Good morning, ladies and gentlemen. Welcome to the IRB Infrastructure Developers c onference call for discussing the financial results for the quarter ended December 31st, 2024, along with the recent developments. We have with us on the call today Mr. Virendra Mhaiskar, Mr. S. S. Rana, Mr. Anil Yadav, Mr. Mehul Patel, Ms. Poonam Nishal, and Mr. Tushar Kawedia. As a reminder, all participants' lines will be in listen-only mode, and after the opening remark by the management, there will be a question-and-answer session. Please note that the duration of the call would be 45 minutes, and any queries left unanswered after the call can be subsequently mailed to the management for adequate response and resolution. Please note that this conference is being recorded. I now hand the conference over to Mr. Yadav to give you an overview of the significant developments during the quarter. Thank you, and over to you, sir. Thank you. Good morning, everyone. I welcome all the investors and analysts who are on the earnings call for Q3 results financial year 2024-2025. I trust you have reviewed our detailed numbers and presentation. I will briefly highlight the key points for the quarter. Private InvIT, IRB Infrastructure Trust, has issued a preliminary and non-binding offer of five of its matured assets to the Public InvIT, that is, IRB InvIT Fund. As of September 24, the enterprise value of five offered assets is INR 15,000 crores, as outlined in the independent valuer's report of the Private InvIT. The considerations so received will be used for the funding upcoming opportunity in the sector. The proposed transfer is a key step to our BEST, that is, Bid, Execute, Stabilize, and Transfer strategy, under which the projects are initially developed under our Private InvIT platform. Upon completion and stabilization, these assets are then offered to the Public InvIT platform. This process not only maximizes the value for the stakeholder of IRB Group but also ensures the sustained long-term benefits. The BEST growth strategy focuses on sourcing the capital for growth through asset monetization. This transfer of the asset from the Private InvIT to the Public InvIT will ensure that there is no need to dilute the equity or, alternatively, raise the debt at IRB level. For the Public InvIT, this is a win-win situation, as not only their portfolio expands but also the residual life of the asset under the management will get enhanced. During the quarter, Private InvIT has acquired 80.4% equity of share capital and 84.4% of debentures of the Ganga Expressway project in line with the concession agreement. The project has already received three tranches of grant, that is, INR 8.7 billion out of INR 17.46 billion from UPEIDA. We are happy to inform that the project is progressing as per the scheduled timeline. Investment manager of the Private InvIT, on behalf of the trust, has issued and allotted 5.84 crores units of the trust, aggregating to INR 1,714 crores, and the company, being a sponsor of the trust, has been allocated 2.98 crores units. We have witnessed a robust growth in the toll revenue, 21% across in Private InvIT and Mumbai- Pune and Ahmedabad- Vadodara put together on year-on-year basis for Q3 FY 2025. The Private InvIT has been generating positive cash flow since last financial year and has declared a distribution of INR 54 crores in Q3 of FY 2025, which will reflect IRB's cash flow to the extent of its holding 51%. Cumulative distribution declared by the Private InvIT for nine months FY 2025 aggregates to INR 190 crores. In line with our dividend policy, the company has declared an interim dividend of 10%, amounting to approximately INR 60 crores. Total dividend for nine months FY 2025 aggregates to INR 181 crores. Our total order book now stands at INR 31,500 crores, with the EPC order book at approximately INR 3,200 crores. Next two years' executable order book, including O&M and EPC, is close to INR 6,000 crores. With respect to new bidding, the government push for the PPP project is gaining momentum, with bidding for BOT and TOT projects now underway. We are well positioned to capitalize on these opportunities and intend to actively participate in upcoming projects. India Ratings has affirmed the rating of IRB. Now, I will request Sri Tushar to present the financial highlight for Q3 FY 2025. Over to you, Tushar. Thank you, sir. Good morning to all. I will first take you on the new accounting segment reported by the company for this quarter, followed by the financial highlights for the quarter. To align the accounting treatment in line with the regulatory changes relating to InvIT operations, shifting business environments, and emerging business opportunities, the company has engaged experts to advise on the accounting approach to be adopted by IRB. Following an extensive study of IRB's business model and Indian and global accounting guidelines, the experts have recommended the accounting treatment. This treatment was considered and approved by the audit committee and board after detailed deliberations. Accordingly, the company has introduced a new segment, InvIT s & Related Assets, and