Please note that this conference is being recorded. I now hand the conference over to Miss Sana Kapoor from Go India Advisors. Thank you, and over to you, ma'am. Thank you, Shlok. Good morning, everybody, and welcome to H.G. Infra Engineering Limited earnings call to discuss the Q1 FY25 results. We have on the call Mr. Harendra Singh, Chairman and Managing Director, and Mr. Rajeev Mishra, Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Harendra Singh to take us through the company's business outlook and performance, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. Yeah, thank you, Sana. Good morning, everyone. I'm pleased to welcome you all to the Q1 FY25 earnings call of H.G. Infra Engineering Limited. Our financial results and the investor presentation have been uploaded on the exchange, and I hope you have had the chance to review them. I'm delighted to share that H.G. Infra has demonstrated strong financial and operational performance in the first quarter of FY25. We have strengthened our position in the highway sector and done tremendous progress in railways and a decent progress in solar sector during quarter one of FY25. Our commitment to operational efficiency and strong execution has resulted in impressive performance across all key metrics, including revenue and margins. Last year, we ventured into the solar segment as a part of our strategy to diversify our order book. Our expertise now spans roads and highways, railways, metro, and solar energy. Our focus on expanding and diversifying order book is well on track. I would like to provide some updates on the infrastructure sector. Regarding roads and highways, the recent Union Budget has made a substantial allocation of INR 111 lakh crore to the roads and highways sector, underscoring the government's focus in road development. Additionally, the Vision 2047 outlines plans to construct 30,000-35,000 km of highways and 50,000 km of high-speed corridor, those are the greenfield. For the year 2024-2025, the Ministry of Road Transport has been allocated INR 2.78 lakh crore, with INR 1.68 lakh crore earmarked to the National Highways Authority of India to develop national corridors. The government plans to expedite new project awards, including reviving the Build Operate Transfer, that is a BOT model, for 54 projects valued at over INR 220,000 crore. Recently, the Ministry of Road Transport announced plans to award road contracts worth INR 300,000 crore within the next three months, with a target of reaching INR 500,000 crore by the year end. We believe that post-election, there will be significant positive momentum in infrastructure projects awarding. As a result, we anticipate abundant opportunities to realize on the expected order inflows. Talking of railways and metros, the Union Budget of 2024-2025 assigned a record allocation of INR 255,000 crore for multi-tracking corridors, station remodeling, replacement of old tracks, electrification and signaling system, and other, then that construction of flyovers and underpasses, highlighting a strong commitment to railway infrastructure and connectivity. Over the next decade, the budget aims to expand railway networks by 10,959 kilometers, with a total allocation of INR 13.67 trillion for railway projects from INR, the FY 2022 to FY 2025. India's solar power sector is a key component of its renewable energy strategy, with installed capacity expanding 30x over the last nine years to 82.63 gigawatts as of April 2024. This growth is supported by major government initiatives, including the target of 500 GW of renewable energy by 2030, with the solar energy playing a major role. The National Solar Mission and the production-linked incentive schemes have been very crucial in this expansion. The Union Budget 2024-25 allocated INR 10,000 crore for the solar power grid. Additionally, the green hydrogen sector is also poised for significant growth. This is with a target of 5 million metric tons annually by 2030, and an investment of INR 8 trillion, that is approximately $100 billion. Let me start the journey of this quarter and give you the glimpse of operational highlights first. As of June 30, 2024, our order book stands at INR 15,642 crore, marking a significant 34% increase from Q1 FY 2024. Over the years, our order book has been diversified beyond roads and highways. For the Q1 FY 2025, the order book from different segments stands at roads and highways at INR 11,452 crore, railway and metro at INR 2,498 crore, and solar at INR 1,691 crore. Our order book comprises 28% from HAM and 78% from EPC. Let me now provide an update on our ongoing EPC projects. The Ganga Expressway project is approximately 67.5% complete, adhering to the contract timeline. The Delhi UER project is around 98.1% complete and anticipated to complete in this quarter only. The Meerut-Najibabad project is at 23.9% completion only due to the land availability issue. With NHAI, we are working with NHAI to work on the faster regulation and government clearances. Simultaneously, we are also in discussions with NHAI for settlement agreement of the pre-closure of the project due to non-availability of land. Let me brief you on the progress on the HAM projects. The Karnal-Ambala project has achieved 38% completion. Raipur-Visakhapatnam project, OD 5 and OD 6 are about 72% and 79.4% respectively. The Raipur-Visakhapatnam AP-1 project is 74.4% complete. Khammam-Devarapalle project, package 1 is 59.7% and package 2 is 56%. In all these five projects, the 45, 6, AP-1 and Khammam-Devarapalle, AD 1 and 2, we are expecting to complete them within quarter 3 and quarter 4 of this year. Now turning to the progress of railway projects, the DMRC metro project is 55.58% complete. The Bilaspur-Himachal Pradesh railway project is 29.3% completed and progressing well after initial delays caused by heavy rains. The Kanpur railway station project is 8.1% complete, as there has been some clearance of land and utility in the initial stage, which is now settling down. The Dhule-Nardana railway project is progressing well and we have completed 1.9%, and the Aurangabad project 2.5%, and Gaya-Son Nagar project 2.1%, where we have received the appointed date with effect from twenty-second of June, 2024. Now let us focus on the solar projects. In the last quarter, H.G. Infra, capitalizing on the promising opportunity in the solar sector, actively pursued and secured solar power projects under the Kusum scheme. Recently, we have entered into a MoU with Ultra Vibrant Solar Energy Private Limited for takeover and development of 160-116 MW DC of Kusum solar projects. At present, all the projects are totaling 700 MW DC and valued at INR 1,763 crore, that is the EPC value excluding the GST. They are all progressing as planned. Execution