Good morning, ladies and gentlemen. Welcome to the IRB Infrastructure Developers conference call for discussing the financial results for the quarter and year-end date March 31st, 2025, along with the recent developments. We have with us today on the call Mr. Virendra Mhaiskar, Mr. S.S. Rana, Mr. Anil Yadav, Mr. Mehul Patel, Ms. Poonam Nishal, and Mr. Tushar Kawedia. 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. Please note 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 to Mr. Yadav to give 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 to our earnings call for Q4 results of financial year 2024-25. I trust you have reviewed our detailed number and presentation. I will briefly highlight the key points for the quarter and for the financial year. We have achieved 23% year-on-year toll revenue growth across our project in Private InvIT and IRB for FY 2025, surpassing the national toll revenue growth of 12.5%. Private InvIT is consistently generating positive cash flow from last financial year. For Q4 of FY 2025, they have declared a distribution of approximately INR 54 crore, contributing to IRB's cash flow proportionately to its holding of 51%. For FY 2025, the cumulative distribution is around INR 243 crore from the Private InvIT. Considering the immediate opportunity in the sector, IRB Infrastructure Trust has issued and revised the non-binding offer for a subset of original offer, comprising of three matured assets to IRB InvIT Fund from earlier FY assets. As of March 2025, these assets have an enterprise value of approximately INR 8,500 crore, as per independent valuers' report of the private InvIT. The proceeds will be utilized towards the upcoming opportunity. Ganga Expressway project has received a grant totaling to INR 1,290 crore from UPEIDA. Out of the total grant of INR 1,756 crore, the project is progressing according to the scheduled timeline and is expected to complete on time or even ahead of the schedule. We have applied PCOD/COD for Vadodara-Mumbai Expressway, Package 7 HAM project, and Palsit-Dankuni BOT project as they near the completion. Upon completion of the Palsit-Dankuni, the tariff for the project is set to be revised from 75% to 100%, and it will also receive an escalation for three years additionally. India Ratings has affirmed a long-term rating for the company, which is AA- with a stable outlook. Our total order book now stands at around INR 31,000 crore, and next two years' executable EPC and O&M order book is close to INR 5,000 crore. Now, I will request Tushar to cover the financial highlight for Q4 of FY 25. Over to you, Tushar. Thank you, sir. Now, I'll take you through the financial analysis of Q4 FY 25 versus Q4 FY 24. The total consolidated income for Q4 FY 25 has decreased to INR 2,218 crore from INR 2,504 crore, down by 11%. The income from InvIT and related segment for Q4 FY 25 has decreased to INR 307 crore from INR 399 crore, down by 23%. The income from BOT segment for Q4 FY 25 has increased to INR 641 crore from INR 619 crore, registering a growth of 4%. The income from construction segment for Q4 FY 25 has decreased to INR 1,202 crore from INR 1,442 crore, down by 17%. The other income for Q4 FY 25 has increased to INR 69 crore from INR 44 crore, an increase of 55%. EBITDA for Q4 FY 25 decreased to INR 1,066 crore from INR 1,333 crore, down by 20%. Interest cost decreased to INR 458 crore in Q4 FY 25 from INR 615 crore, a decrease by 26%. Depreciation cost increased to INR 286 crore in Q4 FY 25 from INR 274 crore, an increase of 4%. PBT has decreased to INR 323 crore in Q4 FY 25 from INR 444 crore, a decline of 27%, and PAT has increased to INR 215 crore in Q4 FY 25 from INR 189 crore in Q4 FY 24, an increase of 14%. Now, I request the moderator to open the session for question and answer. Thank you very much, sir. 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 withdraw 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'll wait for a moment while the question queue assembles. I would like to remind all the participants, if you wish to ask any questions, you may press star and one. We have a first question from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, in your commentary you mentioned we have an executable order book of INR 5,000 crore. So is that fair to say INR 1,200 is EPC and remaining O&M is INR 1,800? So this includes INR 2,400 of EPC and around a similar amount for O&M as well. Okay, okay. And O&M will be equally distributed between these two years. EPC will be for FY 26, largely. That's fair to understand? Yeah, that's right. Okay. Got it, sir. And then incrementally on this InvIT revenue that we have booked, quarterly basis, though, I mean, on an annual basis, there is a growth, but for Q4, we are seeing a revenue from InvIT, including dividend, of almost like INR 300 crore, which is down. So how one should see this line item, revenue line item for 26 and 27, if you can just give some colors? Yeah. So