Ladies and gentlemen, good day, and welcome to the Ashoka Buildcon Limited Q1 FY 25 earnings conference call, hosted by Nirmal Bang Equities Private Limited. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jyoti Gupta from Nirmal Bang Equities. Thank you, and over to you, ma'am. Thank you, Shlok. Hello, everyone. On behalf of Nirmal Bang Institutional Equities- Hello. I welcome you all to the Ashoka Buildcon Limited Q1 FY 25 earnings call, conference call. We have with us Mr. Satish Parakh, Managing Director, Mr. Paresh Mehta, Chief Financial Officer, and Mr. Peeyush Jain, Assistant Vice President, Accounts and Taxation. Without further ado, I request Mr. Satish Parakh, sir, to start with his opening comments, after which we can open the floor for questions and answers. Thank you, and over to you, sir. Satish sir? Satish, sir, please go ahead. Hello? Yes, sir, please go ahead. We can hear. Hello. Am I connected? Yes, sir, you are connected. You can please continue. Mr. Satish, please go ahead with your opening remarks. Hello? Ladies and gentlemen, you're connected to Ashoka Buildcon Limited Q1 FY 25 conference call. The management is reconnecting. Please stay on the line. The management is reconnected. Mr. Satish, sir, you may go ahead with the opening remarks. Mr. Satish, sir? Yes. Please go ahead with your opening remarks. The conference has started. Okay. Thank you. 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 ending 30 June 2024. On this call, we are joined with our CFO, Mr. Paresh Mehta, our Vice President, Mr. Peeyush Jain, and SGA, our Investor Relations Advisor. Let me begin by giving an industry overview. India's road infrastructure has undergone significant development, with constant focus on improving overall connectivity, while also establishing critical links even in geographically challenging regions. As a priority sector for the center, the sector has witnessed ambitious highway construction targets. Rapid execution to support this target by efforts so the gain for us slowed down significantly due to elections and delay in land acquisition approvals. The government has set a provisional target of constructing 10... 15% lower than 23-24 achievements. Mr. Satish, sir, sorry to interrupt. Your voice is lagging a lot. Should we reconnect your line? From April to June, 1,934 km of highway were constructed, compared to 2,254 awarded. NHAI authorities focus on tracking and construction pace. NHAI has plans to offer around 15 road projects worth INR 44,000, spanning 900 km for bids under BOT mode. These projects are part of the Centre's plan to offer 53 projects over INR 2.2 trillion, covering 5,200 km under BOT over the next 3 to -5 years. Recently the government amended the concession agreement model to make the model more attractive. NHAI has announced plans to monetize around INR 2.4 billion worth of road projects through InvIT to reduce substantial debt and aims at delivering assets to repay loans on project funds of the company. The company has received completion certificate with effects from April 2024, on a hybrid annuity model project of National Highways Authority of India, eight-lane Vadodara-Kim Expressway. The company has been received a completion certificate of its hybrid annuity model project procurement for the designing, engineering, and financing for NH-161 from Kandi to Ramsanpalle in the state of Telangana, executed by subsidiary of the company. Mr. Satish, sir, you're not audible. The company has emerged as lowest bidder for two EPC projects of Maharashtra State and Revas-Reddi Coastal Highway. The company has also emerged as the lowest bidder for two of the MMRDA projects. The Ivory Coast execution in 2024. Mr. Satish, sir, sorry to interrupt. Your voice is not audible. Should we reconnect your line? ... are making progress toward divestment of the entire stake in specific subsidiaries that are awarded by NHAI for the construction and operation of BOT projects on HAM. Concerning these completed project assets and liabilities continue- Sir. To be classified as held for sale. Hello. Coming to the order book status. As on thirtieth June 2024, our balance order book stands at INR 10,356 crores. This is excluding the projects where we are relevant of INR 3,400 crores. If we add that, then it becomes thirteen thousand eight hundred crores. The breakup of order book is, for roads and railway projects, it compromises of INR 5,316 crores, which is 52% of the total order book. Among the road projects, order book- Sorry to interrupt. Can you hear me? INR 931 crore, and EPC road projects are INR 3,694 crore. Railway is around INR 691 crore. Power T&D accounts for around INR 4,424 crore, which is approximately 42% of the total order book. The total EPC building segment order book is INR 3,434 crore. To conclude, let me say this again, that our primary focus remains on maintaining sustainable EPC business in segment comprising highways, railways, power transmission, distribution, buildings and waterways. This is all from my side. I would now request Peeyush Jain to present the financial performance. Thank you. Thank you, sir. Good afternoon to all. Results and investor presentation and press release has been uploaded on the stock exchange and company website. I am sure you must have had a time to go through it. I will present the financial results of the quarter and previous quarters. Starting with the standalone