is currently at about 4% and progressing smoothly according to the planned timelines. The total equity requirement for the solar projects is estimated at INR 6,092 crore. Out of that, just INR 1.3 crore has been infused till June 30, 2024. INR 350 crore, this is estimated to be infused in FY 2024-25, and balance will be in 2025-26. Let me now share other significant updates for Q1 FY 2025. I'm pleased to announce that in Q4 FY 2025, H.G. Infra has been awarded two new projects by MSRDC. That is, the first project was construction of access controlled expressway Nagpur-Chandrapur, package four, that is EPC value of INR 1,991 crore. And the second project is just alongside of this project, is construction of access controlled package five, that is Nagpur-Chandrapur, package five, valued at INR 2,151 crore. In July 2024, we secured two new two-lane HAM projects worth INR 763.11 crore. That is, near to Ayodhya, which is 84 Kosi Parikrama Marg. Now, I will provide an overview of the financial highlights of Q1 FY 2025. The standalone financials for Q1 FY 2025 are: the revenue from operations reached to INR 1,506 crore, an 80.4% increase from INR 1,271 crore in Q1 FY 2024. EBITDA was INR 243 crore, with a margin of 15.16% in Q1 FY 2025, as compared to INR 205 crore and a 15.11% margin in Q1 FY 2024. PAT showed at INR 140 crore in Q1 FY 2025, with profit margin of 9.27%, compared to INR 118 crore and a margin of 9.3% in Q1 FY 2024. On a standalone basis, our gross debt totals INR 622 crore. This includes working capital debt of INR 268 crore, term loan and current maturity and credit limits amounting to INR 309 crore, along with NCD of INR 32 crore. Moving on to the consolidated financials. For Q1 FY 2025, our revenue from operations was INR 1,528 crore, reflecting a 13.1% increase from INR 1,351 crore in Q1 FY 2024. EBITDA reached at INR 312 crore, with a margin of 20.44%, compared to INR 281 crore and a margin of 20.78% in Q1 FY 2024. PAT was INR 163 crore in Q1 FY 2025, with a margin of 10.6%, compared to INR 150 crore and a margin of 11.13% in Q1 FY 2024. On a consolidated basis, our gross debt is approximately INR 2,016 crore. The total equity requirement for 10 HAM projects is INR 1,461 crore. As of June 2024, INR 728 crore has already been infused, with a projected infusion of INR 425 crore in the remaining nine months of FY 2025, and balance will be infused in FY 2026 and 2027. Regarding the monetization of four HAM assets, the first tranche of three projects like Gurgaon-Sohna, Rewari-Ateli, and Bahadurgarh, was completed on 21 November 2023, with 100% SPV shares transferred to Highway Infrastructure Trust. We have received INR 315 crore, and INR 60 crore will be released on receipt of approval on GST change in law from NHAI, which is expected to be received by September 2024. For the fourth HAM project, that is Rewari Bypass, NOC was received from NHAI and lenders in March 2024. The compliance with SPV conditions is in progress and expected to complete by October 2024. There is around INR 130 crore or so expected to be received from Highway Bypass proceeds, where we have invested equity of INR 75.7 crore. Let me touch base on the future guidance before I conclude this speech. This year is a pivotal for us as we continue to drive forward with our key projects. We are nearing completion on several significant projects, including UER, Khammam-Devarapalle project package, Packages 1 and 2, Raipur-Visakhapatnam packages OD-5 and OD-6, OD-5 and OD-6, and AP-1 in Andhra Pradesh, and even in Ganga projects. We are also focusing on optimizing the execution of newly awarded projects, making sure to adhere to the stipulated timelines. We are committed for an order inflow of INR 11,000-12,000 crore in FY 2025, with a revenue growth of 17%-18% and a margin of about 13%-16%. Out of which we have already have secured INR 4,142 crore of highway EPC from MSRDC, INR 763 crore of highway HAM, that is from MoRTH, in the state of UP, and INR 409 crore of solar projects. We are also actively pursuing opportunity in new segment and are focused on the operational efficiency, prudent capital allocation, and strategic, strategic selection of projects that would ensure margin sustainability and enhance our shareholders' values. As we are moving into FY 2025, H.G. Infra Engineering aims to further increase its order book share from non-road projects, while continuing to strengthen its position in the road and highway sector, maintaining this year execution of about 6,000 crore and with a margin of 15.16%. That concludes my remarks. I would like to ask the operator to open the floor for question 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 their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. For a smooth conference call, participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to three questions per participant. We will wait for a moment while the question queue assembles. The first question is from the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah, good morning, sir. So I have just one question. So in terms of your solar power solar business, so so can you just like run us through on the equity IRR once again how much you are targeting? All such projects do have that, where we build our SPV margins at about 15% equity IRR, and EPC margin at about 18%. Okay. So, so the, when, I mean, okay, the SPV level also you are like, separately also around 15% equity IRR you are, you are expecting, right? Right. Okay. And this is based on the overall 25 years DCF, whatever you have, like, done. It's like at a project level DCF, which you have done, and that way you have derived that bit, right? So in itself, I think the SPV business will also be... I mean, it will, it is not just the EPC business where the main driver would be. Independently also, the SPV business will be like, will be like 15%+ equity IRR. Is that right? Sure. I think, this is of both ways. It'll be in EPC as well as at SPV level, we are having handsome margin. And also we have not considered yet any CFA, which is around INR 24-25 lakh, roughly around, in all such projects per MW, which may add a value of about 4%-5% at SPV as well as EPC. Right. And, 3.28, I think that is the blended realization we should assume, or this has gone up given that we have won some new orders? Sorry? The realization of the solar power, it is like 3.25, what you have guided in the last call. That's what we should assume, or it could be, like, higher than that? It remains the same. That is the same. That's the same. Thank you so much, and all the best. Thank you. Participants who wish to ask questions may please press star and one. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. Thank you. Sir, first, I just wanted to understand the changes that we are likely to make in Memorandum of Association, particularly on the solar and venturing into the international business. So, I wanted to understand in the perspective that what right now we are doing in solar, what extra are you planning to do in solar, and also the renewable and also the, in terms of the entire value chain of hydrogen, what, what are we planning to venture into in that? And also in international, where we are looking at only the solar or renewable, or even the pure EPC projects also we can, we are in. Sure. As far as international market or doing anything in out of India, it's as of now, there's no chance of doing such thing. And in hydrogen, it's a very basic stage. We have just registered our company for any opportunity looking into the hydrogen space as of of solar renewables or renewables. In solar EPC and solar IPP, we have recently, what we have received as a Kusum C, we are now looking into the say larger portfolio at which averaging out into the weighted portfolio of solar park, where the infrastructure development will be done by us aggregating the land, and we would be offering such projects to the the companies where they really want that infrastructure readiness and connectivity is available. So this is one part, and then KUSUM, which we already have secured, say, almost 700-odd MW projects. So we are not very aggressive on taking on further projects in this, but then we want to see further into captive or good captive kind of a project, not big, 50-100 MW, which can be installed wherever we are planning our solar parks. So this is all together, we want to see that the is bridging out. Rooftop also is somewhere we want to explore, but then we want to go into a very gradual manner, not very aggressively and work with very objectively. Okay. Now, sir, coming to the couple of data points which I needed. So on the balance sheet front, on the equity, what in terms of the yearly basis that we need to put in in hand plus solar. So on the balance sheet front, inventory, trade receivable, payable, mobilization advance, retention money, unbilled revenue as on June. The inventory is plus by INR 124 crore, now at INR 421 crore. The contract asset that is unbilled, and the debtors. Now, the debtor is around including retention, and security deposit is INR 1,051 crore, but it's not by INR 134 crore. Because of the SPV, debtors has gone high. We are not taking much of funding from SPV in that month. Contract assets a bit higher at INR 1,130 crore, that is unbilled. Investment of equity and this is marginally increased to INR 748 crore. There are other assets increase of INR 45 crore because of some advances to the vendors related to solar and others. As far as equity is concerned, we are at, say, equity for HAM. 733 crore is balance equity to be infused, and 525, we are expecting to add 425 crore. 27, 1 has 77, and 131 in 27. 26 and 1, 27, it is 131. For solar, it is 692, out of that, 690, whatever is balance, 350 would be in nine months, and 340 balance would be in subsequent, 25, 26. Put together, this year requirement would be 775. Out of this, in 25, 26, we do expect as a total of 580, but we do expect that the security of sub-debt component of our 125 crore would be coming back in that year only. Then the total of pack of five HAM assets, which we are looking that they would be complete, we would be completing this year only. There's INR 757 crore of equity, where INR 536 crore already has been infused. Okay. So, in terms of monetizing further HAM and plus, also in terms of the solar, is there any plan? Yeah, definitely, all these HAM, five HAM projects, we are at a very recent stage of discussion, where say two, three clients or parties, they already has expression of interest has been shared. And we are looking at by October, November, we will be sharing them the first half data, and then November or December, once we expect any one or two PCC. And then by March, definitely all the projects will be completed by that time. Except a few exceptions of 5%-10% in one or two projects, which we left out. So definitely we are looking into monetization of all these five HAM projects. Okay. Sir, I didn't... Okay. Please repeat again. Thank you. No, sir, it Further. Yeah, it was continuing to the numbers only, just clarifying the number, what the sir said. I didn't get the exact number of unbilled revenue, mobilization advance, and trade payable. The mobilization advance is, say, lower by INR 130-odd crore, because we have seen that the mobilization advance rate of interest is quite high, and that's why we are now looking into further, debt, higher debt, where the rate of interest is quite low, just 1.5% difference is there. And, standard also has given that it's... You are talking about trade receivables or trade payables? No, total unbilled revenue in terms of the trade receivable. And then the trade payable. Unbilled and trade receivable is INR 1,051, including retention. 1,051. Okay. Thank you, sir. All the best. Thank you. Participants who wish to ask questions may press star and one on their touchtone phone. The next question is from the line of Nidhi Shah from ICICI Securities. Please go ahead. Hello. Thank you so much for giving me the opportunity to ask a question. My first question would be last quarter- A bit louder. Your voice is little inaudible. Okay. Am I audible now? Now it's fine. Okay. So, again, thank you so much for, for giving me the opportunity to ask a question. My first question would be on, on the guidance side. Last quarter, you had given a guidance of, revenue growth of 11%-12% and order book of INR 11,000 crore. Do we still, maintain the guidance or given, you know, how our order book has performed this quarter, would you like to, to revise the guidance, increase it in some way? Well, as far as order book is concerned, we are well on track, 11,000-12,000, which we are maintaining the same. Almost INR 50-INR 300 odd crore rupees already has been added till first quarter, until July rather. And as far as execution is concerned, we are very much hopeful that we will be doing it in the range of 18%-20% year-on-year. I meant the order, couldn't you have increased the guidance for the order book, given how, you know, that the order book has been better than expected this quarter and Q1? I couldn't get your question very clearly. Are you looking at order inflow of maybe more than the guided amount? Is the guidance conservative, given how well we've done in order booking this quarter? Sure, we are hopeful because when NHAI and Ministry, they are looking at us, because in the last 1.5 year plus, nothing much has happened as far as the awarding front is concerned. So we are quite hopeful that we will be