Ladies and gentlemen, good day and Welcome to the Q3 FY25 Antony Waste Handling Cell Limited Conference Call. We would like to mention that this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations 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 the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Jose Jacob, Chairman and Managing Director from Antony Waste Handling Cell Limited. Thank you and over to you, sir. Good afternoon and thank you for joining us for our Q3 FY25 conference call. With me, I have Mr. Mahendra Ananthula, our Group President, Operation, Business Development, and Diversification; Mr. Subramanian, our Group CFO; and SGA, our Investor Relations Advisor. Our Investor Presentation of Q3 FY25 is now available on the stock exchange and on our company website. I'm pleased to share that for the Q3 FY25, we achieved a record high quarterly operating revenue of INR 221 crore, witnessing a strong growth of 15% compared to the same period last year. Our total operating revenue, which includes income from the sale of recyclables and RDF, Refuse Derived Fuel, but excludes contract revenue, stood at INR 243 crore, reflecting a good growth of 12% on year-over-year basis. This excellent result was attributed to higher qualities, better compost RDF revenues, increased tipping fee, and greater green energy generation from our WTE plant. During the quarter, our collection and transportation business achieved an impressive 18% year-on-year revenue growth, reaching INR 163 crore. Our processing business also saw a decent growth of 9%, recording INR 58 crore in revenue driven by our sales from our PCMC Waste-to-Energy Plant, initial contribution from our CIDCO bio-mining project, and as well from commercial start of C&D operations. EBITDA for the quarter stood at INR 59 crore, reflecting an 18% growth with an EBITDA margin of 24%, expanding by 120 basis points compared to the same quarter last year. This strong financial performance underscores our operational efficiency, strategic growth initiative, and optimized waste processing and energy recovery, demonstrating effective asset utilization and a firm commitment to sustainable waste management practices. We are delighted to share that our construction and demolition waste management site has started yielding impressive results, underscoring its significant market potential and growth opportunities. This achievement reaffirms our commitment to sustainable waste management solutions and positions us well to capitalize on emerging opportunities like this. In addition, our own subsidiary, AG Infra Project 500, which has been recently awarded a contract worth INR 976 crore by the Navi Mumbai Municipal Corporation for collection and transportation services. Revenue from this contract will start in a phased manner, with full ramp-up being expected towards the end of Q1 2026. This further strengthens our financial positions and builds up our portfolio in municipal solid waste management. Look ahead, we remain focused on scaling our investment in sustainable waste management and operational excellence. Our recent initiative not only contributes to revenue growth but also aligns with our broader vision of environmental responsibility. By leveraging innovation, efficiency, and strategic expansion, we are committed to delivering strong, sustainable, and long-term results by creating a cleaner, greener future for the communities we serve. Thanking you, and I now turn to the operational aspect. Let me get Mahendra in. Mahendra, over to you. Thank you. Thank you, Jose. I would like to provide an update on the operational performance of Antony Waste Handling Cell Limited. During the quarter, the PCMC Waste-to-Energy Plant maintained its strong operational performance, having successfully completed its inaugural year with a plant load factor of approximately 71%. The facility further improved its efficiency, achieving an impressive PLF of about 77% in quarter three of FY25. The achievement not only reflects operational excellence but also sets a benchmark in line with global industry standards. During the quarter, our collection and transportation operations efficiently managed approximately 0.49 million tons of waste and processed around 0.69 million tons of municipal solid waste. The total tonnage for quarter three FY25 stood at approximately 1.18 million tons, representing a 3.2% year-over-year increase when adjusted for completed projects. Over the first nine months of FY2025, we managed total MSW volume of approximately 3.56 million tons, reflecting a 5.7% year-over-year growth after similar adjustments. This strong performance underscores the resilience of our operations and reinforces our confidence in meeting our internal volume growth projections. I would also like to highlight a special initiative that we undertook in partnership with the Navi Mumbai Municipal Corporation during the Coldplay event, which was organized in Navi Mumbai. We had deployed 150-plus Swachhta Warriors and 30-plus vehicles, collecting over 14,000 kg of waste in three days, out of which 8,000 