Ladies and gentlemen, good day and welcome to the H.G. Infra Engineering Q2 FY25 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Saloni Ajmera from Go India Advisors. Thank you, and over to you, ma'am. Good afternoon, everybody, and welcome to H.G. Infra Engineering Limited's earnings call to discuss the Quarter 2 and H1 FY25 operational and financial performance hosted by Go India Advisors. We have on call with us Mr. Harendra Singh, who's Chairman and Managing Director, and Mr. Rajiv Mishra, the CFO from H.G. Infra. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore moved in conjunction with the risk that the company faces. We now request Mr. Harendra Singh to take us through the company's business outlook and subsequent performance, which will open the floor for Q&A. Thank you, and over to you, sir. Thank you, Saloni. Good afternoon, everyone, and welcome to the H.G. Infra Engineering Limited Earnings Call for our Quarter 2 and half-yearly FY25 numbers. As we reflect on joyous celebrations of Diwali and welcome the new year, I would like to extend my warmest greetings to each of you. I hope you have had the chance to review the investors' presentation and the financial results, which are now available on the exchange. I'm pleased to share that our company has built a strong legacy with decades of experience in India's infrastructure space. We have formally established our leadership in the highway sector and successfully expanded our expertise into railway and solar projects. Our focus on operational efficiency and execution has led to impressive performance across key metrics. Let me now provide some updates on the infrastructure sector. Talking regarding roads and highway sector, which has been a key focus for the Indian government, and we expect this momentum to continue. Recently, the government approved highway projects worth INR 50,655 crores, covering a length of 936 km. These projects are part of eight national high-speed corridor initiatives. By December, the cabinet is expected to clear project worth INR 2 crores. Although project awards slowed, quite slow in FY24 due to election delays, NHAI's financial challenges and cost overruns, a strong recovery is anticipated in the second half of FY25. MoRTH plans to award around INR 3 trillion in contracts during 2024-2025 and have recently approved 215 km of highway projects across multiple states valued at INR 5,000 crores. Despite the slowdown in the bidding pipeline, we remain confident about the roads and highway sector, and strong financial backing and supportive policies are set to drive rapid growth and modernization. In railway, the Cabinet has given the green light to eight major railway projects with a total investment of INR 24,657 crores, set to extend India's railway network by 900 km additional across seven states. This ambitious initiative supported the PM Gati Shakti National Master Plan, which focuses on enhancing multimodal connectivity across the country. Significant opportunities are emerging in the railway sector as well, especially in modernization and infrastructure key areas, including electrification, the development of high-speed corridors, multi-tracking, and comprehensive station upgradation under the Amrit Bharat scheme. Additionally, the introduction of Metro Lite and Metro Neo systems in smaller cities aims to address light traffic needs efficiently. With INR 2.55 trillion allocated to railway infrastructure, the government's plan also includes the rollout of 50 high-speed Vande Bharat and Amrit Bharat trains of FY25. This gives us the ample opportunity to expand our presence in this sector. In renewable energy, where the Rajasthan Renewable Policy targets 65 GW of solar and significant wind energy capacity by FY30, emphasizing wind-solar hybrid systems for efficient resource use and grid stability. Meanwhile, the Central Electricity Authority, that is CEA, projects 34 GW of battery storage, that is 136 GW by 2030, supported by the government fund scheme of INR 3,760 crores for 4,000 MW hours. This funding will boost renewable energy integration into the national grid. In India, the renewable energy momentum has been significantly strengthened with the Ministry of New and Renewable Energy initiating annual bid for 50 GW, with solar energy comprising around 80%. This major push towards a solar-driven energy efficient future presents EPC players with an annual opportunity of INR 150 million crores. Looking ahead, solar energy will be critical in achieving India's ambitious target of 500 GW of renewable energy by 2030, with plans to hit 200 GW by FY28. Let me begin by sharing the journey in this quarter and providing you with a glimpse of our operational highlights. As of the first half of FY25, our order book totals around INR 16,624 crores, with a breakdown of INR 12,326 crores of roads and highways, INR 2,387 crores from railways and metro, and INR 1,911 crores from solar projects. Our portfolio consists of 67% EPC and 33% HAM