reported the segment results in accordance with Ind AS 108. As you are aware of, more than 85% of enterprise value is attributable to its asset business for IRB. Notably, the Private InvIT has an enterprise value of approximately INR 60,000 crores, in which IRB holds 51% stake. Now, with the adoption of a new measurement approach, the investments in Private InvIT will reflect the inherent value of these investments on an ongoing basis. I will now take you through the financial analysis of Q3 FY 2025 versus Q3 FY 2024. The total consolidated income for Q3 FY 2025 has increased to INR 2,090 crores from INR 2,077 crores, registering a growth of 1%. The income from BOT segment for Q3 FY 2025 has increased to INR 648 crores from INR 616 crores, registering a growth of 5%. The income from InvIT & Related Assets segment for Q3 FY 2025 has increased to INR 245 crores from INR 67 crores, registering a growth of 267%. The income from Construction segment for Q3 FY 2025 has decreased to INR 1,133 crores from INR 1,353 crores, down by 16%. The other income for Q3 FY 2025 has increased to INR 64 crores from INR 42 crores, an increase of 52%. EBITDA for Q3 FY 2025 has increased to INR 1,049 crores from INR 978 crores, registering a growth of 7%. Interest cost has increased to INR 461 crores, as against INR 433 crores, an increase of 7%. Depreciation cost has increased to INR 265 crores in Q3 FY 2025 from INR 251 crores, an increase of 5%. EBITDA has increased to INR 323 crores in Q3 FY 2025 from INR 294 crores, an increase of 10%. PAT, before exceptional gain and post-JV losses, has increased to INR 222 crores in Q3 FY 2025 from a profit of INR 187 crores, considering the JV loss for Q3 FY 2024 of INR 51 crores in Q3 FY 2024, an increase of 18%. Now, I request the moderator to open the session 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 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 questioner is from the line of Alok Deora from Motilal Oswal Financial Services. Please go ahead. Hi, good morning. Just had a couple of questions. First is on the order inflow. So, if you could just highlight what is happening on the NHAI side, because the order inflow has been pretty poor YTD. It's also expected in the third quarter, but still, on the overall basis, it seems pretty weak. And now we are just left with two months. So, if you could just highlight on the total order inflow as well as what kind of projects are expected, because even toll projects have not really come by. Morning, Alok. Mhaiskar this side. As you know, the year opened for us with the two TOTs that we had, bid starting from 1st of April. And as all of us are aware, due to the elections getting conducted, the ordering and the overall activity had slackened. But we see positive momentum coming back. A few of the TOT and BOT bids have already happened, and we see a good traction over the next two months as far as TOT and BOT space is concerned. We are fully geared up to participate in these upcoming opportunities, and we will be working very, very closely on these opportunities to see what best we can get in for the company prospects. Sure. So, based on what has happened, I'm sure it has been below our expectation also that last time when we spoke in the earnings call, post that also two months, nothing has really materialized in a concrete way. So, have we trimmed down our expectations for the remaining two months? Because this is when most of the ordering was expected in the last four months, and two months have already gone by. Alok, on a lighter version, India has won many matches on the last over. We have not seen our target as yet. Sure, sure. We stay tuned with the same target number even now. Absolutely. And after the reclassification exercise, which we have done, so now the recurring number will be the, I mean, the gain from InvIT, and everything will be counted in the revenue part. So, the classification would look like this only, right? How it's given in the P&L. And just that the INR 58 billion of one-time listing will go away from next quarter onwards. Yes, Alok, you are correct. This will be a recurring nature. Sure. Just one last question. Why is this gain included in revenue? I mean, isn't it part of the non-operating or the non-core revenue? Because then it actually does not give a true picture of the core revenue, right? Because this is coming from the InvIT operations, so. Alok, as you are aware that InvIT investment, typically InvIT works on the NDCF. And where the cash flow generated from InvIT gets distributed to the unit holder. And the present accounting system where whatever the distribution we were getting was not reflecting in the P&L account. Secondly, as these assets have a long life, as basically we will go closer to the cash flow, as the revenue increases and the cash flow increases, the value of these assets will increase. In fact, if you look at your own analyst model, which through the DCF, as basically you roll forward by one year, there is an appreciation in the value, and accordingly, the target price also increases. I think with respect to in terms of monetization, we have already