kg of plastic, which was recycled, and remaining 6,000 kg of wet waste, which was composted, ensuring a zero waste event. This achievement reflects the trust our clients place on us. During the quarter, our PCMC Waste-to-Energy Plant generated over 23 million green units in quarter three of FY25, reinforcing our commitment to reduce fossil fuel dependence and minimize carbon emissions. Additionally, our operations contributed to the avoidance of 3,334 tons of CO2 equivalent, further supporting our sustainability goals and environmental responsibility. During the quarter, the company sold approximately 38,500 tons of Refuse Derived Fuel, that is RDF, and 6,400 tons of compost, bringing the total for the first nine months of FY25 to around 103,000 tons of RDF and 15,600 tons of compost. Overall, operational metrics, including both RDF and compost, grew by 7% year-over-year, highlighting strong market demand for recyclable materials. Our circular economy initiatives continue to deliver strong results, reinforcing our commitment to sustainability. By converting municipal solid waste into RDF, we not only support environmental conservation but also help cement companies meet their alternative fuel requirement targets, driving industry-wide adoption of sustainable practices. Additionally, over 20,000 tons of construction and demolition waste processed at Dahisar Plant in Mumbai, an impressive 96% of the waste has been successfully recycled into valuable materials. On the ESG front, our scope one and scope two emissions for the first nine months of FY2025 totaled approximately 19,545 tons and 2,213 tons of carbon dioxide equivalents, respectively, with avoided emissions amounting to around 10,172 tons. Additionally, our ground staff strength currently stands at 10,157, reflecting our continued investment in skilled workforce to support our operations and sustainability initiatives. As we navigate the evolving landscape of municipal solid waste management, we remain committed to driving sustainable growth and enhancing operational efficiency. Our strong track record, innovative approach, and unwavering commitment to excellence will continue to be the pillars of our success, enabling us to achieve our strategic objectives and contribute to a cleaner, more sustainable future. Thank you, and I now hand over the call to N.G. for financial highlights. Thank you, Mahendra. Good afternoon, everyone. For the third quarter ending fiscal year 2025, our operating revenue grew by 15%, reaching INR 221 crore compared to the same period last year. Our total operating revenue, which includes income from sale of recyclables and RDF, excluding contract revenue, stood at INR 243 crore, reflecting a 12% year-over-year increase. In the third quarter, the revenue composition stood at 62% of MSW, C&D, 24% of processing, and 14% of contracts and other sources. For the current quarter ending December 4, this contribution changed to 65% from C&D, 23% from processing, and 7% from contracts and others. Our diversified revenue streams continue to provide flexibility and position us for sustained long-term growth. The group achieved a consolidated EBITDA of INR 59 crore for the quarter ending December 24, marking a growth of 18% with an EBITDA margin of 24%, which has expanded by 120 basis points compared to Q3 fiscal year 2024. This quarter has been the highest for the group in terms of reported total revenue and reported EBITDA. The PAT for the quarter stood at INR 180 million, which is a growth of 16% compared to Q3 FY2024. As of December 2024, the group's gross debt stood at INR 4.31 billion, and cash and cash equivalent was around INR 650 million, reflecting in a net debt of approximately INR 3.66 billion. This indicates a net debt-to-equity ratio of 0.5x. The group's rated cost of debt is approximately 9.6%, and our DSOs have remained stable during the quarter at 0.5. The Standalone Company's performance during the quarter has been weak, and this is primarily because Antony Waste Handling Cell had initially submitted bids for various projects and executed them through multiple SPVs as mandated by tender conditions. Over time, due to the operational excellence of these SPVs and following technical qualification criteria, projects began to be awarded directly to material subsidiaries. As newer contracts are now received directly by our 100% subsidiaries and other material subsidiaries, it is more appropriate to assess the company's performance on a consolidated basis. Additionally, we are actively working to optimize our operations and streamline our group structure to enhance overall efficiency and sustainability. Moving forward, we remain committed to our consistent efforts, the efficient operations of our PCMC WTE plant, the successful commercial launch of our C&D waste management project, and the commencement of revenue from our new C&T contract positions for strong revenue growth over the next couple of quarters. We expect steady and sustainable progress in the upcoming quarters and throughout financial year 2025 and 2026, which reinforces our confidence in achieving our long-term strategic goals. This concludes our remarks. We would now like to open the floor for Q&A. 