numbers for Q1, financial year 25. The total income for Q1, financial year 25, stood at INR 1,901 crores, as compared to INR 1,557 crores in quarter 1, 2024, registering a growth of 22% year-on-year. EBITDA for the quarter stood at INR 195 crores, INR 145 crores, a growth of 52% year-on-year, with EBITDA margins of 7.6%. PAT grew by 148% year-on-year to INR 41 crores. Our revenue contributed for each segment for Q1 FY 25 is as follows: Road EPC contributed 43%, Road HAM contributed 10%, EPC power contributed 31%, railway stood at 10%. For other building EPCs and other segments, it's around 5%. Our standalone debt to equity ratio stood at 0.5%, as on 30th June 2024. Coming to consolidated results, the total income for Q1 FY 25 stood at INR 2,495 crores as compared to INR 1,973 crores for Q1 FY 24, registering a growth of 26%. EBITDA for the quarter stood at INR 628 crores, a growth of 23% year on year. PAT grew by 156% year on year to INR 158 crores. The total consolidated debts as on thirtieth June stood at INR 7,183 crores, installed, which constitutes standalone debt of INR 1,410 crores, which comprises 114 crores for equipment and term loans and 1,296 crores for working capital. Towards our BOT division during the FY, during the Q1 2025, we recorded a gross collection of INR 321 crores as against INR 307 crores for Q1 2024, recording growth of 4.8%. With this, we now open floor for question and answer. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question, you may press star and two. Participants are requested to use handsets while asking a question. We'll wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah, hi. Good. Thanks for the opportunity, sir. My first question on the margins, sir. Margins in this quarter was 7.6%, I think, excluding other income. Do you think that will improve the margins in the balance of the quarter? And what will be your target with the margin by end of for the fiscal year of 2025, and can expect improvement in FY 2026? So, practically, we around in the range of 7%-8%, and hopefully for next 2 quarters it would be in same lines. This is the new order book that is there in the pipeline and which is already where we are relevant. We feel that from 3rd and 4th quarter onwards, we should be in the range of around 9%-10%. That's our target. What is the full year target, let's say, for what is your aspiration level to go to the margin? Margins have declined from 12% to, I think, 7%, has been massively on decline in the past few years. So, practically, we had been at around 10%, around 10%-12%. And, as we discussed in the last quarter, we'll be at around 8%. So hopefully this range of 8% would be there for a quarter or so, and then we'll be at 10%-12%. This is majorly because of the some projects which we had backed the post-COVID, and also we have entered into the new segments as well. Mm-hmm. Mm-hmm. Understood. My second question is on the order book expectation for the entire fiscal. Of course, the elections are over now, and are you seeing that there's a momentum in the tender pipeline? Are you seeing enough tenders out there, which gives you some confidence that the spending for the road sector will be, will be very, very high in this particular fiscal? Last year was pretty bad. Last year there were hardly any, any, any road tendering. That's the reason I'm asking this now. Mr. Mohit? Yeah. Do you want to ask another question? No, I think I asked the second question, right? Just ask the question. Can you hear me? Hi. Am I audible? Yeah. It's regarding the order book intake that you are, My question was more on the NHAI pipeline. How are you seeing that? How do you think, you know, because the last year was pretty bad. Are you expecting this? How things are, how the tender pipeline looking like at this point of time? And, and for some comment on the BOT would be helpful. Yeah. Total bid proposal pipeline is, considering NHAI and other MoRTH projects, to the tune of 3,700 kilometers and would be at around INR 93,000 crore. The ABN pipeline would be to approx. of INR 7,778 crore out of that, with a length of, length of 2,400 kilometers. Understood. How is the new BOT document, this new MCA different from the earlier document? How is it better? I could not hear it clearly. Can you please repeat? You spoke about the current MCA document, the Model Concession Agreement, is better than the earlier document. I'm asking that what are the improvements which happened in the current document compared to the past? This is for BOT. Yeah. Could you just repeat the question? So my question was on the Model Concession Agreement, where you just mentioned that there has been, there's a new Model Concession Agreement which has been finalized, like, for the BOT. How this is better for the developers now compared to the past? No, we'll come on this, you know, one-to-one call. Sure. Understood. Which will happen. It will take longer, and since I'm traveling, it's on and off the cutting, so- Sure, no issue, sir. No, no issue, sir. I will take it offline. I'll take it offline, sir. Thank you. Thank you for asking my question, sir. Thank you. Thank you. Best of luck. Thank you. Thank you. The next question is from the line of Niteen Dharmawat from Aurum Capital. Please-. The next question is from the line of Niteen Dharmawat. Please go ahead.... We remind all the participants to press star and one to ask a question. Participants, stay