offered these assets to the Public InvIT. We are monetizing also. That will be on a timely basis. There will be a realization of the numbers also, so I think considering that this should be a recurring nature, and this should be treated in the form of regular income. And this is in line with the accounting standard and accounting norms in India or globally. Yeah. So, Alok, just to add here, if you see for IRB now, as strategically now the bidding is happening at the trust level, and for IRB, it's like a regular investment, and it will be a regular phenomenon where IRB will deploy its capital against its stake. So, for IRB, it's a major operational segment, because now all the biddings which we are looking for is to come at the Private InvIT level. So, that leads to us treating it as an operational segment going forward. One thing more to reflect upon, because your question was why FVTPL and why not OCI. So, I think the point here is that the toll revenues reflect at the Private InvIT end, and that keeps giving the investors the visibility about how the portfolio is actually performing. But the reflection of that, of gaining cash flows, doesn't get reflected into IRB balance sheet in spite of owning 51% because of a joint control mechanism that exists in the Private InvIT. And that reflection not getting captured in IRB gives a little truncated picture of the scheme of things for the investors. So, it was thought appropriate to move it through P&L and not as an OCI treatment. Got it. Got it. I think that's very helpful, and all the best for the future. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yeah. Yes, sir. Thanks for the opportunity. Two questions from me. First, in the P&L, in the revenue, when we have booked a dividend interest income from InvIT of INR 167 crore, how does this differ from the PPT where we have mentioned distribution of INR 540 million? I mean, are they the same thing or are they different? No. So, INR 167 is the distribution which includes the distribution from Private InvIT and Public InvIT. Okay. No, but then Q3 in the PPT mentioned INR 540 million. So, roughly like 51% of it will be almost like INR 27 crore-INR 28 crore vis-à-vis the INR 16 crore-INR 17 crore that we have booked. Vishal, I think based on the revised accounting statement that whether dividend or distribution from the InvIT are accounted only on receipt basis. So, whatever is declared in Q3 will be accounted in next quarter. This was the distribution what is reflecting is of distribution of the last quarter. Okay, okay. Got it. Got it. And then the second is on the treatment of the investment that we have done for the InvIT. According to you, how this will have an impact on ROEs and I think margins may be largely same, EBITDA margin, but ROEs, will this have a positive impact? Is that fair to understand? Yes. To begin with, it will have a positive impact on the ROE. But however, for our business, typically people don't look at ROE or return on capital employed. Our businesses largely have an 80%-85% value coming from the asset where people do the DCF. And for EPC business, they give the multiple. So, our business is not evaluated or valued on the basis of ROE. But you are absolutely correct. There will be improvement in ROE. Okay, okay. Sure, sir. Yeah, that's all from my side, sir. Thank you very much, sir. Thank you, sir. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, sir. Hi. My question is on the monetization part which we are taking from private to public. So, are we now in a position where this will become a more regular phenomenon? Because first, these five assets and whatever time it takes, I think you have given a timeline of first half of 2026. So, do you think that on a periodic basis, each financial year from here on, we can see more assets coming in and getting monetized to this route? So, Parikshit, morning. This is a more strategic thought process that we have gotten into. And you are right that this will be an ongoing phenomenon because the way we have built the business and the way we have created the structure of Private InvIT acting as a development platform and also owning the Public InvIT, which is majorly housing all the matured assets, I think this becomes the perfect fit where based on the risk allocation of the project, the value unlocking keeps happening. So, while at the IRB end, we are capturing the executional risks and reaping the benefits on the construction and O&M margins and ending up owning investments in both these platforms, which will now reflect, basis the treatment that we talked about earlier. The unlocking of value will continue to happen where matured assets we can always offer to the Public InvIT where this platform also gets fresh air to start growing rapidly, and this will unlock the capital for Private InvIT, which then can go in faster deployment for upcoming new assets, and I think the focus going forward, even from the Government of India, is likely to be on asset monetization, and that will be a huge opportunity opening up for the sector where we intend to keep our leadership situation and to undertake a large number of