if you see for Q4, because that's the normal quarter when we have introduced this segment from Q3, so for FY 26 and 27, we can assume the similar rate, considering Q4 as a normal quarter. Okay. Quarterly basis. Yeah. Vishal, last year also, because of the arbitration awards, there was a one-time income, so that's why corresponding quarter of the last year is not comparable. Okay, okay. Got it, sir. And then for understanding, so in April month, we have reported a gross toll collection increase of almost like 10%. So X of toll rate hike, this number could be how much? And then second related is for the full year basis, since I think in the media briefing it was mentioned, a large part of the growth will be in the second half once the asset gets commissioned. So it's fair to understand that toll increase will be kind of 10%-12% for the full year basis? Vishal, you are absolutely correct. If you look at the traffic growth, we have witnessed very robust traffic growth, around 6.5%-7.5% kind of traffic growth, and overall revenue of 10% growth. Because we have received a tariff revision from 1st of April, around 3.5%-3.6%. Now coming to the Palsit-Dankuni project, it is going to become operational, there will be increase in the revenue. Plus second half of this financial year, Ganga project will also become operational. So these two projects will be adding up. So we can see that lower double-digit kind of growth on toll collection. This is without factoring any new project in overall portfolio. This is based on the existing portfolio what we have. Okay. Sure, sir. Got it. And maybe one last thing from my side is any color that you can provide on the sector. One is how has been the last year's number of TOT projects awarded, vetted, any color on that front? And I think your presentation did mention the opportunity remains. So any outlook or past year, if you can give some colors, that will be helpful. Yeah. Thanks so much. Yeah. So Vishal, I think as we all have seen the year gone by has seen a very muted order inflows across the sector. Primarily earlier part due to election and later part also, it has not picked up so much. So I think the catch-up should happen this year. Particularly, the focus looks to be TOT and monetization. So we are also keenly looking at the opportunity as we have already announced we are trying to do an asset rotation between private InvIT and public InvIT and trying to get ourselves ready to ride this particular wave of bidding that comes up. So we are equally hopeful that this year it should see a much better color compared to last year. Okay. Sir, according to you, what is the number of bids that are coming that is low or competition is there or anything that the government is looking? I mean, any more color can be provided here? EPC has seen significant competition and bids going as low as 40% below NHAI TPC. But on the TOT/BOT side, not much has happened. A couple of BOTs we have seen go by. It will be too early to comment on how they will overall shape up. But the response received for even BOTs has been quite promising. Four or five bidders have shown interest in most BOT projects that have undergone bidding, which I think should instill significant comfort and confidence to the government that there are takers for BOT projects and monetization projects. The government will take that signal and try to expedite awards on that particular platform. Oh, okay, sure. I'll come back in the queue more for more. Thank you. Thank you. Thank you. We have a next question from the line of Alok Deora from Motilal Oswal. Please go ahead. Hi, sir. Good evening or good morning. Just had a couple of questions. One is similar to the previous question. I mean, we have been expecting BOT projects to come by, but again, FY 25 has been muted despite the elections being behind. So when we speak to most other players, they are diversifying into other segments, saying that there's a lot of competition here and there are hardly any projects which are even expected to come by. So just some thoughts, whether we are also targeting some other segments now. That is first question. Second is, how do we see this associate income moving ahead for FY 26 on a quarterly run rate basis? So Alok, I think you're absolutely right. The order inflow has been muted or very soft, and that is a matter of concern across the sector. And as I mentioned, I think the focus, that is the reason we feel the focus will shift towards more private participation projects, be it BOT or asset monetization. But I think it is a wait-and-watch game at the moment. As regards diversification is concerned, we do keep evaluating opportunities across allied sectors, but not something on our mind at this point in time to immediately pursue. Because we believe in the last 25, 30 years of history, we have seen such kind of cycles play out. And in the cycles gone by as well, we have prudently waited, and we were very well rewarded as a