Good evening, ladies and gentlemen. Welcome to the IRB Infrastructure Developers conference call for discussing the financial results for the quarter ended June 30, 2024, along with recent developments. We have with us on the call today, Mr. Virendra Mhaiskar, Mr. S.S. Rana, Mr. Anil Yadav, Mr. Tushar Kawedia, and Mr. Mehul Patel. As a reminder, all participant lines will be in the listen-only mode, and after the opening remarks by the management, there will be a question and answer session. Please note that the duration of the call will be 45 minutes, and any queries left unanswered after the call can be subsequently mailed to the management after adequate response and resolution. Please note that this conference is being recorded. I now request Mr. Yadav to give you an overview of the significant developments during the quarter. Thank you, and over to you, sir. Thank you. Good evening, everyone. I welcome all the investors and analysts to our earnings call for the Q1 of financial year 2024, 2025. I trust you have reviewed our detailed numbers and the presentation. I will briefly highlight the key points for the quarter. Starting with the project update, we have received appointed date from NHAI for TOT-12 and TOT-13, and commenced the tolling on first April 2024. We are pleased to inform that the toll collection for both the projects has been robust and encouraging, exceeding our initial estimates. Meerut Budaun Expressway Limited, that is Ganga Expressway Project SPV, entire equity, that is sponsor contribution, has been infused. Following this infusion, Ganga Expressway has received first tranche of grant of INR 350 crore from UPEIDA. The project has achieved a significant milestone, surpassing 50% of construction completion. This accomplishment makes the project eligible for transfer to the private entity. During the quarter, Cintra, a subsidiary of Ferrovial, has successfully completed the acquisition of 24% stake from GIC in IRB Infrastructure Trust and 24% stake in MMK Toll Road Private Limited, that is the investment manager of the trust. Post the transaction, IRB will continue as a sponsor and project manager to the trust, holding approximately 51% of the unit in the trust, and 51% equity share of the investment manager. GIC and Cintra now holds 25% and 24% of the units respectively. Cintra will have also representation on the board of the private entity. We have received PCOD for Hapur Moradabad Project, resulting in tariff revision of approximately 4%. Toll collection and other updates. Our toll collection has been seeing a growth of almost 4.4%. The toll collection has increased from INR 6.84 crores for the quarter ended June 2024, as compared to INR 6.55 crores per day for quarter ended June 2023. For private InvIT, per day toll collection has risen to INR 10.25 crores for the quarter ended June 2024, as compared to INR 6.45 crores per day for the quarter ended June 2023, recording a growth of 59%. This increase is attributable to traffic growth, toll tariff revision, and addition of the new project. The project has received a tariff revision of approximately 2.5%, effective from third June 2024. Private InvIT has been generating positive cash flow since last financial year, and has declared a distribution of INR 72 crore for Q1 of FY 2025, which will reflect in the IRB's cash flow to the extent of its holding, that is 51%. In line with our dividend policy, the company has declared an interim dividend of 10%, amounting to INR 60 crore. Order book and future outlook. Our total order book now stands at INR 33,600 crore, with an EPC order book of INR 5,000 crore. Next two years executable order book, including EPC and O&M, is close to INR 7,000 crore. We are witnessing a shift in the mode of award from NHAI, with an expected increase in BOT awards. The identified opportunity on a BOT basis is over INR 2 trillion. We will wait for the viable opportunity, apart from the TOT, and participate in BOT, TOT, and HAM, in the same order of the preference. For the project executed through private InvIT, equity requirement will get reduced to 51%, approximately 15% of the project cost. NHAI has also come out with 33 TOT projects on their website, with a total lane kilometer over 2,600, which will be up for bidding in near future. As our consolidated net debt to equity is less than 1:1, we are well capitalized to tap this upcoming opportunity, which will consist of significant portion of BOT and TOT, along with our partner GIC affiliate and Cintra. Now I will request Tushar to cover the financial highlight for Q1 of FY 2025. Over to you, Tushar. Thank you, sir. Now I'll take you through the financial analysis of Q1 FY 2025 versus Q1 FY 2024. The total consolidated income for Q1 FY 2025 has increased to INR 1,972 crore from INR 1,745 crore, registering a growth of 13%. The total consolidated toll revenues for Q1 FY 2025 