Ladies and gentlemen, good day, and welcome to Antony Waste Handling Cell Limited Q1 FY 2027 conference call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 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 over the call to Mr. Jose Jacob, Chairman and Managing Director from Antony Waste Handling Cell Limited. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining us for our Q1 FY 2027 earnings 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 relation advisor. Our investor presentation for Q1 FY 2027 is available on the stock exchange and on our company's website. Before discussing our business performance, I want to address the tragic incident at our Waste-to-Energy facility in PCMC. On July 8, the region received exceptionally heavy rainfall of approximately 650 mm, well above anything recorded historically in the area. During this event, a mound of legacy waste at the dumping site adjacent to our facility collapsed onto the company's administrative building. 23 individuals were present at the time. Rescue operation began immediately, and 14 people were safely rescued. Tragically, nine individuals lost their lives. Our focus from day one has been on standing by the affected families. The company is bearing all medical and counseling expenses for the injured, providing financial assistance of INR 40 lakhs to each affected family, and covering funeral-related expenses. We are offering employment to immediate family members of the deceased, supporting the education of their minor children, and providing dedicated assistance in navigating medical insurance and statutory claims. This support will continue for as long as it's needed. Those who lost were not merely employees. They were valued members of our extended family. Our thoughts remain with their loved ones. I want to be clear on the facts. The waste mound involved was legacy waste located outside the area allocated to the company by the corporation, and its remediation was not part of our contractual scope of work. On operations, as a precautionary measure, we temporarily suspended activity at the WtE Plant, pending a full structural and safety assessment. Municipal waste collection and transportation were unaffected throughout. MRF and composting operations resumed from July 28, and WtE operation will restart only after thorough review and certification by our OEMs and Hitachi. We continue to cooperate fully with all concerned authorities. Today, with more than a month on, we pause to remember the nine colleagues we lost, the work they did, the people they were, and the families who carry this loss every day. We have stayed close to those families through this period, and we will continue to. As we remember them, we also renew our commitment to one another. Nothing matters more than every person who comes to work returning home safely. Safety isn't a set of rules on a wall. It's how we look out for each other every day. We owe that to the colleagues we lost, to their families, and to each other. Turning now to the key highlights of the quarter. Our business performance, we delivered healthy year-on-year revenue growth of 6%, reaching INR 269 crores, driven by higher volume across our project sites and supported by contractual tariff- link escalation. On the balances side, during the quarter, we successfully refinanced the term loan of Antony Lara Renewable Energy Private Limited, our material subsidiary operating the WtE facility in PCMC. This refinancing brought the interest rate down from 10.25% to 8.25% per annum, a meaningful reduction that will support our cost of capital going forward. I'm also pleased to share a significant business win. We secured a new contract from the Greater Noida Industrial Development Authority for the procurement and comprehensive O&M of Electrical Mechanical Road Sweeping Machines across Greater Noida East Zone. This is a INR 243 crore project over five years with a further two-year extension option, expected to commence in Q3 FY 2027 and contribute approximately INR 46 crores in revenue in its first year. The project involves deploying 16 electric sweepers, along with supporting infrastructure and manpower, covering approximately 640 km of roads daily, further strengthening our footprint in sustainable urban waste management. Looking ahead, our focus remains on expanding processing infrastructure, enhanced profitability, and strengthening our presence in high-growth emerging sectors. Backed by a strong operational and financial foundation, we are well positioned to meet the evolving needs of urban India. As the nation accelerates its transition towards sustainability and circular economy, we are fully prepared to deliver solutions that are practical, scalable, and outcome-oriented, driving long-term value for all our stakeholders. Thank you. I now turn to the operational aspect. Let me get Mahendra in. Mahendra, over to you. Thank you, Jose. I would like to walk you through the operational performance of Antony Waste Handling Cell Limited for the quarter. Starting with volumes, our Collection & Transportation operations handle approximately 0.55 