Ladies and gentlemen, good day, and welcome to the Q1 FY 2024 earnings conference call of Ashoka Buildcon Limited, hosted by IIFL Securities Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company and some people on this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mudit Bhandari from IIFL Securities Limited. Thank you, and over to you, sir. Thank you, Ziku. Good afternoon, everybody. On behalf of IIFL Securities, I welcome you all to the 1st quarter FY 2024 earning conference call for Ashoka Buildcon Limited. We are pleased to have with us Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer of the company. Firstly, we will have opening remarks from the management, followed by a question and answer session. Now, I'll hand over the call to Mr. Satish Parakh. Over to you, sir. Thank you, Mudit. Thank you. Good afternoon, everyone. I would like to extend a warm welcome to everyone on this earnings call for the quarter ended 30th June, 2023. I'm Mr. Paresh Mehta, our CFO, and HGA, our investor relation partner, along with me on the call. To start with the sector update. Year to date, FY 2024, NHAI road construction stand at 844 km, compared to 863 km in the same period last year, FY 2023. The average length of roads constructed by MoRTH per day was 30.1 kilometer. If the present momentum in the construction of road continues, reports indicate that the average length of roads constructed per day will jump to 43 km in FY 2024. To follow on NHAI and ministry, plans to award 8,700 km of highways, requiring over INR 1.5 trillion investment in current fiscal under the hybrid NPC model, with the share likely to be 65% HAM projects and 35% EPC projects. On our projects, let me share an update. In the last month of April 2023, the company has received letter of awards for power distribution, infrastructure development on 7 circles in the state of Maharashtra from MSEDCL, Maharashtra State Electricity Distribution Company Limited, for an accepted contract value of INR 2,285 crore. The seven circles are Latur, Nandurbar, Gadchiroli, Nashik, Akola, Hingoli, and Wai. Work has started in most of them from July onwards. On asset monetization, during the previous year, the company had entered into a share purchase agreement with Mahanagar Gas Limited for the sale of 100% stake in Ugas Limited, a subsidiary of the company, where we expect to close the transaction by October 2023. We are awaiting NOC from CLBC for our Chennai Ring Road and expect the transaction to close by October 2023. In the previous year, ACL and Viva Highway Limited had entered into a SPA for sale of their stake in Java Middle Toll Road Company Limited, a subsidiary of Ashoka Buildcon, and we expect the NOCs for the transaction and expect to close this transaction by December 2023. On our HAM portfolio, we are at advanced stage of signing SPA for 11 HAM projects, we expect the transaction closure for seven projects, where we already have COD or the pre-COD by December 2023. For seven projects from HAM, we are expecting to close by 2023, for 2 projects by March 2024, and balance two projects by December 2024. On 5 BOT toll projects, we are engaging with potential investors, expecting to close the transaction by March 2024. Coming to the order book status. As on June 30, 2023, the balance on the book stands at INR 16,930 crore. The breakdown of the order book is: roads and railway projects comprise around INR 8,669 crores, which is 51% of the total order book. Among the road projects, HAM projects are to the tune of INR 1,455 crores, EPC projects are to the tune of INR 5,802 crores, and railways around INR 1,412 crores. All T&D and other account for INR 6,060 crores, which is approximately 36% of the order book. This also includes project awarded in MSEDCL as mentioned earlier. The total EPC building segment is INR 2,179 crores, which is 13% of the total order book, and CGD comprises around INR 12 crores. Let me reiterate that our focus remains to build sustainable EPC business and hybrid energy business in highways, EPC in railways, RTO Indian buildings. This is all from my side. I will now request Mr. Paresh Mehta to present the financial performance for the quarter. Thank you. Good afternoon, welcome to one and all in the public call. The results presentation and press release for quarter have been uploaded on the stock exchanges and the website. I'm sure you must have had the time to go through the same. I present the financial results for the quarter ending June 30, 2023. Starting with the standalone numbers. During Q1 FY 2024 stood at INR 1,557 crores, as compared to INR 1,510 crores in the corresponding quarter last year, registering a growth of 3%. Profit for the quarter was INR 196, was INR 96 crores, and EBITDA margin of 6.1%. EBITDA margins have been impacted and subdued mainly due to inflationary pressures and one-time provision taken related to execution of our solar