Good evening, ladies and gentlemen. Welcome to IRB Infrastructure Developers conference call for discussing the financial results for the quarter ended June 30, 2025, along with 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 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 for the call will 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 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 Q1 of financial year 2026. I trust you have reviewed our detailed numbers and presentation. I will briefly highlight the key points for the quarter. The Private InvIT per day toll collection rose to INR 11.26 crores compared to INR 10.25 crores per day in Q1 FY 2025, registering a growth of 10% driven by the traffic growth and revision in the tariff. Private InvIT plus IRB put together, per day toll collection has increased to INR 18.46 crores, up from INR 17.09 crores per day in Q1 of FY 2025, reflecting a growth of 8% supported by the traffic growth and tariff revision. Private InvIT has declared a dividend of approximately INR 53 crores, contributing proportionately to IRB's cash flow in the proportion of its holding, that is 51%. Public unit holder has approved the acquisition of 100% equity share in three of the SPV, that is KG, KR, and Hapur-Moradabad, from the Private InvIT for an enterprise value of INR 8,450 crores, with overwhelming majority support. This transaction is expected to release INR 4,905 crores in cash. Applying to the standard 70/30 debt-equity funding model, this equity release enhances our financial capability to bid for new projects valued at approximately INR 15,000 crores. This asset rotation will raise the sponsor's O&M order book by approximately INR 3,100 crores, taking the total of O&M order book to roughly INR 30,900 crores post the acquisition. Palsit-Dankuni project has received COD for 61.3 km out of the 63.83 km length for 4 to 6 laning work. Consequently, toll rates were revised by 47%, and SPV will collect the toll. SPV has started collection of the toll at revised rate. Based on the Q1 FY 2025 trends, this is expected to boost the annual toll collection by approximately INR 100 crores. As of now, our total order book stands around INR 30,000 crores, including the EPC order book of approximately INR 2,100 crores. Next two years' executable order book, including EPC O&M, is close to INR 4,300 crores. The company has declared an interim dividend of 7% amounting to INR 43 crores, in line with our dividend policy. Now, I will request Tushar to cover the financial highlight for Q1 of FY 2026. Over to you, sir. Yeah, thank you, sir. I'll take you to the financial analysis for Q1 FY 2026 versus Q1 FY 2025. The total consolidated income for Q1 FY 2026 has increased to INR 2,165 crores from INR 1,972 crores, up by 10%. The income from InvIT and related asset segment for Q1 FY 2026 has increased to INR 233 crores from INR 80 crores, increased by 191%. The income from BOT segment for Q1 FY 2026 has increased to INR 646 crores from INR 614 crores, registering a growth of 5%. The income from construction segment for Q1 FY 2026 has decreased to INR 1,220 crores from INR 1,239 crores, down by 2%. The other income for Q1 FY 2026 has increased to INR 66 crores from INR 39 crores, up by 69%. EBITDA for Q1 FY 2026 increased to INR 1,018 crores from INR 976 crores, up by 4%. Interest cost increased to INR 462 crores in Q1 FY 2026 from INR 439 crores in Q1 FY 2025, increased by 5%. Depreciation has increased to INR 269 crores in Q1 FY 2026 from INR 255 crores, an increase of 6%. PBT has increased to INR 286 crores in Q1 FY 2026 from INR 282 crores, an increase of 2%. PAT has increased to INR 202 crores in Q1 FY 2026 from INR 140 crores, an increase of 45%. 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 the 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'll wait for the moment while the question queue assembles. The first question is from the line of Alok from Motilal Oswal. Please go ahead. Good evening, and thanks for the opportunities. Just had a couple of questions. First is on the construction segment. So the margins have come down, even if we look at QoQ or even YoY, the adjusted margin due to some regrouping of last year. So just any thoughts here? How do we see these margins coming in subsequent quarters now? And is it like the new normal margin, or could it improve from here? Yeah. So Alok, for this quarter, we have seen a dip in the construction margin, mainly on account of certain construction-related revenue relating to the COS utility shifting work, which was close to INR 200 crores for this quarter, which was a major reason for a dip in the construction margin, where we have lower margins. And the second reason is mainly on account of a few of the projects nearing completion. So that has also led to some reduction in the margins. So overall, what we see from here is these margins should remain in the similar range. And as and when we have some new addition of assets, we will update you on the new margins going forward. Sure. Just for the understanding, when a few of the projects near completion, so typically in some of the other names, actually, we have seen margins improving for that particular period because the companies tend to book a little conservative margin, and once the completion is near, they are more clear about the actual margin profile. So then the margin sees a temporary increase. So just if you could indicate on that. I think, Alok, two things. I think Tushar has highlighted because of the COS and utility work, where there is hardly any margin because of that margin for expected, and as we are seeing, the project is getting completed. Typically, we have a little higher margin in BOT, and HAM projects are having a lower margin. We have just completed Palsit-Dankuni, which was a BOT project, and Ganga is also on the verge of completion, so now the execution proportion of the HAM execution will increase. So the margin will remain in the range of 18%-20%. So this is what Tushar was about to highlight, and typically, based on the accounting standard, whatever the project margins are there, apart from that, there are certain safeties. You have to provide for the margin based on the completion method. I think there is not much choice left with the company, what margin the company can book initially and what margin can book later, but typically, I think the margin is more or less in line because of the mix changing, and specifically this quarter, because of the utility shifting, the margin was on a lower side. Got it. Got it. Just one last question. So can you provide some details on the ordering and tender pipeline? Because till date, only 180-odd km have been awarded by NHAI. We understand that this is annuity; seven, eight months is a very low awarding time at the industry level. But just some tender pipeline has always been there. But what we are seeing at the ground, if you can just highlight on that. Yes. I think in terms of tender, as you rightly mentioned, the government is providing various deadlines in terms of the bidding, and those deadlines were getting extended. We have seen a few tenders in the Q4 of FY 2025, which got awarded on BOT. There are certain TOT projects which are up for bidding in the month of September and October. I think there will be some projects coming in, but as you rightly mentioned, the overall award activity is very low, and though they have identified opportunity, the award activity has not started picking up. Got it. That's all from my side. Thank you, and all the best, sir. Thank you, Alok. Thank you. Participants who wish to ask a question may press Star and 1 at this time. To ask a question, please press star and one now. I repeat, participants who wish to ask a question may press star and one at this time. To ask a question, please press star and one now. I think considering the long weekend, if there are no more questions, we can conclude the call. Just wait for a couple of minutes. Thereafter, management will conclude the call. Okay, sir. Participants who wish to ask a question may press star and one now. To ask a question, please press star and one now. I think there are no more questions. We can conclude this call. Okay. Okay, sir. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. I thank all the investors and analysts for joining this call. Thank you very much. Thank you, sir. Ladies and gentlemen, that this concludes your conference for today. We thank you for your participation and using ResearchBytes's conferencing services. You may please disconnect your lines now. Thank you, and have a great evening ahead. Thank you.