adding more and more orders from highway front, for sure. Okay. Again, on the guidance, one last thing would be: What is your CapEx guidance for the whole year, and what have we already spent in Q1? Well, hardly if something has been added, it's only INR 50-odd crore which have been added in Q1, but not much. During the entire year, we are expecting that INR 75-odd crore would be the total number. Okay. All right. Thank you so much. Thank you. Participants who wish to ask questions may press star and one. The next question is from the line of Deepesh Agarwal from UTI AMC. Please go ahead. Yeah, good morning, sir. Sir, with the recent Ultra Vibrant order, our portfolio in solar will become 644 MW. Is that understanding correct? Sorry, again, please repeat your question. Ultra Vibrant? Yeah, what you are want to. Yeah. You want to know about it? Yeah. So my question is, with the receipt of the recent order of 6 from Ultra Vibrant, our solar portfolio will increase to some 644 MW. Is that understanding correct? We have included this number. We have already have included now this 700, 700 MW, including this 116 MW of DC from the Ultra Vibrant. Okay. And what is the kind of PLF we can expect in this, given this would be closer to that, I guess Jodhpur belt, so should be a higher PLF? Not PLI. Basically, it's a PSA where the central financial assistance is there. It is roughly around, as I believe, INR 24 lakh per MW. My question is with respect to PLF. Basically, what is the utilization we can expect? Would it be 27, 26%, or would it be lower? Oh, see, the year we are in, minimum is 19%, but in any case, we have seen wherever the power plants are established, like Bikaner and Jodhpur, they are maintaining about 23%-27%. So whatever we will be doing at building extra, we'll be getting more, say, invoicing and revenue from at the SKU level. Understood. Understood. I want to understand incrementally, would there be similar projects with such margin profile? Because the kind of margin profile which you are guiding and the IRR which you are guiding seems to be very rare in solar projects. So would there be similar such projects for us in the future? Sure, I think this is an exceptional margin, which we are also seeing, but definitely may or may not as an opportunity in this. Any of the solar is now, let's say, as we have seen, that the government proposes to look into 2030, this much of gigawatt production is to be done. So we believe that the companies like NTPC, Coal India and other, PSUs, they are coming for the more and more solar installations. And when they are coming, they would definitely look into the any of the EPC players with the larger players, which we can do EPC for them, even the land availability and such things. So but in a later future, we can have a more clarity on how the margins would be even, say, at that stage or, margin is lower than this. Generally those projects come with 6, 7- Would be done. Sorry, sir, those projects generally come with 6%-7% kind of a margin, the NTPC kind of a project you said. So would we, as a company, be open to take solar projects which would be sub-10% margin? For EPC, definitely, as we are doing so in highway or railway, for all EPC projects, we are looking at projects with 11%-12%, and with HAM projects a bit higher, means 18% range. So that is averaging out about 15%-16%. So we believe that with solar also, we have recently have seen few numbers, where the margin around 12% in NTPC and Coal India is... Sure, sure. Lastly, sir, would we also look at module manufacturing? Sorry? Would we be also look at module manufacturing, solar module? No, no, not at all. Not at all? Okay. Thank you, and all the best. Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead. Good morning, sir. Thank you for taking my question. Sir, you said in the opening remarks that you are looking for a solar park, which where you will procure land either through ownership or leasing, and you will develop a park of 50-100 MW for C&I customers. So, have you identified any park to develop this project? And what kind of capital commitment you are looking for for such projects in the future? The solar park, basically, we have seen the recent past that the land aggregating being done. So the government is looking when the agreement is being given to many big players. So if we are here, and we can just consolidate and aggregate the land with the connectivity, with the good amount of infrastructure. So this gives us a decent amount that whenever we are offering such projects, we have seen that number. But as of now, we have not announced anything, but we are working on it. Our team is working on it. We look forward that for any power of 500 MW, it can be done at our stage and being offered 400-550 MW to the people who are looking at this kind of opportunity and working as an EPC for them as well. Mm-hmm. So this would be like a merchant plant where you'll be selling on a merchant basis, right? Almost, it's a mixed kind of arrangement, doing EPC or even merchant arrangement, when we are investing some amount of say, INR 40, 54 rupees and getting even within the shortest period, while taking out that, giving the opportunity then, okay, plus INR 100 rupees. This is how we are looking it. Mm-hmm, mm. So you said that in the existing solar EPC business, you'll be making 12% EBITDA margin because of the CFA which you will be passing—100% will be passing on from the SPV to the EPC contract, so that is the parent, and so you'll be making 12% EBITDA margin. Is my understanding correct? For the project which we are right now executing, it is 18%. 18% EBITDA margin. Opportunity where the awarding may be from any public sector, like NHAI or NTPC, which we will look forward to, to get, say, any of such opportunity at about 12%. Yeah. Actually, sir, this seems to be very high because we, we haven't seen such high EPC margin in solar segment for any other, like to like players. So what is driving such high EPC margin? What differentiating ED is doing except for the CF, CFA, which we are upstreaming, what other differentiating we are doing versus the peers who are making, sub-10% margin? I believe, I think that the projects where the geography is there, where the land availability is quite easy, we are not paying much in land acquisition. Which means nothing there for the rental agreement, lease and rental of those land, as well as also the connectivity of such where the transmission line is very short, with just 1-2 km. Mm. These are the few factors which we are engaging, where they are adding value to this EPC as well as good value to the SPV. If you are able to win such Kusum Scheme projects, you should be making 18% EBITDA margin going forward? Going forward, if we want