million tons of waste, while our processing facilities manage around 0.85 million tons of municipal solid waste, reflecting year-on-year growth of 6% and 5%, respectively. Total tonnage for Q1 of FY 2027 came in at approximately 1.4 million tons, a 5% increase over the previous year. On the revenue side, our C&T business delivered healthy growth, with revenue up 10% year-on-year to INR 166 crore, while the processing segment grew 3% year-on-year to INR 75 crore. The operations continue to demonstrate resilience and consistency across segments. The Waste-to-Energy plant at PCMC generated over 20 million green units during the quarter, helping us avoid approximately 2,782 tons of CO2 equivalent emissions, a tangible contribution to India's renewable energy goals and to reducing our own carbon footprint. Our Construction & Demolition waste recycling facility continued to operate efficiently, achieving an industry-leading recycling rate of 96%, reinforcing our commitment to circular economy practices. The consistent performance across facilities reflects our broader focus on building scalable, sustainable infrastructure. Turning to resource recovery, RDF sales stood at approximately 40,000 tons, down around 28% year-on-year. This is not directly comparable to the Q1 of FY 2026 which had benefited from a meaningful contribution from the CIDCO biomining project, now completed. Compost sales remained broadly stable at approximately 6,000 tons. On ESG, we continue to make tangible progress against our sustainability roadmap. Scope 1 and Scope 2 emissions for the quarter stood at approximately 6,601 tons and 835 tons of CO2 equivalent respectively. While avoided emissions were estimated approximately 2,782 tons, reflecting our continued focus on resource efficiency and carbon reduction. Looking ahead, we remain focused on embedding sustainability deeper into our operations, enhancing waste recovery efficiency, and driving process improvements through automation and innovation. Backed by a strong execution track record and a technology-driven approach, we are confident of not just meeting but exceeding evolving environmental standards and continuing to set new benchmarks in responsible waste management. Thank you. I now hand over the call to NG for financial highlights. Good afternoon, everyone, and thank you for joining us. Let me take you through the consolidated financial performance for Q1 FY 2027. Our total operating revenue grew a steady 6% year-on-year to INR 269 crore, as mentioned by Jose, reflecting the resilience of our underlying business, even as we navigated a challenging cost environment during the quarter. On revenue mix, Collection & Transportation contributed 62%, MSW processing was 28%, other operating income 7%, contracts and other, the remaining 3%. This compares against the 60%, 28%, 9% and 3% respectively in Q1 FY 2026. The shift reflects the growing weight of our C&T business, and our diversified revenue streams continue to give us strategic flexibility and position the company for sustained long-term growth. Turning to profitability, I want to be direct with you on this quarter's numbers. The EBITDA came in at INR 45 crore, which is down 27% year-on-year and 33% sequentially, with EBITDA margin at 16.8% compared to 24.4% in Q1 FY 2026 and 22.8% in Q4 FY 2026. This compression was driven by three factors: higher operating expenses, which included vehicle hiring and transportation costs at the CIDCO plant; employee costs, which rose 18% year-on-year and now represent 34% of our revenue versus 30% a year ago; and the deferral of certain Q4 FY 2026 waste disposal transportation activities into this quarter, which added an incremental expense of approximately INR 10 crore. Finance costs also rose 35% year-on-year, reflecting higher debt base out of our refinancing. These pressures flowed through to the bottom line. PAT for the quarter stood at INR 0.7 crore, down sharply from INR 23 crore in the same period last year, further impacted by a one-time expense of INR 7 crore related to the prepayment of the Antony Lara Renewable Energy term loan. This was a deliberate strategic move. The refinancing reduced the interest rate by 200 basis points from 10.25% to 8.25%, and we expect it to deliver recurring interest savings and support stronger cash flow generation from the WtE facility going forward. We view this quarter's profitability as transitional rather than the structural thing, given the one-off nature of both the transportation cost deferral and the refinancing charge. On the balance sheet, as of June 2026, gross debt stood at approximately INR 435 crore, with cash and bank balances of around INR 111 crore, translating to a net debt of approximately INR 324 crore and a net debt to equity ratio of 0.4x. Our weighted average cost of debt stood at approximately 10.1%, a figure we expect to trend lower as Lara Renewable refinancing benefits fully reflects going forward. The DSO remains stable at 114 days and underscoring the disciplined working capital management even through a cost-heavy quarter. Before I move on, I would like to flag one