Ladies and gentlemen, good day, and welcome to Ashoka Buildcon Limited earnings conference call hosted by Anand Rathi Share and Stock Brokers. This conference call may contain certain forward-looking statements about the company, which are based on beliefs, opinions, and expectation of the company as on date of 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 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. Prem Khurana from Anand Rathi Share and Stock Brokers. Thank you, and over to you, sir. Thank you, Riya. Good afternoon, everyone. On behalf of Anand Rathi Share and Stock Brokers, I extend a warm welcome to all of you to the Q3 FY 2024 and nine-month FY 2024 earnings call of Ashoka Buildcon. For the call from the management, we have Mr. Satish Parakh, Managing Director of the company, and Mr. Paresh Mehta, CF of the company with us. They'll share their views on the recent performance and the way forward, and then we'll open the floor for an interactive Q&A. With this, I hand the floor over to the management for the opening remarks. Over to you, sir. Yeah. Thank you. Thank you, Prem. Good afternoon, everyone. Hope everyone is doing well. On behalf of Ashoka Buildcon Limited, I extend a warm welcome to everyone joining us today to discuss our business and financial results for the quarter and nine months ended thirty-first December 2023. On this call, I have Mr. Paresh Mehta, CFO of Ashoka Buildcon Limited, and SGA, our investor relation advisor. Let me begin by giving few relevant economic and sectoral news. The 2.7% hike in the budget free allocation of road transport and highways, though small, comes on a high base and will be committed towards ongoing project. While the first developments will come in form of private sector, as initiated by the government. The government estimates that infrastructure expenditure has a multiplier effect of 2.45 times on the GDP in the year of capital expenditure and 3.14 in the next year. The outlay of INR 1,111,000 crore for infrastructure in FY 2025, the availability of long-term interest-free capital expenditure loans, and the implementation of three new railway economic corridor programs, as announced in the budget, will hold the sector in good stead. The ministry has constructed 6,216 km of national highway up to December 2023 in ongoing fiscal, as compared to 5,774 km constructed in the year ago. The Ministry of Road Transport and Highways is aiming to create a national record by constructing 13,813 km of highway in the current fiscal year. The Road Transport and Highway Minister... The Road Transport and Highway Ministry will construct 14 new expressways and high-speed corridors under PPP model, totaling 2,279 kilometers with an investment of INR 130,000 crore. Efforts by ministry are in progress of implementing agencies to expedite reconstruction activities like land acquisition, regulatory clearances on environment, forest, wildlife, and no objection certificates from different authorities through frequent and proactive coordination with the state government and other concerned authorities, so as to improve the progress in awarding of the contracts. Now, on projects front, let me share. In the month of October 2023, company has received letter of award from Power Distribution Infrastructure Development Project of INR 135 crore on Osmanabad from Maharashtra State Electricity Distribution Company Limited in the month of October 2023. Whereas, we have won EPC orders in the past few months. First, in construction of cable-stay bridge in Khammam, Telangana, for total consideration of INR 146 crore from Government of Telangana Roads and Buildings Department. Secondly, company has received letter of acceptance from CIDCO for design and construction of steel bridge for eastern connectivity for Navi Mumbai International Airport in joint venture for total consideration of INR 662.55 crore. Ashoka Buildcon has 51% share in this joint venture, that is, INR 337.9 crore. Also, company has received letter of award for the project of six-laning of Aurangabad Bihar-Jharkhand border section of NH 2 in the state of Bihar under Bharatmala EPC mode for a total consideration of INR 520 crore. Additional on current projects, company has received certificate of COD for HAM project of NHAI in October 2023, for 4-laning of Tumkur-Shivamoga section in Karnataka, package 3. Whereas for package 1, Tumkur-Shivamoga section, company has received COD for stretch of further 7.55 kilometer on November 21, 2023, in addition to the earlier stretch of 34.73 kilometers, which was received in October 26, 2021. That is the first COD and as the SPV is eligible for receipt of annuity payments from NHAI for the additional portion of the first COD date itself. On asset monetization part, subsequent to the share purchase agreement signed by Mahanagar Gas Limited with Unison Enviro Private Limited and its shareholders, Ashoka Buildcon Limited and an investment fund managed by Morgan Stanley India Infrastructure. For acquisition of 100% stake of ABL and MSII in UEPL, the transaction process has been completed. The deal has been closed at a final equity consideration of INR 562.09 crore out of which company has received INR 286.67 