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 touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, if you wish to register for a question, please press star and one now. Our first question comes from the line of Prashant Kothari from Stock Market Read. Please go ahead. Yeah, good evening, everyone. I have a few questions. First, in Q2, the EBITDA margin stood at around 21.4%, and in Q3, we see an improvement to around 23.5%. What are the key cost efficiencies or the revenue mix changes that are driving this? Yeah, Prashant. The revenue mix has a direct implication on the positive flip which we have achieved in the EBITDA margin for the third quarter. If you see over the last three quarters, we have seen the contribution from project revenue coming down, which is basically reflecting the construction phase of the company getting over. Once the construction phase has gone over, what we are seeing today is the core operating revenue getting reflected in our reported numbers. That is why you are seeing a significant shift in the margin profile from a lows of 20% to around 23.5% that we have just reported. Okay. Second question, in Q2, the guidance for INR 78 crore capex in FY 2025 was given, and plan to be debt-free was also given in five years if there are no new large projects, right? Given the cash flows generated in Q3 and the upcoming project investments, do you still expect to stay on this trajectory? Yeah, as of today, I mean, we don't see any change to revisit our assumptions over here. We will still be looking at the same similar CapEx and the growth rate over the next couple of months. Okay. Last question, what scale of revenue collection do you foresee from the EPR segment in the next two to three years? I mean, we have right now applied for EPR wallet for plastic, and our application is already filed with CPCB, Central Pollution Control Board. We will update you maybe next quarter when there is more clarity in terms of how much credits we have got. Okay. Okay. By next year, should we expect these approvals to be received? We will at least have clarity in terms of how many credits we have got, and then we will go in the market because these are still early days for the EPR from the plastics. I mean, we are also expecting the policy and the business to evolve over a period of time. Okay. One last additional question, please. Your PCMC WTE plant has achieved 76% PLF in Q3 almost, which is above industry average. Congratulations on that. With discussions ongoing for a much larger WTE plant at the Kanjurmarg, what are the expected capacity and timelines for that? BMC, in their recent budget speech, the Commissioner has announced the waste-to-energy plant in Kanjurmarg. I think in the last call, we also mentioned that we submitted the proposal to BMC. We are looking at a capacity of almost 3,000 tons per day, almost four to five times that of the PCMC plant. It will take two to three years at least for the construction? Yes. Okay. Okay. Thanks a lot. A reminder to all the participants, if you wish to register for a question, you may press star and one on your touchstone phone. The next question comes from the line of Neerav Dalal from MIB Securities India. Please go ahead. Yeah, hi. Thank you for the opportunity. I had two questions. One is that if we see the operating revenue, that is C&T and processing, it's up 15%. However, we see that the volume of waste is 3%. Is it correct to assume that the volume is becoming the volume number, its importance in the results is reducing, or could you let us know about the bridge between 3% to 15%? Yeah, hi. The collection and transportation volumes have inched up by less than 4% because these are stabilized projects and areas that we work in. We are seeing around, normally an urban center generates anywhere between growth of 3%-6% volumes growth. We reported around 3.1%. That is the kind of growth that we are seeing in the areas that we provide services in. The spike in revenue comes primarily due to escalations getting passed on to us through the increase in fuel and minimum wage bills and other miscellaneous items. Okay. Would it be correct to say that of the 18% MSW C&T revenues, 4% is volume and the other is escalation? Yeah. 4% would be volume driven. The balance would be escalation-driven adjustments. This escalation would obviously be volatile across different quarters. Normally, we have seen bulk of our contracts have annual escalations. Once the revenue jacket ratchets us up, we do not see a significant shift happening till the time it comes for a recalibration at the end of the next assessment year. Would it be right to say that the third quarter was the quarter where the escalations came into effect, or how should one look at it? The third quarter was the quarter where the bulk of our contracts got escalation kicked in from various municipal corporations, which was not passed in the past. We are seeing a lumpy impact coming into that. We