to see that this is a good number which we'll be doing, and this is a time which we want that during the year and next year, so this is within, say, almost 14 months, we need to complete all such projects. So first we will be focusing on the completion of such projects, and later on, if we want to see, because there's an 8,000 MW is yet to be ordered in Kusum scheme only, but we don't want to see, because we are post March 31, there is some stringent condition where the DCR, non-DCR is in import. Mm. We don't see that there is a much of opportunity which will be available with the same margins. Sir, have you won the project before March? Uh. Yeah, this is last question. I will come back then. These are the projects which we received before March, so there are- Before March. Two different%. If you see any margins- Yeah. about 6%-7% is the lower post-March, where Mm-hmm. It's a condition of usage of, say, non-DCR are not allowed, it is only DCR allowed. DCR. Mm. Got it. I'll come back in the queue. Thank you, sir. All right. Thank you. Participants, please use your handsets to ask a question in order to ensure that your voice is loud and clear. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Thank you for the opportunity. Sir, for the MoRTH HAM that we have won in UP, what would be the equity requirement for that project? Roughly, would be in a range of INR 9,000 or INR 9,500. Okay, sir, we saw that we have bid for around 15% discount to the MoRTH cost estimate. So are we confident on making those margins? Why was the bidding so aggressive? No, we have seen that the estimate of then, because of the Ajni project which we lost, we were L2. The default was 42%. It was very high. The 15% which we are having the good margin, only in the range of 17%-18%, which we have factored while bidding. Okay. Thank you, sir. Thank you. Participants who wish to ask their questions may press star and one on their touchtone phone. The next question is from the line of Prem Khurana from Anand Rathi Shares and Stock Brokers. Please go ahead. Sir, our presentation. What I see is, the two MSRDC projects have been taken into account now. So have we received letter of awards for both these? Because I think the perception was that, I mean, these bid are being renegotiated, or it will take some time. So, if you could clarify if the renegotiations have been or the conversations are already taking place and the LOAs are already in place? See, the negotiation already has been done, and before that negotiation, whatever process the government follows for the approval, as well as the minimum land of 70%, which is required for the issuance of LOA, this is one reason. And whenever I think 70% land, tentatively by August end or September first week, it's likely to be there, and then we will be issuing the LOAs. Sure. And the construction work eventually would start after September, right? Because, I mean, by then only you will be able to have LOI in place and the line in place. Sometime, after the election or let's say December even. Sure. And sir, I think in your opening remarks, you spoke about the government's intent to kind of give out INR 300,000 crore of orders over the next three months and INR 500,000 crore. I mean, is this number realistic? I mean, historically, we've never seen them give out these many projects in any given year. And this, I mean, do we have those many tenders in the market today, or it is just an aspirational number? And would you be able to comment on the mix, I mean, how would the mix be, I mean, between, let's say, EPC, hybrids or BOT tolls here? Definitely, you are saying these numbers are quite aggressive, as we have seen in the past, that nothing much has happened on the ordering front. This orders pipeline where the DPRs are or Bharatmala Pariyojana, phase one and phase two projects, they were all almost prepared. Only the government has approval or appraisal which is to be done. As I believe, not that INR 300,000 crore, but I believe that for 100 days, target, they have kept a good number to be awarded. A mix of HAM and BOT, but then again, EPC, there are very few EPC. As we have seen last week only, some cabinet approval has been given for, say, seven road projects, in which three or four are BOT and three are HAM. 2 are HAM and 1 is EPC. Sure. And if you could share your thoughts on the debt number for us, I mean, this quarter, I'm assuming this has gone up because we would have extended some support to highway. Every quarter one we see, we have seen in the past also- Mm. That because of government at quarter four, almost target to spend and utilize their budget. But in quarter one, it's a bit delayed. And again, as we have seen that because of the working capital have gone a bit high, but it will be all stable and streamlined. And for sure, I think we will see a debt increase for the, as a replacement of mobilization advance, where the mobilization advance earlier we were having about 350 odd crore rupees, now it is just 200 odd crore rupees, and even less than that. So this is almost a shift of mobilization advance, which is all interest-bearing, to debt, where all interest again, at a lower rate. And by the year-end, where do you see this number, either let's say gross debt of INR 620-odd crore or net debt of INR 500 crore or, I mean, by FY 2025, and where should we expect this number? I mean, with all the transition that you spoke about in terms of mobilization today. Any mobilization advance or in this particular, it would be a kind of a mobilization advance, being replaced with a term loan, where it is, the recovery of the term loan would be based on the mobilization advance recovery as we progress on any project. So, typically, it would be around INR 500 crore-INR 600 crore, if you see any, not more than INR 500 crore. If we are replacing the mobilization advance, it will be even more than the- Mm-hmm. to see the mobilization advance in the form of term loans. Sure. Sure. And sir, I think in one, for one of the projects that you said, I mean, there is some land acquisition issue on the EPC side. I think it is Nelamangala-Tumkur that you spoke about. I missed your comment on it. There are two phases of the project. Yeah. First phase was 18 months, and second phase is 18 months. So first phase almost has been passed, and we are not seeing any significant completion into that. And once that is completed, only then the main category is the phase two would be taken up. So if in that case we are stuck, and we are working with NHAI, how this either this project is to be totally scrapped or terminated, or in the other case, it can be some settlement agreement, like they would be looking at some execution of settlement agreement. Sure. So, I mean, eventually either it will be descope to the extent they have done or... I mean, if the land comes to know, would still be able, willing to go ahead with the project, right? Right. Right. Right. Right. Awesome. Thank you. This is all from my side, and all the very best for you, sir. Thank you. Thank you. Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Mr. Vishal? The current participant- Can you hear? -disconnected. Hello? Yeah, is this Vishal? Mr. Vishal, you are not audible. Yeah. Is this, is this Vishal? No, you are not audible. Please return back to the question queue for the questions. Thank you. Participants, we request you to use your handsets. Thank you. The next question is from the line of Uttam Kumar Srimal from Axis Securities. Please go ahead. Yeah, thanks for the opportunity, sir. Sir, you mentioned, for the order inflow INR 11,000-INR 12,000 crore in FY 2025. So can you sort of quantify, how much we will get from, highways, railways, and, some other water projects, in, in this order book, order inflow? So we are looking at definitely adding orders from railway as well, but we have seen the significant number being at, there in highways. And our focus primarily and majorly would be in highways only, and that too in HAM only, and EPC, of course, if we are having good margins. So we would be maintaining at about 60%-65% orders coming in from highways only. And other than highway, it is railway of about 20-odd%, if we are looking into some EPC projects of highway, railway. Other than that, we are looking into further opportunity of water and a bit of a solar. ... Okay. And sir, in terms of building pipeline, can you quantify how much is from HAM, EPC, solar, and railway? What we as the building pipeline is railway, definitely all are EPC. And what, wherever we have already awarded, there are 10-odd projects are about around of INR 8,000 crore, where the results are yet to be, yet to declare. So but then again, apart from HAM, we are seeing that 60% of the project coming from any mode or NHAI are all on HAM model only. EPC are very low, about 10%-15%, and remaining are, we have seen that the BOT are, they are all available, because 3 or 4 projects have recently been approved, and there are a few, many projects which are all on the BOT mode only. You are also planning to bid for BOT projects on your own or with any partnership? Bid for any BOT project, but we are, as you earlier also, we are doing work for the private clients. We would be looking to partner ourselves, associate ourselves as an EPC partner to such companies. Okay. Okay, sir. It works out well. Okay. Okay, sir, that's all from my side, and all the best to you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to one question per participant. The next question is from the line of Pramod Dangi from Unifi Investment Management. Please go ahead. Yeah, hi, thanks. Just one clarification between the standalone number and the consolidated number, the difference is the same revenue or anything else is also going into the consolidated? No, standalone, it's and the consolidated, the only difference is that whatever SPV margins which are there at all SPV levels, they are added into the revenue as in the bottom line. Okay. Most of the SPVs are actually for the HAM projects, right? So before the- Most of them are from the HAM projects only. Recently we have a few SPVs for solar as well. Correct. Got it. Got it. Thanks. So the standalone number is purely the EPC number, and the SPV number will come on the consolidation. That's, that's the clarification I wanted. Thanks. And then. Thank you. The next question is from the line of Franklin Moraes from Equentis Wealth Advisory Services. Please go ahead. Yeah, sir. Thanks for taking my question. So we have seen, you know, diversification into various segments in the last maybe three, four years. What I wanted to ask is any other segment that we are exploring, maybe, which may come up in the next one year or so? Yeah, we are exploring water to be very precise. We are looking into water, not only to JJ, and we are looking into some treatment plants. We would be looking into some kind of HAM projects which are likely to come in water as well, like in Namami Gange and the treatment plants, water. What could be our equity requirement in case of the HAM projects? That remains almost the same, it is 15% of the equity, 15% to maximum, if you come to consider including GST, it is 17%-18%. Okay. Thanks a lot. Thank you. The next question is from the line of Niteen Dharmawat from Aurum Capital. Please go ahead. Yeah, thank you for the opportunity. Am I audible? Yeah. Okay. So my first question is, regarding the monetization of HAM. You mentioned that fourth project is expected by October 2024, wherein we are expecting some 1,000-odd crores, and, in which we have equity capital of INR 75.7 crores. So how much is the debt component in this, if you can highlight that as well? Hello. Say, what you are saying is for INR 1,000 crore is not that. The fourth HAM project, which is a Rewari Bypass, in which INR 75.5 crore equity already has been infused. We have the, all, all four projects, this is just a SPA to be executed, NOC being obtained from both lenders as well as NHAI. So likely by the September end, we would be getting INR 130-odd crore into that, and say, 60-odd, 60-something crore rupees are for GST payout, which is, change in law approval to like... which is to, which is to be obtained from NHAI, which is at an advanced stage again. So this is one. What you are saying is five HAM projects which would be completing at a later stage, that would be again offered for monetization. Okay. Okay, got it. Okay, thank you so much. All the best. Thank you. The next question is from the line of Yash Dedhia from Maximal Capital. Please go ahead. Sir, we understood that part of the reason of why mobilization debt has gone up is because of mobilization advance. But at the same time, I think there is a significant commitment which is lined up for HAM. So given that, your—what is the impact on the net finance cost for the full year? The net finance cost is not going to, say, as a percentage, would be the same as we have seen in the last past year. At last year, it was INR 72 crore, with a top line of INR 5,000 crore. So this is including interest cost, plus the bank charges, and the BG commission, it all put together. So it will the same that we are looking at INR 6,000 crore, roughly 1.5% of INR 6,090 crore. It should not go beyond that number. Ninety is a very high number. It is relatively, ideally, would be well. Okay. Hello? Yeah. So you are saying it should not go beyond INR 90 crores from that INR 81 odd crores that was there in the standalone last year? Yes. Okay, okay. And secondly, sir, now