crore for its 51% stake. The company and its subsidiary, Ashoka Concessions Limited, are making progress toward the divestment of their entire stake in specific subsidiaries that are awarded by NHAI for the construction of operational road projects on HAM and BOT basis. Considering the high likelihood that the sale will be finalized within the following 12 months, these completed project assets and liabilities continue to be classified as held for sale. Coming to the order book. As on 31 December 2023, our balance order book stands at INR 13,167 crore. The breakup of the order book is, for the roads and railway projects comprise around INR 6,816 crore, which is 52% of the total order book. Among the road order book projects, HAM projects are to the tune of INR 1,188 crore, and EPC road projects are worth INR 4,475 crore. Railway is around INR 1,153 crore. Power T&D accounts for around INR 5,573 crore, which is approximately 42% of the total order book. The total EPC building segment is INR 746 crore, which is 6% of total order book, and EPC work of CGD business comprises of around INR 32 crore. Order book as on date is INR 14,171 crore. Allow me to reiterate that our primary focus remains on maintaining sustainable EPC business in segments encompassing highways, railways, power transmission, and distribution, as well as buildings. This is all from my side. I would now request Mr. Paresh Mehta to present the financial performance. Thank you. Thank you, sir. Good afternoon to one and all present on this call. The results in this presentation and the press release have been uploaded on the stock exchange and the company website. I'm sure you must have had time to go through the same. Now, I'll present the financial results for the quarter and nine months ended 31 December 2023. Starting with the standalone numbers, the total income for Q3 FY 2024 stood at INR 2,162 crore, as compared to INR 1,590 crore in the corresponding quarter last year, registering a growth of 36%. EBITDA for the quarter stood at INR 205 crore with a EBITDA margin of 9.5%. The reported PBT stood at INR 115 crore and PAT at INR 87 crore. Revenue from contractual projects contributed to 97% of the total income in Q3 FY 2024, whereas out of the total contractual income revenue, road EPC contributed 56%, power EPC contributed 32%, and other segments such as railways, buildings, EPC and other CGD contributed 12%. For nine months, FY 2024, the total income stood at INR 5,309 crore as compared to INR 4,410 crore in the corresponding period last year, registering a growth of 20%. EBITDA for the period stood at INR 473 crore, with EBITDA margins of 8.9%. The reported PBT stood at INR 232 crore, and PAT is INR 174 crore. Our debt to equity stood at 0.37 as of thirty-first December 2023. Coming to the consolidated results, the total income for Q3 FY 2024 grew by 35% year-on-year to INR 2,699 crore, as compared to INR 1,996 crore in Q3 FY 2023. EBITDA stood at INR 639 crore for Q3 FY 2024, with a margin of 23.7%. Reported profit after tax stood at INR 110 crore in Q3 FY 2024. For nine months, FY 2024, the total income stood at INR 6,867 crore, as compared to INR 5,757 crore in the corresponding period last year, registering a growth of 19%. EBITDA for the period stood at INR 1,737 crore, with EBITDA margins of 25.3%. The reported PBT stood at INR 453 crore and PAT at INR 301 crore. Total consolidated debt as on 31 December 2023, stood at INR 6,922.92 crore, of which project debt is INR 5,718 crore, NCD stood at INR 100 crore at AC level. The standalone debt is at INR 1,103 crore, which comprises of INR 224 crore of equipment and term loan, and INR 878 crore of working capital loan. Towards our BOT division, during Q3 FY 2024, it recorded a gross total collection of INR 314 crore, as against INR 282 crore in Q3 FY 2023. Whereas in nine months, FY 2024, it recorded a gross total collection of INR 918 crore, as against INR 818 crore in nine months FY 2023, recording a growth of 12%. With this, we now open the floor for question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wish to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all participants, you may press star and one to ask questions. The first question is from the line of Jitendra Rishi from Axis Capital. Please go ahead. Yeah. Thanks. Thanks for taking my question. Sir, can you give us a revenue breakup among the sector in roads and EPC and others? Hello? Hello. Yeah. Can you hear me? Yes, I can hear you. So for Q3 FY 2023, FY 2024- Mm-hmm. The road revenue was INR 1,166 crore. Okay. For power it was INR 659 crore. Okay. Yeah. For railway, it was INR 164 crore. Mm. For buildings, it was INR 81 crore. Another INR 17 crore was pertain to other businesses like CGD and others. For nine months, if possible? For nine months, on a total, for roads, INR 3,194 crore, for power, INR 1,184 crore, for railway, INR 487 crore. Okay. Buildings, INR 174 crore, and for other business, INR 61 crore. Do we have something, which you can compare to the last year, if possible, to share here? Uh, pardon? If you have the last year's same quarter and nine months number, if it is possible to share here, yeah, please. Yeah, I can get that number. Yes. For roads, the number for last year was 2022-2023, was INR 2,982 crore. Okay. Ours was INR 452 crore. Mm. Railway was INR 476 crore. Mm. Billings was INR 88 crore. Mm. Other projects was INR 155 crore. This is for the full year, right, sir? Yeah. This is for nine months. 