projects, reflecting a well-balanced approach. We are currently active across 13 states, demonstrating a strong and diversified geographical presence. Regarding the update of EPC projects, the Ganga Express project is 71.5% complete and progressing on schedule, and we expect to complete by the end of this financial year. The Delhi/ UER project has reached 96.4%, where the completion has already been applied, which we expect during this quarter only. The Kali Mandir-Jamshedpur project is currently at its early stage with a progress of around 3.7%. The appointed date for this project was recently received on 14th of September 2024. Meanwhile, the Neelamangala-Tumkur project, which stands at 26.5% due to land availability challenges, we are actively collaborating with NHAI to expedite regulatory clearance and are also discussing with potential settlement agreements for pre-closure of this project with some de-linking and de-scoping, and we expect the same to be closed in this quarter only. The MSRDC project, where the LOA has been delayed mainly due to non-availability of adequate land possession. Regarding the HAM projects, the Karnal Ring Road project has achieved 46.1% progress. The Raipur-Vishakhapatnam projects, of OD- 5 and OD- 6, are progressing well at 79.1% and 86.86% completion, respectively. The Raipur-Vishakhapatnam project, that is AP-1, is 81.3%. The Khammam-Devarapalle project has achieved 59.6% in Package 1 and 62.7% in Package 2. We would complete all these three projects of Odisha and AP, and both projects of Khammam-Devarapalle, that is KD-1 and KD-2, before March 2025, and by June 2025, the balance of the scope of completion of OD-5 will be done. The Chennai-Tirupati Package 2 package is currently at the initial stage of fulfilling conditions precedent. With financial closure achieved in September 2024, we anticipate the appointed date to be in December 2024. The Varanasi-Kolkata Package 10 and 13 of Jharkhand are currently in the advanced phase of land acquisition and forest clearance. Appointed dates of these projects are anticipated in the third and fourth quarter, respectively. Regarding the equity requirement of HAM projects, which all 10 HAM projects require INR 1,458 crores, as of September 2024, INR 790 crores have already been infused, with a projected infusion of INR 370 crores in the remaining six months of FY25, and the balance will be infused in FY26 and FY27, respectively. Turning to the railway projects, the DMRC project is progressing well at around 63.9%, and this is occurring at further scheduled timelines. The Bilaspur-Himachal Pradesh Railway project of RVNL is 42.8% completed, and now we are on track targeting completion within the timeline. The Kanpur-Railway project is 10.3% complete, and there have been some clearance issues of land and utility, which is now settling down. The appointed date of the Dhule-Nardana project, which was received on the 4th of September 2024, is currently at 4% completed. The Karanjgaon and Gaya-Son Nagar Railway station project, where the appointed date was declared on the 22nd of June. They are around 3.3% and 2.4% completed, respectively. Regarding the solar projects, during the financial year, we strategically capitalized on the promising opportunity in the rapidly growing solar sector by actively pursuing and securing solar power projects under the KUSUM- C, a corporate initiative aimed at promoting the development of renewable energy across India. As a result of these efforts, the company successfully acquired a total of 183 solar power plants, collectively contributing a substantial capacity of 700 MW of DC. Of this total, H.G. Infra's scope of work covers 167 plants, representing a total capacity of 638 MW, with an estimated EPC value of INR 2,243 crores, which is excluding the GST. The land lease agreements for these projects are progressing well, with more than 50% of the required land already leased. The company is actively working on identifying and securing the remaining land parcels, with the expectation that all land leases will be finalized in the coming quarter. As of now, the execution of these projects stands at 14.8%, with the work progressing smoothly and in line with the project timelines. The debt funding of solar projects will start rolling out from this month only and will be concluded in the next two months, fulfilling our debt requirement for the said projects, and all the PPAs will be signed with authority by December 2024. In terms of funding, the total equity requirement for these solar projects is estimated at INR 732 crores, and as of September 30, 2024, just INR 3.5 crores have been infused in these projects. It is anticipated that additional INR 350 crores will be infused during this financial year, that is 2024-2025, and with the remaining balance to be contributed in FY 2025-2026. This structured capital infusion plan ensures that the company can maintain the financial flexibility needed to meet its project milestones