are seeing a significant benefit from coming in the third quarter. Okay. Got that. Say next year, third quarter, we could also see escalation, but depends on what the percentage would be. Would that be? Yeah. If you were to look on a year-on-year basis, a volume growth of 3%-4% plus an escalation of fuel and wage bills as and when they change, gets changed and calibrated in the tipping fee. Maybe the year-on-year increase will not be very hard, but it will be definitely different. Also, one year down the line, we are talking about new revenues from construction demolition and your C&T project from Navi Mumbai by kicking in, which are at a higher rate. The base effect system changes. Got it. Got it. Next year, we will have, say, earlier view to assume like 4%-5% as an escalation. There will be some escalation plus the demolition and plus the new contract setting in. You will also have some volume growth there from the new contract coming in. Yes. Got that. The Got that. The second question is we've seen the debt. On one side, we are seeing the net debt increase. On the other side, we are seeing our average cost of debt coming down. Two questions here. One is that have we renegotiated the PCMC debt lower? What is the target in terms of could you repeat in terms of the target for the net debt to equity? We have not renegotiated the PCMC loan yet. We are planning to do that maybe two years down the line when the PFC loan stakeholders do that. The refinancing benefit is coming from our other core businesses, which has seen significant operational efficiency kicking in. Also, my credit rating has improved in a few of my material subsidiaries, which helps us in renegotiating the rates. Okay. To comment on our net debt position, I mean, if you were to assume that the company is not going to bag any new contracts and the existing contracts are going to be executed, then this company would be debt-free in four and a half years period of time. Got it. Would it be right to assume that X of the PCMC debt, so what would be the X of PCMC debt? What would be our debt? Of course, the PCMC currently has a debt of around INR 130 crore. If I look at the total net of INR 388 crore, if you remove INR 130 crore, I mean, that's the total vehicle financing and my term loans with my other processing entity over here. Got that. Sorry, the PCMC debt is about what? About 12.5%, 13%, or 13.5%? 10.5%. Sorry, 10.5%. Okay. Thank you. Thanks for the opportunity. Thank you. Participants, you may press star and one to ask a question. The next question comes from the line of Bhavya Gandhi from Dalal and Broacha Stock Broking. Please go ahead. Yeah, hi. Thanks for the opportunity and congratulations on a good set of numbers. My first question is regarding the incremental revenue that we will be seeing from the new projects. If you can name the projects and the incremental revenue for next year, that will be great, which are not yet started or have recently started. The most recent project which has recently started is the construction and demolition plant, which we got the COD in November. Next year will be the full year. That will have a significant revenue coming from that. The second is the commencement of the Navi Mumbai tender, which formally will get over, the ongoing tender will get over last week of March. From first April, we will start the new tender, where there is about 30% increase in revenue in the top line. Possible to share the absolute number, C&D plant and the Navi Mumbai? Navi Mumbai, I presume we are looking at some INR 900 crore-plus of revenue over the nine-year period. That should add us, say, around INR 100 crore of revenue. The C&D plant will give us a very conservative number of INR 30 crore per annum. I mean, this does not include revenue from sale of byproducts like manufactured sand and aggregates. I will put it at INR 25 crore per annum because let it stabilize. I think INR 25 crore is a reasonable estimate from the C&D plant. This INR 100 crore, this is with 20% escalation. We can assume that INR 80- INR 85 crore is already there in the current revenues. Yeah, the existing NMMC is an ongoing mandate. You are right. 20% over, you can say 80 gives you 100 kind of thing. Yeah. Got it. Everything put together, we can assume another INR 40 crore-INR 45 crore of incremental revenue we will be seeing next year. About 40? Yeah. From C&D and from construction and demolition, yes. We also have a CIDCO bio-mining project, which will be executed next year. That will also add to the top line. That would be around, let's say about INR 45 or INR 45 crore. Yeah. Okay. That would be full year. CIDCO bio-mining will be operational from when? It is already operational. We started three months ago. Next year will be the full year of operations. Got it. With respect to the gross debt and net debt, if you can provide figures as of 31 December. The gross debt for us was around INR 431 crore, and net debt is INR 366 crore. INR 366 crore. Okay. If you can throw some light on the outstanding receivables, except the 5% amount that we have to block every