result of waiting out. So even this time around, we will not be in a hurry to start looking elsewhere, and we will prudently want to wait out, prepare ourselves. We will use this time to prepare ourselves that whenever this cycle picks up, we are well, what I would say, capitalized to take benefit of that cycle. I think that is what we will use this time for rather than looking elsewhere. Yeah. Alok, just to add on the valuation aspect, if you look at IRB, 80%-85% of the value comes from the asset business. And as you might have noticed from last two years, our O&M execution is continuously increasing. We have 20 years visibility as far as O&M order book is concerned. And gradually, that is closely earlier from 5%-10% kind of O&M execution, that has become 20%-25% of the overall execution. And after two or three years, that will further improve. And as you have also, you might have noticed that last one decade, the project execution on this road sector was largely funded by the government. And whatever the assets so far have been constructed, those will come for the monetization. So those will further add to our TOT and also will increase our O&M order book. So as of now, we are focusing in the sector. As explained by the sir, there will be an opportunity, and we are keeping ourselves ready so that whenever opportunity starts, we should be eyeing for the better award in the near future. And now coming to your InvIT-related income, I think InvIT-related income should be more or less what we have seen in Q4 in the coming year as well. That is, the quarterly run rate should be similar. Got it. Got it. Just one last question. So based on the order book, what kind of construction revenue we expect for FY 26? From a construction order book, we have EPC 2,400, which we expect to complete in FY 26, and somewhere between 1,000 to 1,200 would be towards the O&M part. O&M and change of scope together. Yes. Yes. So I think, Alok, all put together, we should see around INR 4,000 crores kind of revenue for FY 2026. This is without factoring any new award. And even as you know that there will be a TOT, there will be a TOT project where the initial CapEx is there, and that needs to be done over the period of six to eight months' time. So considering that, if we bag something, there will be additional. But with the existing thing, I think we should be able to do a turnover of around INR 4,000 crores on the construction side. Sure. That's all from my side. Thank you and all the best, sir. Thank you. Before we move on to the next participant, a reminder to all the participants, if you wish to ask a question, you may press star and one. Anyone who wishes to ask a question, you may press star and one on your touch-tone phone. We have our next question from the line of Mohit from ICICI Securities. Please go ahead. Hi. Hi, sir. Good morning, sir. Good morning. Thanks for the opportunity. So one question I have on the EPC. Of course, as there's interest in FY26, last year we did INR 46 billion. How do you see this in the revenue in FY26 and FY27 given the current order book? I think Mohit has explained for FY 2026, it will be without any new order wins. I think it is expected close to INR 4,000 crores. For FY 2026, it will depend upon the incoming order what we will get. For 27. For 27, sorry. Understood. And my second question is, of course, we were looking to divest some of the private InvIT asset to public InvIT. Where are we right now in that? Yes. So So with respect to the private InvIT, now the assets which are offered by the private InvIT, those have an EV of INR 8,500 crores, INR 85 billion. And expected equity realization is around INR 4,800-5,000 crores. And in terms of approval, we will be moving for the unitholder for the approval of the asset acquisition and also the capital raise. So we are expecting to conclude this transaction from two, two and a half months from now. Understood. Last question on the bidding pipeline, are there bids in the public domain where the bid submission is happening for the BOT or TOT in the next one or two months or somewhere we have put a bid if you have submitted the bid? Some clarity on that front would be helpful. There are two TOT bids which are up for bidding at this point in time. Has anything else submitted, sir? Any bids? No? Pardon me? Any bids which you have submitted? So we will not be able to comment on that. Oh, no. Okay. Understood, sir. And anything from the States, sir? Do you see any opportunity for the States or other for Ring Road or something like that, which are something like that which happened in Hyderabad? Any opportunity? Some BOT projects in the very early stage from what we understand from consultancy projects that have been awarded may come up in a few states. A few state governments have initiated DPRs for taking up road projects on BOT. So we are keenly watching those as well. Understood, sir. Thank you and all the best. Thank you. Thank you. A reminder