while supporting the long-term growth of its solar energy portfolio. Let me now share other significant updates of quarter two and half-yearly FY25. In Q2 FY25, we successfully secured two HAM projects. Those are newly declared NH 227B 84 Kosi Parikrama Marg in UP, with a BPC cost of INR 753.11 crores, and a six-lanes from Narol Junction to Sarkhej Junction in Gujarat, valued at INR 781.11 crores. Additionally, we recently have been selected as a successful bidder by NTPC Vidyut Vyapar Nigam Ltd, for a 185 MW, that is equal to 370 megawatt-hour, with a share of 500 megawatt projects. This will be a tariff rate of 238,000 per megawatt per month, expected to yield annual revenue of approximately INR 52.83 crores. Over the tenure of 12 years, this project is to generate a total revenue of around INR 633.96 crores for HG. The COD for Kundal-Jhadol Package 1 in Rajasthan was received on 1st of October 2024. The COD of Nandurbar-Prakasha-Shahada- Khetia, in Maharashtra was received on 10 July 2024. Now, I will provide you an overview of financial highlights of Q2 and half-yearly FY25. The standalone financials in quarter two FY25 are revenue from operations grew by 22.4%, reaching INR 1,064 crores up from INR 869 crores in Q2 FY24. EBITDA for the quarter is at INR 174 crores, with a margin of 16.4% compared to INR 138 crores and a margin of 15.9% in the same period last year. Profit after tax for Q2 FY25 was INR 189 crores, reflecting a margin of 8.3%, and increased from INR 62 crores and a margin of 7.1% in Q2 FY24. The revenue for half-yearly FY25 stood at INR 2,570 crores, marking a 20.1% year-on-year increase compared to INR 2,141 crores in the first half of FY24. EBITDA for the half-yearly stood at INR 418 crores, with an EBITDA margin of 16.3%, showing a 21.7% growth from INR 343 crores in the first half of FY24. PAT for the half-yearly stood at INR 228 crores, with a PAT margin of 8.9% compared to INR 180 crores and a margin of 8.4% in the half-yearly FY25. On a standalone basis, our gross debt stands at INR 884 crores. This comprises INR 279 crores in working capital debt, INR 588 crores from term loans and current maturities, along with INR 16 crores of NCDs. There has been a significant increase in the working capital and term loans to accelerate the solar power project progress and to bridge the funding requirement for the procurement of solar modules and inverters and other groundworks. The same was also needed to give momentum to the progress of highways, which were slowed down due to erratic and heavy rainfall during the monsoon. Moving on to the consolidated numbers, in Q2 FY25, our consolidated revenue from operations stood at INR 902 crores compared to INR 955 crores in Q2 FY24, and EBITDA remained steady at INR 220 crores, with a margin improved to 24.3% from 23.1% in the same quarter last year. PAT at Q2 FY25 was INR 81 crores, with a margin of 8.9%, down from INR 96 crores and a margin of 10.5% in Q2 FY24. For half-yearly FY25, we reached a revenue of INR 2,430 crores, reflecting a 5.4% year-over-year increase from INR 2,306 crores of half-yearly 2024. EBITDA stood at INR 532 crores, with a margin of 21.9%, up slightly from INR 501 crores and a 21.7% margin of the same period last year. PAT for first half FY25 was INR 243 crores, with a profit margin of 10% compared to INR 247 crores, with a margin of 10.7% in half-yearly first half FY24. On a consolidated basis, our gross debt stands at approximately INR 2,404 crores. The reason for dip in revenue and PAT in consolidated are for the inter-group transactions between HG and SPVs related to solar projects. We eliminated in our consolidated financials. As a result, revenue and expenses from these projects do not appear in the consolidated P&L statement but are recorded as a capital work-in-progress under fixed assets. At the standalone level, H.G. Infra recognizes revenue from EPC work and subsidiary construction income. However, in the consolidated accounts, both revenue and costs from these inter-company transactions are eliminated. Reducing the overall figures and margins compared to the standalone financials, the tax expense in these earnings remains impacting consolidated margins negatively until the SPV generates its revenue from unit production. Once revenues start flowing, this effect will reverse, improving the consolidated financial performance. This is an update regarding the monetization of four HAM assets. As I informed earlier, we have successfully monetized our three projects from Gurgaon-Sohna, Rewari-Ateli, Ateli-Narnaul. Against this, a consideration of INR 315 crores was received in FY23-24 only, and the remaining INR 54 crores is received in October 2024 post-approval of NHAI-related GST change in the office. Regarding the fourth HAM project, that is Rewari Bypass, NOC was received from NHAI and lenders in March 2024. The compliance with SPV condition is in progress and expected to complete by 2024. There is around INR 145 crores, including