year, which has been outstanding for more than a year or maybe some timeline, if you can provide it. The total current outstanding for us is around INR 225 crore. This includes the long-term receivables of around INR 52 crore. INR 52 crore. I mean, this is more than 365 days? Yes. That has a retention cost of the tender conditions. No, no. I'm not talking about the retention amount. If we separate the retention amount, what would be the amount of plain outstanding data more than 365 days? That would be around INR 380 million. INR 78 crores? INR 38 crores. three eignt. Okay. Got it. Got it. Yeah. That's it from my end. Thank you so much. Thank you. Participants, you may press star and one to ask a question. The next question comes from the line of Omkar Bhambid from Fintoo Asset Management Private Limited. Please go ahead. Hi. Thank you for the opportunity. I have two questions to ask. First is BMC is planning to levy INR 100 and INR 1,000 from every household per month as fee for handling solid waste in each home. From this move, how Antony is going to benefit? My second question is, will the shift of Mumbai T1 terminal to Navi Mumbai impact company's tonnage or there will be a neutral impact on company's tonnage due to we have existing presence in Navi Mumbai? The first one, BMC's decision to levy user charges is a positive step because that will improve BMC's cash flows on account of solid waste management. Their future waste management projects will probably have sustainable cash flows purely coming from this activity. Secondly, regarding the change of airport, I mean, that will hardly have any impact because most of the dry waste which is generated from the terminal, I don't think it comes to us. It probably gets recycled somewhere else. It will hardly have any impact. Okay. Thank you. Thank you. Next question comes from the line of Payal Shah from Billion Securities. Please go ahead. Yeah. Good afternoon, everyone. I just have one question. As mentioned before, we want to reduce the dependency from corporations. Are we looking at other businesses or any update on that? Sorry, could not get you. Can you just come again, please? Can you hear me now? Yeah, better. Yeah. Yeah. I just have one question. We have mentioned before that we want to reduce the dependency from corporations. Are we looking at other businesses or any update on that? Yes. I mean, for the recycling projects, I mean, we were looking at land purchase from MIDC. There is some change of guard at MIDC level, so because of which the decision is taking more time. We are also eagerly waiting for a decision from MIDC on the fate of our application. Once we get that, then we should be able to start our non-municipal business. Okay. That's it from my side. Thank you. Thank you. A reminder to all the participants, if you wish to register for a question, please press star and one now. The next question comes from the line of Ketan R Chheda, a retail investor. Please go ahead. Yeah. Thank you for the opportunity. I'd like to ask one with respect to the VGF funding for the PCMC project. Have we received the entire VGF amount or something is still pending? If it is pending, by when are we expected to receive? Of the INR 50 crore of VGF funding, we have received INR 45 crore, and the same has been applied towards debt repayment. The balance, INR 5 crore, is expected by September 2025. Okay. They will use that amount again to repay the debt on the project? Yes. We have repaid that debt from the terminal on the project. Okay. The other question is with respect to the PET bottles project, we have submitted a proposal to an FMCG company. Could you share an update on that one? When can we expect to start that project? No. I mean, I think in the last call also, we had mentioned that that thing will take off. The FMCG company had different ideas, so we are not pursuing that now. Okay. Okay. With respect to the tire recycling, I believe you mentioned that we still have to, we do not have the land and discussions are going with MIDC. Assuming the land thing gets settled, from that point onwards, how long would you take to start commercializing the project? I think the tire thing can be started in about six to nine months, say, two to three quarters. Okay. I assume then you would have identified all the equipment vendors. Yeah. Those are identified. Okay. So those three quarters are basically for placing the order and getting the equipment commissioned? That's right. Yeah. Okay. Okay. Thank you so much, and wish you all the best. Thank you. Thank you. Next follow-up question comes from the line of Bhavya Gandhi from Dalal and Broacha Stock Broking. Please go ahead. Yeah. Hi. Thanks for the second opportunity. Just wanted to again ask on the plastic waste management. Are we looking more on the C&T side or we are looking on the recycling side? You talk about the plastic thing? Yeah, plastic. No, plastic is on the processing side, processing, recycling. Okay. Are we planning to set up a plant or something, or what exactly are we trying to do over there? I was talking in the context