Ladies and gentlemen, good day and welcome to the Q2 FY 2025 earnings conference call of Ashoka Buildcon, hosted by Nirmal Bang Equities Pvt. Ltd. As a reminder, all participants 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 *0 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, Muktar. Hello everyone. On behalf of Nirmal Bang Equities, I welcome you all to the Ashoka Buildcon Q2 FY 2025 earnings conference call. We have with us Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer. 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. Thank you, Jyoti. Thank you. Good afternoon, everyone. Hope everyone had a great Diwali festival, and all are 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 half-year ended 30 September 2024. On this call, we are joined by our CFO, Mr. Paresh Mehta, an SGA IR Relations Advisor. Let me begin by giving an industry overview. India is experiencing a massive boost in road infrastructure investment, bringing a major shift in connectivity and economic growth. To support rapid growth and improve transport networks, the National Highways Authority of India, NHAI, has launched ambitious road development projects, and these actions aim to cut travel times, improve safety, and build a strong road system for the future of India. Through the National Monetization Pipeline, NHAI has attracted substantial investment from both local and global sources using creative financing approaches. These include focusing on toll operate transfer projects and infrastructure investment trusts, which have helped scale up road development efforts like never before. Road investment in India has sped up significantly in recent years. NHAI has awarded 16 TOT bundles, raising about INR 49,000 crore, and has also raised around INR 25,900 crore through its InvIT under the NMP. A key factor driving this growth is the strong increase in toll revenue, boosted by developments like fast-tracked regular toll rate adjustments for the inflation and overall economic growth. Over the past five years, total toll collection has grown by 2.6 times, reaching around 65,000 crores in FY24. These measures have supported higher passenger and freight traffic, significantly increasing the revenue for the country. Coming to the company, Ashoka Concessions Limited, subsidiary of the company, has entered into a share purchase agreement with India Highway Concession Trust for divestment of its five subsidiaries. The aggregate enterprise value of the transaction is INR 5,718 crores, subject to adjustment of cash and debt, translating into an equity value of INR 2,539 crores. The company has entered into SPA to acquire 34% of equity of ACL, along with 7,741,250 Class A CCDs and 2 crores Class B CCDs from Macquarie SBI Infrastructure Investment Pvt. Ltd. and SBI Macquarie Infrastructure Trust, for INR 1,526 crores. The company, along with its subsidiaries, Viva Highways Ltd. and ACL, has entered into an agreement with investors for the following transactions, which shall be subject to completion of sale of certain project assets of ACL, and thereby providing an exit to the investors from ACL. Post-acquisition of ACL securities held by investors, ACL would become the wholly owned subsidiary of the company, with effect from the date of acquisition of ACL securities. Viva Highways Ltd., a subsidiary of the company, to acquire investments of investors, totaling 7 crores 46 lakh 20,000 equity shares, comprising of 26% equity share held in Jaora-Nayagaon Toll Road Company Private Limited at an aggregate consideration of INR 150 crores. Monetization of land. Land owned by Viva Highways Ltd., a wholly owned subsidiary under its real estate portfolio situated at Hinjawadi, Pune, has been monetized for a total consideration of INR 453 crores. Now, on the projects one, let me give an update. The company has received completion certificate for its HAM projects four laning of NH 161 from Kandi to Ramsanpalle in the state of Telangana from August 2024. The project is executed by Ashoka Kandi Ramsanpalle Road Pvt. Ltd, a wholly owned subsidiary of the company. The SPV has received a certificate for completion of the entire project stage of 39.98 kilometers. Consequent to this, the SPV will receive annuity for the entire stretch of 39.98 kilometers. The company has received three LOAs from Mumbai Metropolitan Region Development Authority, that is MMRDA, in October 2024, aggregating to 1,737.86 crores. The company has also received an LOA from CIDCO for EPC project, which is for the Integrated Infrastructure Development under NAINA project for a value of 6,773.24 crores. This is in JV, where the company is the lead member with 51% stake. The company received a letter of acceptance from Maharashtra State Road Development Corporation, that is MSRDCL, in October 2024 for an aggregate value of Rs 2,309.99 crores. The company has also received an LOA for the BMC project of construction of flyover at T-junction on Sion-Panvel Highway, with project value of INR 1,126.58 crores inclusive of GST. The company received a provisional completion certificate from NHAI project, where the company