to all participants, if you wish to ask a question, you may press star and one. We have our next question from the line of Vikas Agrawal from Primus Asset Management. Please go ahead. Hi. Can you hear me? Yeah, Vikas. Go ahead. Yes. Hi. Thank you. Thank you. Thanks for the opportunity. A few things that's wonderful to understand, Anil and Mhaiskar sir, is when we look at the order book for EPC, it is obviously lower than your historical run rate. So in that context, how should we think about the Holdco cash flows? And I look at dollar bonds, so I'm coming from that angle that you can share some insights on how to think about the cash flows. That's my first question. The second question is the additional amount which you raised for dollar bond, is that still sitting as a liquidity buffer on Holdco balance sheet? So if you can throw some insights on these two questions, please. Yeah. So Vikas, as you are aware that for dollar bond, the cash flow of Mumbai-Pune and plus the cash flow coming from both the InvIT is also computed in the calculation. So we don't foresee that there will be any challenge in terms of availability of the cash flow for servicing the dollar bond. And in terms of money, you are correct that whatever the Tap money we have raised, around $200 million, that's still lying as cash with us and which will be deployed for the future opportunity. Sure. I mean, I don't foresee any challenges, but I just wanted to understand how are you looking at the numbers, or we can get in touch with later as well and to discuss more in detail. But yeah, I just wanted to understand how should we think about the cash flow breakup and the key components there. I think, Vikas, if you consider the cash flow, I think during the bond also, we have discussed the broad cash flow. And if you look at the generation from the private InvIT and public InvIT, and including the Mumbai-Pune, the cash flow will be quite robust to service the bond. And plus our O&M will be gradually increasing, and there will be a generation from the O&M also. And for FY 2026, anyway, we are talking about INR 3,800-4,000 crores of EPC revenue. I think that should take care. Anyway, we can't have visibility for EPC more than two years. But as of now, the broad visibility is for one year because there was no award in the last year. But as the award activity picks up, there will be EPC revenue. But considering the worst-case scenario, O&M revenue and the surplus coming from Mumbai-Pune and two InvIT, those will be more than sufficient to cater the bond payout. And in fact, we have discussed those cash flow during the issuance of the bond as well. Sure. Sure. Okay. I mean, that sounds good. Thank you so much. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one. Anyone who wishes to ask a question, you may press star and one now. We have our next question from the line of Vaibhav Shah from JM Financial. Please go ahead. Hi, sir. So we have seen quite muted activity on the BOT awarding for FY 25, while the pipeline was quite strong at the middle of the year. So how is the pipeline shaping up for 26, and how do you see the improvement in awarding, especially on the BOT side for FY 26? I think we keep looking at the bid calendar that is reflected on the government website, but with regard to sticking to those timelines, I think you should check with the government itself if they have a mind to bid out on those respective dates or there is likely to be any pushback further. Okay. And secondly, on TOT, sir, what is it you mentioned that two projects are active right now? But how is the overall pipeline shaping up? So we expect more TOT projects in this year? That is what we hear from the government. And, sir, lastly, what would be the EPC other income for FY 25 annual year? That is interaction with the TOT bidder in which government representatives specifically made out a case that they have a very clear objective of coming out with a significant number of TOTs going forward. And sir lastly, what would be the EPC other income for the entire year FY 25? For EPC, other income was full year. It was INR 64 crores. For Q4? Sorry. Full year, it was INR 190 crores and INR 64 crores for this quarter. Okay. So what led to this sharp increase in Q4? We have that the amount kept in FD, the Tap issues which we did, which has not been infused. It is kept as a fixed deposit, which is generating an income on that deposit. Okay. So for clarity purpose, our revenue is INR 4,578 crores for EPC revenue for FY 25. So does it include this INR 194 crores of other income or it doesn't include? No, it does not include. It's 4,578. EBITDA of INR 1,152 crores includes the other income. Yeah, that's right. 1152 includes. Yeah. Yeah. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you everyone for taking time out for this quarterly results update call. And look forward to catch up with you over the next quarterly earnings call. Thank you. And have a great day.