plant, power plant, project it is on EPC basis, amounting to INR 56 crores. The reported stood at INR 32 crores and tax at INR 16 crores. Our debt to equity ratio stood at 0.34x as on June 30, 2023. Coming to the consolidated results, the income for Q1 FY 2024 grew at 10.3% year-over-year to INR 1,973 crores, as compared to INR 1,915 crores in Q1 FY2023. stood at INR 511 crores for Q1 FY 2024, with a margin of 25.9%. Reported profit after tax is at INR 52 crores in Q1 FY 2024. In the financial year, in FY 2023, the company, ACL, GY Highways, and SBI had entered into an agreement to elaborate on the terms of restructuring in relation to the exit options to the investors and towards the obligation assumed by the company, which may be discharged through the sale of restructuring of identified assets. Based on the terms of the said agreement, integrated subsequent extension letters signed between the party. The company has recognized the entity of INR 45 crore for finance cost in current year quarter, and INR 72 crore as an exception item in the previous year. On one of the ACL's BOT projects, Sambalpur-Bargarh Road Project, we have done refinancing with SBI against our current loan. This refinance amount bears an interest cost of 9% per annum, with a current interest rate of 11.7% with an outstanding of INR 70 crore for funding of the major maintenance cost and deferred principal payment over the contractual quarter. This will enable the project to have a cash flow stretch for another eight years, as this will be a time period for the project of three years. Going to the BOT division, during Q1 FY 2024, it recorded a gross total collection of INR 370 crore as against INR 281 crore in Q1 FY 2023, an over revenue growth of 13%, which has 5% as toll rate raise, toll rate rise, and average growth of 8%. INR, respectively, INR 310 crore before FY 2023. The consolidated debt as on June 30, 2023 stood at INR 6,978 crore, of which project debt was INR 5,840 crore, and CD stood at INR 150 crore at ACL level. The standalone debt is at INR 988 crore, which comprises of INR 6 crore of equipment loans and INR 856 crore of working capital. With this, we can open the floor for question 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 your 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. Ladies and gentlemen, you may press star and one to ask a question. The first question is from the line of Ashish Narendra Shah from JM Financial. Please go ahead. Yeah, hi. Thank you for the opportunity. Sir, so you talked about some INR 25 crore some provision in related to one of the assets, by mistake, if you can just elaborate a little on that part, INR 25 crore provision of liability? Also you talked about some refinancing in Sambalpur. If you can just, again- One subject was the provision of INR 24 crore, which was related to the amount, carry amount payable to SBI Macquarie on, INR 200 crore of, basic, exit, amount which is to be paid to Macquarie. This is on the carry cost to be paid to Macquarie, around INR 200 crore, of which another INR 72 crore are already provided in the previous year, March 2023. INR 296 crore, plus INR 200 crore, payable to SBI Macquarie. The second update, the Sambalpur-Bargarh project, which was, which is our project where there is lot of working support was done by Ashoka Buildcon in the past years, which is now refinanced with banker in India, wherein the interest cost has been reduced, 9% per annum. Also, the repayment schedule has been stretched to another eight years, you know, by resulting into self-sustenance of the project from a cash flow perspective, so that it will not require any support from ABL. There will be three years, three years retail left out, and another extension of the whole period for, extension period for the project based on target traffic, which is approximately six years. This is the net sale on the Sambalpur project. The provision of, so, yeah, you can go ahead. Sure, sir. Please, please. I think so, one of the, another, related question which was talking about provisioning of the expenses. I think so, I, you referred for, the provisioning of expenses on the solar project of INR 80 crore, which is a one-time, hit which has been taken on the project as a whole. It will get over by March 2024. Going on further, whatever, revenue is recognized in the coming quarters, there will be no impact on the financial accounts, on the same. This INR 24 crore liability that we have for the carry on to SBI Macquarie, this is part of which line item? Is, is it in console or standalone accounts? It's on the console. It is on the console accounts. Yes. As far as Sambalpur is concerned, you also mentioned something about corporate guarantee. Did we say that we have, we do not have the corporate guarantee for refinancing, or that thing still? Oh, no. We had a guarantee given in the past, which has been now issued as a corporate