has been informed that September 15, 2024, as the commercial operation date for a stretch of 39.07 km. As per letter issued by independent engineer for its HAM project of NHAI on Hybrid Annuity Mode under Bharatmala Pariyojana, the project is executed by Ashoka Baswantpur Singnodi Road Pvt. Ltd. and wholly owned subsidiary of the company. The SPV has received a provisional completion certificate of 39.07 km out of a total stretch of 40.6 km. Upon the declaration of COD, the SPV is eligible for receipt of an annuity from NHAI for the operation period of 15 years at an interval of every six months from September 15, 2024. In addition to this, Ashoka Buildcon Limited is also declared as Lowest Bidder L1 for MSETCL project on 1st November 2024. It's a domestic project for establishment of 400/220 kV substation EPC work at Nandgaon, Amravati. The project bid price is INR 312.13 crores, including GST. Coming to the order book status, as of 30 September 2024, our balance order book stands at INR 11,104 crores. This excludes additional orders received from project post-September 24, worth INR 4,320 crores, and also excludes L1 of INR 265 crores. The total of current order book stands at INR 15,424 crores. The breakdown, as of September 28, is road and railway projects comprise around 6,582 crores, which is 59.3% of the total order book. Among the road project order book, HAM projects are to the tune of INR 844 crores, and EPC road projects are worth 5,185 crores. And railway is around 844 crores. Power T&D accounts for INR 3,939 crores, which is approximately 35.5% of the total order book. The total EPC building segment is 583 crores, which is 5% of the total order book. To conclude, let me say this again, that our primary focus remains on maintaining a sustainable EPC business in segments comprising highways, railways, power transmission, distribution, and 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, everyone. Starting with the standalone numbers for Q2 and H1 FY 2025, the total income of Q2 FY 2025 stood at INR 1,459 crores as compared to INR 1,590 crores in Q2 FY 2024, with a drop of approximately 8%. EBITDA for the quarter stood at INR 150 crores, with an EBITDA margin of 11%. Finance cost during the quarter has increased by INR 18 crores on a Y-to-Y basis due to increase in long-term borrowings. This is largely on account of increase in working capital cycle of power orders and constitutes interest paid to 100% subsidiaries where the funds have been borrowed from the 100% subsidiaries. PAT stood at INR 36 crores for the quarter. For H1 2025, the total income stood at INR 3,295 crores as compared to INR 3,093 crores, a growth of 7%. EBITDA for the period stood at INR 305 crores, a growth of 14%, with EBITDA margins improving by 60 basis points to 9.1%. The reported PBT grew by 4% to INR 121 crores, and PAT is INR 77 crores. Our revenue contribution for each segment for Q2 FY 2025 is as follows: Road EPC and Road HAM contributed 49%, Power EPC contributed 28%, Railway stood at 12%, and other segments like Building EPC and others contributed 11%. Coming to the consolidated results, the total income for Q2 FY25 stood at INR 2,489 crores as compared to 2,154 crores in Q2 FY 2024, registering a growth of 16%. EBITDA for the quarter stood at 945 crores, a growth of 61% Y-on-Y. PAT grew by 324% Y-on-Y to INR 463 crores. For H1 FY 2025, total income stood at 4,954 crores as compared to 4,090 crores as on Q2 FY 2024, registering a growth of 21%. EBITDA for the quarter stood at INR 1,573 crores, a growth of 43% year-on-year. PAT stood at INR 620 crores, growth of 69%. Total consolidated debt as of 30 September 2024 stood at INR 6,881 crores. The standalone debt is at INR 1,317 crores, which comprises of INR 109 crores of equipment and terminals, and INR 1,209 crores for working capital loans. In Q2 FY 2025, in our BOT division, the company recorded a gross total collection of INR 316 crores as against INR 297 crores in Q2 FY 2024, recording a growth of 6%. With this, we now open the floor for questions and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use the handset to answer a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, sir. Hi. So my first question is that in the first half, we have grown by 7%. But if I see your debt, it has gone up to INR 2,200 crores, including from subsidiaries. So it's a jump of almost INR 950 crores. And even the working capital seems to be very weak in the first half. So what is happening on this front? Our working capital has substantially increased. Debt has gone up significantly. So how do we look? So what are the key reasons for this? And how do we look for these numbers in coming quarters? So this is typically as one of the pointers we have given is that working capital on the power sector, which we had won a lot of contracts in 2023, has been executed largely in these two years, one and a half years, wherein the working capital cycle in the power sector is longer, elongated. That is the reason this working capital cycle has increased, which has been typically funded both by loans from subsidiaries as well as