paresh Mehta, our CFO, on the call. Let me now give the update on the equity sale of ACL projects. As mentioned earlier, we have successfully signed up for the asset sale transaction of Ashoka Concessions Ltd. of five SPVs by entering into a share subscription and share purchase agreement with Galaxy Investments II Pte. Ltd., an affiliated entity of KKR. The deal is to be completed soon after receiving required approvals from lenders, NHAI and other relevant stakeholders and completion of certain conditions precedent. We have received approvals from a few lenders and other stakeholders. We are in process of completing the balance CPs. Meanwhile, we have received an extension of the period for fulfillment of CPs from an investor. The deal transfers the entire share capital of these five BOT SPVs, including repayment of shareholders' loan for an aggregate consideration of INR 1,337 crore (Indian Rupee). The total proceeds received will be utilized to facilitate the exit of SBI Macquarie from Ashoka Concessions Ltd., allowing SBI Macquarie to exit the company fully. Further, transfer of these five SPVs will reduce the consolidated project debt of ABL by INR 2,930 crore (Indian Rupee). Also, we have executed a share purchase agreement with National Investment and Infrastructure Fund for sale of 100% equity of Chennai Outer Ring Road for an aggregate financial consideration of INR 686 crore (Indian Rupee). Out of INR 686 crore (Indian Rupee), ABL is expected to receive INR 450 crore (Indian Rupee). INR 250 crores (Indian Rupee) towards loan repayment and around INR 200 crores (Indian Rupee) towards its 50% equity stake in SPV. Post this transaction, the company will remain with the following major projects in highway portfolio. 74% equity in on toll project, which is Jaora-Nayagaon, three fully owned annuity projects, which is Hungund-Talikot, Bagewadi-Saundatti, and KSHIP, and the fully owned portfolio of 11 HAM projects. As mentioned earlier, we are in discussion of equity sale of Jaora-Nayagaon BOT toll project. Coming to HAM projects, we have executed a construction agreement with NHAI worth INR 1,079 crores (Indian Rupee) for the development of six-lane access-controlled greenfield highway project from 162.5 km to 212.03 km, Baswantpur to Singondi section of NH 150C on hybrid annuity mode under the Bharatmala Pariyojana. The construction period is 912 days, and the operation period is 15 years and also achieved financial closure for the same. We are expecting an appointed date very soon. We have also received pre-COD for our TS-1, which is Mallasandra Karadi of NH-206. The total equity requirement of all 11 HAM projects is about INR 1,096 crores (Indian Rupee), of which we have already invested INR 848 crores (Indian Rupee) as of September 2022. Coming to our order book, as mentioned, we have achieved a robust order book order inflow. Some of the key and large orders received from August 1 are as follows. We received an LOA for East Central Railway, INR 208.89 crore (Indian Rupee), project for provision of train collision avoidance system to be completed in 24 months. LOI for a project for Department of Information Technology & Communication, Government of Rajasthan of INR 600 crore (Indian Rupee). It is a joint venture with Cube Construction Engineering Limited for construction and maintenance of Rajiv Gandhi Fintech Digital Institute at Jodhpur. LOI for Provident Housing Limited of INR 254.5 crore (Indian Rupee) for a project of civil and structural for residential project at Kalyan. The construction is 42 months from the commencement date. We have received an LOI from South Western Railway for INR 258.12 crore (Indian Rupee) for a construction of new BG line between chains 192 to 171, including electrical and telecommunication work between Tolahunse and Bharmasagar railway stations on EPC mode. The completion period is 24 months from the date of appointed date. The breakup of INR 14,901 crore (Indian Rupee) order book as of September 30, 2022 is. Road and Railways projects comprise around INR 9,760 crore (Indian Rupee), which is 65% of the total order book. Among the road projects order book, HAM projects are worth INR 2,689 crore (Indian Rupee) and EPC road projects are worth INR 5,573 crore (Indian Rupee), and railways is around INR 1,498 crore (Indian Rupee). Power T&D and others account for around INR 2,233 crore, which is approximately 15% of the total order book. The EPC building segment contributes to INR 2,867 crore (Indian Rupee), which is 19% of the total order book. EPC work of CGD business comprises the balance of INR 41 crore (Indian Rupee). Let me reiterate that our focus remains to build strong EPC business in the segments of highways, railways, power T&D and buildings. The current order book of INR 14,900 crore (Indian Rupee) provide us with good visibility of EPC business growth. On assets portfolio, we have already built 11 HAM projects portfolio. In terms