guarantee to, for the project. It's currently, there is a corporate guarantee for Ashoka Buildcon on this. Thank you, sir. Right. Also, coming back to the, you know, order book, if you just give some clarity on when do we expect some of our international projects to start execution, especially, let's say, Maldives or Bangladesh or, you know, when do we expect that part of the order books will start moving? Bangladesh, we have already started, in last quarter. Maldives, we are expecting to get the final order in this quarter. Okay. Thailand is already working. Benin is also started. Right. Sure, sir. Thank you. I'll get back if I have more questions. Thank you. Thank you. Our next question is from the line of Ashil, who is an investor. Please go ahead. Hello? Yes, please go ahead. Yeah. Yeah. I would just like, like to know the exact amount of one-time provision that is done for the power project. Can you just? Hello? Hello. INR 56 crore. INR 56 crore. 56, 56. Okay. Regarding the toll road, which we, which, which we have already sold, and what is the process? When we expect it to be completed for Chennai and 1, I just missed the name. Can you just- Jaora-Nayagaon. Yeah, yeah, Jaora-Nayagaon. Jaora-Nayagaon, we expect to close by Chennai or we expect to close by October, and Jaora-Nayagaon by December. Okay. All this amount that we are about to receive, can we expect that this will be used to exit the investor that we have in ABL? Yes. This whole amount will go to Macquarie's executive. Okay. Okay. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Narendra from... Who is an investor. Please go ahead. Yeah, thanks for the opportunity. I would like to, you know, know about the interest cost and as to why it has gone up this quarter from the usual INR 290 crore to INR 620 crore? Yes, basically, the interest rates in the past one year have increased from almost repo rates have increased from 4% to 6.5%, which is a major impact. Second, also, retention in the working capital has been higher than the execution. From that perspective, in the last six, eight months, the execution is high. Interest cost has increased. Also, on the mobilization advances which we received from the clients, we have almost INR 60 crore of interest bearing mobilization advance, which is part of this INR 51 crore. Okay. Okay. Thank you. What kind of top-line growth are we expecting this year? What kind of order inflows are we expecting? Order inflow has been weak in the first quarter. In balance, we expect around INR 5,000-7,000 crore, which we have reduced from INR 8,000 crore to INR 5,000-7,000 crore. Top line growth, we see around 15% this year. Okay, thank you. Thank you. Ladies and gentlemen, you may press star and 1 to ask a question. Our next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. My question is the INR 25 crore of financial cost. This will keep coming every quarter until the deal is done with the SBI Macquarie, INR 1,200 crore is paid? Can you just repeat? INR 25 crore of financial cost we have taken on SBI Macquarie, INR 1,200 crore of outstanding. This will keep coming every quarter until they repay this amount to them? Right. Okay, this, this continue. On this solar project, now you said that all the provisions and costs over, and so is it right to assume that we won't be, I mean, we will not be breaking even? Now, the project is breakeven, we will not be making any margins, and on a stand-alone basis, our margins will come back to 8% and then eventually move to double digit by fourth quarter? 4th, yeah, 4th or, 24, 25, something like that, depending on execution. You're right. Okay. Okay, sir. Just on this BOT monetization, so what is the stage of monetization right now? Do you expect the same valuation which we received last time? Do you think we can get that valuation in this round of dealings with the investors? Right. On the 5 BOT projects, the, the amount which was indicated in the, finalized in the last 3, there was a carry-in, and, also has been higher than what was estimated in the scale model. We expect a substantially good, price over the how, the offer price in the last process. Okay. Just the last question on the HAM projects on this monetization of 11 assets. When do you expect to sign the SPA because it has been some time in the media and some valuations have been talked off, but then what is the realistic timeline we have to sign the SPA? In the next 2-3, 2-4 weeks, we should expect to sign up the SPA. Okay. Generally, the valuation should be in line with the recent deals, I mean, which were in upwards of, like, anywhere from 1.5x- 1.6x price to book value? Yeah, that should not be a challenge there. Okay, sir. What will be the total value of all these 11 assets in terms of equity investment? Fully invested, it's approximately INR 1,200 crores. Including the print part or, excluding the print part? Excluding the print part. How do we read the