loans from the working capital lenders. So what we expect is by these projects, we come to an end by March to June next year, and we'll see these numbers going down by INR 300-400 crores at least. No, sir. I'm just talking about this quarter. Even if I look from March to September, the debt is up by INR 800 crores. In six months, what has gone up? Because one thing is that your margins are not coming. You are supporting the projects, and since the cash flows are a shortfall, you are supplementing it with increased debt. That means that this debt will eventually become very sticky, and it will not reduce. This INR 2,200 crores stays on your balance sheet, and you will look forward to only reduce it from the cash flows from the monetization proceeds. Because this is only six months, I'm not talking about even YOY. Six months is INR 800 crores. YOY, 12 months, it's almost INR 950 crores. There's not much of a difference. This burning of debt has happened only in the last six months. Yes. So basically, as I said, there is a large requirement of working capital in the power and power sector and certain residuals in the road sectors where the projects are coming to an end, and there are certain residuals which will be received as soon as the project is handed over totally because these are projects coming to an end. So we will see the change, no doubt. There is a ramp-up in this quarter. But if you also see, as of 30 June, there was a large cash balance which was used for working capital. So if the cash balance would not have been there and what would have been used for reducing the debt, then this difference should not be that much. If you see, as of 30 June, there were almost cash balance of INR 357 crores, which are residuals received at the end of the quarter, 30 June. The effective increase in working capital debt between 30 June and 30 September is to be adjusted for almost INR 300 crores of cash lying in the books as of 30 June. Okay. So I'll take it offline. I'm still not able to understand. I'll take it offline. Okay. Because the numbers are somehow not matching. So the second question is on the margins. I think Q3 FY 2024, FY 2024, you had said that FY 2023, you had said that the margin pay will continue for two more quarters or two, three quarters. And then every quarter, that deadline has been shifting by two, three quarters. The only thing which has remained constant is that shifting of quarters by two, three, and we are already behind schedule by almost, I think, three, four quarters. And we're still not able to reach double-digit margins. So my question is that why don't we do cost of completion accounting and take the write-off for all these projects and move to normalized margin? Because this paying, the guidance is not being met, and every time we are missing it. So when do we get to that double-digit number is a big question now because, again, last quarter, we said two, three quarters. So now, do you think that in Q3 or Q4, we'll be back to double-digit margins? No, I don't think so. We'll be back on double-digit margins. If not, due to that, we can change the margins. Margins Margins are what have been settled for the past two, three years for these projects. These projects are coming to an end. The new projects, whenever they will take off by probably February or March, the new projects have been coming which have already come in, which are better margins, so the double-digit numbers would be seen only in Q1, Q2 FY 2026. If it is on the original deadline, it's almost moved ahead by almost a year. So we expect it now, Q2 FY 2026, that we will start hitting double-digit margins. Yeah. Okay. Just the last question. So what was the total order inflow for, I think, the financial year to date in 2025? Oh. Around INR 6,000 crores. The guidance for the full year? So if you can give some color on full year guidance and how is the bid pipeline looking. So that's my last question. So bid pipeline is there around 1 lakh crores. Bidding is there from NHAI out of it. 65,000 will be participating. There are bids to be opened of around INR 9,000 crores, which we already bid. And bid opening is yet to balance. And we hope we should pick up around INR 4,000-INR 5,000 crores and balance part of the year. Okay. Sure. Thank you. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity, sir. My first question is, sir, are we still maintaining a guidance of 10% growth in revenues for the entire fiscal F25 and EBITDA of 9.5%? Or do you think the EBITDA will miss the EBITDA guidance? So on the execution side, keeping in view the orders which have come in and their expected date of start of activities, we believe that the revenue top line may be flattish for this year. So what we have said though in the last quarter. As for EBITDA concern, we expect at least it should improve by 0.5% for the next two quarters. To the 0.5%. For the 0.5%, 9% is high. 9% for the next two quarters? Eight and a half, sir. Eight and a half. The number which is achieved in the Q2, same number, right? And then Q4, when we start on new orders, that time the revenues will then start looking