of the EPR. The EPR revenue that we get will be from the plastic processing that we do in our waste-to-energy plant. Okay. Any quantum of revenue or CapEx or any timeline if you would like to provide? As I mentioned a while ago, we have already filed the application based on all the volumes and so on. Our application is pending with CPCB, which opens a wallet and which will decide the credit that we will get. The policy is still evolving. We will get to know as time progresses, maybe in the next one or two quarters, to understand the real impact of the revenue that we get from this stream. Got it. In terms of non-municipal revenue, I'm just rechecking. One is tire recycling that we are actively looking at. Another is vehicle scrapping. Third is plastic waste management, right? Is it a fair assumption, or are we looking at something else also? Plastic, in a small way, we have given the plastic to a company which was converting that into oil. We are still evaluating the technical feasibility and the sustainability of the technology. Once that feasibility is figured out, we will take a call on that. As of now, we are talking only about the vehicle and the tire. The third dimension that we are trying to evaluate and we have got fairly good response is the revenue from the sand, M-Sand, that we get at our construction and debris processing plant. That M-Sand, there is a lot of good response. We are getting a lot of good traction, and we have already sold close to 3,500 tons in the first one month of operations itself. What is it called? M-Sand? M-Sand. M-Sand. Yeah. Manufactured sand. You can say the recycled sand. Okay. Okay. Recycled sand. Okay. Okay. That's done out of construction debris. That's right. Yeah. Okay. Would you like to give the revenue a bit of guidance for next one or two years? Still too early. I mean, we would like to club it with the C&D financials. But very broadly, I would say that because shipping fee will continue to be the main revenue stream for the C&D plant, this would essentially be between 3%-5% of the total revenue coming of the C&D project. Actually, I was asking with respect to the entire overall group revenue and EBITDA guidance. We will be looking at a growth of around 15%-18%, at least for the next year, based on the existing contract. Of course, things will be changing as and when we execute the new contracts. EBITDA margin should be in line with what we have already achieved in the first nine months, if not better. We are seeing a decent upward traction in the revenue realization from sale of recycled products, and also the volumes efficiency kicks in at larger volumes get processed out. Sir, earlier we had guided for 25% sort of CAGR in terms of revenue, 20-25%. That was the broader. 25% CAGR revenue growth over the next three to five years holds on, but we ask for the next year's revenue number. Okay. Okay. 15%-18% is just for the next year, right? We still hold on to the 25% CAGR growth over the next three to five years based on the pipeline of projects that we want to build for. Got it. Fair enough. Fair enough. Got it. Thank you. Thank you Thank you so much. That's it from my end. Thank you. Participants, you may press star and one to ask a question. The next question comes from the line of Dhruv Raut from DSM Securities. Please go ahead. Hello. Am I audible? Yes. Please go ahead. Yeah. My question is, can you share any number on C&D business as it has started, and how much will it contribute to this year? Possibly, if you can share for FY 2026 also. This project, we started commercial operations middle of November, and we will be processing close to 400-500 tons per day in the next, I would say, three to four months. After that, we expect the tonnage or the waste processed to increase to about 600 tons per day. That is a gradual ramp-up that we want to do to make sure that the processing is better, and as and when the recycled products are produced, we also create a good market for that. In terms of top line, as you mentioned, I mean, we can expect about INR 250 million of top line from this project based on the tipping fee. Yeah. Plus a little more from the sale of sand and aggregates. Okay. My follow-up question is, are we looking for any WTE plants, and what would be the CapEx for the same? What would be the CapEx for the same? Sorry. Can you come again, please? Are we looking for any WTE plant, and what would be the CapEx for the same? As I mentioned a while ago, we have submitted a proposal to BMC to set up a large waste-to-energy plant at Kanjurmarg, which is where we currently are processing about 6,000 tons of waste. That proposal, we are in discussion with BMC, and that should be our next project as and when deal is finalized with BMC. The good thing is that BMC, in their recent budget, announced setting up a waste-to-energy project at Kanjurmarg. That shows that BMC has all the intent to go ahead with this project. Okay. Okay. I just want to. Thank you. The next follow-up question comes from Ketan Arch Heda, a retail investor. Please go ahead. Yeah. Thanks for the