separate item for the benefit of everyone on the call. As some of you may be aware, we experienced a force majeure event at our WtE project in PCMC caused by extreme monsoon conditions this year. This has resulted in damage to a portion of the project assets. I want to clarify that this does not impact our core operating assets. Based on our current assessment, we expect an impairment charge in the range of around INR 22 crore-INR 24 crore, which we will treat as an exceptional extraordinary item separate from our core operating performance. I would also like to note that this estimate does not yet factor any recovery we expect from insurance claims, which could offset part of this impact. I want to be transparent and that the situation is still evolving, and more details will be captured in our Q2 results, along with any further clarity that emerges. In total, the top-line momentum remains intact. This quarter's margin pressure was driven by identifiable, largely non-recurring items and the refinancing action we have taken strengthens our cost of capital and cash flow profile heading into the rest of FY 2027. This concludes our remarks. We would now like to open the floor for Q&A. 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 their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking their question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ronak Shah from Equirus Securities. Please proceed with your question, sir. Yeah. Hi, sir. First of all, it was saddened to hear about the unfortunate event. Sir, my question is regarding to the Waste-to-Energy operations. So into the results highlight wherein you have mentioned currently the operation are under the regulatory review. From that context, what is the status? And considering it is a high return churning and high margin business, what can be the near-term impact in terms of the Waste-to-Energy revenue? That was my first question. On the WtE part, there are two operations that are undergoing. The material recovery and the composting section has already started operations from July 28th. We have started processing around 400 tons of waste a day. The WtE plant is expected back by first week of October. During this period, the fixed cost incurred would be in the range of around INR 2 crore-INR 3 crore per month for us. So that's like around INR 7 crore will be sitting on our books of accounts. The revenue will start technically from first week or second week of October for us on a full stream basis. Okay. Your tipping fee part will continue, but the power generation and sale part will see some hampering. This is the broader understanding which I got. That's correct. Okay. Secondly, from the processing business, if we see the current quarter has seen some moderation in terms of the relative growth. Can you highlight any specific one-off or specific reason for that? Secondly, when you're calling out inflationary trend, which are hampering the current profitability. From the 2Q and 3Q perspective, considering current high crude derivative related prices, secondly, the wage hikes which we have seen, how the near-term profitability going to see trajectory in terms of the numbers? Yeah. The answer to the first part on the softening processing volumes, that's mainly because of CIDCO biomining contract got over in the last quarter. This was a very specific two-year project wherein we were supposed to biomine a particular tract of land, and that got over. That is why we are seeing a moderation in the processing contract in Q1. Going forward with the Atkoli projects up and running by Q4 of the current financial year, we will be back on the growth trajectory. On the margin profile, we have seen certain cost pressure, mainly because of transportation and hiring related items. We expect those margin profile to slightly improve going forward. It would not be as bad as what we have encountered in Q1. We'll see some respite coming in because of renegotiation on the terms with the transportation entities. On the labor front, yes, that is something that has happened recently. We got a new Maharashtra State Government revision in DA rate, so there will be a timing issue of the cost pressure due to the labor front. Since bulk of our projects has got escalations linked in, we see some respite going maybe in the second half of the current financial year. Okay. On a long-term guidance wherein we are likely to post around 22%-24% sort of EBITDA margin. But from the FY 2027 perspective, could it be below 20-odd% considering all these macro factors? On the processing side, we don't see a lot of pressure coming in. On the C&T business, yes, because of higher repairs and maintenance costs and few of our contracts getting old, we see some margin pressure coming in. Having said that, FY 2027 still has certain upticks, mainly because our BMC contract will start from the third quarter onwards. So that has a slightly better margin profile. Our Atkoli CapEx reimbursement will also come in by Q4. That has a higher margin profile. So the internal threshold should be to go back to our historical margin trend. But yes, it