on the line. The management is getting reconnected. All connected. Yeah, I'm also there. Thank you. The next question is from the line of Ashish Shah from HDFC AMC. Please go ahead. Yeah, good afternoon, sir. May I request you to update on the status of the monetization that we had planned? One on the HAM side and the other on the BOT asset side. Where are we on those two processes? So both these processes are at very much advanced stage, and maybe in a month's time we'll be entering into SHA. And then, of course, LFC process will take some time. Okay. And there was also a plan to earlier announcement of monetizing the other assets of Jaora-Nayagaon and also of Chennai ORR. So again, what's the update on that? Those are, those are under discussions, and it may take little longer time for monetization of these two assets. Yeah. Okay. But in the meantime, you think the ACL BOT assets and the HAM assets, that can certainly be done? Yes. Those are at advanced stage of discussions, and we are very much in the range of signing SHA. Sure. Could you update, sir, what's the standalone debt? I missed that number. What is the standalone debt for the quarter, and why has that working capital been consistently going up? I mean, over the last few years, I think it's gone up substantially. So what are the main reasons for this increase in working capital, and what are we thinking about it? How can it be brought down? So, standalone debt, as at June is INR 1,410. And this mainly comprises of working capital requirement loans that we have raised. It's mainly on account of the mix of projects that we have, and mainly contributed by the increased turnover that we have over the last two, three quarters. And, this is that there is an increase in working capital loans, and some, increase in the quarter is on account of payment of NCDs that we had at ACL level, that has been fully repaid now. Okay, so the INR 200 odd crores of NCDs at ACL has been completely paid? Yeah, yeah. It was INR 250 crore originally, and it has been fully repaid in the range of INR 100 crore in the quarter. In this quarter, about INR 100 crore? Yeah, yeah. But in this overall profile of working capital, you think this is the stable level of working capital the company could have? There's nothing particular that you think was wrong and can come down in the quarter? No, no. It would go down because we are executing the projects which require working capital, so as to have a material which is required for a longer period of the project. We have a bridge projects where we need setting material, and that requires more capital, working capital. Okay. But nothing on the side of electrification projects, where working capital could be high? Yeah, electrification projects also require working capital, but it gets settled on the basis of the billing period schedule and cycle, and we get the sometimes mobilization advance also. So practically, it will get settled, because once we are in the mid or at the end of the execution of the projects, we should get the realization of the amount initially invested in for the working capital. Right. This last thing from me, the L1 position that we have, by when do we expect this to be converted into a firm order? We are expecting this to around the fifteenth of September. Sure. But you don't see any risk of cancellation or anything of this L1 position? As of now, there is nothing, as such. They have been awarding in the past, so- Right. I think it should go, yeah. Right, sir. Okay. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Hi. Sir, in first quarter, EBITDA margin was around 6.5%, if I remove the other income. So what would be the guidance for the margins after excluding the other income? So your guidance was including other income or excluding other income for the remainder? You, you quoted around 8% for 2Q and 9%-10% for the second half. So definitely, it's excluding other income. And if you see the last quarter, we are in the range of around 7%-8%, so it should be in line to that. Sometimes there are ±0.5% is there on account of certain project closure and certain impacts. So second half should be around 9%-10%, right? Yeah, yeah, yeah. And what would be the number, same, for FY 2026? So considering the current L1 status and the projects that we'll be executing in coming years down the line, and the robust order book that we have, so we are able to recoup some of the overage, and we feel that it should be in the lines of around 10, 11, and then should retain the same. Okay, sir, I missed the initial remarks. Can you repeat the guidance in terms of revenue and order inflow for 2025 and 2026? So, as far as revenue is concerned, we should be around 15%-20% growth. Or twenty-five? Yeah, yeah, around 20%. And order inflow? Order inflow should be, we are already at INR 3,004 for quarter one, and we'd expect a signing of the same in coming quarters. So on the same line, we should be having around INR 10-12 crore addition in the year. INR 10,000-INR 12,000 crore for the annual for FY 2025? Right. Right. Yeah. Okay. Thank you, sir. Thank you. The next question is from the line of Akhilesh, an individual investor. Please go ahead. Sir, good afternoon. Thanks for the opportunity. Sir, I have two questions. First one is, we have recently appointed somebody as the head of our water vertical. So I wanted to know more, what are our plans for this vertical? How