have increased to INR 636 crore from INR 613 crore, registering a growth of 4%. The total consolidated construction revenue for Q1 FY 2025 have increased to INR 1,335 crore from INR 1,133 crore, registering a growth of 18%. EBITDA for Q1 FY 2025 increased to INR 976 crore from INR 889 crore, registering a growth of 10%. Interest cost has increased to INR 439 crore for Q1 FY 2025, from INR 381 crore, up by 15%. The depreciation has increased to INR 255 crore in Q1 FY 2025 from INR 237 crore in Q1 FY 2024, up by 8%. PBT has increased to INR 282 crore in Q1 FY 2025 from INR 271 crore in Q1 FY 2024, increased by 4%. That after share of JV of, after share of loss from JV of INR 53 crore has increased to INR 140 crore in Q1 FY 2025, from profit of INR 134 crore in Q1 FY 2024, increased by 5%. Cash profit has increased to INR 448 crore in Q1 FY 2025 from INR 424 crore in Q1 FY 2024, an increase of 6%. Now I request moderator to open the session for question 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Deepak Krishnan from Kotak Institutional Equities. Please go ahead. Hi, sir, I hope I'm audible? Yeah. Yes, Krishnan, please. Yeah, I just wanted to sort of understand, we've been hoping for this BOT, TOT bids to kind of come through, and they were about INR 45,000 crore, I think, worth of, you know, projects initially expected to be bid out on BOT basis. Are we close to, you know, getting bid finalizations or L1 on any projects? And what do you think is the timeline for sort of BOT bids to come through to, for IRB? Yeah, good evening. You're right. The numbers in terms of biddable amount of projects on BOT and TOT remain unchanged. And there has been a slight delay because of some clarifications that have been sought by the prospective bidders. But otherwise, everything looks as robust as it was. And we are very much looking forward for the upcoming bids. Maybe in Q2, is it a possibility, or would it be, you know, Q3 and four Qs when actually? No, for sure should see some fireworks, and some awards coming through. Sure. And similarly on the TOT, because you've indicated that, you know- TOT, TOT as well as BOT, we should see some projects definitely getting awarded. If I go by the existing timelines that we can see on the NHAI website, some project awards certainly looks doable in Q2. Sure. And maybe just a follow-up. So obviously, we've added a lot of assets to the private InvIT. The revenue growth has been pretty strong in terms of toll collections. When does that sort of positively start reflecting in terms of lower losses, you know, adjusting for the accounting adjustments you have to do for the legacy assets? Now, for the full year, like, what kind of loss number do we think we'll end up with? Krishnan, I think, the losses has two parts. One is the fair valuation loss, which is a book entry. There is no, loss, cash loss, I said. And that will be, close to, INR 40 crore for the quarter. That is INR 20 crore share of IRB. Apart from that, if you look at, it's a INR 34 crore kind of loss. And as, typically we see Q3 and Q4 toll numbers are better. From there, we should start seeing these losses coming down. And probably from next financial year, we will have a positive, number, from the share of IRB. Sure, sir. Those were my questions. Thank you. Thank you very much. Next question is from the line of Alok Deora from Motilal Oswal Financial Services. Please go ahead. Hi, sir, good evening. So just a couple of questions. One is, similar to the previous question. So you know, if you look in on overall basis also, there has been hardly any awarding by NHAI, till date in this, financial year, and typically, we don't see much projects coming in, during the monsoon period as well. So is it fair to assume that anything material will only come by from November, December onwards? And also, many people are struggling, many contractors are struggling for orders, so there will be decent competition also there. No, Alok, I think you are very right. We have been saying this for a long time now, that the EPC and the HAM part of the bidding is likely to see a considerable slowdown, and that is now reflected from what you just said. But as regards TOT and BOT pipeline is concerned, there is an active dialogue happening between the prospective bidders and NHAI. And as I said, whatever deferments or delays in the bid dates has happened, is primarily to do with clarifications that the prospective bidders have sought. And I think a better prepared bid will be, it will be a good thing for the industry as a whole. The delays that we are seeing are not anything to do with lack of push from the government, but a part of the procedural aspects with regards to getting the full information in the right manner before committing a bid, given the long-term investment that it involves. So as I said, the BOT and TOT side of the bidding remains very, very