can be a plus or minus a quarter here and there. Okay. Actually, in terms of the balance sheet front, we have refinanced the loan. Can you highlight the quantum of that? Secondly, there is some INR 15-odd crore sort of receivable which we have got a favorable judgment from the court. What is the timeline for that in terms of the receivables? The total amount that got refinanced is around INR 140-odd crore at the Lara Renewables end. That is the quantum of loan that is getting restated at a lower cost. On the INR 15 crore amount, the amount is still pending. The corporation is working, and they will get back to us shortly. Okay. And sir, lastly on the Andhra project. What is the status on the Andhra project? Secondly, in terms of the C&D, how is it progressing considering current monsoon related some disruption? On the Andhra project, we have got possession of land at both the sites, Kadapa as well as Kurnool. As we had indicated in our earlier calls, the technology and the EPC contractor, JFE India, has already completed the civil designs. We have also appointed the civil contractor, and the civil contractor has mobilized its equipment in Kadapa. Kurnool should happen in the next couple of weeks. Things are going as per schedule. I think NG had already briefed you earlier about the financial closure, which is also almost at the last stage. We are confident of completing these projects as per schedule. Okay. In terms of the C&D operation, how is it progressing right now? The C&D actually has recovered. I mean, BMC came up with two policy decisions, which ensured that all the large builders start sending part of their construction demolition waste to the processing plant, which means that it became mandatory on their part, on the builders' parts, to get their waste processed. That has really helped us in achieving the tonnages. That was a problem in the initial year. Now we are getting close to 600 - 650 tons per day, and we have a capacity of 600 tons per day, plus or minus 10%, that we can process. I think that plant has started giving better financial results. Okay. Understood. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Manish Agarwal from Tradeswift. Please proceed with your question. Hello, sir. Thank you so much for giving this opportunity. I have a couple of questions. My first question is, sir, can you give a brief on CIDCO biomining project? Can you explain the economics of the project, like revenue expected margin and transportation cost per ton? What I actually want to understand is this INR 10 crore incremental transportation which we incurred in Q1, how much was purely timing related and how much is in the project cost? The revenue model- Hello. Yeah. The revenue model for the biomining project is basis the tipping fee that we get from the client, plus the sale of RDF revenue that we get by selling it to the cement companies. Okay? These are the two revenue streams. The cost is the cost of transportation that you incur for paying to the transporters and disposal of inerts in the low-lying areas. Okay. Is this INR 10 crore an incremental just for one quarter or is it increasing the project cost itself? It's a cumulative effect. What happens when you do biomining is as and when you biomine a particular area, the inerts are kept aside and you dispose of the RDF material to the cement companies, as Mahendra mentioned. After the project nears its end, there are a lot of inerts which cannot be sold to cement companies because they need RDF and not inerts. The last quarter was reflective of the disposal cost related to the inerts to low-lying areas as marked by the corporation and the authority. The large part of any biomining contract would see a jump in transportation/disposal cost. Similarly, what we have incurred in Greater Noida biomining as well. You can say it is a closure cost of the project. This will not be forward-looking for the next quarter or whatever. CIDCO biomining tender is over. We have already completed the project. It is complete. Yeah, to answer your question, this is not a repetitive line item for you. Okay. Sir, my second question is, our processing volume has grown by 6%, but our RDF sales have declined by 28%. Is this purely a timing issue in dispatches, inventory accumulation, or a weaker customer demand? How should we look at it? What is the realization per ton? It's only a timing issue. I mean, because we also are in the process of adding more and more customers. Also selling from our PCMC plant, apart from CIDCO and Kanjurmarg, from where we are already selling. In terms of realization, we make a net realization of it's a positive realization of upwards of INR 300 per ton. What it was in last year? It was 250 or so. Okay. Realization has improved, basically. Yeah. Sir, my last question. Sir, on refinance, you said that outstanding amount was close to, if I am not wrong, it was INR 40 crore. But for that, we have incurred additional INR 7 crore prepayment cost, and we are saving down payment reduction in interest cost. What is the payback period for that, sir? The amount that got refinanced is INR 140 crore, not just INR 40 crore. Okay, INR 140 crore. Okay. Yeah. What would be the payback period? The payback period for it is 15 years. 