in terms of our margins, so we will also be focusing on solar, which is at a lower margin, but then you are also saying that, you know, that would just be 15%-20%. So net, net, these margins in the coming years, do we expect them to be at similar level of 60-odd%, or do we expect a downturn there? So we would be all, looking at the solar projects which there are different margins only, yeah, at any EPC level. It's not less than 8, 11 or 12%. Our prime focus would remain on the highway only, where in HAM projects we already have, seen that we are making good margins in HAM. So we would be focusing more on that only, and, a bit of a railway and such, diversified of water, when a mix of margin, but not, the range of margin which we believe would be making visible 15%-16%. That is ideally which our, is our own, prime focus. Understood. And, sir, if you can give some color on your Nagpur-Chandrapur NC 04 and 5. So, you know, there are various media reports about, you know, there are some uncertainties and also there are some... I think the elections are coming in Maharashtra very soon. So how should we look at these? Are these, like, confirmed in your order book and work is certainly going to start? Or how should these things play out for you? For any organization, whenever they start bidding and they award, usually award, there is a process. That, as we have been declared and one, and there is a negotiation being conducted, once the negotiation is done, and that is if they are matching with we at, at all, on any project, there is matching their cost. And, whenever they are approved, getting their, getting the approval for as their, as an internal process. So whatever is being done is their process. And what we believe that, that definitely for letter of substance, it is a minimum 70% of the land availability that they need to ensure, which definitely, is taking time. No, but are these, like, confirmed order or are these contingent upon the acquisition of land, which is basically puts a question mark in the- Already have deployed our team at the project and the significant improvement is there. The land disbursement is at a fast pace, and we are expecting that by August end or maximum by first week or 10 days of September, they would be issuing the letter of acceptance. These will become, like, confirmed from all respects by September end? Yes. Okay, okay. And sir, in water segment? May you return to the question queue for your follow-up question. Okay. Thank you so much. We request all the participants to restrict their question to one per participant. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah, thank you. And sir, the remaining appointed date for, I think, four HAM projects, if you can tell us when we are going to receive Varanasi package 10, 13, then Kalamati Jamshedpur and the Chennai Tirupati, Package Two. See, in the project of Jharkhand, which was earlier being awarded last year, Jharkhand 13, that we are expecting the appointed date any time within a month or so, maximum by September end. The second project, Jharkhand Package 10, will be different, will take a bit more time, at almost about three months, expecting by January 2025. Then Jamshedpur, within a month, we would be taking on as already 94% land is available. JMS everything has been fine. Mm-hmm. We are expecting within a month we would be taking, and they will be issuing us the appointed date. Tirupati project, already land is more than 97%. Obligations of authority is completed. We are in the process of submission of financial closure documents. Within this month, we would be getting it, and probably as soon as we completed the formalities, we would be taking upon the appointed date. So all three projects we would be getting the appointed date, and railway too has already been issued. Third one with Dhule-Nardana, that project, maximum within a month or plus 1.5 months, we'll be getting that. So more or less only Jharkhand Package 10 and, this recently, this Andhra package, they would be the only one, they will be the only ones where the appointed date would be will be declared or even Nagpur-Chandrapur packages within time, at a later stage. Yeah. And then, sir, this both Maharashtra project and MSRDC, when we say that the negotiation has been done, so if you can share in terms of the broader percentage terms, what kind of reduction the government is looking at? So, two angles. So is will it be a change in scope, reduction in the scope, or it is just that the bidders has to reduce their margins and the bid price? The scope definitely cannot be reduced. It's, it's only a matter of their estimation, what they are expecting, and any bidder, what they are estimating at.... So if there is any absolute number or percentage cannot be decided on the project specific, it is different definitely. Okay, okay. And this Nelamangala project where we are saying that it can be a descope can happen. So, just to if I am looking at the order book, so right now it is close to INR 680 crore on top. For any reason that the project is stalled and it's not going to have a, say, clarity within the next six months also. So for any good reason for authority as well as company, it is better to just take a back foot. So it's a very scratch state, preliminary stage. Nothing much has, say, being forwarded and given a start, but definitely within a month or so, we will be having a better clarity. Okay, okay. And lastly, sir, how many projects and the value we have already bid and where the outcome is yet to come? And second is, in next three months, how much value of projects are we planning to bid? We already have bidded for almost INR 1,000 crore plus of project in the railway, and, where we yet results are awaited. For highway, almost similar number, it's INR 9,000 crore. For this, we are talking of the projects which we will be likely to bid, but definitely it's all now piling up. We believe that within next two months we will be bidding for INR 1,024 crore, INR 1,000 crore. Okay. And then this road, INR 8,000-INR 9,000 crore? Okay. Okay. Thank you. Return to the question queue. Thank you so much. The next question is from the line of Jiten Rushi from Axis Capital. Sir, thank you for the follow-up. So, thank you for the follow-up. Sir, I just want to understand on the RLDA tender which you have won. So can you throw us, throw some light, what kind of project is going to be you are going to develop some land area, and what kind of revenue sharing with RLDA, how much equity required, and as you said, these projects, so can you throw some light, sir? Sir, the RLDA project... Hello? RLDA. Hello. Railway Land Development Authority, RLDA, sir. Almost 8,000 sq m land, which is to be developed, and it is a commercial land