robust, and we are very much going to be a part of that bidding process. Sure. So the consultations or, you know, the to-and-fro, has that been completed now, or it could, it's still in, like, a dialogue stage? So, Alok, as I said, we expect few bids to see the light of the day in the Q2. For Q3, I think definitely there will be a lot more of it. But Q2 also, we definitely feel that there will be some good number of outcomes on BOT plus TOT put together. Sure. And, on the toll projects, so have you taken any toll price increase in 1Q? Typically, there are a lot of projects where toll price gets changed effective April. So just, some color on that. So yes, the tariff revision, which was delayed due to Model Code of Conduct, was finally given a go-ahead, and from the first week of June itself, the same has been implemented. And that's in place now for all the NHAI projects. Sure. Just one last thing. What kind of order flows we are looking at for this financial year, considering the this certain delays in bid, bidding and, you know, what is the order inflow target for this year? The order inflow targets on NHAI is a very big number of INR 200,000 crore. Now, significant part of that will be BOT and also, TOT is what we have talked about. And, if you look at our market share presently on the BOT, which is close to 10%, and TOT, which is at 38%, we will definitely strive hard to maintain our lead in both the verticals. Got it. Got it, sir. That's all from my side. Thank you, and all the best, sir. Thank you. Thank you very much. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. Good evening, sir. My question is on the same BOT pipeline. Can you quantify the value of projects in the near term, say, in BOT mode from NHAI? No, the list is already out. I think we have given you the report. There's a part of the presentation, if you see, the presentation is on the website. 24, all projects on BOT, and how many issues? Slide number 24. Slide 24, 25, if you see, we have given an exhaustive- Yeah. List of it. Yeah. Understood. Okay, sir. I'll, I'll refer to that. So my next question is on what are the key changes in the concession agreement which NHAI has proposed, and how it will benefit the contractors? There is a whole host of reforms that they have carried out, and- Any major ones which helps us? It's actually a small presentation. We can reach out to you with a separate, we can send out to you a small presentation on that. I think we have on there, slide 24. 24 has few of those already listed actually. On our presentation. Our presentation, page 24. Okay. Thanks, sir. I'll see. Thank you very much. Next question is from the line of Tushar Pendharkar from Ventura Securities Ltd. Please go ahead. Yeah. Thank you, sir. Sir, there are some shares owned by the promoter, which is shown as pledged. Can you throw some light on the same? Yeah, there is a non-disposal undertaking, given by us as promoters of the company. I want to clarify here that there is no promoter loan or any, credit availed against, any of the NDU that has been given. Primarily, when, GIC and Cintra made a large equity investment of INR 5,000 crore in December 2021. They wanted this NDU to be in place to give them the comfort that the existing sponsor interest remains aligned with them, and, it is an NDA, NDU given for next few years, that the promoters will continue to, remain aligned and continue to lead the, company in terms of, project wins and take the business forward. So this is more of a non-disposal undertaking. It is not a pledge, nor is there any credit availed against any of these shares. Okay. So there won't be any major impact on the shareholding pattern of the company from that? No, no, no. no. Not at all. Okay. Thank you, sir. Thanks. Thank you very much. Ladies and gentlemen, you may press star and one to ask a question. In case there are no more questions, we can wind up the session for today. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Hi, sir. What would be the break-up of other income within EPC and BOT? INR 22 crore is in BOT. Sorry. INR 22 crore in BOT and balance in construction bank. This should be similar over the next two, three quarters as well. The trend should remain similar? The range was similar. Yeah, yeah. Yeah. yeah. Yeah. Okay. Okay. Thank you, sir. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Virendra Mhaiskar for closing comments. We'd like to thank all of you for taking time out and attending this analyst call. Look forward to catch up with you on the next quarterly results call. Wish you a very happy week and good weekend. See you and connecting with you soon. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. We thank you for, we thank you for your participation and for using ResearchBytes Conferencing services. You may please disconnect your lines now. Thank you, and have a great evening ahead.