assets. This unlocking will help us to catapult into a much faster growth of asset base without adding up or piling up too much of debt and efficiently using the unlocked capital and distributing the risk across the portfolio. So, what kind of annual inflows or monetization potential do you think near to midterm can it generate for you, which can come in as a growth capital for security and other assets? So, look, let's look at it this way that the first tranche of assets that has already been offered to Public InvIT is having an enterprise value of around INR 15,000 crore. If I net out the debt of around INR 7,000 crore-INR 7,500 crore, we are talking here of a significant equity unlocking that will come away to the Private InvIT. Now, let's make a simple math here that INR 8,000 + crore of equity unlocking, say, happens at Private InvIT end where IRB owns 51%, then that equity capital can be deployed for another INR 25,000 crore worth of projects which the Private InvIT can bid for. This will be a significant capacity that we will be creating for IRB to participate in the upcoming opportunities. I'm just talking about the first tranche here. Let's remember that the total enterprise value of the Private InvIT today stands at INR 60,000 + crore. Okay. So, you're saying the debt on this INR 15,000 crore is about INR 11,500. So, you have. No, I said the debt is around INR 7,000. 7,000. Okay. Sorry. Yes. The outcome is INR 15,000 crore EV. The debt is around INR 7,000. And balance is equity unlocking that will happen. Oh, INR 8,000 is the debt. So, but looking at the current market cap of Public InvIT, so do you think there is appetite and there, I mean, that kind of resources? So, how do you intend to do this? So, naturally, Public InvIT is right now in the grip of things. And certainly, if that fund has to grow, it has a certain amount of legroom on the debt side. And the balance capital also can be looked upon by the Public InvIT to acquire assets because for any such platform to grow, if we look across any other InvIT, they have significantly grown by adding a mix of capital and debt. And I think that is the way forward that even Public InvIT will involve itself on. Okay. And will the sponsor get diluted here on the Public InvIT side because you are the sponsor? I mean, will you be? No, I think we stand committed to support the Public InvIT platform in which we very much believe, and we will continue with our present exposure that we have as a sponsor. The intent on current IRRs which Public InvIT is giving, and when you bring in assets, it has to be at a positive IRR. How is your thought there? I mean, what could the numbers look like? I think it will not be very fair on my part to talk on behalf of the Public InvIT. But the simple math suggests that, with long-dated assets getting added to the Public InvIT platform, the IRRs are ought to improve from where they exist today. Okay. And sir, on the BOT side, we have been hearing the bid getting postponed. I mean, I think multiple times that has happened, like Gwalior and other bids. So, when do you think, I mean, why is it happening? And do you really think that this year we will see the daylight at the end of the tunnel in terms of bids happening? Because I hear that these are really large bids, like INR 4,000 crore, INR 7,000 crore in that ballpark size. So, do you think that they will see the light of day? So, I think you have answered the question yourself that these are large-sized bids. And they are serious numbers. So, you will appreciate that the sector here has consolidated, and it's serious players who are looking at bidding on these large ventures. And I think I would like to appreciate NHAI here that rather than rushing through on bidding half-cooked projects, they are keen to answer all the queries that are being put across to them in a very, very scientific manner. Yes, that's taking time, but I think that will avoid a lot of accidents in the future with all these bids getting properly evaluated and bid upon. So, while the anxiety level can be understood that it's getting delayed, I am actually more happy that a more thought-through approach is being adopted. All right, reasons are being provided to the bidding community, and both that, the bid is taking place. So, any freak bid or any accident happening ending up in the project getting stuck at a later stage can be avoided by this kind of a studied approach. And I would like to appreciate the effort of NHAI here. Okay. Sure, sir. Those were my questions. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Yeah, I think everybody is equally keen to go back to the TV screens and watch what the budget has to offer. So, I would not like to take the time of all the community that we have here. And thank you, everyone, for taking time out and coming for this call on a Saturday morning. And look forward to engage with you again soon over the next quarter. Thank you, everyone, and have a great weekend. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. We thank you for your participation. You may please disconnect your lines now. Thank you and have a great day ahead.