print part then? When we arrive at the valuation, should we add the print part or it should be excluding the print part? This 1,200, I think, and you have another 300 of... How much is the print part over a number of INR 1,200 crore of investment? No, no. Whatever realization will happen, we see, compared to what we have invested, it's not, the print part is not, invested, things. Okay. INR 1,200 crore, so we, we measured on, the INR 1,200 crore of investments which we have done in these assets. Yes. What will be the balance, procurement of these 11 assets? INR 150 crore. Okay. INR 1,370 will be the total equity investment. INR 13 valuation will happen on that. Yeah. Okay, sir. Thank you, and all the best. Those are more questions. Thank you. Our next question is from the line of Rohit Natarajan from NIKLA. Please go ahead. Thank you for this opportunity. Sir, could you just guide us, I understand there were some one-off sentiment margin at this level. What will be secular, normalized, net margins going forward? Going forward next two to three quarters, the EBITDA margins would be in the range of 8%-8.5%. And post 2024-2025, then it will go back to numbers like 10%-10.5%. Okay. My second question is on the transaction of the level assets. We have the classification of consolidated, I see it, consolidated asset held for sale. This is for the old transaction that we are talking about, the 5 assets, right? INR 21 billion, I see the figure, INR 1,001.4 crore. Again, what was the question? The, the asset, project debt of asset held for sale- Yeah. - this is attributable to the old transaction?... SDM acquiring transaction, the DKR deal that went off. No, no. No, no, no. To complete it on books, including and projects, security projects and utility projects, together is approximately INR 5,640 crore. Okay. Okay. No, apart from that, when you say standalone project debt and series, it's all completely close to INR 7,000 crore. When I look at the existing asset held for sale is INR 1,800 crore. Yeah. Project debt for asset held for sale is INR 1,100 crore. This one is the one that you're talking about the deal. Look, the INR 1,800 is pertaining to three assets. The assets which are under construction, ABN under construction. Okay, I got it. I got it. Finally, sir, what the, the distribution circle, if you could just help us understand what this project is about? The Maharashtra circles, distribution circles. Maharashtra has come out with this RDSS scheme, which are completely centrally funded projects. INR 1,285 crore is what we have received orders, these are to be completed in timeline of nine, two months. How will the margin profile would look like? These are at mar- normal margins. Here we will make a bit of 10% plus. Sure, sir. Thank you from our side. Thank you. Our next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir. Just a clarification. You mentioned the revenue growth of 10%, order inflow of INR 5,000-6,000 crore, and margins 8.5%. I wanted to understand why exactly are our margins low and why are they going up? Because everyone else is either flat or they are improving on the margins. On this, if you see in the past, make of the past three quarters, the margins have been down. Basically, some projects which have been taken during COVID period and at a competitive price. Another reason being that cost inflation, which was compared to what we had built for back in 2020. That is the impact of the margins being lower. Going forward, we expect all the bits we have done post 2013, 2022, these are typically at fair margins of 10%-12%, in the range of 10%-11.6%. From FY 2025, should we expect around double-digit margin? Yes. Okay. sir, what exactly is the reason for reducing the order inflow target, RV? We have seen energy bidding not happening in last four to five months. Actually, April, there was absolutely no bidding. Right. June, July, we have seen now July has picked up bidding activity. Again, the election may be announced in Feb or March. Right. We see only four to five months of bidding cycle going ahead. Okay. sir, we have also participated in RD. Again, remains. Should we be of bagging bids is also a lot there. We see a lot of players and a lot of competition. Right. At least in the transmission segment, there is, I guess, some visibility over the medium term, this year as well as next. Anything over there? In distribution sector, we do expect a lot of orders. In transmission too? Some orders and some in private sector. Okay. All this put together will range between INR 5,000-7,000. Understood. The proceeds from the sale of from Jaora, Nayagaon and Chennai ORR, will they be used to exit SDM inquiry? Yeah. whatever, the interest is that whatever, monetization money comes in... Mm-hmm. -first we will utilize to give exit to Muthi, and it will be available on the balance sheet of, through. Understood. Minimum for next two quarters, we'll