9 months. Okay. 9 months. Yeah. And so, in terms of the guidance for this year and next year's revenue and EBITDA, and inflow, and so can you just put, throw some light on that, sir? As we have been discussing in the past calls also, the EBITDA margins have been low for the past few quarters, but we expect by Q1, Q2, EBITDA should improve by 1-1.5% at least, and then stabilize around 11-11.5%. In terms of guidance from the top line? So for this year, our top line, as we have seen at around, around, we maintain a growth, or try to maintain a growth of 15%-20%. It's already for the nine months it is 20%. Mm-hmm. To be able to take that... Sir, any outstanding bid pipeline which you are targeting for next two months, if at all, and the inflow for this year, final inflow we are targeting and probably next year in terms of inflow, if you can throw some light on this? Yes. There are bids already submitted which are yet to open, are around INR 13,000 crore. There is a bid pipeline of around INR 95,000 crore, which will be lined up to bid. This is on the road sector? When elections will be declared and when we will have block on bidding. Okay. Bidding still may happen, but then award may not happen during election session. Election time. So basically, the INR 13,000 crore, I'm assuming, is from the road sector and 95 also, or there's a mix of roads and other railways and- 13,000 is road sector. This 95,000 also is roads? Yeah, 95 is also road. Sir, any guidance in terms of inflows for next year, if possible? Guidance will all depend upon elections. Like, you know, they may flow up into Q1. So end of Q1 and Q2, we see visibility of getting good orders. Okay, sir, I have more question. I'll call back in a bit. Thanks and all the best. Sure. Thank you. Next question is from the line of Dipesh Agarwal from UTI AMC. Please go ahead. Yeah, good afternoon, sir. So my first question is on, if I look at, our P&D segment, the order book is actually trending downwards, and, though there is a good, ordering in the sector. So any reason why we are not actually taking much order on the P&D side, despite these strong, tailwinds in the industry? In fact, we have bagged good orders in P&D. Okay. Sequentially, it is, Hmm, what? So, sequentially, the order book is going down despite a strong ordering in the sector. No, sequentially, we have gone up in P&D section. Okay. What we bagged, two quarters or before, add up to a good number. Okay. Okay. The other question is actually there could be a lot of BOT projects which may come up in the next one or two years. So would we be open to the BOT projects? Yes, we are looking at BOT projects seriously, and we are participating in the upcoming projects. Sure. And sir, in the past, we have executed one renewable project, a solar EPC project. Given that a lot of orders are likely to come in for solar, would we be again actually going looking at those kinds of projects? Yeah. So earlier solar project was with fixed price for modules. Now, projects are coming up with balance of cost, like modules are being supplied by the employer, or they are giving escalation on modules. So those kind of project where escalation will be given, definitely we are looking at those EPC, as we have a team in place now. Sure. And sir, lastly, if you can update us on the monetization of different assets, and also once the monetization is done, what is thought process in terms of the usage of the proceeds? Yeah. So, on the monetization of assets, we have typically 11 HAM projects which are on the board, and 5 BOT projects which are on the board, which are in the process of various stages of either diligence, binding offer or at SPA execution stage. So we expect the HAM projects SPA to be signed off by before this year end, and by Q1 or between Q1 and Q2, to get proceeds monetization of at least 50% of the assets during the and the balance in the balance period. On the BOT projects, we are in discussion with potential investors for a binding offer, and we expect to freeze on them in near future in couple of months' time. go into documentation and closure of the transition. On the Jawara Naga project, we are already in discussion with the, we have, we have applied to the implementing agency for the NOC for transfer of shares. In the Chennai order project, we are in the process of acquiring the 50% stake, which is held by our partner. Once that is acquired, we'll be in a position to send the same. Then on the last asset, that is, Mahanagar, the CGD business which we had, we have already told that we have already monetized the asset. The sale proceed was credited in January end, so that transaction is over, where we raised INR 286 crore. So this is, in a nutshell, for monetization of assets. Fair to say, in next six months, all the four pending transaction would get completed? Not from a closing perspective, but different, but reasonably from a signing up with a potential