the residual amount of INR 6 crores of transference tranche, expected to be received from Rewari Bypass proceeds, where we have invested equity of INR 275.7 crores. We are targeting an order inflow of INR 11,000-12,000 crores for FY25. Until date, we have successfully secured approximately INR 5,500 crores in projects from highway sector and around INR 780 crores from solar sector. We are confident to maintain our EBITDA margin of about 15%-16% and achieve revenue growth of 17%-18% in the upcoming quarters. Furthermore, we are actively pursuing opportunities in new segments where consolidating and operational efficiency, sustainable capital allocation, and strategic project selection to sustain margins and enhance shareholder value. With that, I conclude the updates and Q2 and half-yearly FY24 and open the floor for questions and answers. 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 phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, you may press star and one to ask a question. The first question comes from Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir, just to clarify, you said that 17%-18% revenue growth in coming quarters, so does that mean in the second half, we are looking at 17%-18% growth? So overall, as we are targeting about INR 6,000 crores, which of INR 5,100 crores is around 18%-19%, so we have already touched around 20% growth in the first half, and we are targeting to see that number coming in around INR 6,000 crores as an entire year top line. Okay, okay, and then for even going forward, the similar 15% plus kind of a growth can be looked at? Yeah, for the subsequent years. Okay, got it. Got it, and in terms of the order inflow, so we have already, I think, if I total it, close to INR 6,280 crores, I think we have received. So now remaining INR 11,000-12,000 crores, so how much more are we looking from the road? How much have we already bid? Previously, we have mentioned that we have bid in the Road, Railway, all these. If you can help us in terms of how much we have already bid in each sector, road, railway, or maybe any other sector, and how much more are we planning to bid, and how much in terms of broadly we are looking from the inflow in the Road, Railway, and Solar or Water? As far as Roads are concerned, we are already awaiting the results, which we bid around INR 21,000 crores for projects. The results are yet awaited. And Railways around INR 7,400 crores are already being bid. So as of now, solar also we have bid around INR 600 crores. So again, these are the projects which the results are yet awaited. Apart from the bidding pipeline, if we see that the highway, of course, it has been delayed, but we are looking at about 74,000 to 5,000 crores of project pipeline, which for us, we have taken into consideration for NHAI, as well as most projects. In railway also, we have identified 25,000 crores, which are yet to be bid, where the project pipeline is there for the new projects. For Solar, we are looking into the opportunity where battery storage, energy storage techs, as well as hybrid projects are yet to be. Even a few of the projects where separating the same feeders is being invited by the Indian government on the HAM model. Okay, so in terms of value, would be broadly how much for solar? Solar, we are looking at about 10,000 crores to be bid in the bid pipeline, which is already visible. Okay, okay. Got it, got it. Just a couple of things. So in terms of whatever the pending appointed date is, if you can help us project-wise when whatever the projects are pending for appointed date, when the appointed date likely to be received? Yes, so now the project lines were Jharkhand, 10, 13, and Tirupati. So these are the projects which, in any case, by December, we are expecting to receive the appointed date for project 10 or 13 of Varanasi-Kolkata package 13 as the Tirupati. And followed by package number 10 of Jharkhand in March quarter. Apart from these, there are two new projects which financial closure and conditions precedent need to be set. So these two projects, the appointed date is likely to happen in quarter one of the 25-26 only. Okay, got it. And in terms of the... Yeah, and the project of Maharashtra, where the LOA yet not released, which in any case, 70% of the land, which is the condition set for issuance of LOA, which will be in any case by January, it will be completed. Post that only, the LOA will be issued and followed by the appointed date. Okay, so most likely MSRDC revenue should be very, very, very less revenue in this year. So execution will be in FY26 onwards. This year, hardly there can be any single percentage of execution possible in those projects. Okay, and lastly, just a data point, the equity requirement in HAM in FY26 and 27 and retention money, mobilization, advance, and unbilled revenue. So the HAM equity is concerned around INR 790 crores already done, balance of INR 670 crores in FY25, INR 370, and followed by INR 177 and INR 131 in 2026 and 2027. In solar, it is INR 728 crores. This is in 2025, it is around INR 300 crores, followed by INR 428 in FY26. This is about... And what about the mobilization? It was billed to INR 239 crores. Unbilled revenue and retention money? The retention money is INR 110 crores in all the projects, and unbilled is INR 1,055 crores. Just include the retention. Solar, SPV unbilled, as well as SPV HAM, and one of the fierce approval, which is yet awaited in Ganga Expressway, which is INR 1,353 crores. INR 1,315 crores is of unbilled revenue? Yes. Okay, and lastly, so the debt has increased. Okay, no issues, no issues, no issues. All the best. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to two per participant. If you have any follow-up questions, you can rejoin the queue. The next question comes from Vaibhav Shah from JM Financial Limited. Please go ahead. You mentioned that the solar order inflow for the year is around INR 700 plus crores, INR 780 crores. So last quarter, the order book was around INR 1,700 crores. And this quarter, if we look at the order book, it's around INR 1,900. So I have seen the order inflow for 83 megawatt solar projects in Jodhpur, which was INR 409 crores. So apart from that, which is the other project beyond the Ultra Vibrant Solar Energy project? So there is one project which we have received during the year only, is NTPC, but also there's a contributor to it. So that is another INR 300 crores? Sorry? What is the value of that project? This is around INR450 crores. Okay, NTPC Vidyut Vyapar Nigam, that project? Correct, correct. Okay, okay. In fact, we have seen that EBITDA margins have been quite good in second quarter as well. And we have done significant execution on solar side as well in the first half, around 14%-15%. So how have been the margins in the solar segment so far? Solar has showed us the significant good margins, around 18%. So that's why we have seen a significant jump during this quarter, where solar execution is around INR 262 crores, which is being executed, that has been executed during the quarter only. So are these margins sustainable in the solar segment? Yeah, solar margins, because of there are two, three reasons. One is the stabilizing price of PV modules that is very low now. And we all booked the orders, and that is why we have taken that the order has been booked at a without price escalation also. So this gives us a sensible reason that the margins would be in this range only for the entire balance completion of these projects. And lastly, on the railway side, how are the margins? The railways do have the margins around 10%-12% in any of the projects, except for metro, DMRC, where the margins are 3%. The rest, all because it is a very small portion, but just 100 crores balance. But the rest, all projects do have the margin of about 12%. I didn't get that. DMRC project is 3% margins. Yeah. Why are the margins so low at 3%? There has been some issue with respect to the design and with respect to the sewer line underlying. So because of that, there has been time overrun, and the cost of overhead increased, which we have anticipated in the similar way when we are doing railway or highway projects to cost of overhead, which remains around 6%, where this project is way off at about 12%-13% because we have very less production every month. Okay, so initially when you bid for the project, the margins were in the 10%-12% range, but it has... We compare around 8%-10%, yeah, yeah. Okay, okay. Thank you, sir. I will come back in queue. Thank you. Requesting all the participants, please restrict your questions to two. The next question comes from Maximus Capital. Please go ahead. Yeah, good afternoon, sir. So firstly, now when we see the consolidated numbers, these are quite low compared to the standalone numbers. So you are knocking off the related parties sort of transactions, right, which you are one entity, standalone entity doing the EPC work for your solar entity. That is the reason, right? T hat is the reason in all solar projects once this project being commissioned. So spend the time whatever execution is happening as per the top line which is coming into standalone and H.G. Infra, where the margins are also there. But in consolidation, the margins are totally eliminated, but there's a tax liability also is there. So this is the top line and bottom line net effect, which in this quarter, which is around INR 62 crores of bottom line, is being affected. So this will happen for subsequent quarters as well. So this will come back with a small correction once we commission and start billing the project. Billing the tariffs. So the overall impact, sir. How much you mentioned INR 62 crores was the overall impact on profit before tax or profit after tax? Profit after tax. INR 62 crores is the profit that impacts which we have seen during the quarter. INR 52, sir? INR 62. IINR 62. It would have been INR 140 crores instead of INR 80 crores. Yeah, because yeah, definitely. This has