check the head of front stores. Yeah. Okay. Understood. Thank you, and all the best. Thank you. Our next question is from the line of Bhavya from Sambhavna Securities. Please go ahead. Hello, sir. I just wanted to know whether we have any plans to monetize any other assets, and what is the timeframe when would it be monetized, and how many assets? We do have a land pool available, and we are looking at asset. A couple of transactions we already entered into, and where the transactions, the values have been realized slowly on a periodical basis, through a joint development agreement, where we are just a land provider, and we are getting paid for the land. It's a slow process, and other chunk of land will, other piece of land, as and when opportunity is available, we will monetize. Understood. Thank you. Thank you. The next question is from the line of Bala Subramaniam from Marian Capital. Please go ahead. Before the question, sir. On that, sir, I just want to understand our current order book around INR 16,920 crore. I just want to understand the margin profile of ETC and power, NT and railways. What is the margin difference, if you could throw some light on? On the, it's a mix of, certain projects where the, range of, you know, margins could be in the range of 6.5%-7% to 11.5%-10%. Various projects are at various pricing levels. On the road, basically, the existing range of margins are in the range of 8.5%-9%. On the railways also in the range of 8%-9%. In the power, in the range of 9%. Other projects in the range of 6%-7%, smaller projects. On the billing side, definitely, the, the range, is of, 8%-11%, but exhibition will come over shortly. Got it. Thank you, sir. Thank you. Our next question is from the line of Prem Khurana from Anand Rathi Shares. Please go ahead. Yeah, thank you for taking my question, sir. My question was with respect to the agreement that we've restructured with the SBI Macquarie party, wherein there is a carry, they were to pay now, and then the transactions are closed. Is there any gap in terms of what, what amount could go to? I mean, last time, the original agreement that we had, it was a number at INR 1,575 odd crore. As I said, I think INR 72 is what we provided last year, and INR 24 is what we provided. Almost 13 and has is reflecting in the balance sheet now as a liability. I mean, is it as if, I mean, there's no cap on this number or is it capped at INR 1,575, the original amount that was there? What is the, the coupon or the carry that you're paying? I mean, 8% or 9%? The gap of INR 1,576 crore, which was there, continues to exist. Okay. The carry of 8%, approximately 8%, which is there, which is used for, which is provided for in the books, is what, is accruing, quarter by quarter. Sure. When you say, I mean, monetization proceeds could enough provide an exit to SBI acquiring the supply amount first. When I look at our HAM portfolio, technically some of these are still with ACL, and then some of these are still held through ABL directly. Could there be a situation, I mean, we are planning to sell the entire portfolio, but some of these are still ABL. I mean, could you use that money from these assets? I mean, whenever you get this monetization proceed come to you, would you be in a position to kind of use this to kind of provide an exit, or, I mean, only the assets from the ACL portfolio would be used to kind of buy the amount? All road road portfolio, monetization, obviously, will first be applied to, give an an exit to SBI Macquarie. Of that ability to do that, the appeal is there. Okay. Sure. Okay. Just I think, I mean, in Jaora-Nayagaon, we were waiting for some permission to kind of get the shares transferred in our name, which is where we would be in a position to kind of close the transaction. Where are we in that process? Has the permission come, come from MPRDC for the transfer of the shares? We are consulting with MPRDC on this. We expect a very favorable situation. Sure. Last time, if you were to help me with the revenue breakup of the quarter, please. Segment-wise. roads and railways. Yeah, I just on the road sector, it is INR 1,156 crores. Okay. Power is INR 1,000, sorry, INR 119 crores. Okay. Maybe INR 149 crore. Other businesses is approximately INR 65 crore. Awesome. Thank you and all the very best to you. That's it. Thank you. Thank you. Our next question is from the line of Nikhil Kanodia from HDFC Securities. Please go ahead. Good. Thank you for your question. I wanted your guidance on the equity vision. Nikhil Kanodia, sorry to interrupt. May we request you to use your handset, please? Oh, anything for now? Yes, sir. Thank you. Please go ahead. Good afternoon, sir, and thanks for your opportunity. I wanted to know, your guidance on the guidance for the year. Total, up to date for the quarter, for the quarter was around INR 47 crore. We expect to do approximately as around INR 100 crore of