of new project bidding, our priority will remain on HAM projects and strengthen the HAM project portfolio. That is all from my side. I would now request Mr. Paresh Mehta to present the financial performance of H1 and Q2 FY 2023. Thank you. Thank you, sir. Good afternoon, everyone. The result presentation and press release for the quarter have been uploaded on the stock exchanges and the company's website. I believe you all may have gone through the same. Now I will present the financial results for the quarter, first quarter, the second quarter ended September 30, 2022. Starting with the consolidated results, the total income for Q2 FY 2023 grew by 41% year-on-year to INR 1,845 crores (Indian Rupee) as compared to INR 1,305 crores (Indian Rupee) in Q2 FY 2022. EBITDA stood at INR 467 crores (Indian Rupee) in Q2 FY 2023 with a margin of 25%. Profit after tax is at INR 65.7 crores (Indian Rupee) in Q2 FY 2023. In H1 FY 2023, total revenue was INR 3,761 crores (Indian Rupee), up by 44% year-on-year. The EBITDA too stood at INR 988 crore (Indian Rupee) with a margin of 26.3%. Profit after tax stood at INR 200 crore (Indian Rupee). Coming to the standalone numbers, the total income for Q2 FY 2023 stands at INR 1,310 crore (Indian Rupee) as compared to INR 976 crore (Indian Rupee) in corresponding quarter last fiscal, registering a growth of 34%. EBITDA for the quarter was at INR 142 crore (Indian Rupee) with an EBITDA margin of 10.8%. The company reported a net profit after tax of INR 65.5 crore (Indian Rupee) in Q2 FY 2023. In H1 FY 2023, total revenue was INR 2,820.2 crore (Indian Rupee), up by 39% year-on-year. The EBITDA stood at INR 317 crore (Indian Rupee) with a margin of 11.3%. Profit after tax stood at INR 169.8 crore (Indian Rupee). As you are all aware, due to equity sale transactions we are not recognizing interest income from SPV in our books, and it has reduced EBITDA. EBITDA margins have gone down, impacted mainly due to inflationary environment and higher competitive bidding in some of the projects. During Q2 FY 2023, BOT division recorded a toll collection of INR 275 crore (Indian Rupee) as against INR 243 crore (Indian Rupee) in Q2 FY 2022 and INR 287 crore (Indian Rupee) in Q1 FY 2023. Total consolidated debt as on September 30, 2022 is at INR 7,079.7 crore (Indian Rupee), of which project debt is INR 5,961 crore (Indian Rupee), of which INR 2,930 crore (Indian Rupee) stands for project debt of five BOT projects. NCDs stood at INR 250 crore (Indian Rupee) at ACL level. The standalone debt is at INR 869 crores (Indian Rupee), which comprises of INR 167 crores (Indian Rupee) of equipment loans and INR 702 crores (Indian Rupee) of working capital loans. The standalone debt has increased because of delays in collection in certain road projects which will be collected in the coming two quarters. Out of the total consolidated debt of INR 7,079.7 crores (Indian Rupee), INR 2,930 crores (Indian Rupee) will be transferred along with five SPVs of BOT projects. Post the sale transition, the net debt would be around INR 4,149 crores (Indian Rupee). With this, we open the floor for questions and answers. 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. Anyone who wish to ask a question may please press star and one. First question is from the line of Mohit Kumar from DAM Capital. Please go ahead. Good afternoon, sir. Thanks for the opportunity, sir. My first question is on this EBITDA margin. Margins have been tracking much lower than our, you know, historical margins. Can I expect the margins to go back to, you know, 10.5%, more than 10.5% in FY 2023? Or do you think there is a downside risk to that? Is it in the quarter that we've executed the NTPC solar order, that's the reason the margin is slightly lower? Is that a fair assumption? See, EBITDA margins are typically lower because certain projects which have been built a bit competitively are getting into execution in this phase. In the previous years, previous quarters, there were projects which have had better EBITDA margins were being executed. Now, those projects have come to an end and cost overruns have had an impact on the overall margins. We believe that this level of margins will continue for a couple of more quarters, but after which probably we get back to our normal. Your guidance for certain medium-term, let's say in FY 2024, 2025, are you looking at this kind of number or you think that you'll go back to 12% kind of number which you were doing earlier? For 2024, we would try to maintain a range of 9%-10% EBITDA margins. Okay, understood. Secondly, sir, on the monetization, can we expect Jaora-Nayagaon to happen in this quarter? Secondly, is there any plan to monetize the HAM asset which you already have? I think four or five are operating, right? Yeah, on the monetization, as already explained by our Managing Director, five of the BOT projects are already in the process. CPs are almost getting over, and