15 years. We are talking about the loan tenure is now extended to 15 years, and we are having a net benefit of INR 14 crores despite paying this INR 6 crore of prepayment charge. Okay. Thank you so much. That was it, sir. Yeah. Thank you. Participants who wish to ask a question, please press star and one at this time. I repeat, to ask a question, please press star and one now. The next question is from the line of Taha Ansari from TAHA CAPITAL MANAGEMENT. Please proceed with your question. Hi, good afternoon to the management and am I audible. Yes. Yes, you are audible. Okay, fine. Sir, my very first question comes from the side of collection and transportation business of yours. In Q1 FY 2027, we did around INR 166 crores of revenues around around five- Can you speak a bit louder? Yeah, sure. Sir, I am talking about your C&T business, your collection and transportation business. Sir, we did around INR 166 crores of revenues and around 5.5 lakh tons of tonnage in the very first quarter. Sir, what should we assume as our revenue or sales for this C&T business? It will be very difficult to quantify because of two factors. One is the collection and transportation revenue also includes revenue from three other projects where the billing terms are not on tonnage, but it is on number of households and the number of trips. The ones in Thane, Jhansi and Varanasi, the billing is on the number of units/household/commercial units and the number of trips that we run. That tonnage is not getting captured in the tonnage group. Second, more importantly, the scope of each project is different. It will be very difficult to quantify on a per ton revenue rate, what will be the price, because each contract has a different scope. There is a tipping fee ranges between 1,800 - 4,200, depending on the scope, depending on the number of vehicles, and the number of years within which the work needs to be completed. Okay. I got it. It is up to the area and up to the size of the project. If you can give me an EBITDA margin idea for this collection and transportation business. It might be difficult, but if you can put a number onto it. We never comment on each division's performance, and it's very difficult because it's a B2G market, right? These are pretty commercially sensitive points to discuss. Okay, I got it. The receivable cycle within this collection and transportation businesses? Sorry, can you repeat that question a bit clearer? I can get an idea of the debtor days, what are the receivables? We have 114 DSOs is what we have reported for the first quarter. Normally our DSOs range anywhere between 90-115 kind of a number. That is the range that we have over the last 18 quarters. Okay, sir. You are talking on a consolidated basis or I am just talking about- Consolidated basis. Okay, fine. That is all from my side, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Mihir Shah from MB Securities. Please proceed with your question. Hello, I am audible, sir? Yes. Yes, you are audible. Yeah. I would like to know which of our current segments offer the strongest growth opportunity going ahead from now. Is it the C&T processing or the WtE segments? Going forward, I think the given focus of the management is to concentrate more on waste processing/WtE projects for us. Having said that, collection and transportation is also an area where we have been growing by leaps and bounds. I mean, the last four years, we have got more C&T contracts and mechanical sweeping contracts. Even yesterday, we got a new contract from the Greater Noida Municipal Corporation. For us, growth will come from both the sides, but the focus where it is more margin accretive and more CapEx intensive, it is a waste processing/WtE for us. Just to add to what NG said, it is about maintaining a balanced portfolio. We used to be essentially 70% collection and transportation and 30% processing. We are actually moving towards 50/50 kind of portfolio, and that is our target. Just to understand, you are moving towards more Waste- to-E nergy portfolio. Processing and Waste- to- Energy portfolio. Okay. And sir, going forward, how much of the company's future growth can be achieved through our existing portfolio versus winning new contracts? Our existing portfolio gives us a scope of anywhere within 6%-9%, depending upon the tipping fees escalation that gets registered and clocked in. The new businesses, the new scope of additional growth will give us around 10%-15% additional growth coming from that. These will be slightly lumpy because, even if we bag a contract, like for example, we bagged the BMC contract two quarters back. It's only in the current quarter that we started one of those zones tick off. Bagging the contract, signing the LOA, and that translating into a P&L line item takes at least two to three quarters for us. The timing of recognizing revenue growth will be slightly staggered, but that's the trend for us. Understood, sir. Thank you. That's all. Thank you. The next question