up to that 10-plus numbers. Given the fact that we have been doing below 10% for a very long time, what makes you confident of getting into double-digit? Were the projects which you won earlier, were they fixed-price contract? What is different about the new orders? Yeah. As we have explained in the last few couple of quarters, the margins have been lower on the projects which we have won in the last two and a half, three years post-COVID. So we did that intrinsic part of it. These orders now coming to an end, big change, and we now continue to bid at double-digit margins. So these are four orders which were taken in the past, and the impact of, as they were fixed-price contracts, the impact of inflation or increase in prices have had an impact on the margins in the old orders. My last question on the Jaora-Nayagaon and Chennai ORR. Are you looking to sell these assets to InvIT where we are right now? Earlier, I remember NAINA ORR. So as far as the IHCT SPA was concerned, it had a long stop date, which has expired quite some time back. So presently, it is not on. The SPA is not live. But we continue to engage. As for the Chennai ORR concerned, we could consolidate our stakes, and we are in the process of structuring the debt on that and then take it to the market for sale. As for the Jaora-Nayagaon concerned, we are still awaiting permission from the state government, NHAI, for transfer of 26% of shares. And in that meanwhile, we will also try to consolidate the balance 26%, which is being held by Macquarie. Understood. Understood. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Hari Kumar. An individual investor, please go ahead. Yeah. May I order, madam? Yes, sir. Yeah. My question is regarding 35% stake by INR 1,500 crores. And the total sale consideration we are getting is INR 2,500 crores. Am I right, sir? Yeah. For the BOT projects. Yeah. So for 60%, we are getting only INR 1,000 crores? Or I am wrong on my assumption, sir? No. These sale of assets are presently only of the five BOT projects which SPA has been signed. We also have other assets in ACL, which will represent the balance 66% also. So having acquired 34% from SBI Macquarie, both that, all the other assets will be part of 100% ownership of ABL. So we have HAM projects, seven HAM projects under ACL, plus certain shares of Jaora-Nayagaon, which also has a value to be available to ABL for monetizing. Okay, sir. And my second question, sir, this land sale by our subsidiary has been recorded in this September quarter account, sir, or is not included in the books? Yeah. It has been recorded, and it is reflected in the consolidated numbers because this land sale was held by the 100% subsidiary of Ashoka Buildcon, Viva Highways Limited. And that's the reason we see the consolidated numbers quite robust. Okay. It's not shown as other income. It has been shown as regular income. Yeah. Because land purchase sale is part of the HL business, so it is shown as regular revenue. Okay, sir. My last question, sir, regarding the end of the year, can you give an estimate of the consolidated debt profile because of this sale? How much are we going to end up? The estimate, please, sir. So by the end of this quarter, by the end of this year, we'll be INR 6,800. We'll be reduced by debt which is already on the five BOT projects of INR 2,400. If that deal happens, that will go down. Certain debt on the HAM projects also will go down, which we intend to sell. So today, difficult to estimate what exactly, but we expect that at least INR 3,500 crores of debt definitely will go down before March. And then balance will happen in post-March. Okay. Thank you a lot, sir, for the question. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. So your voice is not audible properly. Yeah. Is this better now? Yes, sir. Yeah. Yeah. I'm sorry. So on the margins front, just a clarification. So you mentioned the second half margin will be 50 basis points higher than what we have done in the first half. Is that fair to understand? We expect to do that. Yeah. Definitely. Okay. So I mean, first half is almost like 7.5%-8% in the second half. That's what we could see. Okay. And then second, on this transaction that we have done, so HAM asset is not part of it. So any color that you can provide, anything that is happening on that front? So as we have stated in the past, and we are in constant engagement, and we expect that in the next couple of weeks, we should be able to sign the SPA for the HAM projects also. Okay, so which means basically, I mean, probably in this quarter itself, I mean, that's. Yes. Okay. Okay. And And then earlier, this couple of the BOT assets that we have done, so there were impairments that were taken. So I mean, can you highlight, will this lead to a write-back or anything on that front in the coming quarter or anything that you can share that? So there will be impairment at ACL level, which will be reversed once these assets are sold off, which is almost INR 800 crores at ACL balance sheet. And at ABL balance sheet, there could be a reversal of approximately INR 250-INR 300 crores post-sale. Hello. Participants