impacted. This is the absolute number which I'm seeing. Yeah, so net of this impact, it would have been INR 140 crores instead of INR 80 crores which is reported. But this is the accounting standard which always would be coming in for standard of solar projects. Solar projects and BOT projects, they do have a different set of accounting standards. Understood. And sir, you mentioned about higher solar margins, right, which you are anyway knocking off. This is because they are related parties. So in that sense, because these are all related party contracts, then what is the sanctity of the 18% margin in these contracts? Because you may get higher margins from your other party because that is any other related party. So how should we read those margins? So in any case, any project being executed for SPVs or rather for H.G. holding companies, so there are all the subsidiaries where the contract is awarded to H.G. Infra and H.G. Infra who is doing the project where there are procurement to water pipelines to execution and EPC is there. So put together, this margin is there. So we are keeping a balance of the equity IRR, which is more important, as well as the EPC margin to H.G. Infra. And net of all this, sir, what kind of... Yeah, just let me finish this line. There are several other participants waiting for the answer. Yeah, yeah, just finishing, just allow me this question. So because you mentioned equity IRR, sir, so what is the target equity IRR, including the EPC margins and the cash flows that will occur in the BOT of solar? So if we consider that the equity IRR along with the EPC margin would be roughly around 30%, 32%. Okay, thank you, sir. I'll join that. Thank you. The next question comes from Vishal Periwal from Antique Stock Broking. Please go ahead. Vishal, sir, your line is unmuted. Please proceed with your question. Yeah, is this audible now? Yes, sir. Yeah, yeah. Okay, sir, this is regarding your one slide in which you mentioned the L1 orders that you received. So for the Ultra Vibrant client in EPC mode, the solar plant that we are building in, so this is the EPC project cost include even the module and the cell that you need to procure, or it's only the EPC work, the civil I mean, how exactly is it structured? No, the project of 83 MW, they are acquired from Ultra Vibrant. So once we have acquired the project, so the entire acquisition cost being paid. And post that, whatever EPC, including solar PV modules and inverter crossover, everything is included in the cost. Okay, so basically then the cost works out to be like INR 4.90 per megawatt. So that is like that is your presumption in this particular L1 order, right? Correct, correct. Okay, and similarly for this NTPC one, the INR 370 crore project cost which is there, so this includes your battery or it includes only the how exactly this one is structured? No, this includes battery as well as some water other than battery items, which are inverters and others creating that infrastructure of substation. Okay, so I mean, generally like these I mean, the NTPC order that you're saying, even the IRR will be what, upward of 13%- 14% equity IRR, and then plus EPC margin will be there. Is that fair way to understand? Yeah, that is again the similar fashion. The EPC margin is around 14%, and the equity IRR is again 14%. Okay, okay, okay. And maybe one last thing from my side. I think initially you touched upon the PMO in the road side, they have done an approval of INR 50,000 crore worth of order. So, anything that you're hearing when this will see a light of day in terms of tendering? Because this was approved long back, but not heard anything in terms of award? So one is the cabinet approval of the project where any greenfield or any such kind of a project is put up for approval. Then post the approval, there is a second part which is the SSC approval, which is now with the committees which they are going to approve, the DPRs and everything. So this is now on a strong and fast pace being done. So we are expecting right after this November also, in December, January, February, everything which they have in the plan, 5,000 km likely to be rolled out and to be awarded. Okay, okay. Sure, sir. I'll come back in the queue for more. Thank you. Thank you. The next question comes from Ajayk umar Surya from Niveshaay.com. Please go ahead. Sir, thanks for the opportunity. Sir, I'm new to the company, so I just wanted to understand on the KUSUM order which we have got. So we have got an order of around 700 MW worth, I guess INR 1,800-2,000 crores. Sir, if you can help me explain the working of this order, like it is a part of KUSUM Components, the Feeder Level Solarization. And we commented that we have started ordering the module and other components. Sir, will the pumps also get changed in the FLS part? If you can help me understand or give some thoughts on the working of this KUSUM Component C and the order which we have got. Sir, we have been hearing the pace of execution in