we should expect within one to two months for transition to get a closure. On the Chennai ORR also, the CPs, like most of the lenders, have already given permission, and we are just waiting for one banker and the authorities' permission to get the clearance. That should get done in next two months' time. On the Jaora-Nayagaon project, we are on the last stages of this documentation with the potential investors, and we should get that done anytime. We're waiting for that. As far as HAM projects is concerned, we are definitely looking out for potential buyers, for the whole portfolio of land projects. We expect, and we definitely see a lot of interest by many, strategic as well as financial investors for the same. Understood, sir. Thank you. Best of luck, sir. Thank you. Thank you. Next question is from the line of Ash Shah from Elara Capital. Please go ahead. Hi, good afternoon, sir. Can you just give the revenue break-up for this quarter as well as Q2 FY 2022, segment-wise? Revenue break-up for Q2 FY 2022. 2023 and 2022 both. Both you would like? Yeah. For PPC Road, we were INR 665 crore (Indian Rupee) last quarter, I mean, previous year, which is INR 820 crore (Indian Rupee) this quarter. Okay. Power sector, we were INR 552 crores (Indian Rupee) last year. We are now INR 140 crores (Indian Rupee). Okay. On the railway, we were INR 142 crore (Indian Rupee) in last year's quarter two. Now we are at INR 184 crores (Indian Rupee). On some miscellaneous projects, we were approximately INR 30 crore (Indian Rupee) in the last Q2 FY 2022, which is now approximately INR 80 crore (Indian Rupee) in Q2 FY 2023. Okay. Also one more thing. On the EBITDA margin front, you said that a lot of competitive projects are under execution. Could you just give us a rough idea that how much portion of the order book is fixed price right now, and how much portion has pass-through contracts? Typically 50% of the road projects are in the range of 8%-9%. The international projects are at a higher margin, but they are, we get into execution after Q4, where huge execution comes in. They have just started out the job. It takes some time for them to go through. On the power and other sectors, they are in the range of 8%-9%. Certain projects which are getting over, there they are seeing impact of escalation as on handing over. That impact is coming in this quarter. Some projects are getting over, like 1.7 project got over. We get a couple of projects got done in these two quarters also, coming two quarters. That's all from my side. Thank you. A reminder to our participants, please press star and one to ask a question. The next question is from the line of Ashish Shah from Centrum Broking. Please go ahead. Yeah, good afternoon, sir. Sir, on the working capital side, so we have seen the increase in the level of debtors as well as the unbilled and other current assets, et cetera. Is it possible for us to break down what is the amount of debtors, let's say from highways and non-highways, and also on the unbilled side? Just to get a sense, you know, where this increase is happening majorly from? On the working capital side, if you see for March, it has increased. For Q3 June, we've almost maintained that. As far as the breakup of debtors is concerned, the major change in the debtors is in the road sector. The incremental approximately INR 300 crores (Indian Rupee). Having EPC contracts, total debtors plus unbilled revenue is approximately INR 1,300 crores (Indian Rupee), which is up by around INR 300 crores (Indian Rupee). INR 1,400 crores (Indian Rupee), which is up by INR 300 crores (Indian Rupee). Other sectors like power, approximately exposure is INR 330 crores (Indian Rupee). Railways around INR 300 crores (Indian Rupee). Miscellaneous projects are around INR 300 crores (Indian Rupee). Overall, it's debtors and unbilled revenue is around INR 2,400 crores (Indian Rupee). Sir, this plus INR 300 crore (Indian Rupee) is on a year-on-year basis or sequential? We have many- Compared to March. For that vis-à-vis March. Okay. Vis-à-vis March. All right. This power and railways, sir, corresponding numbers if you have handy. In power, as I said, we are INR 330 crore (Indian Rupee). Right. Against previous of INR 341 crores (Indian Rupee), March 2022 numbers. Okay. In the railway, we are at INR 308 crores (Indian Rupee) against number of around INR 195 crores (Indian Rupee). Right. Sir, in the HAM and EPC side, typically, you know, I mean, the counterparty tends to be NHAI. We usually don't see a working capital build up there. Why would this increase would have happened, sir, on the road side? We are slowly shifting towards milestone billing also. That is also one of the reasons some billings are done on milestone because projects are coming to an end. Say Karadi-Banwara, [inaudible], and Karadi-Banwara, then you know Ankleshwar, these are all milestone bills. Their billing will get over. In the other project like