big we think it can become, and what is the margin profile in this segment? So this vertical, we are executing one project in India. One water project we are executing in Ivory Coast, and we are participating in other projects. As we build qualification, this vertical also will be part of our full range EPC segment. How is the margin profile, sir, in this vertical? And can you, I mean- Margin will be more or less same as all other EPC businesses. Around 10%? Yeah, yeah. Okay. It can be maybe 10% of our order book going ahead, once you get more and more qualification in the system. Yeah. Now, slowly we are building the vertical, so it should be 15%-20% of our entire business, maybe two years down the line. And sir, second question is on this asset monetization. So, as we know that it's been dragging for a while. So I just want to understand whether we are not happy with the bids that we are getting, or, is there some defect in the paperwork still? Or how close are we, you know, to actually concluding something there? So paperwork and you know, getting all the SHA agreements done has taken a little more time, but now in the shooting range and will be through very soon. So have you finalized something with somebody? I mean, basically, most of the investors would- Range of signing SHAs. Okay. Absolutely. Very soon we'll be announcing that. Okay. Okay, sir. That's all. Thank you. Thank you. A reminder to all the participants that you may press star then one to ask a question. The next question is from the line of Prem Khurana from Anand Rathi. Please go ahead. Yeah. Good afternoon, sir. Thank you for taking my question. Sir, my first question was with respect to our recent order in Ivory Coast. So we've been talking about international opportunities, and currently it's only around 10% of our total order backlog. Would you even share, I mean, where do you see this number let's say three, four years hence? I mean, is it there, I mean, in between, India was little slow in terms of orders, which is why you went to Ivory, or you will keep on exploring new markets and irrespective whether India is slow or we would have enough opportunity there. I mean, what are the plans for the international geographies, I mean, in terms of new orders that you're targeting and any new geographies that you're targeting besides Ivory now? Yeah. So presently we are working in six countries, and we'll try to focus on these countries and then slowly grow there. This will be an independent vertical. We will add maybe in two to three years time, around 20% of our order book and revenues. Sure. In all the segments, I mean, roads, building, and in India or any particular segments? Segments in which we are present in India, we will be exploring them as well. Sure. And so when you, NHAI on the board of, closing transaction for BOT tolls as well, the original 5 projects we were supposed to sell to KKR. So there are two assets where the concession is supposed to be done with by 2028 and 2029, Durg-Bhandara. I think in between there was this perception that, these could, these two could stay out of that, agreement that you do. So, I mean, what's the status now? Would we go for all 5 assets and the SHAs that we're talking about? Would be for all 5 assets, or it could be about 3, because the other two, in terms of concession, there's hardly anything left for the buyer. I mean, it's only 3-4 years of, pending tail period is what is left. Yeah. So as I explained earlier, talks are in advanced stage for all 5 BOT projects and all 11 HAM projects. These two independent portfolios are at advanced stage, where we will be very soon signing SHAs. Sure. Yeah. So in Jaora-Nayagaon in Chennai, so the the existing- Chennai may take a little more time. Mm-hmm. Yeah. So Jaora still we are facing challenges for getting NOC. Sure. Which requires a change in condition and the concession agreement, which is taking a little more time as it requires cabinet approval. Sure. While the buyer is still the same, I mean, NHAI or any of, because I mean, sometime the exclusivity is done with, we could look at new buyers as well for Chennai or Jaora, Chennai, and mostly Chennai? Okay. I believe Jaora will come back with it soon. Sure. And also, I mean, if you could help us understand the increase I have seen in the net debt number in this quarter on standalone side, from INR 600 crore, we've gone to 1,200, so there's a jump of almost INR 600 crore. Then how much of this is, I mean, eventually, would you believe that it is temporary and the payment cycles were elongated because of elections, and you it'll come down by? And where do you see the debt number by the end of this year? So, practically, it should, it should be on the same lines. It is majorly because the... If you see the cash balance that we had at the year-end, it's compensating because there were some collections at the year-end from the government side, the payments were done. So practically, there is effective increase of around INR 200-INR 300 crore, which are in lines to the turnover we had done in the quarter, and also that has been used for the repayment of entities at ACL level. So it should be in the same lines, and there would definitely be an increase over a period because our turnover has also increased at a growth of around 20, 25, 20% around. So definitely, working capital would see a rise. Sure. And when you say same line, I mean, I'm talking about the FY 2024 levels, right? Yeah, yeah. It should be in the same lines of around 20%. Sure. Thank you, and all the best for the future. Thank you. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah, sir, if you can help me with the equity or total equity requirement for the HAM projects, how much have we infused till date, and what is the pending infusion? So practically, the pending infusion is around INR 120 crore, and we have invested in HAM projects to the tune of INR 919 crore. Means we have invested 1,170. That is our commitment, and out of which, INR 120 crore is to be done. Oh, okay. And this INR 120 crore, how much will be infusion in FY 25? So this would be mostly in the FY 25 only, because two, three projects are at the completion stage only. Okay. And sir, the CapEx that we're planning for FY 25, and how much have we done in the first quarter? We have around CapEx of INR 110 crore, out of which in the first quarter we have done around INR 10 crore. Okay, that's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hello? Yes, sir, you're audible. Please go ahead. Yes, sir, my first question is around the monetization. So, before monetization, NHAI is asking for settlement of all the previous claims before giving NOC. For all these projects, what is the status on the claim settlement with NHAI? And has that been one of the major issues with which there has been delay in the monetization? Hello? Hello, sir, can you hear me? Hello. Yeah, can you repeat it, please? So I was asking that now, before any monetization, nowadays, NHAI is asking for a settlement of old claims which typically concessionaires put on NHAI. So, in our case, has that been an issue because of which there has been delays, and if, and at what stage of settlement are we or reconciliation are we with, with NHAI, before we can conclusively sign the SHAs? For HAM as such, we are almost at advanced stage for most of the projects, and in some there is COD also achieved, which is the settlement. For BOT, some projects are at discussion stage and should happen. We can take it offline on one to one basis. Sure. Sure, sir. And second question is on margins. I mean, sorry, I joined call little later. If you can understand without other income, what will be the targeted EBITDA margin for FY 25 and 26? Because we have seen delays in recovery of EBITDA margins, but now with new orders coming in and depletion of old order books, how do we see the EBITDA margins panning out for FY 25, and which quarter in FY 25 do you think that there will be significant improvement in the margin trajectory, and then the guidance for FY 26? So as we discussed in earlier calls as well, so hopefully by second half of this year, and most probably by fourth quarter, we should have a range of 8%-10%, around 9% soon. And for the, this is the addition, as you have rightly said, and the increase in the order book inflows for the current year that we expect. So we should have, margins of around 10% and further next year. 10% in FY 2026? Yeah. And the revenue growth in FY 26 is, what was the, the growth you are targeting for FY 26? Around 20%. So this year 20, and next year also 20%? Yeah. This is the last question, sir, on the PNDTs. I just wanted to understand, now these HVDC projects are coming. So first of all, are we qualified to bid for this? Are we giving any support bids to the developers who are participating in this tendering? So beyond 400 kV, 765, 800, so are we qualified, or we will target more on the RDSS side? Mr. Parikshit, please, can you repeat the question for the management? Sir, on the transmission and distribution side, so are we qualified to bid for HVDC etc. opportunity, which is coming up? So primarily, or another way I want to ask, for high voltages, like 400 kV or 765 or 800 kV, is there any opportunity wherein we can participate? Or lastly, our presence will be more in the lower kV kind of opportunity on the distribution side? So, for INR 765, we'll not be able to qualify. We'll be executing on the same lines, around INR 220 and up to INR 300. Up to 300 KV, you will be, basically at tendering, participating in the tender up to 300 KV. Okay, sir, my questions are answered. Thank you. Thank you. Thank you. For a reminder to all the participants, you may please press star and one to ask a question. I repeat. Thank you. The next question is from the line of Niteen Dharmawat from Aurum Capital. Please go ahead. Yeah, thank you for the opportunity. Am I audible? Yes. Okay. Sir, you mentioned about the com... In the commentary about the projects from NHAI, but you are not completely audible. So can you please repeat that particular part? How do you see projects coming from NHAI, and what is the situation now? Is it the similar kind of thing, or is there any change that you see after the election election results? So practically, there were no orders last quarter, and in the first quarter also, there was a little bit delay or something. So we are expecting that order book pipeline to be in the current year, should be to the tune of around 3,700 kilometers, and which will comprise of INR 93,000 crore, is the total. And we proposed around 2,400 for our pipeline, to the tune of INR 78,000 crore. This is including NHAI, MoRTH, and we should have major inflow in Q3, Q4. Mr. Niteen, does that answer all your questions? Mr. Niteen? The current participant seems to have disconnected. We'll take the next question, which is from the line of Jyoti Gupta. Please, go ahead. Sir, thank you for the opportunity. Can you please give me the breakup of revenues from international operations? What will be the breakup, domestic versus international? Presently, domestic versus international, in the current quarter is around 15%-20% that we are executing. It should be in the same range, a range of around 10%-12%. For the next few quarters, it will be 10%-12%? 