is from the line of Ketan Chheda, a retail investor. Please proceed with your question. Hi. Thanks for the opportunity. First, bookkeeping question. Could you just share what is the long-term and short-term debt that we have? The long-term debt is around INR 220 odd crores. The balance entirely will be short-term debt for us. So that's around INR 140 odd crores. So the total debt is around INR 420 crores for us. That's the split between. INR 220 and INR 140 you said? Yeah. But then that would come to INR 360. It wouldn't- Yeah. There's a cash and cash equivalent of INR 111, so that kind of knocks off for us. If you are looking at INR 435 crores, I would say around INR 300 crores would be long-term debt for us in that sense. I'm just netting off the EMDs, which is available for us. Of the INR 435 crores of long-term debt, INR 350 crores would be the debt due over the next three to five years. The debt due in the next 12 months is around INR 28 crores + 12, so that's INR 40 odd crores. Okay. On an overall basis, has our borrowings increased as compared to Q4? Compared to Q4, my total borrowing has increased by around INR 22 crores. Okay. This is towards any specific project? Two, we have started working on the AP WtE project service, so that is the incremental debt on that part. Secondly, we have also got the BMC contract, the new C&T contract, which started in Q1. There has been incremental debt towards that project as well. Okay. The other question I have is on a more strategic level. Have we evaluated getting into compressed biogas under the new scheme that the government has launched, the GOBARdhan scheme? Because there is one element where you can have municipal solid waste as an input for the generation of compressed biogas. There is a defined offtake agreement also, a long-term offtake agreement that you can sign with certain companies like city gas distributors or some of the oil marketing companies. Have you evaluated that? Yes, we have evaluated and we are indeed looking at a CBG project, but it is a part of an integrated waste project. What it means is that, the city is responsible for sending 1,000 tons of waste and while the Waste-to-Energy plant will take care of the dry fraction, the wet fraction will be sent to the CBG plant. To that extent, we think that a CBG plant on a standalone basis is too small. It makes more sense when it is part of a larger integrated project. So, does it mean that we are planning to get these kind of contracts in the future? That is right. Okay. With respect to the employee expenses also, the employee expenses have shot up significantly. Were we aware that this is going to happen in Q1 of this financial year? No. Actually, it was not completely anticipated. There were two factors that led to it. One is the labor code change that came and restated our assumptions in the actuarials and everything. That led to a restatement in the numbers, and also the incremental headcount in the new projects that we have got. These are the two factors. Part of it was anticipated with the new project start, but the quantification due to the new labor code, that was the surprise item for us. Okay. This incremental thing would be passed on to the customers, right? Eventually. All of it would be a part of the escalation adjustment as per the tender condition. But there will be a timing mismatch because we get an annual escalation and the cost will be incurred today. So maybe after six months from now, based on the annual life of that particular contract, we will go for an escalation as per the tender condition. Right. Is it safe to assume that by next financial year, not in FY 2027, but in FY 2028, our margin trajectory would be back to the historical levels? It should be, because if you look at the labor cost as a percentage of my revenue, historically, it has been in the range of around 30% to 31%. This time it spiked to 34%, which is an aberration for us. Normally in the next three quarters, I think it will be normalized to those levels, and then the margin expansion will step in. Yeah, because I am assuming that by that time, when FY 2028 starts, we would have passed on and got approvals for all the escalations related to the labor charges, labor cost. Yes. That is the right assumption. Okay. Thank you so much. Wish you all the best. Thank you. Thank you. The next question is from the line of Neerav Dalal from MIB Securities India. Please proceed with your question. Mr. Neerav, please proceed with your question. As there is no response, can we move to the next question? The next question is from the line of Nitesh, an individual investor. Please proceed with your question. Hello. Can you hear me? Yes, sir, we can hear you. Yeah. Okay. Sir, thanks for the opportunity. My question to the management is, why every time we keep hearing new surprises? Okay. I have been following this company for several years. Okay. I will probably share what concerns I have. First, I had seen a management interview over TV saying, "We will get into vehicle scrapping." Then in subsequent calls, we said that, "We have identified land, and then machinery