Indira Gandhi Canal, final billing is coming. That will get over in a couple of months' time, two, three months. We should get most of these receivables cleared off. For the EPC contracts with the Adani project, Panagarh project, that is typically just taken off, so their payment is a bit delayed. It is actual contract, but initial investment is there on mobilization and execution. Okay. Sir, sorry to just continue on this point, but, I mean, it's been on the vendor side, the payments have been on milestone actually for quite some time, and even EPC has been milestone based only. I'm just trying to understand what seems to have sort of changed over the last six months for this to, you know, go so much higher. If you see the last four to five months, we have had almost four to five projects under PCOD. They have achieved PCOD. At the last stages, it's finally billing and milestone billing takes time to get cleared. Okay. Sure. Sorry, sir. Go ahead. Also, I mean, if you want a ratio basis, you see the turnover has increased vis-à-vis last year, so that has a corresponding, you know, impact on the offsetting also. Right. Thank you. By the end of the year, would you expect the overall working capital and debt situation to normalize? Or you think it should broadly remain in the vicinity of INR 800-INR 900 crores (Indian Rupee) of debt? It will broadly remain almost in the same range, marginally improve, but generally remain in the same because certain contracts are also back-ended contracts with other sectors. Overall working capital will remain probably same for another two quarters. Right. Sir, on the solar NTPC project, if you can just update on where we are currently in the process of execution or any discussion with the client, so it'll be helpful. Yeah. In solar, it is absolutely status quo as far as panels are concerned. Other works are getting completed, and they are being paying regularly. Right. Sir, my point being that, you know, if the project keeps getting delayed, then obviously our economics keep getting inferior in the project. I mean, what is the end result of this? I mean, would they agree to for a cost increase in the quoted cost of the project? I mean, where do you see on what lines are you discussing with them? We have been discussing to de-scope this panel part of it, which most of the players in the industry are either delaying it or trying to delete this because the prices have really gone haywire. This government is considering as a policy what they can really help the industry. In that time, they are also not insisting, and we are proceeding with all the balance works. Right. Sir, does this project have any guarantees, et cetera, from our side? I mean, have you given any BGs from the construction point of view? We have performance BG. Okay. That's for every project. Yeah. Would that be around, like, 5%? Yes. Okay. 5%. Thanks. Thank you. That's it, that's it from my side. Thank you. Thank you. The next question is from the line of Riya Mehta from Aequitas. Please go ahead. Hello. Thank you for giving me the opportunity. My first question will be in respect of ordering activity by NHAI. Almost in the first half, we've seen a 60% decline within this last year. How is the ordering happening, and what kind of pipeline do we see for road projects for the H2? That will be my first question. Yes, H1 has been slow, as you said. H2, we are seeing there is a good pipeline, and the target, basically NHAI target of 8,700 against 6,300 last year is likely to be achieved in H2. Can our market share from there will be? Or like, what kind of order it goes for Ashoka? See, we are now bidding for around INR 55,000 crore (Indian Rupee) of orders which we have selected for bidding. Okay. Out of INR 75,000 crore (Indian Rupee), which are in pipeline, INR 55,000 crore (Indian Rupee) is what we are going to attempt. There are bids we have already bid for around INR 10,000 crore (Indian Rupee), which are still unopened. Okay. This INR 65,000 (Indian Rupee) is what is our visibility to go ahead. Okay. Also, there recently there was some article which said that, NHAI is looking for reducing 20% of the upfront payment they are paying to the concessionaires. Are we seeing any such kind of newer inputs within our contract? Yeah. I didn't exactly follow your question. NHAI has been reducing the upfront payment by 20%, and they would rather give it on the milestone basis. Are we seeing any such kind of impact and hence our working capital is bloated for the future orders? This will actually come from January. Okay. They are paying monthly, yeah. Okay. From January, we would see more bloating in the working capital. Is my understanding right? Yeah. If they do not continue the benefit given, then definitely the payment cycles will get delayed. Okay. In terms of margin for the future orders which we are bidding, the INR 55,000 crore (Indian Rupee) worth of pipeline which we have bid, what