10-12, yes. In terms of EBITDA, which is more lucrative, domestic or the international? Practically, it's in the same line, maybe 1 or 2% more. Okay. My other question is on the depreciation side. Do you expect depreciation going down significantly in the next two quarters? Because, as you understand, a lot of machines which are getting exported, which actually will be actually disposed in these foreign lands. So for new machines, obviously, we look at depreciation maybe after one year. So practically, for depreciation for overseas, we have a policy of charging extra depreciation, considering the overseas exposure and movement of the machinery. So we feel that it should be in the range of around INR 20 odd crore for quarter-on-quarter basis. And, as per our policy, if substantial addition is done in this year, which we expect around INR 100 crore or... Then we'll have a addition of depreciation to those effects, and should be in the range of INR 20 crore-INR 25 crore, because we have a policy of expected life based on WDV method. Okay. Is the revenue from international operations being built up in the total revenues on a consolidated level? Is the money being booked here, as well repatriated into India? Yeah, yeah. This is projects which are executed through branch, so all the turnover is captured in the standalone HD. Okay, and there is repatriation from international assets? Yeah. It's also majorly projects that we are doing are EXIM funded. ...Okay. My other question is, sir, that, while we have, we don't see a substantial increase in the projects, yet our cost of materials on an overall basis plus has actually increased. Any special reason? Is it to do with procurement of mines? No, it's not mines basis. But practically, if we have to take both the expenses put together, cost of material as well as the construction and other net expenses, because the mix of the projects that we execute depends on the nature of subcontracting that we have given. On an overall basis, what is the other subcontracting contribution, which actually determines the revenue side for the company? So it depends on a case-to-case basis. So, with the differential on a one-to-one basis that how much is there, but it should be in the range of around 30-40%, and then material cost around 40%. Okay. So what is the status of international projects if we, if there's, you know, if the delays? Two questions. One, are we still having issues with procurement of land and so where? And the other thing is, if there is a deficit of projects within India, do we see that being compensated from international projects? So as Independent strategy. Mm. An international vertical is developing on its own. Mm-hmm. In the second generation is taking over it. We're already working in 6 countries outside, excluding India. Mm. It's a thing which will grow on its own. Okay. Okay, that's all from my end. Bandwidth and manpower to take up national projects. Okay. That answer all your questions, right? Yes, sir. Done. Thank you, ma'am. Thank you so much. Before we take the next question, we would like to remind all the participants, you may press star and one to ask a question. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Good evening. I have just one question. In consolidated company-wide results, I think the BOT projects that line item which is there, revenue is largely flattish to marginally decline. But our segment result, which is EBIT, has seen a pretty sharp improvement. So is there any one-off in this BOT project in terms of margins for us in this quarter? No, practically, it's mainly on account of the reduction in the interest that is there, allocated interest for BOT projects and and HAM projects income come on the base of the IRR. So this is the future collections that we expect, and the increase in the rates of interest gives us the better IRR, and accordingly, the margins in that segment increase. Okay, sir. So, when the margins that we are seeing in this quarter, probably that will, kind of- Yes. Okay. Okay. Sure, sir. Yeah, that, that's all from my side. Thank you. Thank you. We would like to remind all the participants, to ask your question, please press star and one. We'll wait for a moment while the questions assemble. As there are no further questions, I would now like to hand the conference over to Miss Jyoti Gupta from Nirmal Bang Equities for closing comments. Yes, thank you, Shlok, and very sorry for the technical issue that we had in the beginning. At the same time, thank you, management. Thank you, participants. Over to the management to close, for closing comments, please. Thank you. I hope we have been able to answer most of the queries. We would look forward for your participation in the next quarter. For any further queries, you may contact SGA or Investor Relations. Thank you. Thank you from our side. Thank you, sir. On behalf of Nirmal Bang Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.