investor. Okay. Sure. And sir, and sir, any thought process what we will do with the cash? Because you will receive a substantial amount of cash. So the partly money will be utilized to give the exit to SBI Macquarie, which is pending. Second part of the money will also be used to reduce debt under standalone level of APL; otherwise, there is not really much debt otherwise. And the balance as in when it comes, we can decide to utilize the money for newer projects or for the benefit of the investors. Sure. Thank you. Thank you. Next question is from the line of Rohit from Antique Stock Broking Limited. Please go ahead. Sir, when I got a backlog and that you have done or- Call is going to drop in order for you. Can you hear me now? Can you hear me now? Sir, there is a breakage in your line. Can you hear me now? Yeah, please, go ahead, yeah. Yeah. So basically, sir, my question is that we have an order backlog, which may not be from the execution book-to-bill perspective, not more than 2x. And given a strong execution in FY 2024, do you think FY 2025 will be a flattish year? Because the model code of conduct will be there at least till the end of May, so an order inflow will also be very unlikely, even if it comes through the letter of award may not happen. So do you think the execution would be like flattish growth in next year? Not really. We are hopeful of getting orders in Q2, and definitely we'll start execution on that in second half. So we'll try to keep up with the pace what we are doing now. Okay. Sir, my second question has to do with the normalization of the margins, EBITDA margins. When can we expect that double digit number to be back? As we have been speaking in the past also, we expect by Q1 and Q2, either of these quarters, Q1 or Q2, we should be in the double digit, around 10% EBITDA margins annual. Sure. My final question will be on the plan to go back to the BOT road projects. So do we have any, you know, a plan where we have an arrangement with a potential fund or an investor to partly finance the project? Because all these BOT projects will require 30% of equity. It will be quite cash guzzler, or maybe at least capital intensive in the beginning part. How do we plan to do those capital allocation part? We are in discussion with various investors, but we have not finalized any arrangement yet. Got it, sir. Thank you. That's it from my side. Thank you. Next question is from the line of Akhilesh B, an individual investor. Please go ahead. Good afternoon. Congratulations on a good performance. Sir, my question is: What is the current outstanding liability we have to SBI Macquarie, with all the accrued carry, et cetera, as on thirty-first December? Approximately INR 1,370 crore. Are we accruing any more carry on this? I think 8% you had mentioned earlier. What is the mechanism? We're at 9%, and then the next quarter at 10%. So, for this quarter at 9%, December quarter, and for March quarter, 10%. But it is all capped for 15.6%. Sorry, it is capped for? Could you explain that, please? INR 1,526 crore. So that will be the upper limit. Beyond that, our liability will not increase. Correct. Sir, have you given any thought to the water EPC segment? Is there any reason we cannot get into this segment? There seem to be substantially better margins in that segment compared to our existing segment. So water EPC, we are already executing one project for Mumbai Municipal Corporation, and we are very much in this segment. So all the treatment plants and water treatment works, we are participating now. Okay, so we may do it in a bigger way in the future. EPC player with railways, power, buildings, and water EPC. Okay, sir. Thank you. Thank you. Next question is from the line of Kawal from Summer Belt. Please go ahead. Kawal, sir, your line has been unmuted. Am I audible? Yes. Yes, please go ahead. Sir, my question is: How does the company plan to deploy the seed amount from the sale of equity to Anvil? Like, will the funds be allocated to any specific road or railway projects? Could you repeat again? I could not hear the last part, madam. Could you repeat? Yes, sir. I'm saying, where does the company plan to deploy the received amount from the sale of equity stakes to Anvil? As, will the funds be allocated for any specific road or railway or EPC sector or project? So this will the opportunities as they are coming, so as we have already spoken, there are BOT opportunities come up. Part of it could be utilized for investment in BOT projects to a certain extent. So it will all depend on the policy we'll come up in the next 12-18 months. Okay. Got it, sir. My next question is, is there any CapEx plan for the next year? Is there any? I said, is there any CapEx plan for the next year? So that is a continuous process for every year. CapEx is there, machineries are bought every year. So approximately in the range of INR 60 crore-INR 100 crore is the general CapEx plan for equipment and machinery. Okay. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask questions. Next question is from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Thank you so much for the opportunity, sir. Just wanted to ask, there have been, you know, last two, three years, we've had a foray into NHAI. Now, the trend is going more towards BOT. What kind of margin can we expect? And it, it seems earlier, BOT was not such a popular, you know, concept for construction companies, but now companies are open to take BOT road projects. I'd like to understand, what's the kind of margin we expect from BOT versus NHAI, because the model is very different. Hello, am I audible? Hello. Yeah, yeah. So I understand you want margin on a BOT project. BOT project- BOT, BOT, BOT project, right? Road project. Yeah. See, as a concept, a BOT of projects are an EPC plus, asset holding capacity. Mm-hmm. So in a BOT project, definitely both aspects are differently looked at. The EPC margins are what we generally target at. And then we'll have to have a patience on the capital invested to amortize the returns over a period of the concession life or to be able to monetize the asset. So they are differently. They give different opportunities with an EPC, but it definitely covers the EPC ability to do the transition, to do the business. But is that covered? I mean, like, I just wanted to have a ballpark figure in terms of, like, if it was X in NHAI, do you expect 1.5% X? At least some sort of margin must be there in BOT, which should actually encourage the construction companies to pick up BOT projects. I mean, just to understand, because going forward, we'll have more of BOT projects rather than NHAI. Correct me if I'm wrong. Yeah. So basically, see, an EPC contract, the BOT projects are typically a mindset of people who want to hold assets and who are expecting a yield or an IRR. So from that perspective, the viewpoint would be different for everybody. Anybody who's expecting a yield of approximately IRR of 15%-16% would, and with the accordingly, the numbers stacks up, but they would be interested in bidding for such projects. Okay. Okay. Thank you. I have more questions, but I'll go back in the queue. Thank you. Next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. What would be your order inflow guidance for FY 2024, and what was the inflow in the first 9 months? Next year guidance is like, you know, we should be getting orders from Q2 onwards, and we expect at least INR 6-8 thousand of order book adding next year. What has been the order inflow in FY19 in nine months? Nine months, I'll just come back on this. Guidance for the current year, FY 2024? 2024, I'm not sure, because now already we are in February, mid-February. So, whatever have been billed, once those bills open, we'll know how much we get. So around INR 13,000 crore of bills we are waiting for yet to open. Okay. And, sir, there was a sharp increase in interest on a quarter-over-quarter basis, from INR 52 crore to INR 62 crore in Q3. So what was the reason for the same? Interest increase is basically one reason. We had taken a term loan from Aditya Birla Finance in September end, which was also this in the last quarter financially, which had an impact of approximately INR 2.25 crore. There was a one-off BG bank charges of INR 5 crore for a international project, which was accounted for in this quarter due to certain changes in the guarantees, which was a one-off. Okay. And, sir, what was the reason for the increase in the carry on the SBI equity liability in QCM? More of a commercial, that's more of a commercial from their perspective. As far as we are getting a protection on the total 1,526, it was what their ask was. For FY 2025, it would be 10%? Yeah. It will be decided post first April. Okay. And sir, lastly, what is the execution status for the water project in Maharashtra, in the Mumbai? ... So Mumbai project after post-monsoon has started well now. We are in advanced stage of execution now. Okay, and when is it expected to complete the project? This will take another 18 months to complete. Okay. Okay. Thank you, sir. Thank you. Next question is from the line of Vishal Sheriwal from IDBI. Please go ahead. Yes, sir. Thanks for taking my question. I have one question. So based on our outstanding order book of INR 14,000-odd crore, which is including inflows, what kind of revenue we can expect in FY 2025 to execute? Assuming like, you know, probably order inflow will be muted sector-wise. So how do you see FY 2025 in terms of revenue based on the current book? Current book, based on the current book, we should be flattish, but if we are able to bag orders in Q2, then definitely 15%-20% rise we can expect. Okay. So largely, I mean, it could be like, second half or probably like Q3, Q4 can be heavy. That's what we can say that, right? Q2 onwards, we should start getting orders, and some order we may get even before this March end. Okay. Right. Yeah, sure. That's all from my side, sir. Thank you. Thank you. Next question is from the line of Saurabh Gujjar from ICICI Prudential AMC. Please go ahead. Sir, thank you for the opportunity, sir. So just on the overseas order book, which is around INR 1,300 crore, what is the status about execution there? Which are the major projects comprising in this, and, any tentative timelines when the execution starts or is going on? So major project is Guyana, where we have completed around 36% of the job, and now, like Q1 onwards, we'll