kind of margins are they coming at? Or are we bidding at? What? What kind of margins are we bidding at for the future orders? Yeah. These are a little more aggressive than what we used to do earlier. Okay. Because the aggression in the industry still remains. Okay. The qualification norms is same, and there are many players in the system. Our focus is, though our margins may go a little down, but now if our order book is good, we still on gross basis would be able to make up our EBITDA and profits. Okay. We are on track with the order book levels of INR 15,000 crore (Indian Rupee) for this year, INR 15,000-INR 16,000 crore (Indian Rupee) [as guided by management?] Yes. INR 15,000 crore (Indian Rupee) is our current balance order book approximately. Definitely going ahead, we look at another INR 5,000 crore (Indian Rupee). Okay. Almost INR 20,000 crore (Indian Rupee) is what we look for order book for the year end. INR 3,000 to INR 4,000-5,000 (Indian Rupee)we can execute it also in H2. We should be opening the year with around INR 17,000-18,000 (Indian Rupee) balance orders. These all would be almost, margin levels will be similar to 9%-10%? Our target is to be in the range between 9%-11%. Okay. For the asset sale, how many, like in terms of quantitative terms, how many lenders are still pending for approval for ACL? Sure. In ACL we have five projects. At three projects we have received LOCs or the final LOCs are ready, and we should receive any time. For one of the projects, typically there are six lenders. New lender has just released their LOC, so our balance will fall in line. There are six, five more lenders there. They'll take their due course to release their LOCs in, say, three to four weeks' time. NHAI already is in the process of processing those LOCs, and they are just waiting for the final LOCs from the lender. Okay. Almost in one month we should see completion of. I think by December year-end we target this to get completed. In CT file we should be able to get the NOCs from both NHAI as well as lender in 45-60 days. Okay. This would happen in Q4, FY 2023. I mean, once you get over the cash when we move from that debt limit. Maybe at the Q4, our debt levels, we would see INR 3,000 crore (Indian Rupee) reduction in our debt levels and just going downwards. Right. That's what it will change. Currently, what is the cost of borrowing? Cost of borrowing for the BOT projects are in the range of 8.5%, 9%. With the HAM projects in the range of 7%-8.5%. Okay. Well, that's it from my side. Thank you. Thank you. Next question is from the line of Rohit from Antique. Please go ahead. Thank you. Thank you for taking up this question. My question has more to do with your margins part. Currently, as I see, we have INR 15,000 crore (Indian Rupee) of order backlog, and out of that 55% is occupied by roads, and the remaining 45% is roughly, say, power, T&D, railways, and EPC buildings. If you could give us some color on what the current order backlogs margin profile would be segregated into. Like, how much is roads making and how much is this non-roads making? The current portfolio of road projects would be the profit margin would be in the range of 8%-9.5%. That would be the range based on today's cost escalation and other variables. On the railways also it will be almost similar. On the other miscellaneous, on the international projects of roads, it would be better. It would be in the range of more than 12%-13%. On the other sectors like miscellaneous sectors, the range would be approximately in the range of 8%-10%. Sir, when you talk about the new projects that you have identified for your order inflow part, you also talk about some competitive intensity and other such things. How do you see that incremental numbers to be translating? Like in, will it be north of 12% kind of a EBITDA margin? Can you work around that? Pardon. Could you? The competitive intensity in your future order inflows that you see? Mm-hmm. How much can it translate into margins? Will we be back to that, you know, 11%, 12% + kind of number anytime soon? It will remain in the same range which are there today. Okay. Sir, finally, on the fund-based limits and non-fund-based limits, if you could give us some color on it, how much is it utilized and how much is it currently right now? We are on the non-fund based close to 35% utilized out of our INR 5,000 crore (Indian Rupee) of limit. On the fund-based, we are approximately 78%-85% utilized along with our short-term borrowings inclusive. How much is that limit, sir? The amount. Around, yeah, INR 800 (Indian Rupee). As we have said, around INR 800 crore (Indian Rupee) in total. Sure. All the Oh, sure. Thanks. That's it from my side. Thank you. Thank you. Next question is from the line of Nikhil Abhyankar from DAM Capital. Please go ahead. Nikhil, your line is unmuted. Could you please unmute yourself? Yeah. Thanks for the opportunity, sir. I'm not sure if you answered this question or not, but you have grown at around 35%, the revenue in the H1. You had earlier given a guidance of 15%-20%. Would we like to revise our guidance for the remainder of the year? Based on our H1 confidence and the awards to be executed on H2, we should be in the range of 25%-30%. 