CapEx for the year end. INR 100 total FY 2024, right? Yeah, FY 2024, total. Okay, anything on equity infusion? Equity infusion, as you said, INR 169 crores is what we, is what we, is to be, yet to be deployed in HAM projects, of which, INR 107 crores will be getting produced in 2024. The debt is covering INR 425 crores. Understood. What is your current budget, ma'am? It's around INR 25,000 crore. Sir, can you repeat the amount? INR 25,000 crore is the bid pipeline for us. Okay. Thank you. Thank you, sir, and all the best. Thank you. Our next question is from the line of Ash Shah from Elara Capital. Please go ahead. Hi, good afternoon, sir. Thank you for the opportunity. My first question would be on the debt level. If I go back in FY 2022, our debt was around INR 400 crore on standalone level. It has now increased to INR 90 crore. I mean, it's more than doubled. Any guidance on why it has taken, why it has doubled on first place? Secondly, what is the future expected number? Because all the proceeds are going to be used towards SBI Macquarie initially. What you think would be the debt number eventually by FY 2024 end? Basically, debt numbers have gone up from 22 to 23 by almost INR 400 crore-INR 500 crore, INR 400 crore, INR 400 crore-INR 500 crore. It is more because of the larger execution and larger turnover and larger order book also, which is typically pushed it up. This will continue to remain as it is, is irrespective of the payments required to be made to SBI Macquarie from the cash proceeds. We believe that the cash proceeds will be more than what is required for SBI Macquarie, so that will definitely be helpful in reducing the standalone debt. Okay, thank you. The second question would be, on the Maldives project. Right now, if I was just reading through it, two of our competitors, they are, they are also building the same projects out there, and they are on the verge of, they have already started. Why is that case that we are not able to yet start? Because it's been almost 2.5 years since we have received the project, but there is no execution on that part. In last 2.5 years, ours was the last awarded project. Only what was awarded earlier have started now. There's no new project which has started. I was talking about during that period only, if we have received in May, the competitors received in March 2021, they have already started. I think in December 2021, they got an advance payment for the same, but we were not receiving it, and that's why the exempt was not giving us the go-ahead. I just wanted to know what, what is exactly that's going on in this? These are approved in a COD in their final committee meetings. It is their projects were approved much earlier, and our project got approved in COD, but for ECC coverage, insurance coverage, it was held back. ECC had certain problems with certain involvement of earlier insurance. It was a policy decision which went up in the ministry, which is now being taken in the next board meeting. We expect that by end of Q2, we start execution on that project? If we are really clear, I think that maybe we can start. The project timeline would be two, two years? Yes. Potentially after four months, yeah. Last question, could you just give us the breakup of the order bid pipeline, which is INR 25,000 crore? Can you just give it sector-wise? Sector-wise, the majority is highway projects. 25,000 is completely highway projects. I have not taken other bid projects. 35 is completely highway. Okay. If we include other projects, then how much would that go, go up to? Around INR 10,000. Okay, thank you. That's all from my side. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah, thank you so much. Most of your questions have been answered. Just need a little contribution and then some case limit from the utilization for that. We have a total limit of around INR 5,800 crore, which, approximately, INR 800 crore is pertaining to... INR 350 crore is pertaining to, fund-based, and this is all pertaining to non-fund-based. From a utilization perspective, at, fund-based, the utilization is almost, 60%- 70%, and on the, non-fund-based, approximately it's, 30%-35%. Okay, sure. Thank you, sir. Thank you. Our next question is from the line of Anand Mundra from ICICI Capital. Please go ahead. Hi, good afternoon. Thank you for the opportunity. I just wanted to understand why our Q1 revenue growth is lower than the guided 15% revenue growth for the entire year? Basically, there are a lot of new projects which have been part of the order book now, which have just started out, just kicking off. That estimated turnover will be captured in the quarter three, quarter four. Other projects like projects in Guyana and Bangladesh, typically the mobilization processes are a bit longer. Now they are fully mobilized. Their turnover will now start rising up from Q3, Q4. Even Bangladesh from Q2 is still even for projects like the