left the queue. A reminder to all the participants, you may press star and one to ask the question. The next question is from the line of Jyoti Gupta from Nirmal Bang Equities. Please go ahead. Thank you for the opportunity. As I heard correctly, you said that the current order book would be executed in the next, let's say, three quarters, and then you would be bidding in for projects which will give you double-digit margin. What projects would that be, sir? What we have clarified is that the new projects which we have won, their execution of them will largely start somewhere in the last month of FY 2025, and then it will be full swing in FY 2025, 2026, wherein then we will be in a position to book double-digit margin. Okay. All right. So what is the current? How do we see this quarter? I mean, we see that the second quarter was impacted because of several reasons. How should we see third quarter now as the execution picked up pace? And fourth quarter, you are more positive. So are there green shoots here? So as we said, keep in mind, we will end up this year 2025 in a flattish sense. So we'll have a marginal growth in the revenue based on the existing order book, which is getting overbuilt. So overall, we will do the similar turnover which we did in last year, last half year, H2. Okay, and what would be the outlook for FY 2026, sir? FY 2026, based on this order book and maybe next order book, we should definitely look at, after getting the new orders, to go by 10%-15%. Okay. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. So if the land sale is reflected in which line item in the consolidated? Revenue only. Revenue from operations. How much is 400? How much is 430? How much is that in there? 452. You have received the payments, all the payments also against them? Yeah. Yeah. Okay. And so what is this arrangement with the subsidiary, the land debt which has gone up from the subsidiary? If I do the math from presentation debt and the balance sheet debt, there is a difference. So what is that arrangement with the subsidiary? Link for us. Regarding what? So there's INR 950 crores difference between the presentation debt of INR 1,317 and the balance sheet debt of INR 2,250 crores. There's a difference of INR 950. So which has increased over the years? This number has been increasing, the difference between the two. So what is that? 950 crores is loan issued from the subsidiary. This is for working capital? It has been used for working capital. So instead of banks, you're borrowing it from subsidiary, this INR 950 crores? 70% subsidiary, like whatever land was monetized, this is INR 930 crores. Most of it was upstream to ABL for ABL's operations. So now you'd see this is the peak debt of, I mean, or with now the growth improving, this is working capital debt of INR 2,050, including the INR 950 crores subsidiary debt. So this will keep ballooning from here also as the growth picks up. Or this is the peak debt now? From a turnover perspective, it's a peak debt. But from perspective of realization of monetization money and a mix of new HAM projects and BOT projects coming up, we cannot immediately say how this will peak out. But I think we should be close to a peak. But what could be the non-recurring part in this? I mean, because we were under assumption that once you do the BOT, you don't have these, there'll be some release of cash, which is not incredible. There will not be. But this will happen maybe next year, 2025, 2026. So this will raise to at least this 2,200 crores and keep sitting now for some quarters before it starts reducing. Yeah. By Q4 or Q5, sorry, Q1, 2026, it will start reducing. So without the repayment, I mean, repayment from the monetization proceeds. So on an absolute basis, as the margins come back and generate operating cash flows, this number will start reducing. Yeah. Definitely. But increasing from here on, you don't see a significant headroom for this to grow from here now. Don't expect because they are almost essentially working capital has been provided for the projects. And then the projects will now be going back to the realization of debtors and other WIP, which will then rationalize the working capital. So was there some impact of delayed connections from the clients, which would have impacted or elevated this working capital? Because some of the companies have seen that during this quarter, there have been delays from release from the government agencies. Maharashtra has been into elections. So would you attribute a part of this increase also to that, or this is the normal business cost increase in the debt? Largely based on the working capital cycle. Of course, partly also on these slight delays in payment being released due to various non-administrative reasons. But the working capital cycle typically plays that way. So power projects which require initial capital for procurement of material and other things, they take up a lot of working capital requirement because on the purchase side, there's a lot of competition of mines, so you need to pay the vendors. But so when I look at the cash flows on the standalone