25%-30% with a margin guidance of 10%? It will be around 9%-9.5%. 9.5%. Okay. Any targets on order inflow? Around INR 5,000 crore (Indian Rupee), of which around 20%-80% will be in the roads and railway sector and balance in other sectors. Okay. INR 5,000 (Indian Rupee). Understood. Sir, my second question is regarding Shivamogga-Tumkur Package 2 and 3, Banur-Kharar and Kwaram Taro. These projects are relatively moving slow, so any specific reason for that? See, Tumkur-Shivamogga Package 1, as I said, we have got PCOD. Mm-hmm. PS 1. Right. Tumkur-Shivamogga too also we will be getting in Q3. In Q3. Q3 we will get package two also we'll get the PCOD. Q4 we should target our package three. Okay. Yeah. Two we are getting in Q3. Q4 we get three. Four we got late, so this will go to next year. Understood, sir. Our cost, the total interest cost has gone up around 40%-50% YoY. What can you just give a comparison as to cost of borrowing for this quarter and the last quarter, like September 2022 as to September 2021? Yeah. Typically interest scenario changed this quarter from two of last year to quarter two of this year. We've seen almost a 50%-55% jump in short-term borrowing for the EPCs are up by almost 35%-40% interest rates. Borrowing is also comparatively at more than what it was wherein there was, I think, mobilization advance interest mobilization which was taken in for the projects which has contributed to the increase in the interest cost. Okay. Understood. Just, bookkeeping questions. Can you just give us the numbers for retention money, mobilization advance and? Mobilization advance is approximately INR 590 crores (Indian Rupee). Mobilization advance is INR 590 crores (Indian Rupee). Yeah. Okay. Retention money? Retention money. Retention money on all sectors included is approximately for about INR 185 crores (Indian Rupee). INR 185 crores (Indian Rupee). The unbilled revenue? Unbilled revenue, INR 1,152 crore (Indian Rupee). Okay. Thanks a lot. That's all from my side. All the best. Thank you. The next question is from the line of Subrata Sarkar from Mount Intra Finance. Please go ahead. Hello. Yes, please go ahead. Yes. No, no, sir. Partly my question has been answered. Like, my question is again on the KKR deal. Like, when we can, like, once, when the deal will actually get over and we will be able to reflect it in our financials, start reflecting in our financials. Is it from Q4 of this year or what is this like? That's my main question, this is. Yeah. As I explained, NTPC will get over in this Q3 definitely. Q4 we should get the cash on the transfer of shares and cash in by in Q4 first part. March 2023 numbers will definitely reflect the deal. Okay, sir. Like, March 24th will reflect ex of the deal basically. The numbers will get reflected. Yes. Finally. Okay. That's my only question, sir. Okay. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah, thank you for the opportunity, sir. Most of my questions were answered. Just a few data related questions. If you can help me with what is the CapEx that we did in Q2 and how much are we planning for H2 now? CapEx for H2 was approximately INR 24-INR 25 crores (Indian Rupee). Going forward, we would typically end up with around INR 20-INR 25 crores (Indian Rupee). Okay. Next thing, the equity that we infused in Q2 and for the balance equity infusion, if you can give the breakup in H2, FY 2023, FY 2024 and FY 2025? Q2 on the HAM projects was INR 32 crores (Indian Rupee) invested in Q2. For the balance, 2023 half year, equity to be invested in HAM is INR 136 crores (Indian Rupee). For 2024, INR 84 crores and 2025, INR 30 crores (Indian Rupee). Total equity to be invested as of date is INR 251 crores (Indian Rupee) in the HAM projects. Okay. Thank you. Lastly, sir, out of the order book currently that we have, how much is under execution and how much of that part is a fixed price contract? Can you please? Panagarh. See our international projects are on fixed price. Our Panagarh project is on fixed price. Our NTPC Solar is on fixed price. NTPC. Sorry, sir. Panagarh project is in which one, sir? NTPC. NTPC. Okay. Out of the current order book, how much is under execution? Almost, if you see, except in building segment, in road segment, almost everything is under execution now. Appointed date of Punjab, Ambala-Kharar has also come. Appointed date of [Aurangabad-Sasaram] also come. The INR 1,000 crore (Indian Rupee) which was stuck up, these appointed dates have already come in July and October. As far as building, Maldives still we are hoping to start by Q4, which is INR 1,000 crore (Indian Rupee). Rest all is in progress. Okay. Sure, sir. That's