have all the richer layers being done. So there'll be a good progress on that project going ahead. Bangladesh, we have started well. There is a land acquisition issue on 50% of the land. Balance 50%, we are progressing well, where all structures are completed and execution is in full swing. So once the balance 9 km is ready, we can see good progress next year. The third project, which we are doing again for power distribution in West Africa, in Benin, there the material have been approved and material supplies would start and execution would start in Q1. Okay. And just how much is the outstanding order book from these projects, Guyana and Bangladesh, out of the INR 1,300 crore? That's the balance order book, which number you're talking about. So, for just these two projects, out of the INR 1,300 crore... Sorry, I would have missed the number. These two are 1,100. 1,100. Okay. Okay. Thanks a lot. Thank you. Next question is from the line of Vasudev from NovaStar. Please go ahead. Hey. Yeah, thank you for the opportunity, sir. Just a few questions from my side. So firstly, if you can give what is the total equity requirement for all the HAM projects? And like how much have you already infused and how much is still pending? The equity requirement for the major two projects, that is basically Shivamoga and Basantpur-Saharsa, is approximately INR 180-191 crore. Okay. How much have you already infused from this? So this is the balance required to be done. Okay. From first January. Okay. Okay, got it. And, so secondly, on the bid pipeline front, you said that we are looking at INR 95,000 crore in the road segment. So if possible, can you give some color on the other segments as well? Other segment, building pipeline is not committed kind of this thing. We have to look for different states, basically. Okay. Okay. That's, that's okay. And, sir, what is the CapEx that we've done in Q3, and, how much are we expecting for the full year again? I'll just come back on that. Okay, sure, sir. And just lastly, do we have any definitive timelines while we are closing, looking to close the Jaora Nayagaon and the Chennai Ora deals? So Jawara Naga will is dependent on government NOC. So once that is received, should be happening in 2-3 months' time. Chennai Ora is more of a commercial process. May take a couple of months or more, depending on how the commercials go. Okay, sure, sir. That's it from my side. Thank you. Thank you. A reminder to all participants, you may press Star and One to ask questions. Next question is from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. So my question is, as the code of conduct will settle on the twenty-fifth of February, are we expecting like, there was this, when you're talking to competition, apparently there is some INR 30,000-odd crore or maybe more of orders which may be offloaded before the code of conduct. What is your take on that? We are participating in various bids. As I said, 13,000, where we have already participated, yet to open, and new bids are continuously coming. Okay. Participation is there in most of the bids. Okay. And, so hopefully before the code of conduct, they should actually be awarding all these projects, isn't it? So is it like, during the code of conduct, they're not going to give out-- they will not be awarding any projects within, maybe March to May, Not award, but your bidding. Mm-hmm. Okay. Thank you, sir. That is all from my side. Thank you very much. Thank you. Next question is from the line of Bhavin Vithlani from SBI Mutual Fund. Please go ahead. Yeah. Good afternoon, gentlemen. I just missed the number. You mentioned INR 5,800 crore is the project debt, and INR 1,100 crore is the standalone debt. Now, you received the money after the quarter ended for the sale of the asset. So, is the debt kind of reduced by that quantum commensurately? Yeah, yeah. So that has typically gone into reducing the standalone working capital debt. What was the project debt for that asset, which has reduced from the INR 4,800 crore of project debt held for sale? INR 200 crore. Okay, that's it. The second is, in the standalone, we've seen a very significant increase in the finance cost, for this quarter. Could you just help us, you know, because when we look at on a YOY basis, the standalone debt has not gone up to the extent of the increase in the interest cost. Yeah. So, on the, what you call, finance cost, as I have already said now, so before, INR 5 crore is the impact of bank guarantee charges on, guarantees given, which has been debited in this quarter for the international projects. And, INR 2.5 crore is pertaining to, Aditya Birla Finance, which was, additional debt taken as of 31st, on 30th September, which was, taken somewhere around 27th September, 2023. So... And, the total impact of interest cost is a mix of interest on, loans as well as interest, on mobilization advance, which is accounted as, finance cost. Okay. So on a weighted average basis for you, taking these exceptional items out, what is the underlying increase in the rate of interest as for the standalone business? From year to year? Yes, please. It would be approximately 0.75%-1%. Okay. And what would it be currently at? So