side, actually the increase is coming because of the trade payables going down, so not because of. We have used that money for reducing the trade payables more, but correspondingly, receivables has been slower from the client side. But trade payables for what? I mean, what kind of trade payables have? Mainly the land and vendors for my power and road projects. Okay, so you've given them advances for procuring the equipment. If you see that trade payables have gone into WIP and debtors for purchase of materials for my power projects. Okay. Sure. Thank you. Thank you. The next question is from the line of Vasudev from Nuvama Wealth. Please go ahead. Yeah. Thank you for the opportunity, sir. So sir, after we've acquired this 34% from SBI Macquarie and acquired it for INR 1,526 crores, will there still be anything remaining to be paid after that? And when do we expect this acquisition to get completed? So as far as ACL is concerned, after payment of 1,526, Ashoka Buildcon will become the 100% owner of ACL. We expect this transaction, the last update for the transaction is June 25, and we expect to get that done somewhere in the month of March, April, May 2025. Okay, sir. And sir, for the Jaora-Nayagaon and the Chennai OR, are any tentative timelines when we might again start to look for monetization of these projects? This will happen somewhere in 2025, 2026. We'll presently focus on the Bharatmala and HAM projects, which we are already sitting on. Okay. Okay, sir. And sir, if you can help me with the total equity requirements for the HAM projects, how much have you already infused? And now how much do we plan for FY 2025, 2026? The balance equity for our current HAM projects is approximately INR 100 crores. Okay, and now how much of this would be infused in H2 then? This will be totally infused before March. Okay, and lastly, sir, what is the CapEx that we did in H1 and how much are we planning for the second half? In H1, we did CapEx of approximately INR 33 crores. In H 2, we may provide you to another INR 25-INR 40 crores. H2, sorry, not H2. Okay. Sure. So that's it from my side. Thank you. Thank you. The next question is from the line of Anant Mundra from Mytemple Capital. Please go ahead. Hello. Thank you for the opportunity. Sir, what was the book value of the land that we sold in this quarter? Approximately 64 crores. 65 crores. Sorry, I missed the number, sir. How much was it? Approximately INR 65 crores. 65 crores. Yeah. So again, INR 65 crores, we've recorded a revenue of INR 435 crores. Correct? Yeah. Plus other expenses net, we have recorded a profit of INR 370 crores. 370 crores. All right. And sir, after this monetization, what is the land bank that we have remaining? The book value of the land bank that we have? We would have approximately INR 210 crores of land bank with our subsidiaries, which will be available for sale, and which could have maybe value three to four times at least. These are land banks on an average hold of six to seven years. Okay. All right. Sir, in spite of these INR 435 crores flowing in this quarter, the consolidation has not been used. There is no other reason for this one. We can give power projects are very expecting. Is that understanding correct? All these power projects are EPC work, and they are being in that stage of overrun, that should again normalize and start. Largely, this amount has been utilized for payment of the payments of power and these projects. Got it. Got it. And sir, what was the total equity? I'm sorry to interrupt, sir. Your voice is speaking, so. Is this better? Hello? Yeah. Now it's better. Yeah. So what is the total equity plus loan funding that we've done for the five BOT projects that we're going to monetize? Approximately 2,300. 2,300. Against that, we are getting about 2,500, right? 2,500, 2,600 crores. Right. Some 1,500 odd crores is what we're going to pay to SBI Macquarie, which is already provided for in the book. Right. All right, and sir, what was, I mean, if you have that number handy, these five BOT projects would have contributed to how much PAT for FY 2023 and 2024? I would not have it offhand. But were they profit-making? Pardon? Were they making profit? The return definitely would be positive. And most of the projects would be plus also. If you can take it offline, I could give you that data. Got it. Got it, sir. And sir, this land parcel that we sold, has it been sold to some related party? No, no. It has been sold. We have declared that it has been sold to Microsoft India. Okay. All right. Well, that's it from mine. Thank you. Right. Thank you. Is there no further questions from the participants? I would now like to hand the conference over to the management for closing comments. Over to you, sir. I hope we have been able to answer most of your queries. We look forward to your participation in the next quarter call. For any further queries, you may get in touch with SGA, our investor relations advisors, or ourselves. Thank you. Thank you very much. Thank you. Thank you, everyone. Thank you. On behalf of Nirmal Bang Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.