it from my side. Thank you and all the best. Thank you. Next question is from the line of Ash Shah from Elara Capital. Please go ahead. Thank you so much for the opportunity, Abid. Sir, could you just give us the breakup of the building segment, order book? I mean, the Maldives project, the hospital at Navi Mumbai, then we had the sewage treatment plant. If you could just give the detailed order book breakup. The Maldives is INR 1,000 crore (Indian Rupee). INR 600 crore (Indian Rupee) is around D. Y. Patil Hospital. INR 600 crore (Indian Rupee) is building project for Fintech Digital Institute. We have two balance sheet projects, four taken from retirement. One in BR, that is INR 250 crore (Indian Rupee) and INR 100 crore (Indian Rupee). Okay. Also, one more thing. The Kharar-Ludhiana project, I mean, have you received the appointed date for that project? Because it's almost two years since we have received this project. Yes, we have received that project, the Kharar-Ludhiana. Okay. Thank you so much. Thank you. The next question is from the line of Riya Mehta from Aequitas. Please go ahead. Thank you for giving me an opportunity. This is a follow-up question. Basically I wanted to know what kind of influence the cash inflow to happen in Q4 what kind of interest cost do we see for the full year? On the short term, definitely interest cost, we believe another 50-70 basis points would be increased. Otherwise, we believe that other costs will remain same. Okay. In terms of international side, what kind of demands are we seeing there? What kind of? Demand and what kind of pipeline orders are we seeing? Internationally, presently we are working in Seychelles, Maldives, and Benin on one power distribution project which we have picked up. One in Bangladesh. This is all we are focusing on internationally. Maybe few orders we may see in Africa over there. Are we seeing any major orders like the one in Maldives? Nothing major immediately in pipeline. Okay. What kind of margin will the Maldives order have? Looking at $2,000 rate, we are still hopeful of making a 12% margin. Okay. Okay. That's it from my side. Thank you. Thank you. A reminder to participants, please press star and one to ask a question. Give the next question from the line of Mangesh Bhadang from Nirmal Bang. Please go ahead. Hello, sir. So a couple of questions from my side. One is on the industry. Just wanted to understand from you, what could be the reason for this slowdown in order, you know, awarding activities in the NHAI? What according to you, what is the reason? That is the first. You mentioned that second half you expect it to improve, but at least for the time being, we have seen some slowdown. In the past also we have seen NHAI probably not meeting its targets that have been given in the earlier. Do you expect this year to turn out to be the same again? That's the first question. Second question is on the HAM portfolio that we have. Now that we are seeing more than six PCOD, COD achieved. You know, how do we look to monetize the same? Is there any timeline that you have internally given yet? That's it. Yeah. See, industry-wise, H1 we have seen slowdown only because NHAI has already awarded a good number of projects. For further projects, the land acquisition particularly for NHAI was becoming more and more challenging. They are disciplined in giving appointed date only after 80% physical possession is achieved. There we saw a lot of challenges. Therefore, there was bidding activity slowdown. A lot of work has been done on most of the projects. H2 we feel should be, we should see that NHAI meeting target or nearing the target. That was the main reason according to us. About HAM projects you said. Definitely, we have 11 HAM projects, out of which we have achieved PCOD of six projects. Balance, as I explained, Q3 one will happen, Q4 one will happen. Balance in next year as Q4 FY 2024 we have to be completing next year, and the other two will be starting. This is all on HAM project. HAM project also we are looking at. We are in the process of looking at divesting HAM projects also. Any timelines on it, sir? I mean, you know, it has to be on a peaceful. It should be another two quarters. Okay. Okay. Yeah, that's it from me. Thank you. Thank you. A reminder to our participants. Please press star and one to ask a question. Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to the management for their closing remarks. Thank you and over to you. Yeah, thank you, Nirmal Bang and team. Thank you, Mangesh. Thank you all the participants. If any other queries are remaining, then definitely most welcome. Our Stellar Investor Relations are also available, and our CFO Paresh Mehta is always available to clarify any queries. Thank you, everyone. Thank you. Thank you. Thank you very much. Ladies and gentlemen, on behalf of Nirmal Bang Institutional Equities, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.