project where the mobilization process is going on, once the mobilization process is completely complete, then the turnover will catch up. This 15% or 10%-15% growth is basically on account of full year expectation. Initial this quarter definitely is flat, but then it will take off by Q3, Q4. All right. All right. For the set of specific stores, that you've taken on the entity out there, where exactly is this, fitting? In which line item? It is in other expenses and precision expenses together. Okay. Other expenses has INR 37 crore of it, which is for the future, yet to be incurred. The yet to be incurred loss on that. In contract revenue, balance is not doing that first. Okay. All right. All right. You explained the, the different margins among the different sectors. Could you also give us a idea about which sector is most working capital intensive, and which is the most working capital intensive? Generally, our projects are most working capital intensive because the payment cycle is already... I mean, it's already factored in the way we have paid for the project. Until, they do give advances on material, but the final settlement of which are almost four to five months post. There's a full certification and what we call final completion of the modules, the different modules under the project. Road projects are typically funded by, if they have projects funded by bankers, so their funding is almost on the almost 60 days kind of working capital. All right. All right. All right. Sir, given that we've refinanced the Sambalpur BOT project, and I remember you had explained in the last earning call that that was the only project in which loss funding was required. Given that the refinancing has happened, there is no project which will require any loss funding going forward. Am I correct in my assumption? Yes. Okay. All right. Sir, which is the road project, the GP project, in which the deferred liability, NHAI deferred liability premium is the highest? Narkuni project. Even that project is not going to require any loss funding or any another round of refinancing of the NHAI deferred premium? No, no. Narkuni cash flows are sufficient to take care of its own cash flows, subject to of total deferment availability is available in the scheme. 2024, 2026, the deferment is possible, with a lesser amount of premium, but that will continue. On its own, it is sustainable. Okay. So, deferred liability premium will be due from 2026-2027? Yeah. Okay. There's no, there's no deferment schedule as and when enabled by the SP. Okay. Okay. Got it. Got it. All right. All right. How much is the revenue that we are recognizing from the real estate JV? That is coming in consort level or in standalone level? This quarter, nothing much. Okay, like, could you give us some idea of how much can that be for the year, or how much is, was it from the previous year? Just approximate ballpark. Previous approximate in the range of INR 30 crore-INR 40 crore. It comes in the console level, or it comes in the console, right? Okay. Okay. It is being prioritized. All right. All right. That's it from my end. Thank you. Thank you, sir. Thank you. Our next question is from the line of Deepika Bhandari from PhillipCapital. Please go ahead. Hi, sir. Thank you for taking the question. I just have one question. From the order book as on, 30th June, how much portion was not executable at that moment? At that point in time. You're talking order book, which is not executable today? No, not today. As on 30th June. From INR 16,920 crore, how much was not executable, executable at that moment? All are executable. They are delayed. Like the Maldives project is there. There's part of concession will happen slightly later than expected. Yes. Otherwise, everything is starting. Yeah. Yeah. Okay. Okay. Except for Maldives project, everything was under execution as on 31. Am I listening correct? So all are executable on the except for. I think so, yeah, I, I agree what you're saying. Everything is contributing to turnover. Except Maldives, everything is on roll. Yeah. Okay, sir. That's it from my side. Thank you so much. Thank you. Our next question is from the line of Saurabh, who's an investor. Please go ahead. Yeah, just one question. The consolidated debt level of company is around INR 7,000 odd crore. With the asset monetization, which is completed, say, by October, by December and by March 2024, what will be the kind of debt after all the monetization, which will happen in next three to six to nine months? Once we are by March 2024, based on whatever we have completed, which will be remaining outstanding, would be approximately today, which is approximately INR 500 crore. That will increase to approximately another INR 500 crore. It's INR 1,000 crore will be outstanding for the. Approximately, if we sell all the projects, approximately INR 600 crore will be outstanding as of March 2024. Rest all the debt