CC limits would be in the range of INR 9.1-INR 9.4. Okay. The next question is also asked by the previous participant in terms of as the mix of NHAI is expected to tilt towards the BOT projects, and we are also looking to sell these assets, but the timing is getting pushed out. Would you be open to taking these projects? And what's the kind of once the balance sheet frees up, what's the kind of potential capacity that will get released on the asset sale, so that... Just want to know that what is the quantum of BOT that as you as promoter, will be comfortable taking on the next round of BOT? Comfort-wise, around INR 10,000 crore of BOT is not a challenge for us, because we'll be having surplus capital once we monetize all the assets. We'll be having enough equity for doing projects worth INR 10,000 crore, and we can always look for a investor partner, right, from the building stage for BOT projects. Our experience on BOT will definitely help us select proper project and execute them timely. Understand. So you, you've been an early mover in the BOT, and I think the valuations that you are getting on the HAM is better in terms of time value of money from what you have got in the BOT projects. What are the learnings that you have incorporated? And along with that, if you could also talk about the competitive landscape, because that is equally important. Yeah, competitive landscape would be there, but choosing the right project is very important. NHAI is also modifying their concession agreements continuously, which is helping the sector. Okay. So they are in discussion even for this, for round of BOT projects, where they are asking concessionaires to give their comfort on various aspects. And they're open for modifying the agreement. If the agreements are, like, equally, as far as the risk is concerned, if they are equally placed, then definitely this could be a good sector to be. ...so that, and in terms of what's the learning that you had in the initial rounds that you've kind of taken a corrective action now that maybe the same one, same as- See, basically, to study and selecting a proper corridor is very important. Understanding all the aspects, having carried out duty for last 15-20 years, we are very much in control on the entire value chain now. Understood. Could you talk about the, I mean, the kind of efforts that you're putting in terms of team sizes, the feet on ground, in terms of handpicking the project that you would want to build in terms of the traffic studies you've already done, so that it kind of where you can leapfrog in terms of the larger size as it comes in? Yeah. So we have all the in-house teams, and quite a big number is available in-house. To do this, we are not applying for taking help of any extreme consultants for this. So design-wise, traffic-wise, all financial modeling-wise, everything is in-house. Sure. Great, yeah. Thank you so much for taking my questions. Thank you. Next question is from the line of Shyam Garg from Ladderup. Please go ahead. Sir, my first question is related to the CapEx. As you have mentioned that you'll be spending around INR 60 crore-INR 100 crore for the next year in CapEx, what part would be for the maintenance CapEx and what part is growth CapEx? See, all this CapEx is for EPC business, so it is all for whatever contracts are received. We keep on spending on machinery and equipment. Okay. And so my second question is, for the various projects that you are taking, that is, particularly for the redevelopment projects or what kind of projects are basically protocols you are targeting in the near future? We are participating in highways, railways, power distribution, buildings and water. All these segments are focused for us. Wherever we are able to build, make our target margins, we are going to participate and back them. Okay, sir. Thank you so much. Thank you. Next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Thanks for the follow-up. Sir, can you elaborate more on the INR 5 crore charges you talked about in the interest cost? So, this was the project and was our bank guarantee encashed? No, no, no, no. So this was a bank guarantee issued for Guyana project from Indian Bank Guarantee, which was to be replaced by a bond structure, where the foreign bank which was involved in the transaction was not. At the last moment, refused to refund any bank guarantee charges they have taken for the next two years. So that had to be closed, and that's the reason we replaced the bank guarantee with a bond, and the charges were debited, which otherwise would have been carried out and amortized over the next two years' time. Okay. Okay. Okay. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask questions. As there are no further questions, I would now like to hand the conference over to management for closing comments. Hello. I hope we have been able to answer most of your queries. We look forward to your participation in the next quarter. For any other further queries on this quarter results, you may contact SGA, our investor relation advisors, or us directly. Thank you very much. Thank you. On behalf of Anand Rathi Share and Stock Brokers, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.