where multiple, say, all we can use as a mall, as a hotel, that we would be putting. We are looking into this opportunity as a better opportunity, where the return on equity would be in a range of more than 25%-30%. Sir, how much investment you will be making there in terms of total project cost and equity? Investment to be done in four years, then cost is INR 3.5 crore, then INR 3.5 crore, then INR 3.5 crore, INR 3.5 crore. So this is a basic INR 14 crore of split, and then whatever we would be doing, there is a debt or equity area in that. But then again, it will take another two, three years to complete the entire project. Okay, this will be a 6-year project which will take to complete. Sorry? Sir, what you will share with RLDA post-completion? Post-completion? Hello? Mm-hmm. Yeah, 2-3 years we would be taking for the all completion, whatever we are planning for that. Mm-hmm. Does this payment of INR 14.4 crore will be paying to RLDA in next four years, and then probably parallelly we will do the development, and once in next five to six years. Whatever to be developed, we will be taking, say, the land will be handed over to us within 2 months from now, once we pay the first installment. Whenever, say, once within 6 months, we can just submit our plans, whatever we are going to develop to the municipal corporations and this party. When we would be doing that, likely it will take another 1.5 year or 2 years to complete the project. Finally, we believe that the return on equity, which I am looking at, would be in this range. So my question was how much you will invest total for the project? How much you... Except for the RLDA reserve, your cost of INR 14.65 crore. It is very, at a basic level, we are working on it. It would be not less than- Okay. crore-INR 40 crore, INR 50 crore put together. Okay. And sir, any money you will give it to RLDA per month, kind of a revenue sharing or something like that? Nothing, nothing going to be paid. Okay. Sir, last thing, this Tumkur project is non-moving right now? Sorry? Tumkur project is non-moving right now? As you have said, there is a land issue, so it is not moving. So we are stuck at INR 681 crore. Something is moving, but it's not to that level, which the demand and the kind of mobilization which we have done and the project should say base the project is not at to that mark. Okay. Okay. Thank you, sir. Thanks a lot. Thank you. All the best. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please restrict your question to one. Yeah. Sir, what kind of revenue are you factoring from Nelamangala, Tumkur for 2025 and 2026? This year we are looking at the target of INR 150 crore, out of which almost INR 16 crore already has been done. Okay, thank you, sir. Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir, thanks for the opportunity. Just one quick question. So you mentioned eight projects where the cabinet has given approval in the road sector. So, is it like tenders are already there in the market and then the approval has been sought? Or, what is the status, if you can just give some clarification? ... We have seen the developers, like Gwalior Ring Road and then Agra, Gwalior and Ayodhya, they were all there as in their bidding pipeline. Now that this is, the government approval has already in place now, so it could be moving very fast now for this awarding. Okay. And then going ahead also, I think maybe with your communication with ministry, so, there, whatever the tenders are there in the market, so they will take maybe like six, seven projects approval from cabinet, and then probably things will fasten up and awarding can happen. Is that what? That is, the process is very clear that less than INR 1,000 crore, it's at the Ministry level, and more than that is at the Cabinet level. Okay. Okay. Sure. Not cabinet, even PM office. PM, okay. Got it, sir. Sure. Thank you. Thank you. The next question is from the line of Yash Dedhia from Maximal Capital. Please go ahead. Sir, in the water projects, what kind of opportunities are you finding, and what are the expected margin levels in the EPC segment? The water, definitely JJM, they are all distribution projects. They are—There are many projects which in the state of Rajasthan or UP or MP, but then we are looking into beyond this number is water treatment plants. It can be water desalination, it can be wastewater treatment plant, where the projects is not specific only for the EPC. EPC or HAM, again, typically these projects are for operations as well, and for any certain period of operation being given and the water being treated. So it's a similar kind of, like HAM projects which we are doing or a solar project which we are doing. So here also margin opportunity is similar to, like, say, road? Yeah. And if you are taking on any EPC project, it's likely it is around 12%. And then if we are taking any HAM project, definitely it's a bit better margin in any of the sense, but we have experience in what there are only few HAMs being awarded in the Namami Gange and one or two municipal corporations. But then again, some kind of authority, they are coming with HAM projects and where the operation is also included. BOT, sir, are you not looking at that? No. No, no, we are not looking into other BOT projects. Only EPC, HAM, and 12% sort of margin for EPC and 18- For BOT projects also, if we are just like we are working within, Namami Gange project, that's all BOT projects only. But for all BOT projects, having taken by such players, we can partner with them as an EPC associate. Okay. Okay. Thank you, sir, and all the best. Thank you. The last question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah, thank you. Sir, this solar INR 1,691 crore order book, which is right now there, INR 1,700-odd crore. So out of that, how much will be executed in FY 25? And I think you previously mentioned 14 months or 16 months. So by one half of FY 26, will this entire bill be booked as revenue? Yeah, definitely by 2026, 100% would be done, likely to be done, and within this year, almost INR 900 crore will be done. Okay. Okay. Okay. What is... And, sir, what you mentioned that eight to nine thousand crore that you have bidded for, road projects, so, are all this will be the HAM projects? There are two EPC and five HAM. Yeah. Okay. Okay. Okay. Thank you. Thank you, and all the best. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. I appreciate you all for taking the time for attending today's investor call. I hope all of your answers were question-answered your question adequately. In case there is any follow-up query, please feel free to reach out to us or our IR advisor, Go India Advisors. Thank you. Good day. Thank you, sir. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.