will be ordered." Then down the line, after one year, we say that, "Okay, now we are not going to proceed with it. We do not see much ROI, and there is a lot of issues related to vehicle scrapping." Okay? Similarly, now again in this quarter, we see the margins have gone for a toss. This was not called out. In previous con calls, we were always saying that our margin profile will be in the range of 22%-24%, depending upon the contracts that we have. That's my first question. Why we always keep seeing surprises? Waste management as a business, the way we look at business is we need to be viewed on an annual basis. Looking at a company on a quarterly performance, it will be very difficult to target that. When we got listed in 2021, our total revenue was around INR 400 crores to where we are a INR 1,000 crore company. And we have been able to get new contracts at prices which is attractive. But if you were to look at our margin profile over the last four years, it's largely been steady. It's been upwards of 20%, 22% EBITDA margin for us. Yes, you are right. Each quarter comes out with some surprises because in this line of activity where 60% - 70% of my operating expense is labor centric, which is fuel centric, repairs and maintenance centric, and it's also related to the tonnage inflow mechanism. There are certain items which is beyond the company's control on a quarterly basis. If there is a DA increase, there's no way that we can quantify that and forecast it to an exactitude. Similarly, fuel prices, pre-2018 or even before that, it was administered prices. Today, fuel is something which is very volatile. Not only that, the cost of repairs and maintenance, the cost of additives over the last three quarters has spiked through the roof. If you look at the cost of additives, the cost of fabrication, the cost of gases used for cutting and repairing as metals, it's become very expensive, especially after the recent war that's happening in the Strait of Hormuz. For a larger canvas on the cost spread, though we got an escalation which covers 80% of operating costs, that's a time part thing. Instead of looking at a company's performance on a quarterly basis, we would suggest look at it from a longer aspect, look at the performance in batches of years. Look at from 2014 to 2018 to 2021, and 2021 to 2025. Because in waste management, it's entirely like a utility business for us. The waste comes in, you need to process it. Monitoring each quarter's performance versus the previous quarter's performance may not actually reflect the underlying complexities that get reflected in the system. And on the auto scrap business, we are still evaluating. It's a capital part of it, but looking at the way the canvas is there, looking at the way the business is turning out, we don't want to rush into a business and do things, but we are definitely looking at that part as a potential area of diversification. Okay, thank you. My next question is, I was just looking at the audited results. Somewhere I saw one line item, where I think the auditors have called out saying there is some compliance issue, the way we handle the plant, and then there is a review being done today, if at all they have addressed all of these. Okay? Can you just elaborate what concerns we have? Didn't we comply with any of the regulations, is it? No. The compliance is not on the part of it. It's basically there is a certain structural damage to the plant, which needs to be reviewed by the OEM suppliers. Based on their reports, the further cost estimates would be worked out. It's a landslide that's happened. It has damaged certain parts. Visibly, there doesn't seem to be any damage, but till the time the experts come and look at the plant and give us a certificate, "Yes, this is the cost that needs to be done. This is the repairs that needs to be done." Only then will we, to a certain certitude, can we say this is an actual cost, and that is what is being called out by the auditors. Which we plan to do in the second quarter. Thanks for that. Okay, perfect. Thanks for the clarification. One last question from my end. I also saw in the report that there is a joint petition being applied by Antony Waste and State of Maharashtra. Tomorrow there is hearing from Supreme Court on August 12th. Okay? Say, suppose we get anything against the government and Antony Waste, do you see any impact to us? I understand we have covered in terms of we have various clauses. But in case something goes wrong, what will be the impact to our business? I don't think there is anything- You are talking the Kanjurmarg plant, yeah? I know that. I do not think there is anything which can go wrong for the simple reason that Supreme Court, in the last hearing, had said that before we take any action, we would like to see the practicality of BMC shifting the project to some other location or finding an alternate source. Clearly, that is not an option. That is why we do not think that this project is going to move away from Kanjurmarg from where it is today. On the other hand, the monitoring committee, which has been appointed by High