other than the standard debt will be off the group balance sheet. Okay. remaining debt by 2024 would be just close to around INR 500 crore-INR 600 crore, right? Right. After this, ex- monetization, the revenue which is coming to the company, say, currently INR 8,000 crore per annum, so this will all be coming from the EPC project, nothing from the HCM and side? As of 2024, March 2024. Yeah. I mean, we can reasonably consider that. Except for a few HAM projects which are, we will be under construction. Those also majorly will be considered under EPC part only. Nothing significant contribution will be there from other areas in the turnover. As guided, the revenue, gross revenue from say, 2024 onwards would be close to around what, INR 6,000 crore of order run rate with a margin of 10%, which is. Is it fair to assume? INR 6,000 is already a run rate for this year, from 2020 to March 2022. March 2022. For March 2024, it will be approximately INR 7,000-I NR 7,500. With a margin of close to 9%-10% kind of margin, which has been guided, right? For, for 2024, it will be 8%-8.5%. From 2024 onwards, whatever, there will be approximately at least 10%-15% increase in the turnover, that would be subject to approximately 10%-10.5% margins. Okay. Yes. Thank you so much. That's it from my side. Thank you. Thank you. Our next question is from the line of Anupam Gupta from IIFL Securities. Please go ahead, sir. Yeah, good evening. A couple of questions from my side. Firstly, on this provision which you have done for NTPC project, is there any chance of this being claimed and claimed and in terms of receiving it back, or this is just it out of the process? Here we have got a circular from the Ministry of Renewable Energy for the extension. We are expecting circular for price revision also. If we get price revision, then we will make up for the loss we have got. Are there any timelines for this? Yeah? Is there any timelines for this? Timelines cannot be guaranteed, because this is all ministry prerogative, whether to allow price revision along with time extension. Presently, they have just given time extension. The industry is expecting price revision, because this was all due to COVID and its impacts. Understand. Second question, sir, on your guidance. If I recall, in the fourth quarter, you had guided to 20%-25% revenue for this year. Can you tell us the reason why you're lowering it to 16% this year? What has changed since then? First quarter, most of the projects were delayed. Order book inflow also, we haven't seen anything in the first quarter. That is not going to get converted into any revenue. Therefore, we have reduced the guidance. Understand. Okay. Thank you so much. Thank you. Our next question is from the line of Rasha from Elara Capital. Please go ahead. Oh, thank you for the opportunity again. Sir, in the initial remarks, you had mentioned that NHAI is planning to award around 8,700 km. Since we have not seen a lot of awarding activity in Q1 and Q4 is also going to be a washout because of the election, do you think over the next, like, five, six months, you will see a lot of this opening up, like, there will be preponing of those ordering because they want to achieve those targets or something? If you could comment on that? We can see good amount of ordering balance out of the FY 2024. We have a balance like 5,000 odd km in NHAI, and another 2,000-2,500 km in MREIS. This entire ordering we'll see in coming months of FY 2024. Okay. Okay, second question would be, can you give us an update about the NHAI bribery case, I mean? There was one project that we had lost upon. Is there any re-bidding that has happened on that or something like that? Yeah, re-bidding that has happened, we have participated. Results are yet to be announced. There are 10 participants in that, and we are awaiting results. Maybe this one to the next one. Okay. Last question would be, is there any international bid pipeline that we are looking at, or if you are planning to move on to any other countries or something like this? We are focusing on the countries where we are working. Presently, Bangladesh and Myanmar may give us some more opportunity. We are not exploring new countries at this stage. Okay. Thank you. That's all from my side. Thank you. Ladies and gentlemen, this was the last question of our question and answer session. I would now like to close the conference over to Mr. Satish for his closing comments. Thank you. Thank you everyone for participating. We are thankful to all the participants for their questions. I hope we have been able to answer most of your queries. We look forward to we look forward for your participation in the coming quarters. For any further queries, you can always contact our SGA or our CFO. Thank you. Thank you. On behalf of IIFL Securities Limited, this concludes this conference. Thank you for joining us, and you may now disconnect your lines.