this Yojana has been pretty slow compared to the KUSUM component B? If you can also highlight the problems we are facing maybe in terms of acquiring the land or getting any regulatory approval? If you can just show what is working in the industry as of now, that will be very helpful. In this sector, in the KUSUM C, where we need to align the land which is being taken on the lease basis, almost 50% of the land parcels already in place. We have all started wherever we are having the land in place; we have already started the process. Around 60-65 days, we usually are looking or seeing that once the project being started, the completion is happening. Then 15-20 days more for the commissioning. So, because we are seeing that if the land availability is ensured, then most of the 88%-99% of any problems and any damage problems remain settled. And other regulatory affairs where the PPA being signed and we are receiving the SPV and PPA. So these are the regulatory things which are happening parallelly. So France, as well as PV modules and inverter transformer, we have already blocked the orders where all such big chunk of supplies should be aligned well with the completion. So this we have done within the last three months. So most of those things being done, design being done. So now the progress is on track. We believe that, say, in the quarter of December, and March and June, so most of these projects will be completed. And, sir, in the FLS part, are the pumps also getting replaced or it's unlike like the pumps are not getting replaced, it's only the electric pumps which are getting solarized? No, these are not pumps. They are nothing related to electric pumps. They were rotated to the power, the energy which we are producing, the power is to be sold to the nearest grid substation of this comp. So it's very nearby, just 1.5 km of transmission line is to be laid. Okay, sir, got it. Sir, my next question is on... Mr. Surya, may we request you to return to the question queue for follow-up questions? Yeah, sure. Thank you. The next question comes from Yashvardhan from Tiger Assets. Please go ahead. Hello, sir. This is an opportunity. So are we looking at any recent upcoming government orders? Sorry? Are we expecting any upcoming government orders? Government orders? Yeah. What kind of a government orders? So the orders which we are the project which we are bidding. Okay. Already continuously in continuation, we already are bidding the project. But as of now, there is no result yet related to what are the results, which I just have expected that in highways, around INR 20,000 plus crores and then railway 7,000 around projects where the results are yet to be declared. O kay. Thank you. Thank you. The next follow-up question comes from Maximus Capital. Please go ahead. Hello. Hello? Yes. Yeah, so on the railways part, you mentioned that the margins are 10%-12%. So that is significantly below the company average. But on the capital side, is it more capital efficient in terms of the cash flows? Or what is the benefit apart from diversification that we are getting by aggressively getting into that project? So in railway project, one thing is very unique. It's not that there is a big difference between the capital allocation or working capital cycle. It's almost similar as in highway EPC. But very important is if you are looking into projects where the weighted margins are very important, it can be HAM, highway road projects, and then highway EPC projects. And then highway EPC projects which we are having a similar kind of a margin around 12%-30%. Even in projects like Ganga Express, we are doing, it's a similar kind of a margin. So in EPC, margin range are this only. In HAM projects, the margin range are around 18%-19%. And in solar also, margins are around 18%. So this is put together, weighted average is around 15%-17%. Okay. And the four assets that we have sold, so I think the price to look on that was around 1.4. But on our invested equity, what kind of IRRs were we able to get, including the EPC margin that we had accrued earlier? So as far as the EPC margin, this is a total different subject. But H.G. Infra usually is executing the project on an EPC lump sum model only. And for including the price escalation or including anything with the plus side of mine. So this is one way when we are calculating the margin for coming to EPC to H.G. Infra, coming from EPC to H.G. Infra. And regarding the equity IRR, which we also have seen in the earlier past, that wherever it's a kind of a HAM project or solar project, we are usually maintaining about 14% of a rough guidance that we should get equity IRR of 14%-15%. Okay. Thank you, sir. Thank you. The next follow-up question comes from Ajayk umar Surya from Niveshaay. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, my question is on, again, the KUSUM component C. Sir, if you can also explain as the tender, how are those awarded? So is it the L1 gets the order, or is it some technical qualifications which are required, which is providing an advantage to H.G. Infra and winning the orders? No, as per earlier, the strategic partner was there. So we partnered with a technology partner while we bid for those projects in last year only. Now in KUSUM C, there is a different model where the mandatory use of DCR. So now the projects are of a totally different model. So we are not at all participating in such kind of orders in this financial year also. So we are looking into newer opportunities coming in, where kind of a segregation of the distribution and networking with the best projects, which is a battery energy storage solution. So such kind of projects are now in pipeline. Okay, sir. And sir, if you can also throw some light on the opportunity size, because if I look at the order book as of date, solar orders are around 9%-10% of our order book. If you can also explain the opportunity size, which lies in either the KUSUM Component C for H.G. Infra or the overall solar scheme of things which are happening across the country. Right now, as far as the total order is concerned, it is 14.5% of the solar orders. And apart from that, already I have explained that we would not be very keen on adding more of the KUSUM C. But again, as we are looking into some hybrid kind of a project, where it can be battery to solar, so there's round the clock power to be generated. But then again, there are tenders which we would like to set up some power projects, power plants. And it has to be a kind of a PPA on SECI, or some government also is inviting some projects on a HAM model. They are not EPC projects. They are all EPC. Okay, sir. All the best for you, sir. Okay. Thank you. The next question comes from Uttam Kumar Srimal from Axis Securities Limited. Please go ahead. Yes, sir. Good afternoon and thanks for the opportunity. Sir, currently, we have already diversified from roads to railways to Solar and to Power also, so are you also looking to diversify into power transmission segment, as I think there has been a lot of traction from the government in this particular segment? We have all technically, our team is examining such kind of projects where the because they are all, again, such kind of projects where the transmission or water lines are there, and the ROW constraint is, again, the limiting factor which such kind of project, because the project being delayed earlier past because of the ROW also, so the government is also helping and giving the new guidelines for ROW procurement also, but we are working on it. As of now, we do not have any project pipeline where we will be bidding at least. Okay. Sir, how is the competitive intensity currently in both EPC and HAM projects? I think not many projects have been awarded, have been bid rather. But for sure, there are cost cutting and aggression has been seen in the Highway. But there are chances that the pre-qualification criteria and something is going to be changed very soon in highway as well. Okay. Sir, what would be the CapEx guidance for 2025 and 2026? Not much of a CapEx is required because the project which we are operating had to be railways or solar. We do not have such a big CapEx requirement. Highways, we do all already having the big already big size fleet which is available. So hardly there will be INR 35 or so which is likely to be there in case of any such requirement for the year. Okay. Okay, sir. That's all from my side. All the best. Thank you. The next question comes from Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir, just to clarify, did you mention that the solar order book of INR 1,900-odd crore which is there will be completed by June 2025? Around 90% of this will be completed. Okay. Okay. Got it. And sir, debt has gone up from INR 62 crore to INR 884-odd crore in Q2. So previously, we were looking at INR 500-600 crore kind of a standalone debt. So, as I already had explained in my remarks, because it was very important for us to block the module at a fixed price as well as transformer, inverter, and all cable items. So these are the only items which we have booked. That's why for the huge advances have been paid as well as what we have executed in solar. So we have seen that our solar is either unbilled or it is or will be received as a debtor balance. So this is because of meantime arrangement that it will be all coming back to the normal level in Q3 and Q4. Okay. So by Q3, Q4, it will be again, will be back to INR 500-600 crore. Yes. Yes. Okay. Okay. Okay. Yeah. Got it. Thank you. Thank you. Is there no further questions? I would now like to hand the conference over to the management for closing comments. Thank you. I appreciate you all for taking the time out for attending today's investor call. And I hope all of your questions were answered adequately. In case there are still any follow-up queries, please feel free to reach out to us or our IR Advisors, Go India Advisors. Thank you. Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.