Court of Bombay, has been extremely supportive. They have been very appreciative of the kind of efforts and the kind of initiatives we have taken in Kanjurmarg. Thanks to these regular visits by the monitoring committee, people have started appreciating the good work which has happened in Kanjurmarg. Going forward, if at all there is some change, it is only going to be in the context of change in technology, which is what we have been referring to, saying that City of Bombay needs to switch to CBG and WtE as technology options. The High Court and Supreme Court also are more likely to move into that direction. Thank you. Okay. Thank you. One last if I can ask Mr. Nitesh. Sorry, you can please. Mr. Nitesh. Yeah. Can we please request you to come back in the queue for your follow-up question? Okay. Yeah, no problem. Thank you. Thank you. The next question is from the line of Neerav Dalal from MIB Securities India. Please proceed with your question. Yeah. Hi. Thank you for the opportunity. A couple of questions. One is, in terms of the additional expenses that we have had from second quarter onwards, we would not have any of those, right? The INR 10 crore. Or would there be any? Neerav, can you please repeat that question? We couldn't hear you well. Can you speak loudly, please? Yeah. Just on the additional cost that we've incurred in this quarter, I'm assuming the INR 10 crore. How much of that would be recurring in the coming quarters? That is my first question. Okay. On the recurring cost of INR 10 crore of biomining, we don't see any of it getting repeated in the current quarter because that was related to the CIDCO biomining and we have completed with the contract. So that was a large part of activity of disposal of innards from the site, and since the contract is over, there is no related cost to be borne in the forthcoming period. Okay. That is my first question. The second thing is in terms of the volume growth that we are expecting now for the next nine months. What is the additional volume or the new contract that has come in? How much do you think that would contribute to the volume growth? The current We can give you contract-wise number kind of a detail, but it will not be for the full year. For example, the BMC contract by itself will add around 1,400 tons per day. The Atkoli project that we have got in the Thane processing will add another 600-800 tons per day, but that is not for the full year. It will start either on Q4 or Q3 of the current financial year. These are the incremental numbers that are going to come over the next two quarters. Maybe in the next financial year, first quarter, you will know a steady state of tonnage that we are handling. Okay. Just to be very clear, in terms of the volume growth that we have got in this quarter would be what we should assume in the current year with whatever incremental that comes in from the new contracts in the latter half of this year. Would that be the right assumption? That would be one way of looking at it. For example, of the BMC seven wards that we bagged, we started with one ward which had only seven days of operation. The second quarter will give you a slightly better number on the tonnage. The third quarter and the fourth quarter will give you a full state of operation, which we have bagged from the BMC contract. Similarly, the Atkoli project will also give you a full volume by Q4. So in Q4 would be your test of the total volumes that we handle, and going forward that will be from the base for the company. Correct. Just lastly, in terms of any one-offs. Except for the WtE contract, we would not have any other one-offs that now we will see in this current financial year. No, we don't anticipate any one-off such expenses. The WtE one is something that will weigh in the second quarter for us. Correct. We are expecting that to start off in October also. By first, second week of October, we should have that up and running. Got that. We'll be at full capacity sorts in the fourth quarter. Yes. Got that. Thanks a lot. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to Mr. Jose Jacob, sir, for his closing comments. Thank you, and over to you, sir. Before we conclude, I want to take a moment to express my heartfelt appreciation to our entire team for their unwavering commitment and exceptional contribution. Your dedication and hard work have been instrumental in driving our success and sustaining our growth momentum. As we look ahead, our focus remains firmly on delivering consistent performance, enhancing shareholder value, and strengthening our leadership in sustainable waste management. We will continue to invest in innovation, technology, and operational excellence to further consolidate our position in the industry. I am truly excited about the journey ahead as we continue to build a cleaner, greener, and a more sustainable future for our community and stakeholder. Thank you once again for your continued trust and support, and I wish everyone a happy new year and a pleasant evening. Thank you. On behalf of Antony Waste Handling Cell Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.