follow-up. Any updates you can share with respect to new opportunities either in C&D or in waste processing areas? Any upcoming opportunities, any tenders in different cities or municipal corporations across India? When it comes to processing, we are looking at a couple of, I mean, first of all, I mean, our focus is essentially in closing this transaction with BMC for the waste-to-energy at Kanjur. That remains our foremost focus area. In addition to that, we are looking at a couple of more waste-to-energy plants where we just want to be choosy because we want to make sure that whichever project we take, I mean, that's going to be commercially sustainable. In addition to that, we are also looking at, in fact, we have bid for certain construction and debris projects. We will update as and when there is progress on that. Same goes for some of the collection and transportation projects. Okay. Okay. Thank you so much. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Bhavya Gandhi from Dalal and Broacha Stock Broking. Please go ahead. Yeah. Hi. Thanks for the follow-up. Sir, I just wanted to ask, you mentioned that the waste-to-energy project at Kanjurmarg could be four to five X that of PCMC. Can we assume that the overall CapEx would go in the range of INR 800 crore-INR 1,000 crore? Yeah. Thereabout, maybe slightly more because it's going to also have a very large bio-CNG project in addition to the existing composting and RDF production that we do. It is going to be an integrated project in that respect. Sir, won't it be a heavy burden of debt? If we look at the net debt at current levels, it's not that elevated. With the waste-to-energy at Kanjurmarg, what would be the net debt to equity or some other matrix if you can provide? Bhavya, that would be one part of the transaction itself. The proposal that we have given off also extends the life of the projects beyond 2036, which is being governed by the existing tender condition. We are extending the project life. We are also trying to have a risk mitigation tool by reducing the transportation cost linked to the RDF supply, which kind of takes off the shine from the EBITDA margins which we are currently facing at the processing entity. By coming up with this proposal, we are ensuring that there is a 100% circularity and sustainability solution being provided for the city of Mumbai, and then the entire waste gets processed, handled, and disposed of in a most efficient manner. Yes, the total debt will definitely increase, but currently, my net debt to equity is 0.5X. Even after a drawdown of, say, INR 8 billion of debt, I will still be well within the serviceable limits based on any infrastructure definition. Got it. Also, can we assume that gives us some affirmation on the renewal of the CNT at Mumbai, CNT project at Mumbai, which is due somewhere in 2026? Exclusive contract. The collection and transportation contracts are completely dealing with the processing contracts. Those contracts will be coming up for renewal in 2027, 2028. The collection and transportation contracts and waste processing contracts are mutually exclusive. They have their own life cycles. Got it. Got it. You mentioned in the press release regarding the end-of-life plastic for road construction, you've done some collaborative project with IIT Bombay. If you can throw some light on that as well. Yeah. That's a project where we collaborated with IIT Bombay because we wanted to use some of the plastic that we get to our site. It's about 150 meters of stretch, which has been—sorry. Sorry. It's It's about 300 meters of stretch, which has been made. Looks strong. I mean, the idea basically is that how this plastic can be used effectively to reduce usage of bitumen. Got it. Just one last thing on the waste-to-energy at Kanjurmarg, if you can throw ROIC, ROC, or XIRR, cash XIRR, or any of that matrix. I think still early days for this thing, but the IRRs and viability under those metrics should be same as what we are seeing in the various processing projects like the PCMC waste-to-energy. Got it. Fair enough. Thank you so much. Thank you so much for the elaborate answer. That's it from my end. Thank you. A reminder to all the participants, if you wish to register for a question, you may press star and one now. As there are no further questions from the participants, I now hand the conference over to Mr. Jose Jacob for closing comments. I want to take a moment to thank our dedicated team for their incredible contribution to our success. Your tireless efforts have been essential in achieving our goals, and we are building on that momentum. Our focus remains on delivering consistent results and creating long-term value for our shareholders. We are committed to investing in innovation and leveraging our expertise to strengthen our market position and drive sustainable growth, and particularly excited about our path towards a cleaner and a greener future. Thank you for all of you, and I wish you a pleasant evening. Bye. Thank you. On behalf of Antony Waste Handling Cell Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.